When you notice there is extra money taken out of your account, You are not alone. If its happening to me it must be happening to millions of people. Lets consider that of our 50 Million population if we have only half the people with banking accounts that is a even share of 5 Million people with each bank, Absa , Standard, Nedbank, FNB and Capitec, Granted these figures wont be accurate and there are more lending institutions but for the sake of simple considerations lets continue.
If 25 Million people needed a solution to keeping their money safe we all have some major problems. Granted you may earn a significant amount and find that bank charges are the least of your concern, .
Cash is risky in SA I understand, its a costly affair keeping it and moving it around. But I cannot help taking each and every charge I see and multiplying it by the amount of customers they have. Its a staggering reality. If on each day each user bought just 1 item and swiped their card once or did 1 withdrawal and let us suppose on average at a bare minimum the average charge was R5 that would mean the banks would collect R125 Million per day each and every day. I assure you they are taking much more maybe over double on average.
Their operating costs must be the biggest joke allowed in civilized society, I say Civilized because I include England and such places. These banks own buildings, each and every 1 of the 1000's of branches have been purchased with your parents and their parents and your money...
They do not show the real money they earn, Why are all the ABSA Branches and buildings not 100% paid for, Why are we paying so much for banking charges. In 1 month I was charged R500 on banking charges plus R441,90 for internet banking charges and I am not talking about the possible R1300 that is plain missing in the account.
So when I take my little matter and multiply it just by a million, Just how much money are these people moving. How much are they taking away from your future, From your children s future. I placed R10 000 cash into an ABSA branch they took R120 and cents on handling fees. That is more than 1 %. If that is all they make is 1% on handling the billions we spend yearly they are making plenty money, How dare we still pay for ATM withdrawals and pay for using our cards or making internet payments. Its outrageous what desperate money grabbing garbage they have become.
I pay maybe nearly R180 each and every month just to have access to my account. Just take that and multiply it, Just that is enough money to make the world turn once, I then get charged R5 for every internet transaction. Just what ATM fees were a few years ago.
I am certain they are going to destroy themselves. There is zero human element in the banks, My voice alone means nothing, My complaints is just holding the guy up in the queue behind me.
I guess what I am saying is, Post office account or checkers money market seems much cheaper to move money, I am looking forward to a time when enough people had enough, We Target a branch and we make some noise, Banking can surely be done cheaper and if they want to make money fine, But they must make a whole lot less for me to play along.
Why are we supporting them, Lets find better solutions. For now, I am joining Capitec, Absa have lost their minds !!!
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