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Bank charges

27 April 2006 Angelo Coppola

Dear editor

*  Thanks for the update, refer above subject.  Now I understand why my one friend has a 'Money Hidy-hole' at her home.  She is quite wealthy too.  She refuses to pay these Bank charges, I mean ABSA Bank charges admin fees when you deposit money into your own account.  They should be glad they you are investing, after all it's at their Bank, they benefit and your balance increases as well. But they still take off their bit with every transaction.  Anyone, selling 'Money Hidy-holes' to the man in the street?


*  The Media has recently been busy, trying to take banks to task about their high bank charges as well as those undisclosed. Perhaps its time to scrutinise the goings on of Building Societies.  The Perm is the only one of which I have personal knowledge. The Perm is owned by Nedbank/Old Mutual. Each month I and a million or so others are debited with R5.70 fee against my account, irrespective of the balance debit or credit.  And if in debit, in addition to the interest charge.

Considering that a Statement of account is furnished only once a year, this R 5.70 fee is an iniquitous amount  and is a vehicle whereby mortgagees are extorted by the institution for super profits.  Mortgagors should look to their interest earned on loans advanced for income, not an extorted finance fee styled an "administration fee"

 

 

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