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Cash finance charges

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54 REPLIES 54
FanaM1
Community Coordinator

Good day, @Humphrey1.

 

Thank you for getting in touch with us.

 

Cash finance charges will be charged to your account until the credit account has been settled.

 

In order for it not to go off your account, the account needs to be paid in full.

 

We hope the information provided helps.

 

Regards,

Standard Bank Team

Humphrey1
New Member
Hi Fana
Will this charge remain in your account even though you no longer using your account,
It has been a year since I last used my credit card for any transaction.
Ole26chit
New Member
Fana can you please assist. How do we payoff the cash plan on the credit card. Also, what type of Transactions are considered cash plans as your list is very short and we have a lot more Transactions that you are just not covering here.
Varnold01
New Contributor
I just read the reply fro. Standard bank iro of these cash finance charges. I'm quite shocked that they use fuel transactions as a cash transaction. When their ucount rewards offers you rewards for using your credit cardin at caltex for point. Now they telling us you also get penelized for using the card for fuel 🤷‍♀️

Has anyone had any luck with the ombudsman. Kindly advise. Because my credit card limit is never decreasing before of this cash finance charge
Andre62
Occasional Visitor

Hi all,

Cash finance charges is a sore point and after many phone calls, today a young man explained it to me as follows:

 

1. Somewhere in your credit card past, you "opened" a Cash Account. ALL transactions, excluding card swipe purchases, count towards the balance of this "CashAccount. This Cash Account balance grows from the day you "opened" it, by the amount of each transaction performed on your credit card, excluding swipes. Interest is payable on the balance of this CashAccount and is displayed as monthly CashFinanceCharges on your statement. 

2. You can NEVER reduce the balance of your "Cash Account" and you can NEVER pay it off.

3. If you should decide to pay your credit card balance off but still leave it dormant for whatever reason, you still pay your CashFinanceCharges. In fact, because you transfered money from say your cheque account to your credit card,  it's seen as tranfer between accounts and your CashFinanceCharges will INCREASE accordingly.

4. Standard Bank don't issue monthly statements of your "CashAccount" for your records and verification. 

5. The only way to avoid "CashFinannce Charges" is not to use your credit card for ANYTHING else but card swipes. 

6. If you are paying CashFinanceCharges at the moment, the only way to avoid them is to close your credit card account.

 

Of course the above is my take-away from our very lenghty discussions and I can't confirm the correctness thereof. If someone from Standard Bank could kindly comment on this. Thank you for the opportunity to try and sort this matter out that's probably bugging so many people.

 

 

 

 

 

FanaM1
Community Coordinator

Hi @Roald.

 

Thank you for reaching out.

 

A credit card only has one limit, and this can be used as budget, straight or cash plans. 

 

When the budget facility is used, the interest charged will be budget finance charge. 

 

When the straight facility is used, the interest charged will be finance charge and lastly the cash plan will be cash finance charge. 

 

The interest charged for all three facilities are the same interest rate as the rate is issued for the limit and not the plan. 

 

The card interest has always been charged this way as the interest is charged according to the plan on the card and I wish would draw your attention to the terms and conditions where all plans are explained in detail from clause 13 to 13.9 for ease of reference.

 

We further with to inform you that the cash finance charges on your account is based on all cash related transaction performed on your account from inception, also find the list of the cash transactions below for ease of reference.

 

  • Cash withdrawals,
  • Travellers cheques,
  • Foreign exchange,
  • Casino chips,
  • Fuel purchases and any electronic card account purchase or transfers

 

The bank places a high value on its relationship with our customer’s and we apologise that it seems otherwise.

 

We understand your dissatisfaction with our response, and we sincerely apologise for any discourtesy experienced in your dealings with us.

 

I hope these answers you.

 

Kind regards,

Fana.

Standard Bank Team.

Roald
New Member
I am dealing with the exact same problem. Roughly the same amounts as well
FanaM1
Community Coordinator

Hi @Dragonlady70.

 

Would you like me to share some info about cash finance charge, and how it works?

 

Kind regards,

Fana.

Dragonlady70
New Member
Hi there.

Did you ever get this issued resolved?
marklero
New Member

@Boitumelo- you say " 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"

 

Which is a load of BS, because:

 

It is not only one client you are doing this to as i can find hundreds of complaints with a single google search.

