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.
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.
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