SA BANK CHARGES DUE TO DROP June 23, 2008
Posted by frostygirl in News.trackback
We are all holding our breath for the expected announcement on Wednesday as to what recommendations are going to be made by the Competition Commission with regard to bank charges in South Africa.
The banks have been milking the consumers for years now and it is wonderful to see that at long last something is going to be done about it.
In South Africa you are charged for almost everything you do i.e. depositing cash, withdrawing cash, bank statements, cheque books, etc and then a further monthly service fee is added too. Your monthly bank charges can be as much as R80 for a private individual just doing their monthly transactions.
Some comments from other countries will be welcome on this subject.
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South African Banks are legalised thieves and it will take a huge cut to bring them in line with other banks round the world. SA consumers just accept their robbery without putting up much of a fight. The reccommendations will however be quite interesting. I would’nt hold my breath though as these evil thieves will find some other way to screw the public.
All banks are thieves. All over the world. Bank fees. What a scam. Just so you know you are not alone. Anywhere in the world there is a bank, there is a thief.
But it takes your mind off the price-fixing oil companies now and then.
Hi, P.
In Namibia bank charges are exactly the same as in South Africa. It is disturbing to think that namibia which is much poorer than SA has to follow what is dictated by SA banks.
That is awful Andre, well I hope someone will also start an enquiry into your bank charges.
Hi
Instead of consumers complaining about bank charges, why are we not shopping around for a bank account that costs less…i have alway felt trapped banking with Std B and paying high fees until i read about sites that compare banking fees and accounts. http://www.thinkmoney.co.za even compares accounts based on your individual spending profile…it didnt take me long to change to a cheaper offer…
Bel