standard bank again

**BusFact** · 23-Jun-10, 08:02 PM

Originally Posted by murdock

my goal is to find a bank account which doesnt charge me transcation fees...pays me interest on my money when in the positive...no monthly service fee and low interest on overdrawn amounts...

Phew, thats quite demanding. They may struggle to stay in business with that set up.

**murdock** · 24-Jun-10, 08:02 AM

apparently virgin money have a credit card which you dont pay any fees.

**Dave A** · 24-Jun-10, 01:01 PM

Originally Posted by BusFact

Phew, thats quite demanding. They may struggle to stay in business with that set up.

Well, it's the way banks used to make their money.

**BusFact** · 24-Jun-10, 02:52 PM

Originally Posted by Dave A

Well, it's the way banks used to make their money.

True. Almost. I believe they should make their money on the mark up they make between the interest thay have to pay their savings customers and the interest they can charge borrowers.

Charging customers to use their own money doesn't sit well with me.

The big difference is that murdock wants zero transaction fees and low interest. "low" is relative, but with that model we may have have to expect slightly higher borrowing interest rates.

**murdock** · 24-Jun-10, 03:57 PM

banks dont need to make money on interest they make enough on service fees...returned debit orders R115 each...cash withdrawls etc etc etc etc etc

notice all the new pretty bank buildings...they getting as bad a s the life insurance companies.

**tec0** · 25-Jun-10, 09:47 AM

I wish I can take a photo, ABSA has a massif building in our aria and when you walk in, there are only 8 people working in it? So it takes you half a day just to get your stuff done... We see banks taking money for everything they do, but you donâ€™t see customer service...

**murdock** · 02-Jul-10, 01:43 PM

i have to give these people credit for ways they generate money...

i get a call today from standard bank...to say my debit orders has been returned...and they want to know when i will be making the funds available for them to run again.

so of course i fly off the handle and verbally abuse the womwn on the phone because i know there are plenty available funds in my account...why because i manage my account and make sure this kind of thing doesnt happen any more...and take into account transfer times etc between banks and 7 pm cutoff times etc etc etc

i also dont accept cheques anymore for numerous rerasons...

when my customers pay they do direct transfers so when the money reflects in my account it becomes available...

what i didnt take into account was a customer depositing a cheque directly into my account...so another lessom learnt...

anyway the bank calls me back and tells me i went R103.00 over my limit so they returned the debit orders and there will of course be a fee...black mark against my account etc etc.

thanks to the bussiness banker lady who tells me she has a solution...because i have been managing my account so well

...pay for a special clearance on the cheque which was deposited and i will only get nailed R80 instead of all the other fees and embarresment of black marks against my account...so you know what i did...now lets just hope the cheque doesnt bounce because it is a new customer and i havent dealt with them before...