I would also like to know about these 'cash finance charges'. I spoke to a consultant at the bank (still have the emails) that said if I do an internet transfer from my credit card account to my cheque account - they are linked - the only charge would be R4. But then a R788 'cash finance charge' was deducted (on another occasion R550 or there about). Spoke to the consultant again who said to speak to card division. Spoke to 3 different people there and no-one could explain to me what it actually is. One lady started talking about it being ineterest charged and I reminded her that the first 55 days are interest free? Then she didn't know...... Spoke to another lady who said it's in the T's & C's from when I opened the account. I do still have them (2008) - it talks about interest and says further transaction charges may apply, the website contains a full list of transaction fees - but on the website it is never mentioned!!
Is there anyone at Standard Bank that actually knows what they are?? And is this a proudly Standard Bank fee, if it does exist? I phoned 2 other banks and they don't have it......
I have never really checked my bank charges on my credit card until
recently and this is quite alarming. I have been getting a cash finance charge on my card of R341-10 every
single month. This is charged together with a finance charge and a
service fee!!! For the month of August i didn't even use my credit card once yet my
charges were as follows:
Finance charge: R197.89
Cash finance charge: R341.10
Service fee: R45.00
Can someone please explain this to me???
I can't believe there are so many people experiencing this problem and the fact that we were not even aware of it.
This is enough to make me want finish and close all accounts with standard bank
Standard Bank - Please explain this to me.....
An Exhorbitant Cash Finance Charge - month - after month - after month... .
And I do not use my credit card for cash withdrawels as I lost the pin no!!!
18 Dec FINANCE CHARGE -79,71
18 Dec CASH FINANCE CHARGE -344,21
18 Dec CR PROTECTION POLICY -100,62
18 Dec !SERVICE FEE -55,00 -499,83
31 Dec APO PAYMENT, THANK YOU 787,68
16 Nov FINANCE CHARGE -75,96
16 Nov CASH FINANCE CHARGE -388,78
16 Nov CR PROTECTION POLICY -101,44
16 Nov !SERVICE FEE -55,00 -621,18
31 Nov APO PAYMENT, THANK YOU 794,37
16 Oct FINANCE CHARGE -72,16
16 Oct CASH FINANCE CHARGE -322,00
16 Oct CR PROTECTION POLICY -102,33
16 Oct !SERVICE FEE -55,00 -551,49
30 Oct APO PAYMENT, THANK YOU 801,56
The best way to resolve this is to make contact with you in order for us to go through your account with you. Note, for credit card purpose it is used for online shopping and EFT purchases. the difference will be when you withdraw cash or transfer money into your personal account hence the cash finance charges.
Please forward us a mail with your account details and contact number for further assistance on this. You can mail us here: ask.SBSA@standardbank.co.za.