PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Narian Chengiah Naidoo
 
Comments: 8
Article views: 460
 
 
Latest Badges:


 
View all Narian Chengiah Naidoo's badges.
 

Pickpocketed by banks

28 February 2014, 10:42
Pickpocketed by Banks 

Bankers are like traffic cops and plumbers, they know nobody likes them, but they tell their kids that without them western civilization as we know it would collapse.
 
The Banking Association of South Africa has revealed that approximately R12 billion rand is unbanked by South Africans who keep their money at home. 

The reason why there is this  large number of people who do not bank their hard earned cash in this country lies squarely on the shoulders of the bank  because of their  greedy appetite for more fees for the poor service they provide. There is no way a person earning a minimum wage can afford to have a bank account as the fees would probably take up most of their available money.

Banks in South Africa offer the same financial products and moreover they are dishonest who manipulative the prices and information, profiteering at any cost and little regard to the ordinary people and the cost to them.
 
The Chief Executive Officers of major banks are rewarded with obscene bonus for mastering the art of pick pocketing their customers. The banks in South Africa rip their customers. You cannot talk to them, transfer money, save or withdraw your cash without it costing you big time. Banks with a host of hidden fees claim to be transparent. The less you have to do with banks the cheaper it is. 

In the United States for example, basic savings account are free and you do not pay for any transaction, unless you use an ATM out of you bank’s network but in South Africa, banks actually charge a fee for depositing and withdrawing cash.
 
Banks in South Africa need to realise that they need the customers more than the customers need them. Bank must understand that without customers they cannot operate because it is the customer’s deposit that they use to operate.

Banks do not want to get the right balance between making profits and making sure they do it with the right set of ethics, morality and the right principle; they are not taking enough care to ensure that the way they do things does not have a negative impact on society as a whole or the economy as whole.

It is also important to ensure that financial institutions take responsibility for educating the public at the same time as they sell their products so they could make informed choices and realise when they were being hoodwinked into accepting unsustainable financial deals and products.

Just one of the banks need to offer a cheque or saving account that is free, you do not pay for any transaction, unless you use an ATM out of you bank’s network.  I guarantee that all other banks would cease to exist for the lack of customers or they would follow suit. That is competition, something we are sorely lacking in South Africa and not only in the banking industry.

The Mzansi, the low-cost bank account which was launched by major banks in 2005 amid fanfare is on the brink of extinction because it is quietly being dumped. 

The key to getting more people to open bank accounts depended on affordability, accessibility and availability. The government should pass legislations forcing the financial industry to take more urgent steps to reduce costs and introduce more appropriate and transparent basic savings account. 

Over forty percent of the retail banking customers in South Africa had switched service providers over the past year due to poor customer service. The constant switching is a clear indication that customer service rates highly in the customer’s mind.


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.
 

Read News24’s Comments Policy

24.com 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
8 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Mpho Sindane
Irregular spending a regular fail...

Service delivery protests will continue unabated for as long as our elected representatives fail to manage public finance properly.  Read more...

1 comments 84 views
Submitted by
Joban Roberts
Saffas in the City

Over the weekend, I had the privilege of going to watch the World Rugby Sevens tournament at Twickenham Stadium.  Read more...

0 comments 165 views
Submitted by
Susan Venter
Thank Goodness for God!

A while ago, I nearly "turned Atheist". THANK GOODNESS I came to my senses! I have found that most atheists are egotistical, irrational and close-minded. Read more...

34 comments 147 views
Submitted by
Thulane Che Trosky
Reference: Notice of intention to...

Please note that I the undersigned herewith wish to inform you that it is my intention to on 15th February 2015, submit my resignation to the Department to terminate my employment. Read more...

2 comments 73 views
Submitted by
Kim Mann
Noise Pollution - What is legal a...

I live in a little suburb in Randburg called Windsor East. What a nightmare it has become.  Read more...

16 comments 2877 views
Submitted by
Thulane Che Trosky
The bling mentality!

What appears as a crisis on money market is, in reality an expression of abnormal conditions in the very process of production and reproduction. Read more...

3 comments 327 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Save up to 30% off top fragrances

Get mind blowing savings on selected fragrances. Offer valid while stocks last. Shop now!

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

Save up to 50% on Women’s month treats!

Celebrate the awesome women in your life with awesome treats like beauty products, fashion accessories, bestselling books, electronics and more. Offer valid while stocks last. Shop now!

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

services

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 your iPhone Get News24 headlines on your iPhone.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2014 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

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 24.com network.

Settings

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.