# General Business Category > General Business Forum >  standard bank again

## murdock

you got love the way the banks make money...i decide to move my date of payment from the first to the 7 of each month
i thought it would just be a matter of notifying them...not so easy...i get the new installment R50 per month extra i have to pay.
 so i pay on the 7 th eft from standard bank cheque account...the 8 th i get a call from vehicle and assest finance...my installament is over due with charges and they insists i must go onto a debit order
they cancealed the debit order because of 2 returns early last year...so i have been doing eft ever since then but i always pay between the 1 and 7th of the month...the bank sends me a warning letter because of late payments...and i get calls from the 2 nd of the month.

so i notify them in writing to move the date od payment to the 7th...they send me my new installment which is R50 per month more than i was paying before 

yesterday i get a call to notify me my account is in the arrears and will be be charged for late payment...i am told that it takes a couple of days for a standard bank payment to standard bank to reflect.

they say i must make sure the payment is done by the 3 rd of every month....what a F^&*&*^% cheek...so now i must move it to the 9th and be charged additonal costs and fee.

iknow you are gona say WTF are you still doing with standard bank...everyone i speak to say all the banks are the same so where do you go...start my own bank?

hopefully our mate julius will nationalise the banks when he gets into power.

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tec0 (09-Jun-10)

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## BusFact

> hopefully our mate julius will nationalise the banks when he gets into power.


Eish, don't say that! It will be like dealing with home affairs or Telkom. It can always get worse.

I am equally apalled that Standard take several days to do a transfer to themselves. Thats just incompetent.

Changing banks won't help. They are all the same. Only solution is to stay out of debt.

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## tec0

Notify them that you are planning on moving banks. State your reasons on the documents provided. I know ABSA is not much better but for some reason I think you might be happy knowing that you gave Standard bank the mighty finger.  :Big Grin: 

Changing banks is a very painful process so do it right, go to the banks you are interested in and talk to the managers, get stuff âfactsâ in writing and do the deed. Good luck...  :Smile:

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## Adiel

Fellow users ... the best advise to get from the Bank is to go into the bank and sit down with your personal banker . If you earn over R20k ... a prestige banker will be allocated to you. this person will advise you on what is expected of you ... All the banks have the same or simillar criteria ,however you have to make time to visit the branch you bank with so they may assist ... best advice is to visit the branches in the suburbs as their training to handle queries are more advanced and will sort you within the hour .

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## Dave A

Being on the wrong side of the cash flow bubble is just the pits  :Sorry:

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tec0 (09-Jun-10)

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## murdock

i owed sars some money so instead of paying them i purchased a vehicle on hp...havent had hp since...1999...should have kept it that way...have already paid off almost R100 000 on the vehicle and still own them over a R100 000 
i noemally pay cash for my vehicles.

i reduced my overdraft to a small amount and had to use it to carry R2000 a customer  was slow paying me at the end of the month...it still blows my mind that i can have over R100 000 in my account and not get a penny for it but go R2000 into the overdraft and you get nailed interest...

i need to look at opening an account that pays me interest on my positive amount...which are way higher than the negatives nowadays so that even if i do use the overdaft i still come out square because of the interest on the positive amount...

like my credit card i dont pay any interest  anymore because it is in the positive but ipay a month fee to have the account...i heard virgin money dredit card you dont pay any fees...

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## murdock

> Being on the wrong side of the cash flow bubble is just the pits


yep i can see you are doing something right always on holiday....how was the holiday...i wondered why it was so quiet :Big Grin:

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## Dave A

> i can see you are doing something right


Some careful juggling helps, but don't be fooled - more zeros on the income means more zeros on the problems too. Things still get tight at times.



> how was the holiday...


Actually it was mostly working and eating. However, a strike by France's air traffic controllers led to a missed connection coming home, so I got a one day holiday thrown into the deal courtesy of Swiss Air. What a bummer getting stuck an extra night and day in Barcelona  :Big Grin:

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## derekjay

My experience with Standard Bank is that the "threat of moving" usually gets some sort of response. They are also fairly quick to respond to hello peter comments, as these are directed to someone whose job it is to correct the problems.

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## murdock

my goal is to find a bank account which doesnt charge me transcation fees...pays me interest on my money when in the positive...no monthly service fee and low interest on overdrawn amounts...as soon as i do i will move everything...bonds...vehicles...cheque acocounts bussiness accounts you name it...but speaking to people in general...sounds like i have more of  chance of making my wife pregnant again than finding a bank who looks after their customers  :Big Grin:

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## BusFact

> my goal is to find a bank account which doesnt charge me transcation fees...pays me interest on my money when in the positive...no monthly service fee and low interest on overdrawn amounts...


Phew, thats quite demanding. They may struggle to stay in business with that set up.

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## murdock

apparently virgin money have a credit card which you dont pay any fees.

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## Dave A

> Phew, thats quite demanding. They may struggle to stay in business with that set up.


Well, it's the way banks *used* to make their money.  :Stick Out Tongue:

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## BusFact

> Well, it's the way banks *used* to make their money.


 :Smile:  True. Almost. I believe they should make their money on the mark up they make between the interest thay have to pay their savings customers and the interest they can charge borrowers.

Charging customers to use their own money doesn't sit well with me.

The big difference is that murdock wants zero transaction fees and low interest. "low" is relative, but with that model we may have have to expect slightly higher borrowing interest rates.

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## murdock

banks dont need to make money on interest they make enough on service fees...returned debit orders R115 each...cash withdrawls etc etc etc etc etc

notice all the new pretty bank buildings...they getting as bad a s the life insurance companies.

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## tec0

I wish I can take a photo, ABSA has a massif building in our aria and when you walk in, there are only 8 people working in it? So it takes you half a day just to get your stuff done...  We see banks taking money for everything they do, but you donât see customer service...  :Chair:

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## murdock

i have to give these people credit for ways they generate money...

i get a call today from standard bank...to say my debit orders has been returned...and they want to know when i will be making the funds available for them to run again.

so of course i fly off the handle and verbally abuse the womwn on the phone because i know there are plenty available funds in my account...why because i manage my account and make sure this kind of thing doesnt happen any more...and take into account transfer times etc between banks and 7 pm cutoff times etc etc etc

i also dont accept cheques anymore for numerous rerasons...

when my customers pay they do direct transfers so when the money reflects in my account it becomes available...

what i didnt take into account was a customer depositing a cheque directly into my account...so another lessom learnt... :Big Grin: 

anyway the bank calls me back and tells me i went R103.00 over my limit so they returned the debit orders and there will of course be a fee...black mark against my  account etc etc.

thanks to the bussiness banker lady who tells me she has a solution...because i have been managing my account so well  :Big Grin: ...pay for a special clearance on the cheque which was deposited and i will only get nailed R80 instead of all the other fees and embarresment of black marks against my account...so you know what i did...now lets just hope the cheque doesnt bounce because it is a new customer and i havent dealt with them before...

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