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01-09-2017 01:48 PM
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???
29-08-2017 03:10 PM
Wow! so many people complaining about the same problem, eish i don't want to experince such a thing.
24-07-2017 12:38 PM
Hi,
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......
Frans
07-07-2017 01:49 PM
Hello @NushHJ,
I do understand your frustration on this. Can we have your details emailed to us to have a dedicated specialist to make contact and resolve this for you.
Please email us here with your initial query and account details: [email protected] to further assist.
Regards,
Boitumelo
07-07-2017 12:59 PM - edited 07-07-2017 01:01 PM
I have the same problems with my Std Bank credit card and am apparently being charged 3% cash finance interest per month on a transaction for R495 that was made in March 2015. They only allocate a certain portion of the monthly payment to the balance of this transaction and I am unable to request that it gets settled. The only way for this to happen apparently, is to pay off the full outstanding balance of the credit card!!
Now I have issues with this, surely it is against the CPA to continue to charge monthly interest for a transaction that was made in error (incorrect acc selected when paying) and not allow me the option of settling the balance of this transaction? Also when the payment was made, why did I not get informed that the transaction will encur additional charges?
The balance of this amount is apparently still sitting at R315 over two years later and despite me making numerous substantial payments into my credit card, only a tiny percentage of any payment gets allocated to this transaction. How can this even be ethical or legal??!
I am fed up with Standard Bank, the lack of service you get and these sneaky additional charges they always seem to stick you with. So glad that I have moved my transactional accounts to another bank.
Thanks Standard Bank, your terrible attitude has lost you another customer.
18-05-2017 12:34 PM
Hi,
Please forward your query, contact details and ID number to ask.SBSA@standardbank.co.za. So one of our consultants can investigate this matter and call you with feedback.
17-05-2017 02:21 PM
Yes me too. thought of closing this account.
07-04-2017 01:54 PM
Can anyone explain to me, what are the standard charges (monthly) for the credit card.
I am being charged R59.59 finance charge, R54.70 cash finance charge and R28.00 Service fees. I feel like these devils are robbing me, am being charged every months even if I don't use my credit card...are the charges being regulated? This is a daylight robbary.
09-02-2017 11:58 AM
Hey, smart person (I am being sarcastic) reading these forums on behalf of Standard Bank, Get off your chair, walk to your bank charges division and ask them WTF is these cash finance fees. because as you can see not one branch can tell anyone what they are. They don't make sense and no one can tell us what we are being billed for.... We are almost 20 people complaining about this? Here is a tutorial on how to stand up and walk... https://www.youtube.com/watch?v=uT5T5745tCE
Let me know if you need one on how to communicate to colleagues.
09-02-2017 11:28 AM
This is shocking. I spent NOTHING on my credit card and I get cash financed charged AGAIN!!!!!!! As well as the finance charge.
I want an explanation. No explanation and I am taking this to the banking ombudsman and to 567 Cape Talk!!!!!!!!!!!!!!!
My husband has a credit card with FNB and has no other hidden fees!!!
I am moving my entire banking over to FNB.
01-02-2017 08:47 AM
I was going through my credit card statment this morning and i have also come across all these Cash finance charges that have come off my card. They all happen the same time of the month the day i make a payment into my account. on the 28th i had R257 , R35, R25 taken off my credit card. i really need an explanation for this and when you try and phone no body can help or the phone keeps cutting off as you get someone on the other end. I make payments every month but i cant get anywhere with the fiannce charges eating away at them. Can somebody please assist me.
31-01-2017 04:19 PM
31-01-2017 04:16 PM
I took out my credit card to pay for my wedding. I understood a monthly fee of R35 (now R45) would be charged. Plus you are charged interest. Then for each EFT I did to pay for the wedding I paid R1.35 plus a certain % of whatever I was paying (The exact amount is in the pricing guide). So I paid on average R25 for each EFT I made.
When I phoned the credit card division, they explained the cash finance charge to me as being an interest charge on the total amount of money I spent that month. So I paid out R13000 for the wedding in December and I was charged interest on that.
So technically, it is triple interest they are charging??
- interest on acc
- interest on each transaction
- interest on total monthly spend
31-01-2017 04:16 PM
The Email I sent was:
"Hi,
With regard to the explanation given about the cash finance fee on my credit card. How is it calculated as it appears it is consistent month after month. I have been charged even in month's that I did not transact in the manner which it is this fee is levied.
The above email was the second email sent which was on Monday the 16th of January 2017"
Another question is where is this fee advertised as I can't find it anywhere
31-01-2017 04:15 PM
31-01-2017 04:06 PM
The Email I sent was:
Hi,
With regard to the explanation given about the cash finance fee on my credit card. How is it calculated as it appears it is consistent month after month. I have been charged even in month's that I did not transact in the manner which it is this fee is levied.
The above email was the second email sent which was on Monday the 16th of January.
Another question is where is this fee advertised as I can't find it anywhere
31-01-2017 04:00 PM
31-01-2017 03:59 PM - edited 31-01-2017 04:01 PM
Same happened to me, the credit card department can't really tell me what these charges are for. They keep on saying it works on a sliding scale of my activities on the credit card. But they can't give me the exact charges per activity? Please, can someone with a bit more knowledge try and explain this? It can't be that difficult. Interest is interest, bank charges are set. But these charges seem as if they fall out of the sky?
31-01-2017 03:58 PM
Hi Bhekumuzi,
Which email address did you send the email to and what is your email address so that we can follow up?
Regards,
Standard Bank Team
31-01-2017 03:19 PM
My name is Bhekumuzi. I have sent an email to the email address provided but no one responded in either a call nor email. I had to call the credit card division and a fellow tried explaining where this charge comes from but I am still not happy. I have no other option but take this matter to the next level.