Bank on being fleeced
I UNDERSTAND that since the percentage of bank clients in South Africa is particularly low, our bank charges are high compared to the rest of the world. I do, however, have a problem paying charges for poor service.
Standard Bank clients would have received a letter towards the end of last year reminding them that it’s that time of year where you can re-think how you should be charged.
I’ve been paying the fixed R110 a month, only to realise that I spend most of the year out of the country. In essence wasting R1 320 a year to create a credit rating, since an excellent track record on a credit card in SA is not sufficient for a home-loan application.
I contacted Standard Bank at the beginning of December to change the structure to “Pay as you transact”. Fair enough, it has to be changed on the first day of the month, so would only apply as from 1 January 2007.
I received the first of many calls during the second week of January informing me that due to an error on the bank’s part, the change was not effected and would only apply from February. “Do you mind?”
My thinking is, how many people in South Africa “didn’t mind”, making a nice income for the bank due to an error? I made an error on my credit card and got charged, how does their error result in making money?
In the past year I’ve requested that my address as well as my fee be changed, neither of which has been done. But I’ve been phoned for a garage card and all kinds of insurance-related products to protect my family if I’m injured or killed. Perhaps my R1 320 is subsidising their telephone account.