standard bank

[Frankincense]

Personally I am not as concerned with the exhorbitant fees I pay the local banks...we all know charging R55 for a electronic reversal is pure nonsensical...or R100 for a card renewal fee is not inline with the price to produce it....

I am far more concerned about thier objective of limiting/controlling how we are to buy and sell items...Barclays (56% Nathan Rothschild) just brought out the "contactless card"...you just hold it in front of a scanner...no swiping anymore...people love it, but don't realize this is a precursor for "total contactless" buying and selling...your implant...game over...so yeah...the fee's are terrible aren't they?... (sarcasm)

[desA]

Imagine the fees involved when you need to change implants from bank to bank... lol

[Frankincense]

Funtionality for various accounts with various institutions for various aspects of your life are all do-able on a singular chip, but by then you will have paid the ultimate price....

[wynn]

OK so it's generally agreed then, they are oficially:-

'Standard Wank' 'Effen B' 'Noddy Bonk' 'Abcess blink'

What names have you got?

[murdock]

been havin fun with standard bank again...got a registered letter today to notify me that my monthly premium on my vehicle was to be increased by R80 a month... all because i have changed my payment date from the 1 st of the month to 7 th...i didnt know you pay more interest in this case...if i had known and let this be a warning when you purchase the vehicle...if you make the payment date the 1st and decided at a later stage to move the date forward to the 7 th as i have done...you will be charged an additional R70-80 interest per month for the balance of the period...ie in my case another 38 months an addtional R2000 +...as i was informed today it is not like other accounts which you have until the 7 th to pay...it is regarded as a late payment and you pay an admin fee to do this and interest is added every month links to the repo rate...ooops i just got shafted again.

another warning for those who are like me and dont bother with the silly things like checking up on things like my topup insurance which i pay to standard bank every month another R200 buck i have been paying to the bank for nothing because my retail value is more than the outstanding value ie...the insurance will pay out R16000 more than what i still owe on the bank on the vehicle...when i confronted the bank about this they said it is not their responsibilty to update the retail value of the vehicle and therefore will keep deducting it until the vehicle is paid off.

so i contacted my insurance compay to find they have not reduced the value of the vehicle yet either so i am still paying insurance premium on the purchase price of the vehicle.

so do yourself a favour and check up on allthese things and make a note in your diary to check the value of your vehicle household contents etc to see if they have reduce in value or increased for that matter otherwise when you put in a claim they will only pay out the percentage your house is under insured...beware of this i have had customers get nailed with this one...last one the kitchen burnt to the ground and the insurance company foound the value of the contents where a lot more than they wher einsured for so they ended up only getting paid out 60% of their claim.

[murdock]

i forgot to mention i queried the R57 service fee i get charged for every month over and above the standard premium...apparently it is a standard fee that all customers who have vehicle and asset finanace pay...to run the service centre...do your maths on this one how many customers do they have x by R57 which is over and above normal service fee you pay for your bank accounts...it is starting to sound like a goverment institution...now i can see why they are rated the best service company...give me a 50 million to run a service centre which takes 10 minutes to get thru to after you have answered all the question put in your id number etc etc..then finally get thru to a rep who so so rude and talks to me like they are doing me a favour...what they seem to forget its aholes like me who pay their salary...what really make me laugh was when i was asked my id number again...i queried this and was told it was standard procedure and the fact that their computer system is so slow they have to do while they are waiting for my info to appear on the screen...surely standard bank can afford to upgrade their computer system with all the money they make...or are the shareholders taking huge bonuses...

i need to channel my energy into more productive things than wasting it compaining about things i will never change.

[desA]

@Murdock:

Man, it sounds like you really need to convert yourself to cash only.

[casperl]

All SA banks are the same. It is not only Standard Bank though...

Data extrapolated from the uncensored report of the Competition Commission (as published on WikiLeaks, which unfortunately is down at present) has it that roughly 10% of the balance sheet profit income of FNB, Standard and Absa are made up from "Penalty Fees". http://secure.financialmail.co.za/09...est/amoney.htm

If you think R85 is high for a penalty fee, try the double-whammy from Standard Bank - go below the minimum amount in an account and get hit by a R150 penalty, and then a few days later, because your account is now R150 under the minimum amount in addition to the original minimum balance, you are then hit with a further R150 for not having funds in your account to cover the original R150 penalty.

SA consumers have very few alternatives, they are all in on the act of fleecing the consumer and small business owner for as much as they can get away with. Maybe Capitec bank is an exception on this rule?

[desA]

Any Muslim banks operating in SA?

[AndyD]

Any Muslim banks operating in SA?

I like the way you're thinking out of the box here DesA. What about The Bank of Athens and other similar banks, do they operate in SA.

I confess I had high hopes for an improvement in the way the banks do business when I heard the Virgin were starting to trade in this market a while back but alas it wasn't to be.