Results 1 to 4 of 4

Thread: Bank Charges

  1. #1
    Silver Member
    Join Date
    May 2006
    Location
    Houston
    Posts
    361
    Thanks
    51
    Thanked 41 Times in 32 Posts

    Bank Charges

    I dont know if anyone would recall it, but some time ago a conference was held in South Africa regarding Banking charges - attended by United States and United Kingdom bankers -who had come to investigate the success of profits as levied by South African Banks.
    I remember being very amused at the time!

    Yesterday on American TV - an interview with an author - advised the public to verify every single charge on their banking and especially credit card accounts!
    Some banks had taken to slipping in additional unsubstianted costs, some as high as $200 which turn out to be totally illegal, but most gullible people dont notice the charges let alone guery them.
    Those that are gueried are reversed as an error.

    I'm not saying it has anything to do with our banking costs in South Africa, but I am also not saying that!

    This is not to be taken as financial advice!

    Yvonne

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    They need to come back as they'll be out of date. The raft of new fees that SA banks are levying since the inception of the NCA is incredible

  3. #3
    Gold Member garthu's Avatar
    Join Date
    Dec 2008
    Location
    Midrand
    Posts
    595
    Thanks
    39
    Thanked 65 Times in 55 Posts
    Oh there is so much profiteering to be learnt here! Hit the nail on the head. Pre NCA the bank charge to do a valuation on a sold property was around R900 -1200 on a mill rand property. I saw one last week for R3500 on a 960K property!
    In that sense, buyers are worse off on initial charges
    Garth

    Electric fence Installation : www.midrand-electronics.co.za
    Free Classified Adds : www.bgone.co.za

  4. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    I thought the most diabolical of the new fees is the monthly admin fee on asset finance. That was until I got the 2009 fee card for business. Have you seen the pile of new admin related charges for revolving credit accounts?

    I've never used a revolving credit facility, but I sure don't remember that little list being on the fee card before

Similar Threads

  1. Bank Charges
    By Graeme in forum Business Finance Forum
    Replies: 26
    Last Post: 28-Mar-11, 09:57 AM
  2. [Question] Bank charges on personal cheque accounts
    By Dave A in forum Business Finance Forum
    Replies: 10
    Last Post: 05-Feb-11, 07:37 AM
  3. standard bank
    By murdock in forum General Business Forum
    Replies: 53
    Last Post: 29-Jan-10, 07:13 AM
  4. Conditions for sustained high economic growth
    By Dave A in forum South African Politics Forum
    Replies: 1
    Last Post: 12-Jun-08, 04:02 PM
  5. Saambou Bank officials case goes to court
    By Dave A in forum General Business Forum
    Replies: 0
    Last Post: 30-Jan-08, 08:11 AM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •