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SBK - seriously

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Blik
Super Contributor
We have just been told that we are going to be charged R14,400.00 a year for the convenience of having a R 100,000.00 overdraft facility for our company account at SBK.....that is if we don't use the facility for at least 80% of the amount averaged over the year.

SERIOUSLY WTF!
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4 REPLIES 4
Blik
Super Contributor
....and I guess it then also applies that if you use your overdraft account to the tune of 70% for the year, you pay your overdraft fee and the penalty...wha ha ha!

unless SBK here are spinning us a load of horse manure.
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Blik
Super Contributor
Ok - hang on - I am almost certain this is wrong - it is only 1.2% of your overdraft (which I am assuming is per annum), charged monthly, which makes it R1,200.00 a year....even so! Thats 12K on a million overdraft! Flip.
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Not applicable
I have the same problem - 1.2% for the unused overdraft facility. So, they give you a loan facility - and charge you interest on the loan, but then they charge you fee if you don't use the loan! I am in the process of shopping around for a new bank - I already spend around R15k a year in bank fees with them - not counting the ridiculous forward exchange rates I get out of the dealer desk
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Blik
Super Contributor
We are going to all other banks in town....but have been told that this will be across the board on all banks by 2018...or so SBK say. If we can find anything cheaper I'll post.
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