Question: What is the difference between Previous and Stamped Statements?
Previous Statements: A formal reconciled statement with an opening and closing balance according to your statements cycle.
Stamped Statements: A statement with an official bank stamp. The transactions are listed from the date of request, and date back 3 or 6 months.
Question: What are the different statements typically used for?
1.Record keeping (available up to 2 years online)
-Auditing of financial statements
-Proof of transaction when there is a dispute (incl legal dispute)
Input into financial statements (contains all cleared outstanding card authorisations; and cheques)
To provide to a third party:
-As proof of income
-When applying for an account
Check if someone has paid you before releasing goods
Input into financial statements
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Standard Bank International Personal Banking (IPB), a division of Standard Bank Offshore Group Limited (SBOG), triumphed in the 2019 International Investment Awards, walking away with the ‘Excellence in Private Banking’ award.
Considered an ‘industry institution’, the honours are highly regarded in the international investment and wealth adviser community, attracting more than 150 industry professionals from more than 60 companies.
This year’s ceremony, the 20 th anniversary event, saw a record number of entries, including six new categories as part of a relaunch to ensure the global event fully reflects the diversity and breadth of the industry it serves.
Organised by International Investment magazine, the awards recognise extraordinary talent and remarkable achievements from every corner of the globe.
Sanshia Tumblety, Head of Banking Propositions, collected the award on behalf of the team and praised the collective efforts of her colleagues.
Greg Barclay, Head of High Net Worth, Personal and Corporate Wealth said, ‘Naturally, I am proud and delighted that we have been recognised in this way and it is testament to the expertise and commitment of our staff. This has only been made possible through the continued collaboration and partnership across our business, enablement and support functions.
‘It is real acknowledgement of our focus on client centricity and further improving our proposition, ensuring a defined customer experience programme is in place to support the bank’s digitisation strategy and provide an omnichannel service to clients.’
Standard Bank Offshore Group Limited (SBOG) is 100% owned by Standard Bank Group Limited (SBG), the largest bank in Africa by assets.
Standard Bank was also shortlisted in two other categories at the prestigious annual awards. Melville Douglas, for ‘Best International Discretionary Fund Manager’ and senior manager Tim Townsend as ‘Emerging Talent of the Year’.
Standard Bank Offshore Group Limited
Standard Bank Offshore Group Limited is a leading provider of financial services to people and businesses. It supports Africa’s growth by connecting the continent with international markets. It offers solutions in Banking, Investing and Fiduciary and has offices in Isle of Man, Jersey, Mauritius and representative offices in London and South Africa.
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Hello NaLudo2019 ,
Please restart your device and update your app, try linking the app again, let us know if this issue still occurs and we will escalate your query to the App development team.
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Did you try communicate this with the Cellphone company? Please send your query and contact details to [email protected] .One of our consultants may be able to assist you with your query.
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You can check your Credit Card limit on the Standard Bank Mobile Banking App or Online Banking and to increase your limit, you will need to consult with one of our bankers. Please send your query to increase your Credit Card limit to [email protected]... View more
Standard Bank Wealth and Investment has been awarded the Outstanding Global Private Bank in Africa and the Global Best Next-Generation Offering award at the 29 th Private Banker International Global Wealth Awards 2019.
Private Banker International is a leading journal for the global wealth industry. The awards were held in Singapore on 11th October 2019 and were attended by influential decision-makers who are shaping the future and narrative of private banking and wealth management in key regions across the world.
Chris Browne, Global Head of Wealth and Investment at Standard Bank says, “these awards are a testament to our ongoing commitment to wealth preservation and service excellence. We take pride in building deep and meaningful relationships with our clients. We are proud to be recognised on a global platform for our Generational Wealth offering, and to be the preferred institution of choice across the African continent.”
Standard Bank Wealth and Investment has a presence throughout South Africa as well as Kenya, Nigeria, Ghana, Uganda, Mauritius, Jersey and London. This international footprint, combined with the Standard Bank Group’s own African and international presence, and over a 156-year heritage, empowers the division with the diversification needed to lead a globally effective wealth strategy.
Mr Browne adds that the awards, “spur us to continue giving our clients superior service and helps drive our Group purpose that Africa is our home and we drive her growth.”
The Private Banker International Award announcement follows Standard Bank Wealth and Investment being recognised as Euromoney magazine’s Africa’s Best Bank for Wealth Management in July 2019, further reflecting consistency in delivering solutions that matter. Additional Euromoney awards received include Best Bank in South Africa and Best Bank in Uganda.
Standard Bank Wealth and Investment offer our clients tailored solutions, designed to help manage, grow and protect their generational wealth and that of their families. Our goals-driven investment approach allows our clients to take a long-term view of their investments, whilst simultaneously meeting their short-term lifestyle needs.
