Standard Bank Charges (Increased effective 1/1/2011)

[retailrush 10]

Just a reminder to all Sellers who bank with Standard Bank - Their bank charges increased from the 1 January 2010. This will affect the Cash Deposit fee that you charge your buyers...

For your information a Cash Deposit will now cost you: R7.00 plus 1.20% of the value

i.e. If a buyer deposits R350.00 to your account you will be charged R11.20 cash deposit fee

(The old charge was R3.50 plus 1.03% of the value) - so this is quite an increase!!!

[kebs 15]

Just great... Now how does one put that in the postage section without having every single buyer who wants to pay via cash deposit email you to ask how much the total will be because they are too lazy to grab a calculator & figure it out themselves.. :hm:

[retailrush 10]

@ Kebs - I state in my "Payment" section that there will be an extra charge for a Cash Deposit and that I will advise the amount when I confirm the order. I don't have numerous sales everyday so it's managable for me this way!

[brands online 10]

BOB charges a flat rate of R16-50, so thats what we charge...

[kyle2 10]

Flat rates are sometimes the way to go, I see that Standard Bank are doing all sorts of things to increase revenue, they are on an aggressive loan campaign at the moment, some trouble brewing with their bottom line maybe?:wondering:

[brands online 10]

Whatever it is, it's got me looking for another bank this year. Their charges are ridiculous, service is average to say the least and not even a diary this year! :amazed::grin:

[Vinyl Lady Decals 11]

There's definitely a problem at Standard Bank.

I've noticed on several occasions since the beginning of December that transfers into my Std Bank account from other Standard Bank customers only show on my statement the day after the transfer instead of within 15 minutes as it used to.

The only reason I can think of is that they are doing this to take advantage of the overnight interest they earn on the amount.

[JPBon 10]

If you want the cheapest rates by far....look at Capitec Ive been impressed so far

[lilythepink 11]

JP - you know I've been thinking of going the Capitec way but after viewing something on TV2 last night and seeing how they ripped off a customer, I'm still sitting on the fence! (Wish I could remember what the programme was but I was too tired to remember proper info!)

[JPBon 10]

Ok I missed that

[RISadler 10]

... some trouble brewing with their bottom line maybe?

 

Now that sounds promising, as all my debt is with Standard Bank!

[kyle2 10]

Now that sounds promising, as all my debt is with Standard Bank!

 

Yes, a lot of rumours doing the rounds, they have apparently layed off a lot of staff too, will be watching that space.:hm:

[sungems 10]

I wanted to change my bank some time ago (also STD B currently) Looked at Capitec but did not really had the time to go into in it depth. My wondered about the buyers staying in remote town that do not have EFT as a option and if they want to pay by means of a cash deposit would there be a Capitec branch in all the towns

[mellowred 10]

Rumour has it that Standard Bank is on the road to bankruptcy.

 

A house with an outstanding bond of R900,000 was let go for R450,000; and another I know of, bond was R1.6 mill sold for R950,000.

 

Unless the house owner signs off the house at that price, the bank cannot come after you for the balance. So they must be desperate for cash to take those losses.

[lilythepink 11]

I hate to think of people having to lose their homes like this. It's terribly, terribly sad and I wonder why banks (all of them!) don't take some type of action to ensure that people do not lose their only properties. But, then, if banks can rip people off with their bank charges for so much as breathing inside their bank, then I don't suppose we can expect any empathy from them during this recession?

[amcintyre 10]

There's definitely a problem at Standard Bank.

I've noticed on several occasions since the beginning of December that transfers into my Std Bank account from other Standard Bank customers only show on my statement the day after the transfer instead of within 15 minutes as it used to.

The only reason I can think of is that they are doing this to take advantage of the overnight interest they earn on the amount.

 

I have also noticed this. This started about a month back now. I went in to the local Std branch to question this and they spun a wonderful story about Christmas, month end, public holidays the upcoming visit of Santa Claus etc... :mad: However, their efts still take up to two days.

 

I find that they actually complete the transfer the second morning at aproximately 7:00 am.

 

Has anyone else questioned Standard Bank about this?

[lilythepink 11]

I haven't questioned them about anything recently because they just come up with excuses that don't serve any purpose. But, yes, their general attitude towards customer service has been atrocious of late but I do bless the fact that the couple of staff whom I know in our local branch help me out no end when I call on them.