Cash finance charges

[Sanele3574]

Standard bank what are these cash finance charges on my credit card...they are so high and they were never explained to me...please clarify because I feel this is daylight robbery

[Boitumelo · Accepted solution]

Hello @Sanele3574

There is a chage for every cash transaction on your credit card. You will notice that this charges will depend on your usage of your credit card especially if you are using for withdrawals on any ATM.

Please see attached credit card pricing for 2017: http://www.standardbank.co.za/standimg/South%20Africa/PDF/Pricing/Credit_Card_Pricing.pdf

Let me know if this was helpful.

Regards,

Boitumelo

[Thulanes]

Ho,

I have also noticed an item on my credit card statement described as "cash finance charge".

From the solution that has been posted this was ascribed to cash withdrawals. However I have not made any cash withdrawals in the past two to three months but still have relatively huge amounts on this item, more than the interest charge.

I must say not only is this disappointing but disingenuous and just plain criminal for a bank to be making such deductions for quick buck, I am incensed.

[Thulanes]

Hi,

I have also noticed an item on my credit card statement described as "cash finance charge".

From the solution that has been posted this was ascribed to cash withdrawals. However I have not made any cash withdrawals in the past two to three months but still have relatively huge amounts on this item, more than the interest charge.

I must say not only is this disappointing but disingenuous and just plain criminal for a bank to be making such deductions for quick buck, I am incensed.

[Boitumelo]

Hello @Thulanes,

The best way to resolve this one for you is to have your full account details with your full query to be be emailed to us. Note, we will look into your query by further investigation on your account and provide feedback.

Kindly mail us here with your full query and account details: [email protected]standardbank.co.za for further assistance.

Regards,

Boitumelo

[deanpatt]

Why do you need to look into the account if the charges are calculated on the withdrawal?
I thought you dont pay for the transactions, that is why the finance charge is so high, and a card charge .
Banks charge for everything, i am to scared ti go into the bank cause you will charge me for that as well.

[Selinah]

I only did one withdrawal for R150 using the card, the charge was R153,16 and I got a R12 charge for using another bank's atm. So basically I was charged R165,16 to withdraw R150. Wow.

[Boitumelo]

Hello @Selinah

To assist you further on this, please forward us with your account details and contact to look into this for you.

You can mail us here: [email protected] for further assistance. Once we receive your mail we will investigate and contact you for feedback.

Let us know should you need further assistance on this.

Regards,

Boitumelo

[zamo15]

I have a similar problem, were you guys helped these amounts are huge. they above R100

[Elaine2]

@Boitumelo if I make internet payments directly from credit card account or transfer funds from my credit card to my linked cheque account are these transactions seen as cash transactions? Also if funds are paid directly into my credit card by an external party is this also seen as a cash transaction? I too am trying to establish why my cash finance charges are so high?

[Ade]

I have also noticed an absolutely ridiculous amount of money being taken off my credit card. Reading the other queries in this regard and the answers actually annoys me. I have NEVER EVER withdrawn cash from my credit card. I use it for emergencies only. Yet on 28 March R239.32 was deducted. On 28 April R272.61 was deducted. On 28 May R71.75 was deducted. WHAT is going on Std Bank? This is daylight robbery and that without any explanation at all. PLEASE EXPLAIN. 

[Ade]

I have also noticed an absolutely ridiculous amount of money being taken off my credit card. Reading the other queries in this regard and the answers actually annoys me. I have NEVER EVER withdrawn cash from my credit card. I use it for emergencies only. Yet on 28 March R239.32 was deducted. On 28 April R272.61 was deducted. On 28 May R71.75 was deducted. WHAT is going on Std Bank? This is absolute theft. HOW can Std Bank deduct money from an account without any explanation at all. PLEASE EXPLAIN WHY YOU ARE STEALING FROM YOUR CLIENTS!

[Ade]

NO. Your cop out response to simply pass the buck and refer clients to a website with bank charges is unacceptable and of no help at all. Answer the questions asked! Again, I ask WHY has money been deducted from my account when i have NEVER made cash withdrawals from my credit card! And please DO NOT REFER ME TO A WEBSITE. I am seriously considering moving banks. With that will go the accounts of both my children and the NGO I am involved with and for which I am the chairperson.

[MandyP]

Hello @Ade

To assist you further on this, please forward us with your account details and contacts in order for us to look into this for you.

You can mail us here: [email protected] with the subject line "cash finance charges" for further assistance. Once we receive your mail we will investigate and contact you for feedback.

Regards,

Mandy

[Ade]

what a waste of time

[Anim8]

Delivery has failed to these recipients or groups:

[email protected] <mailto:[email protected]> There's a problem with the recipient's mailbox. Please try resending the message. If the problem continues, please contact your helpdesk.

I have been charged R21.51 for having a balance of 98c on top of my fixed monthly service fee 

The only transactions were APO Payments and Fund Transfers INTO the account. No purchases and no withdrawls.

If that is the way Standard Bank conducts it's business them i'm cancelling my 30+ year old account

[MandyP]

Hello @Anim8,

Please note that the correct email address is [email protected]

Kind Regards,

Mandy

[Anim8]

Sending the query now

Thank you

[Anim8]

OK so this is what Standard Bank are saying:

In June 2017 I withdrew R1000 cash from an ATM

Since then they have been charging me every month for a total so far of R866.99 'Cash Finance charge'

And this deduction is based on your balance and NOT on the cash withdrawal?

That is on TOP of the interest and finance charges!

Dear stanbard bank, please explain your policy

[johanerasmios]

Wow. Whats the point of this forum if all you do is point them to an email address?

Seriously, get training on your products and up the service.