The Unused Facility Fee - from Standard Bank

**Marq** · 06-Jun-14, 07:53 AM

Originally Posted by Greig Whitton

You're not alone. Peer-to-peer lending may be the future.

The thing is that the money will still be channelled through the banks.
A system needs to be introduced alongside the loans where the p2p parties pay creditors directly and avoid the banking side.
Could be something along a separate debits and credits barter type system where no actual cash is exchanged.

**Dave A** · 06-Jun-14, 08:32 AM

Originally Posted by Mike C

Yeah - I think that ABSA has had this for some time now. They call it a "Commitment Fee".

How is that structured, Mike?
And does anyone know if any of the other banks do this?

**adrianh** · 06-Jun-14, 08:33 AM

Originally Posted by Marq

The thing is that the money will still be channelled through the banks.
A system needs to be introduced alongside the loans where the p2p parties pay creditors directly and avoid the banking side.
Could be something along a separate debits and credits barter type system where no actual cash is exchanged.

Isn't this what Bitcoin is about.

The difficulty is that we need something common to us all to trade with. The problem is when you are transacting over long distances. There must be a way to get around moving money. One way is to pay in airtime (which is exactly what some people do in ZIM) Am airtime voucher can be passed around easily, used by the final recipient or sold for cash. The only thing that one needs to keep in mind is that the voucher expires. One could get around this by trading in small enough vouchers that they can be cashed in by numerous parties.

**adrianh** · 06-Jun-14, 08:37 AM

Imagine if you can get an big airtime vendor in on this.

....its just stuck me, this is exactly what a certain family member must have done elsewhere.....

**roryf** · 06-Jun-14, 11:43 AM

Nedbank have been doing this for sometime.Like Mike said,Nedbank also call it a commitment fee.

**BusFact** · 06-Jun-14, 01:10 PM

Originally Posted by Marq

And then stop borrowing form the Banks.
Its the only way to solve these kinds of issues.

Spot on. Not easy, but certainly the goal.

**IanF** · 06-Jun-14, 01:49 PM

Banks should give us ideas on how to run your business for maximum profit as they just see customers as cash cows and no longer long term relationships. And this seems to be working for them. I just saw today that I am charged 3.30 each time I use the company debit card WTF why do we pay commission each time someone swipes a debit card here.

@ Dave thanks I will have a careful look at the bank charges now.

**Mike C** · 06-Jun-14, 05:21 PM

Originally Posted by Dave A

How is that structured, Mike?
And does anyone know if any of the other banks do this?

I haven't got the foggiest idea ... and to try and find out on their website is like looking for a needle in a haystack - if the needle is even there. I don't even have any specific correspondence on the matter. I remember that when I asked about it (some time back), I was told by the boss that it has to do with having an overdraft whether we use it or not, and that was that.

**Houses4Rent** · 06-Jun-14, 09:16 PM

Only somewhat related here:

I get call from my Standard Bank requesting teh ourpose of R27k coming in from outside RSA. This is standard routine as per the Reserve Bank. I gave her the answer and she was happy. Before she went she had to point out that conversations are recorded and my info is deemed accurate and please note that such transactions may be recorded to SARS and FICA bla bla. The latter sounded new and I questioned what she wants to report as to my knowledge only CASH transactions abve R25k need to be reported to FICA and this is not CASH. She tried to repeat what she rattled off before and I stopped her. She clearly had no clue what it meant what she rattled off. She even admitted it when I asked her. She was just told to say that she replied. I had to laugh and suggested to her that she challenges her trainer (if there is one) to teach her what it is about she is telling people about to empower her and spare her this embarrasment and I think it got into her head. Maybe not, at least I had a laugh. Although its sad really.