 

In fact the best resolution is for your company to cease and desist this practise (stealing from your own clients) with immediate effect...

 

PS. I have made a complaint with the banking ombudsman

 

Regards

josephslater
New Contributor

Reading this, I just notice that my cash finance charges are also high, I don't always withdraw money, however, it is not normal to charge so much. I will call the bank to clarify this situation. Even when I bet and withdraw the money I won, they don't charge any money. If you are wondering, I bet only on a secure site because I bet only after reading many reviews. It is very important to have a resource you can trust, this is why I always read the reviews on https://bestbet.ng/bk/1xbet/, you can also take a look at it.

Tumi007
New Member
I have NEVER withdrawn from my credit card and yet I get charged R1400 every month. Can you kindly clarify as to why this is the case.
Sandra5
New Member
Then please could someone explain why I'm being charged cash finance charges on my credit card when I never use it to draw cash and my account is fully paid up. In fact, I keep my credit card overpaid (and earn interest on it), but still get these charges coming off. Does using things like Zapper and Ozow count as cash withdrawals?
Taffiex
New Contributor

I hope those of you who put these complaints up two years ago have since moved. Spread the gospel, let anyone who cares to hear know never to trust standard bank. I can't believe that they are using loop holes in the justice system to manipulate people into slaving away for them while they sit in their air conditioned offices and wait for us to pay money. This is why banks barn, fight and bash pyramid schemes because it takes one to know one. Theirs is just more organised and clever in that they manipulate the system. 

Taffiex
New Contributor

I too Am a victim of these white collar theft camouflauged as credit card charges. I so which Speak out and other expose' platforms could interview standard bank credit card clients so that they see long term impact of their unethical charging practices. I just decided to check my statements today and to say I am disppointed is an understatement. I feel like I was weaseled into this contract with the devil that I can not get out off.

My month credit card payment is R2018 but my deductions are as follows: 

-card fee R14

-Budget Finance fee between R1.92 to 2.50 

-Trans fee 2.43 

-service fee R40.00

-CASH FINANCE CHARGE R950 

-FINANCE CHARGE R88.34

-Credit Protection Policy R288.78

 

I pay R2018 

THEY CHARGE ME R1390 

THAT MEANS ACCORDING TO THEM I PAY ONLY R600 PER MONTH 

 

I currently owe R68 000 but I had used up R70 000. I have not touched my credit card for 9 moths and I still owe R68 000 from R70 000 even though I have been paying every month. At this rate it means that I will still be paying standard bank for the next 10 to 15 years even if I do not use the credit card. I hope anyone reading this who doesn't have credit with them knows that this is how they operate. I am so pissed off I even found myself googling who owns standard bank. I can't imagine those who applied for a bond using this bank. I am going to pay cash and close this account for good. I hope to never see standard bank again in my life. In fact I bet this is why most of their branches closed. Dipsite their greed they steal couldn't keep their doors open

Bridgetbr3
New Contributor

I withdrew an amount of R100 in April.I see now that they charged me R280.77 for the R100 that i drew.iM SO CROSS-COS I SEE NOW FOR MAY,JUNE,JULY,AUG they still deducted cash finance charges thou i ddnt even drew money-to top the cake-the consultant phoned me to say my payment holiday for covid stopped so i have to pay the full overdue amount on my credit card-i never even knew i had a payment holiday due to all the feese that got deducted every month.I feel like just switching my account-i never signed up for this...im very very angry -y charge me something i ddnt even take

SHEHRYAR
New Member
Please explain this finance charge to me? I need this charged reversed from my account. Please note I will request the ombudsman to resolve this finance charge or I'm happy to take this to the courts and media. I'v never been explained this. I have a accou t for years and all. Of a sudden this finance charge?
Naby
New Contributor
I totally get the differentiation but what I want to understand is are they charging interest on the total outstanding balance of ur credit card twice or are they charging interest per total transaction.

If it's twice on the total balance then that is unnacceptable
mandy67
Occasional Visitor
Please advise why this amount is charged on my credit card
I never draw cash
Anim8
Occasional Contributor

Mandy,

 

When you say "...until you settle the cash transaction you made" you actually mean "...until you pay back everything on that card and have a 0 or positive balance.