Banking

As we all know, South African banks SUCK! There is very little scope in shopping around for lower bank charges as it appears that the banks conspire (they will deny it) together to keep bank charges at possibly the highest in the World.  The 4 big banks now seem to be actively competing for business accounts, including small business accounts but the competition is more in the form of services offered rather than lower bank charges. However, it is an encouraging sign and another encouraging sign is that the government seems to becoming more aware of the problems facing small and medium business in South Africa and is putting pressure on the banks to look at their charges. ABSA has recently been taken over by the British Worldwide banking group Barclays and it can be hoped that they bring a fresh approach (although there is no sign of it at the moment) to the South African banking scene. All in all there is very little to choose between the big 4 but in our experience Standard Bank is slightly the worst and ABSA slightly the best.  We at Igolide will be looking at the banks very closely and will keep you informed of any progress the banks make towards a reduction in bank charges, special rates, special offers, internet banking, merchant accounts and business services offered. We will also be exposing bad practise, malpractise, incompetence and the lies in the statements often circulated to the media by the banks. To be balanced, we will also publicise any good things that the banks may do for their customers and banking staff who go the extra mile to give customer satisfaction. We would ask all readers to email us with any comments they may have about their bank, favourable or unfavourable. If you are an Igolide member, you can discuss all these issues and more on our members forum.