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Cash finance charges

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45 REPLIES 45
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

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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.

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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I have NEVER withdrawn from my credit card and yet I get charged R1400 every month.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.
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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?
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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. 

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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

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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

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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?
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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
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mandy67
Occasional Visitor
Please advise why this amount is charged on my credit card
I never draw cash
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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.

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Anim8
Occasional Contributor

This is how Standrad Bank works: if you use your Credit Card to transfer to another card or withdraw from it (at a bank or ATM), anytime you use it without swiping it (excluding online) it is considered as cash finance. They will then charge you every month (indefinately) until you have a R0.00 balance on that credit card. For me it was 5 years. Yes, I know this is probably the ultimate in 'unseen charges' and no-one talks about it (except on here) but that it how this bank operates. My bank manager didn't even know it existed.

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MasiloR
New Member
Hi Mandy,
I don't actually agree with you on this one because I m still paying cash finance charges even though I'm not using my credit card, I'm busy paying off the debt, on my statement I have finance charges and the cash finance charges, I haven't drawn cash, or make transfers, or swipe my card for over 12 months.
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ShanV
Occasional Visitor

Hi Selina, 

 

Was your query regarding cash finance charges ever resolved. 

 

Kind Regards 

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TshepangT1
New Member
I have also been experiencing these nonsense charges they were never explained to me.
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MandyP
Community Coordinator

Hello @G_Wood,

 

I acknowledge receipt of your query and would like to explain to you why you are being charged this fee.  

 

 Please note that a credit card is meant for swipe and online transactions. The moment you turn it into hard cash by withdrawals, transfers and payments, then we charge you a Cash Finance Charge.

 

 This charge will appear on your statement every month until you settle the cash transaction you made.

 

Kind Regards,

Mandy

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Anim8
Occasional Contributor
SB considers transferring money from your CC to another account as a cash withdrawal (or using it as a cash wallet) - that is why you are being charged and you will be charged as long as you have a balance owing on the account. They charged me for more than 3 years.
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G_Wood
Occasional Visitor

Can someone please help me? I'm being charged a cash finance charge on my credit card, even though I've never withdrawn cash with it.

How can this be fixed? And can I be refunded?

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dawn66
New Contributor

Good day Anim8, I have been struggling to get answers out of standard bank regarding this cash finacial charges and financial charges, as they are the only bank that charges this double fees.  I read the related Act and there are 12 in total, but nothing is indicated there that standard bank can charge double financial fees.  A credit card is a loan of sorts to advance you funds when required.   Your answer above does shed some light, but still does not explain why they charge the cash financial charges when the  credit card payment is activated by an online provider such as takealot, unisa, Loots, to name but a few.  I for several months did not use my credit card and was charged double fees being financial fees cnad cash financial fees during this period. Upon quering it with standard bank in Balfour, they told me to just accept it as it is, when I queried online I received a similar response.  My main point of contention is that banks are allowed to charge 1.2% pf the outstanding balance for interest (financial charges), then why are they allowed to charge a further 1.2% (cash financial charges) on same statement when the card was not used for cash withdrawals, transfers, or payments to beneficiaries.  THIS IS, IN MY UNDERSTANDING HIGHWAY ROBBERY, AS NO OTHER BANK CHARGES  double FEES IN THIS MANNER. 

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dawn66
New Contributor

Good day, I have been struggling to get answers out of standard bank regarding this cash finacial charges and financial charges, as they are the only bank that charges this double fees.  I read the related Act and there are 12 in total, but nothing is indicated there that standard bank can charge double financial fees.  A credit card is a loan of sorts to advance you funds when required.   Your answer above does shed some light, but still does not explain why they charge the cash financial charges when the  credit card payment is activated by an online provider such as takealot, unisa, Loots, to name but a few.  I for several months did not use my credit card and was charged double fees being financial fees cnad cash financial fees during this period. Upon quering it with standard bank in Balfour, they told me to just accept it as it is, when I queried online I received a similar response.  My main point of contention is that banks are allowed to charge 1.2% pf the outstanding balance for interest (financial charges), then why are they allowed to charge a further 1.2% (cash financial charges) on same statement when the card was not used for cash withdrawals, transfers, or payments to beneficiaries.  THIS IS, IN MY UNDERSTANDING HIGHWAY ROBBERY, AS NO OTHER BANK CHARGES  double FEES IN THIS MANNER. 

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