Banking Services

[pmrindel]

I'm with Standard Bank (for the moment). 4 Business accounts, 1 property bond (business), asset finance for our business, 1 vehicle financed, various personal accounts and credit cards between my wife and children, . 1 x Student loan.

This is where it gets interesting...I have to deal with a different person for each account, this just not make sense to me. The business account relationship manager changes every few months, I don't even know who my personal account contact person is anymore either. The person handling the student loan is not extending the 2nd year of study, so my daughter, in London, in her last year of a masters degree, and Standard Bank pulls the plug on the student loan, I've been paying the interest without fail, nothing has changed from last semester to this. I asked how they would like her to pay back her student loan without having completed the degree, and in turn no job. No answer.

There's no one joining the dots at Standard Bank. Our company has grown incredibly fast (perhaps too quickly) Standard Bank has paid for the property and assets, and although the growth is obvious won't pay for any solar projects. Be that as it may. There's no one looking at the big picture with regards to my 2 business's growth and what we need to continue growing in conjunction with my personal needs from a bank.

One phones in or see's a "Universal Consultant" at the bank, a whole lot of paper shuffling and key board clicking goes on and the computer says no.

Are there there any banks out there that have real humans looking at the big picture and actually analyse what your needs are and offer a great service and support?

Any suggestions would be great, thank you. I need to jump ship but am wanting a bigger and faster one.

[Dave A]

Standard Bank is fairly conservative in nature and it sounds like you've got into "overexposed" territory. You don't need to jump ship - you need a second ship.

As long as you have a decent set of financial statements, getting fixed asset finance elsewhere is pretty simple, and I have found oftentimes at better rates than my "main bank".
And it reduces that main entity's exposure.

In saying that, make sure that you are not overleveraging debt - they are putting on the hand brake for a reason.

[Blurock]

@pmrindel as an ex banker I can only say that all banks are the same and they are all losing the plot. You only find customer service in a brochure.
Everything is now done as "paint by numbers" with absolutely no common sense applied. The computer decides for them.
If I had to rate the banks from bad to worst I would not know where to start.
However, Discovery bank must be the worst as you can only speak to a robot and they have no branches where you can get assistance.
Their apps are suspect and collecting points and rewards is a joke. Not something I am interested in anyway. I buy my own smoothies.

What Dave said is true. Don't over expose yourself and try to use credit only where it is absolutely necessary. That is the only way not to get unpleasant surprises.
Having no debt is also a problem as the banks want to see your credit record and the conduct of your accounts.
As a final year student your daughter may get offers from other banks looking for new graduate accounts. Shop around and see what is on offer.