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Thread: Private Banking choice

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    Gold Member Houses4Rent's Avatar
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    Private Banking choice

    I reached the point where I am too sick and tired of normal banking. So me thinks I should try to go for Private Banking as my perception is that service is better and people have more brains at that level.

    Am I dreaming or is my perception right? Are there any recommendations as to which bank is more suitable for Private Banking than others?

    What are the experiences out there from people who have Private Banking already?

    I do not intent to run share portfolios or other fancy things like wealth mgt, credit cards etc. All I need is normal online banking (and able to deal with some brains when problems occur), maybe a big home loan facility and not much more.
    Houses4Rent
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    I also have a few accounts and also opened up a Capitec account about a year ago - What a fantastic bank. The account is so simple to work with and the staff, if ever you have to go in, are extremely friendly and knowledgable. As they said on another thread they don't have a business side to it. My home loan is still with FNB as well as the business account. Nedbank I am slowly giving the boot.

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    Silver Member PlatinumWealth.co.za's Avatar
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    Quote Originally Posted by Houses4Rent View Post
    I reached the point where I am too sick and tired of normal banking. So me thinks I should try to go for Private Banking as my perception is that service is better and people have more brains at that level.

    Am I dreaming or is my perception right? Are there any recommendations as to which bank is more suitable for Private Banking than others?

    What are the experiences out there from people who have Private Banking already?

    I do not intent to run share portfolios or other fancy things like wealth mgt, credit cards etc. All I need is normal online banking (and able to deal with some brains when problems occur), maybe a big home loan facility and not much more.
    Get a Capitec account recently opened one and I'm about to close my RMB account because of it.

    Capitec is easy no hassles no bells and whistles just straight forward banking without any fees. They pay me to bank there thanks to the interest.
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    Gold Member Houses4Rent's Avatar
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    I have 2 accounts for my daughters with Capitec since years and they started well. By now they have developed into a full blown nightmare. And they slashed their interest rates too when prime went up. They are on the best way to just become another main stream bad bank.
    Houses4Rent
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    And they slashed their interest rates too when prime went up
    When did this happen - The normal account is 5.3% interest ?

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    Silver Member PlatinumWealth.co.za's Avatar
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    Quote Originally Posted by Houses4Rent View Post
    I have 2 accounts for my daughters with Capitec since years and they started well. By now they have developed into a full blown nightmare. And they slashed their interest rates too when prime went up. They are on the best way to just become another main stream bad bank.
    You will need to be a tad bit more specific.

    A nightmare how?
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    Gold Member Houses4Rent's Avatar
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    A while back. I tried to get to CEO to find out why as nobody there could tell me, but I never got to CEO and then I lost interest and put it down to greed.
    Houses4Rent
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    Silver Member PlatinumWealth.co.za's Avatar
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    Quote Originally Posted by Houses4Rent View Post
    A while back. I tried to get to CEO to find out why as nobody there could tell me, but I never got to CEO and then I lost interest and put it down to greed.
    Wait wait wait. Please restructure this sentence. You are upset with your daughter's Capitec because you could not get hold of the CEO?
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    Gold Member Houses4Rent's Avatar
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    No, Capitec's initial product and interest was great. Then they changed and watered it down and getting closer and closer to normal banks losing their edge.
    I wanted to get hold of CEO to ask why they lowered interest when prime went up...
    I had other issues with them. Basically each time I have to go to a branch to do something (which is not often) it takes ages and is a drama. E.g. I do not need a card, but yet they forced me to replace an expired card just to change something on the account. That is NOT simplicity as they call it. I then insisted that they refunded the card fee.
    Houses4Rent
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    marc@houses4rent.co.za www.houses4rent.co.za
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    Global Residential Property Investor / Specialized Letting Agent & Property Manager

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    Silver Member PlatinumWealth.co.za's Avatar
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    Quote Originally Posted by Houses4Rent View Post
    No, Capitec's initial product and interest was great. Then they changed and watered it down and getting closer and closer to normal banks losing their edge.
    I wanted to get hold of CEO to ask why they lowered interest when prime went up...
    I have his details, however generally I doubt you would be able to get that right at any listed company even less so banks.

    Quote Originally Posted by Houses4Rent View Post
    I had other issues with them. Basically each time I have to go to a branch to do something (which is not often) it takes ages and is a drama. E.g. I do not need a card, but yet they forced me to replace an expired card just to change something on the account. That is NOT simplicity as they call it. I then insisted that they refunded the card fee.
    This aspect I can understand, insisting they refund you I cannot understand since your card expired you will need a new one why delay the inevitable. If this was RMB it would have been done without you even knowing just bam! New card in the mail.

    Judging by all this I guess your issues falls a bit more in the "exception" category.
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