Good day Anim8, I have been struggling to get answers out of standard bank regarding this cash finacial charges and financial charges, as they are the only bank that charges this double fees. I read the related Act and there are 12 in total, but nothing is indicated there that standard bank can charge double financial fees. A credit card is a loan of sorts to advance you funds when required. Your answer above does shed some light, but still does not explain why they charge the cash financial charges when the credit card payment is activated by an online provider such as takealot, unisa, Loots, to name but a few. I for several months did not use my credit card and was charged double fees being financial fees cnad cash financial fees during this period. Upon quering it with standard bank in Balfour, they told me to just accept it as it is, when I queried online I received a similar response. My main point of contention is that banks are allowed to charge 1.2% pf the outstanding balance for interest (financial charges), then why are they allowed to charge a further 1.2% (cash financial charges) on same statement when the card was not used for cash withdrawals, transfers, or payments to beneficiaries. THIS IS, IN MY UNDERSTANDING HIGHWAY ROBBERY, AS NO OTHER BANK CHARGES double FEES IN THIS MANNER.
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