MyNews24 is a user-generated section of The stories here come from users.

Bheki Dlamini
Comments: 12
Article views: 1436
Latest Badges:

View all Bheki Dlamini's badges.

Are we really that cheap?

27 May 2014, 08:16
After seeing a commercial from one of the country’s fastest growing banks I couldn’t help notice just how stingy we had become. On the commercial, the bank asked whether bank clients knew what their banks were charging them as bank fees and the majority of the answers were, “I don’t know but I know it’s too much.” How do you know that?

Are we that misinformed? You sign a contact with an institution to handle your finances and yet you don’t even know how much that institution is charging you? Are we that naïve? What happened to reading the fine print?

Ok, great. It has ben established that they pay too much. Why not switch then?I conducted my own informal investigation to establish why people would not change banks. My apologies to my dear friends that answered those questions unsuspectingly. 

Firstly, the fact that a bank claims to be cheap – most people I spoke to don’t want to be associated with a cheap brand. 
Secondly, limited services – This makes sense, but then why would anyone complain about what the other banks, which are offering better services, charge? You pay more for a better service.
Thirdly, people are just not informed when it comes to bank charges. We are quick to sign on the dotted line at the nearest bank without having conducted a proper research.

There were more questions asked and you can even add your own questions to the list, but I discovered that we are ignorant consumers, myself included.

I have never taken banking fees into consideration when opening any of my accounts; it has always been about the service that a bank is prepared to offer me, even though banks are generally terrible at offering services. I mean they are open when everyone is at work and by the time you knockoff they would have been closed for more than an hour. You actually have to take a day off to visit a branch.

Another exception, the bank that raised these questions is open after hours, with some branches opening even on Sundays. Like that was not great enough, the bank actually sent its representatives to my site when 60 or so of my employees needed bank accounts last year.

 Great service right there!

I realised later on though that the outcome of my research was not conclusive. Some respondents were already banking with the so-called “cheaper bank” but still complained about expensive bank fees. Hence my question, “are we really that cheap?”
Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Mohammed Parak
Zero Gravity

It's not everyday that a thought comes up, highlighting something you didn't know before. Read more...

0 comments 123 views
Submitted by
Could Glencore be wiped out?

Glencore is a stock that everyone’s talking about, but the mining giant has collapsed again. Read more...

0 comments 2581 views
Submitted by
The Scribe
In Defence of Dianne Kohler-Barna...

The media, especially social media is all agog about THAT Facebook share by Dianne Kohler-Barnard. Read more...

0 comments 2431 views
Submitted by
Michael Ernest Meder
Crime entitlement

Entitlement is a major underlying cause of crime.

0 comments 216 views
Submitted by
Mike Van Wyk
Should big banks offer more unsec...

Since the crisis of 2008, the major banks have gone back to providing their fundamental function, but have been slow to keep pace with the growing demand for loans by South Africans. Read more...

0 comments 918 views
Submitted by
Stishera Khumalo
Corruption - Enough is Enough

Corruption has gone too far now.

0 comments 2061 views


E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

TV Get us in your home, on your television.

Interactive Advertising Bureau
© 2015 All rights reserved.
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.