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Every parent dreams of creating financial freedom for their children and to provide a better life for them. A life free of any financial burden sets the foundation for even future prosperity. Parents strive to leave their children a financial legacy that will provide for intergenerational wealth.
However, without proper planning, the inheritance you leave behind could dissolve rather than providing your children and grandchildren with a solid financial future. There are as many considerations around intergenerational wealth planning as there are solutions.
At Standard Bank Wealth Management, we work closely with our clients and their families to ensure their legacy wishes are met. To help your family prepare to inherit your wealth a few things need to be considered.
Firstly, professional advice is key in considering the appropriate structure, relevant to the circumstances of each family and it’s important to never take a general approach.
When thinking of how to protect one’s assets when moving from one generation to another the focus should the protection of beneficiaries from unintended consequences. The transfer should be practical and not a burden to heirs/beneficiaries. The appropriate structure attention should be given to ensure there is sufficient provision for heirs and/or beneficiaries of trusts to provide for future income and capital requirements of heirs and/or dependants (insufficient provision will result in the sale of potential growth assets).
Secondly, sufficient liquidity to fund taxes (CGT, Income Tax, transfer duty) and professional fees for example executor fees should be factored in. Other considerations depending on each families’ circumstances may involve business continuity - a major consideration for families with operating companies. Lastly, appropriate structures for the purpose of leaving a legacy for Philanthropic purposes require professional advice.
Much like all things there are bound to be a few obstacles and potential pitfalls. Clients should be mindful of restrictive will provisions clauses in a last will and testament and trust deeds. Outdated or inflexible structures may not stand the test of time and regulatory changes may lead to the unintended consequences the family never planned on. Often the lack of liquidity to fund expenses, taxes or support heirs requires assets to be sold and unfavourable prices achieved. Tax mitigation and planning is important but should not be the sole purposes for planning.
There are numerous acts that impact and influence wealth planning to name a few but not limited to:
Estate Duty | Transfer duty | Administration of Estates Act | Exchange control | Maintenance (children and surviving spouse) | Long term Insurance Act
Every family is unique and therefore no single method would apply in all situations. However, part of the planning process is to ensure the next generation is equipped to receive the wealth, appreciate its value and make smart investment choices.
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Standard Bank, STANLIB and Liberty are excited to announce the launch of 1nvest, a specialist index tracking fund provider. Geared specifically to provide simple, transparent and cost-effective passive investment products, 1nvest specialises in index tracking unit trusts and exchange-traded funds.
1nvest is the product of collaboration from all three businesses under the Standard Bank Group, Africa’s largest financial services group, combining existing index funds, experience and expertise to provide clients with a comprehensive range of 28 index tracing funds across multiple asset classes and geographies.
Index investing or passive investing has seen enormous uptake in more developed markets. According to Moody’s Investor Services, the adoption of passive investing in the US continues unabated with US passive investment funds set to overtake active funds by 2021.
Johann Erasmus, 1nvest Executive observes, “while the total amount of money invested in passive funds in South Africa is small compared to managed funds, an ever-increasing number of investors are showing interest in index funds as part of their larger investment portfolios”.
A big driver of this is the low-cost return, simple and transparent access that these products offer.
Index funds, as the name suggests, track market indices and don’t require a portfolio manager to carefully manage asset allocation. This means that fees are reduced and investment return that closely matches the targeted index is delivered .
Wehmeyer Ferreira, 1nvest Executive notes “over the last year or so, investors have become spoilt for choice as issuers have listed various new exchange traded funds (ETFs) on the Johannesburg Stock Exchange, offering both local and offshore exposure”.
But with a wide variety of options, investors may feel overwhelmed by what is becoming a vast landscape of product offerings. 1nvest has five broad product ranges that span equities, fixed income, commodities and property asset classes. These include the Local, Global, Blended, Commodity and Smart Beta ranges. That’s why 1nvest has made it simple. No matter who you are, no matter what you want to do, 1nvest provides the building blocks for a well-rounded investment portfolio.
1nvest gives investors the tools to grow their money and take control of their own future, in a way that is simple, straightforward and open. With the backing of the finest minds from the country’s most trusted financial institutions, we work with investors to build their wealth and achieve their financial goals.
For more information: https://www.1nvest.co.za/
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Please call the Instant Money Customer care number on 0860 466 639 or email [email protected] Alternatively, if the receiver tried to withdraw using the pin and used the wrong pin until it blocked, the Instant Money sender will receive a new pin from Instant Money voucher.
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You currently cannot change from Cheque account to MyMo account. The account is avaible to new to bank customers. For more information on this, please forward your query and contact details to [email protected] .One of our consultants will be able to assist you with your query.
