Bank Charges- Standard Bank

[#1]

I'm seriously thinking of closing all my accounts with Standard Bank and moving them Capitec. The bank charges are exorbitant. Anyone else here done the same thing? Is it worth the bother and whats the service like at Capitec?

[#2]

just my opinion....stay away from small banks.They have to take higher risks to give their clients that 'extra'.Remember Saambou ? Masterbond ?...and others ? Yes, the charges are Ouch!...quality costs,mate .SBK is big.Capitec is a mouse.Stay safe.Cheers.

[SimonPB]

me thinks you miss the CPI advantage .. not about risk, about effeciency ..

[#4]

To be honest these accounts are transactional accounts and never have very large balances. So default risk for me is not really a concern.

[nala]

i will use Capitec for transaction purposes - not investment call ,fixed , etc - know some who lost R600 k in Saambou days. He was in tears

[wattleido]

I agree! SBK charges are crazy. Read in the finweek a few months ago they are now the most 'expensive' (according to finweek's research)

[Wizard]

Still on the charts. Code SBO

[CHATTYCHAT]

It's a free market and gone are the days when you were 'allowed' an account at one bank. Hell, you are even 'allowed' these days to arrange your own insurance on an installment sale agreement or bond. IMO - select services at an institution where you benefit most and with electronic banking these days Capitec is not at all a bad call. With the right configuration and a small investment (maintain a minimum balance of R12 000) you could avoid 100% charges. In my case it comes to an effective 24% p.a. return

[kwagga]

I moved to Capitec in the last month. For the first time in 18 years I'm getting more interest on my savings than monthly bank costs. This is a few grand a year saving for a few hours of work. Definitely worth the effort. The Capitec way of banking is so simple; you've got to love the concept. One hassle is there are no preloaded beneficiaries, which means that you need to pay your electricity bills for example at a pay point because getting a simple account number from Tshwane municipality is virtually impossible. Hell, getting someone from Tshwane to answer a phone is virtually impossible - not even bad service, just no service. Multichoice also cannot process a debit order because Capitec bank is not loaded on their system, so you need to pay your account manually. That's the extent of the issues I had with moving, but all in all it's been a liberating experience to move to a bank were you can actually make money on savings.

[SKALA]

Already close 3 Absa accounts, still one to go by end of this week. Using Capitec. Absa, Standard, same thing.

[Invinsible]

I am happy with capitec, Kwagga I pay multichoice via debit order from my capitec account. Are you sure you cant do it?

[#12]

One major irritation about Capitec - Transfer funds from Capitec to Sbk and it takes 3 days before it shows on the Sbk side. Why I don't know. It is like it is getting stuck in transit. How that is possible in this day and age is beyond me, but somewhere, somebody is making money/interest. 3 Days is one heng of a long time!

[SimonPB]

interest is paid, if I recall correctly the receiver gets the interest from date of transfer, not from date it arrives .. in the UK the scam is no interest is earned ..

[Marno_1]

ABSA increase a live cover insurance instalment of my wife out of the blue with no notification. Note this was not the yearly increase. When I ask them why the increase I was told that my wife has become a higher health risk because she started to smoke. Note that she have not smoke ever in her live. When I ask them to send me the letter that made them aware that my wife is now a smoker they could not find the proof. It took them 6 months then to refund her. Then they have refund her twice and still have not recover the double refund. I have also closed my account with them.

[#15]

You must monitor ABSA very closeley. There was an article about how they increased peoples property insurance by sending a "negative action" letter. They send out a letter asking if they could increase the insurance but only if you responded with a no would they not increase your installment. SO those people that did not read it properley and threw it in the bin, they got hammered with more insurance. Well they complained and got their money back.

[#16]

OST - fantastic - standard bank - big rip off. I have banked with them for 20 years, and will now be switching. Word of advise, use your bond to negotiate. I have negotiated a bond discount with ABSa if I switch my account across. Absa, Nedbank & FNB will negotiate. STB - brick wall territory

[babz]

i have every intention to switch to capitec. i am currently in the process of doing same. i have been with standard for more than 20 years. i used to call them "my kinda bank". not anymore. i think they are a rip off. they are fabricating, making false assumptions and becoming high handed recently. i am not happy with their personnel who handles my account. i think they are inefficient, immature and have no consideration of the consequences on their decision making. it is shocking!!! i hope the ceo reads this and investigates me. he has all my account details available to him.

[babz]

i forgot to mention - i also intend to leave this ost. do any of you guys & dolls have any suggestions to other ost's with other financial institutions?

[#19]

To be Honest, I dont find and have never found Standard to be a "personal" bank account kinda bank.

Business banking: They have the cleanest, simplest systems anywhere. Having a priority business account and a team of bankers to handle any query also helps I guess ;-) The charges I just claim for tax purposes anyway so I could care less

Capitec is fantastic for personal banking. I just want to know what will happen post 31 December when their "free banking charges" promo ends. What will the fees be when they have lured you into the system?

[MAGICIAN]

May as well add my rant! My family has a business in the KZN midlands - been in the family for over 60 years. Very well known, solid business with approx. 50 employees and run by my brother. Banked with SBK longer than I can remember. A decision was made a few months ago to move to bigger premises which needed upgrading - a re-inforced floor to carry the heavy machinery, office partitioning etc. SBK was approached for a bond and after weeks of filling in forms and being unable to get any decision, my brother totally lost patience and phoned BOE. He had a bond within 24 hours - at very good rates. The trade-off required was that he also move his personal account to BOE which he did. SBK has now lost out on a pretty much guaranteed bond as well as a personal account. SBK really needs to get its act together. Having had my rant, I do think that OST offers a good service at a reasonable price.