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24-07-2017 12:42 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
24-07-2017 01:27 PM
Good day @Fgerber,
I understand your frustration on this and apologise for the level of service received to date. Kindly note that in order for us to intervene and best assist you, we would require that you send through your full cheque account/credit card details to: [email protected]bank.co.za so as to grant us an opportunity to investigate further. Please use the subject line "Credit card and cash finance charges/Community query for us to be able to identify your query.
We apologise again for the inconvenience and delay.
Regards,
Mandy
28-08-2017 02:44 PM
Hi there, I have also noticed these charges keep changing even though I don't use the card while I pay off the card, I've called multiple people too and have gotten no answer on what these charges are exactly or why they keep fluctuating so much. How can I find more information please from someone that does actually know the charges because this seems like a mystery which should not be as it's banking, a fee is a fee and is either set or a percentage but overall, it should always be known and the customer should not just be told "we don't know what makes it change". Thank you.
29-08-2017 09:59 AM
Hello @PieterN
Please advise if the email was sent and which subject was used so that we can be able to trace the mail? We would like to trace the mail and assist in investigating the charges on the account. Here is the email address if you missed it, you can mail us: [email protected] with your full query and account details.
Regards,
Boitumelo
29-08-2017 02:26 PM
hi, I'm not the opening poster, I'm a new poster. I was asking if there was some information what the Cash Finance Charges were or what they were composed of or how they calculated. Surely this could be shared here on the forum so others can also understand how their Cash Finance Charges are compiled? That is the whole point of a forum. There has to be a document that standard bank has that states what and how the bank makes up the Cash Finance Charges? It is clearly not just the interest rate ie. 16.50% as mine are near 20% if calculated to the balance. This is what I was trying to find out and I think the opening poster was also trying to work out.
I will send an email through with my details and you can give me a call then on what and why the Cash Finance Charges go up when the balance is being paid off and the card is not even used. Technically speaking the balance and interest charged should be less than the previous month but for some reason, the interest charged (which is also called the Cash Finance Charges it appears) seems to increase. I'm trying to pay off debt, not get more into it even when I owe less!
I also find it interesting how the interest rate increases when you get to R10,000 to over 19% so for example, if you paying off an amount over R10,000, you paying currently 16.50% but when you get to R10,000, instead of being able to congratulate yourself in paying down your debt, you get hit with a massive 25% increase in your interest rate to over 19% p/a just because you made it down to R10,000?! Can Standard Bank explain the method in this and why? Surely it would be easier for people to get out of debt if they didn't get hit with high interest rates as they owe you less?
Thanks, looking forward to your reply on the forum.
30-08-2017 09:57 AM
Hello @PieterN,
We will trace the mail and have a specialist look into your account and address this matter accordingly.
Regards,
Boitumelo
04-09-2017 12:22 PM
Thank you.
08-11-2017 10:26 AM
@PieterN wrote:hi, I'm not the opening poster, I'm a new poster. I was asking if there was some information what the Cash Finance Charges were or what they were composed of or how they calculated. Surely this could be shared here on the forum so others can also understand how their Cash Finance Charges are compiled? That is the whole point of a forum. There has to be a document that standard bank has that states what and how the bank makes up the Cash Finance Charges? It is clearly not just the interest rate ie. 16.50% as mine are near 20% if calculated to the balance. This is what I was trying to find out and I think the opening poster was also trying to work out.
I will send an email through with my details and you can give me a call then on what and why the Cash Finance Charges go up when the balance is being paid off and the card is not even used. Technically speaking the balance and interest charged should be less than the previous month but for some reason, the interest charged (which is also called the Cash Finance Charges it appears) seems to increase. I'm trying to pay off debt, not get more into it even when I owe less!
I also find it interesting how the interest rate increases when you get to R10,000 to over 19% so for example, if you paying off an amount over R10,000, you paying currently 16.50% but when you get to R10,000, instead of being able to congratulate yourself in paying down your debt, you get hit with a massive 25% increase in your interest rate to over 19% p/a just because you made it down to R10,000?! Can Standard Bank explain the method in this and why? Surely it would be easier for people to get out of debt if they didn't get hit with high interest rates as they owe you less?
Thanks, looking forward to your reply on the forum.
Hi, I have the exact same issue here with Standard Bank's "Cash Finance Charges" on my Credit Card. I will be cancelling all of my accounts with Standard bank if this is not resolved and an appropriate answer and reason is given to us. How is this possible that if I want to pay off my credit card debt by transferring from my cheque to the credit card and paying it off montly, that a huge cash finace charge is being debited to the credit card and at high interest rate? Not to even mention an extra "Finance Charge" = what is this for then ? Standard Bank this doesn't appeal to me and I have contacted other banks and they could answer me my questions regarding such fees which they have, but not this "seems almost fraudulent" charges ... not cool!
09-11-2017 02:11 PM
Hello @AjTeX,
To best assist you on this we will need to investigate this matter further with our service team. Please mail us your full query with account details so that we can look into this query for you and have a consultant contact you to explain this charges.
You can mail us here: [email protected]
Let us know should you need further assistance.
Regards,
Boitumelo
09-11-2017 02:27 PM
03-01-2018 09:09 AM
05-02-2018 08:56 AM
22-05-2018 11:11 AM
Hi
I have the same problem. whenever i do an inter transfer from my cheque to my credit card i get charged a finance charge. I phoned standard bank as well a while ago and the consultant could not give me a reasonable explanation.
Please let us know if they gave you a reasonable explanation.
Thanks
25-05-2018 08:13 AM
Hello @Naby
To best assist you on this we will need to investigate further with our service team. Please mail us your full query with account details so that we can look into this query for you and have a consultant contact you to explain this charges.
You can mail us here: [email protected]
Let us know should you need further assistance on this.
Regards,
Boitumelo
12-09-2019 11:54 PM
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