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Choosing to skip big payments like vehicle and mortgage loans may sound like a good idea at the time, but this has negative consequences that hit your pocket and good financial standing.
Various solutions and help are available for anyone struggling to keep up with their monthly financial obligations. Whether its drawing up a budget and sticking to it or approaching your bank earlier for help, consumers can avoid being heavily indebted or blacklisted if they take key steps.
South Africans are going through tough times, with job losses hitting industries like mining, construction and utilities.
Our advice to consumers was to also think of saving. It’s always important to save money for a rainy day. Think of a goal like paying off school fees, while also bearing in mind not to skip essential payments. The reality is that payment commitments must be prioritized.
A great saving tool is the clever use of several rewards programmes like UCount, which you can redeem at a Caltex garage to fill fuel, and make a saving on this expense. With such rewards, consumers can make relevant purchases to earn points and save, using selected partners.
When faced with failing to maintain monthly vehicle repayments, options like downgrading the car for a more affordable alternative, joining a lift club, reviewing your insurance agreements or using convenient public transport are also available.
Tips for when in financial distress
Identify the challenge early
Speak to the right people. Approach your bank first
Prioritise the debt
The bank is in a good position to assist, before the problem worsens
Don’t fail to communicate and leave the problem until it’s too late
Without a budget goal, you can’t see where your money is going
Different and innovative savings vehicles
Set aside small change from purchases. It can make a difference later
Use the Shyft App, it has great rewards like reaching a goal step
Fixed deposits and Money market accounts are excellent saving tips
Use rewards programmes like UCount and save when refilling on petrol
Make use of store loyalty cards, some of them have a lot of value
When you can no longer afford your current pricier vehicle, look at downgrading to a more affordable option
Don’t cancel your vehicle insurance
Join a lift club
Consider using public transport, if convenient to where you live and work
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Congratulations to our winners!
Because you didn’t just like it, you swiped your Standard Bank Credit Card and got rewarded a lifetime chance to watch the Boks play in Japan. In addition, you will get to explore the beauty of Japan and tour ancient landmarks and beautiful gardens.
Here are our lucky winners! Hope you’re all packed and #GoodToGo.
Stephen Thomas Ryan Mains-Sheard
Donald David Wheeler
Christiaan Jacobus Coetzee
Warren Michael Ebben
Sinenhlanhla Theodosia Mngomezulu
Mudimeni Isaiah Ramabulana
Bradley Ryan Haynes
Go out and enjoy all that Japan has to offer and then grace the stadium for a VIP match day experience courtesy of Standard Bank and MasterCard.
See you there! Post lots of pictures.
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Just like a masterpiece starts on an empty canvas, and a symphony begins with one small note – every great artist starts somewhere too.
For 35 years, we’ve been invested in the stories and journeys of some of our country’s greatest artists. The people whose pictures have made our walls come alive, and whose lyrics have made our hearts sing for joy.
We believe that art, in any form, has the ability to transform a society. It has the potential to take us places we never dreamed possible. It has power. And like Romera Britto said, “Art is too important not to share.”
It’s why we’ve been involved in initiatives like the Standard Bank Young Artist Awards - acknowledging emerging, young talent in different disciplines and affording them national exposure and acclaim. It’s seen the likes of William Kentridge and South Africa’s first lady of song, Sibongile Khumalo climb the ranks and grace the world stage.
Giving the youth access and a platform to be recognised is something we are very passionate about. Both the Standard Bank National Youth Jazz Band and the Standard Bank National Schools Big Band have afforded many young artists the opportunity to perform with some of the world’s best musicians. Jazz trumpeter and composer, Mandla Mlangeni is proof of this, having had his talent nurtured through both these bands.
It’s not just an opportunity, it could be a life changing one - because while a young musician may walk onto the stage, the next South African legend may walk off it.
The opening night of this year’s Standard Bank Joy of Jazz will host some of the Standard Bank Young Artist alumni who will perform to thousands of South Africans, and the Youth Jazz Band will be performing alongside some amazing acts too.
On Heritage Day, as we celebrate our country’s cultural wealth, our National Schools Big Band will be stepping up onto stage and performing with world-famous, Grammy Award and Pulitzer Prize winner for Music, Wynton Marsalis. He is someone whose talent surpasses the norm. Someone who is at the pinnacle of brilliance. And just like everyone else, also started somewhere.
For us, it’s more than an investment into the arts, it’s a commitment to our youth and our future.
Because art can make the biggest impact. One chord can inspire a chorus, and a single lyric can start a movement. So, if we can change just one artist’s world… play on.
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Please send your query and contact details to [email protected] .One of our consultants will be able to assist you with your query. Alternatively, you can check your balance on your Standard Bank App.
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