Standard Bank's nasty admin fee hike

As if struggling with your monthly bond repayments isn't enough, Standard Bank Home Loans plans to hike admin fees, in some cases by over 500%.

After keeping administration fees at R5,70 for home loans valued at less than R500 000 and R28,50 for those over R500 000 for the past seven years, from June 1 customers will have to pay a monthly charge of either R35, R42 or R57.

Speaking on Moneyweb's SAfm Market Update, head of Standard Bank Home Loans, Rob Katz said the price you pay will depend on when you took at your home loan.

"It's dependent on when you took the loan out with us. So if you took the loan out before the NCA [National Credit Act] came into being, that was before June '07, you'll now be priced R35 a month. If you took it out after June '07, you could be priced either at R42 a month or at R57 a month.

"So what I mean by that is if you have insurance with us, home-loan protection and homeowners' cover, we will then charge you a service fee of R42 a month, but if you have neither of them we will then charge you R57."

Katz blames the hike on internal costs increases.

"What we have seen is our own internal costs increase significantly. So, for example, we have had additional funding costs, significant additional funding costs come into the system, and, as you well know, we are not going back and re-pricing concessions which we have already given. We also have account management costs - we have to send out statements twice a year. Whenever there is a change in interest rates we have to send our customers letters, brochures. We have physical storage costs relating to documentation, etc..."

Asked if it was smart to increase administration costs from R5,70 to R35, Katz said while the bank has sympathy for all its customers, the banks first responsibility is to protect its deposit holders. Therefore, the bank cannot or should not make losses as this affects the deposit holders. 

A Standard Bank customer told Moneyweb that when he saw the new R35 administration fee charge, he was told it does not apply to him as he is a Prestige Plan client.

Nedbank also charged R5,70 for bond valued at less than R500 000 before the NCA and bonds valued at more than R500 000 were charged R39,90. 

After the NCA, customers that are insured with Nedbank now pay a R39,90 monthly administration fee while those with external insurance pay R57.

In light of the hike in administration fees by Standard Bank, Willem Ras, principal consultant at ScoreSharp (Pty) Ltd said such jolts could be prevented if management teams are more proactive. He reckons they should gradually relax lending criteria when the default cycle is at its highest and manage the cycle to prevent the "boom and bust" scenarios.

Ras explained that banks borrow money from external parties and depositors, which in turn lends out to earn a profit. The individual repays the loan via a series of payments consisting of interest, capital and fees.

Poor people do not have equity and cannot survive economic fluctuations, as a result, an individual who has been paying R5,70 on their home loan administration costs and now has to pay R35 could struggle.

However, he said management needs to manage the cycle, and does not believe that the problems are only in the lower end of the market, but, this is a good place to start changing and fixing things.

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responses to this article

True should not make losses But losses should be borne by shareholders not depositors. But the real sad thing for depositors is that there is no deposit insurance in South African banks like other countries. Very sad. Hope Standard makes the most of its current position, . .more because once customers go elsewhere it will be tough to get them back. Hopefully the Chinese have deep pockets? Or is it the Chinese who want bigger and better profits? What about cost control in the bank? How about cutting management jobs or salaries for their poor cost control performance? . .less by Tuscanite on May 19 2009, 18:23 Find this comment inappropriate? Report it

Home loan deposits read the fine print furtehr, you may only make on deposit per month into your home loan without penalties, afer that it costs you, so they penalsie you for giving them money back, nice one by Tito on May 19 2009, 20:11 Find this comment inappropriate? Report it

it's incredible I took out two home loans from Standard last year. I was rather surprised to see that the monthly charge for doing bhugger-all was R42.00 but decided to keep quiet. (en passant, Standard also made some quite incredible blunders in the whole approval . .more process but I won't dwell on that--evidence is available which they admit to) Now I see that the fees are going up on June 1 to R42.00 per month. Please Mr Phuque-ing Standard W*** can I have my money back for the last year's charges in which you acted with gay abandon and whingeing surliness? I have frequently pointed out to your quantly described "relationship advisor" that your schedule of fees is outrageous. The usual reaction is acute embarrasment follwed by remakably asinine attempts to justify such charges. My "relationship advisor" even confessed to me that he has three properties all financed at cut rates by his employer and which he rents (at market related prices naturally). The ferocity with which these god-forsaken pawn brokers behave is actually worse than that KZN fiasco chump who got a Merc in consequrnce of his "sterling" performance . .less by Plutarch on May 19 2009, 20:29 Find this comment inappropriate? Report it

ABSA... ...did the same about a year or 2 ago - more than doubled their Home Loan Admin fee - and there was no complaint about it ?!? by JoeAverage on May 19 2009, 20:41 Find this comment inappropriate? Report it

Protect depositors? If depositors need to be protected, it could point to some serious cash flow issues. Is the default rate getting higher than banks are lettings us believe? Whether this is desperation or propaganda, its definitely not good indicator as to where our . .more economy is going. For too long too many loans were given to too many people who couldn't afford it. The sardine run is over folks. Brace yourselves folks, the sharks still need to feed and they are going for the next best thing. . .less by Danny on May 19 2009, 21:02 Find this comment inappropriate? Report it

and I always thought that banks were in the bussiness of lending out money and charging interest on the amounts it lended out and that said interest is the actuall income/profit. How stupid of me tut..tut...tut...tut... by ignorance on May 19 2009, 21:02 Find this comment inappropriate? Report it

Standard Bank is ripping off its customers ! How can they increase their fees by X 10 ? that is day light robbery ! ! ! by Giorgos on May 19 2009, 21:39 Find this comment inappropriate? Report it

Bank Cartels It's qute obvious that a cartel is at work here. How can the fee go from about R5 p.m to R40 p.m for all the banks? It's outrageous and the competition authorities should step in. by Jimmy the Greek on May 20 2009, 01:06 Find this comment inappropriate? Report it

Screw the captive consumer = easy targets for banks Government needs to immediately nail all these corporate thieves - they are worse than the guys who do cash-in-transits because they hide behind lawyers and pretend to be honourable. by WhaataPoosiam on May 20 2009, 02:39 Find this comment inappropriate? Report it

too many loans were given to too many people who couldn't afford it. How could that possibly be Danny? SA Banks have always advised the public they very strict lending criteria and I recall their opposition at the introduction of the NCA....due to their excellent risk management policies.... If bank risk . .more management policies were so good they would not lurch from extreme to extreme as they do from predatory lending practices to don't lend money at all. Hence their fee hikes. Sadly the banks don't seem to understand they are sowing the seeds of their own destruction, a resurgence of mutual societies should be expected to evolve. . .less by Tuscanite on May 20 2009, 04:36 Find this comment inappropriate? Report it

Too few banks and no competition One has to look to other countries like the UK where they have over 25 lending institutions like banks, building societies and even the post office granting home loans (according to www.moneysupermaket.co.uk). Even smaller countries like Greece has 10 . .more national banking group falling over themselves to provide homeloans hence the fact that in europe, banking charges are unheard of. In sunny SA, we have the 'big four' (although we have Sanlam homeloans and SA Homeloans but they even worse when it comes to gauging plus SA Homeloansd is owned by Standard bank). Therefore there is no competition as to the service they provide or the fees they charge. Whats even more crazy is that they have their own 'banking council' which tantamounts to a legalised cartel. . .less by Frank Furta on May 20 2009, 04:55 Find this comment inappropriate? Report it

massive overcharge? I'm sorry, look I don't like paying for something that I see no value in either and I suppose over all the homeloans out there this increase will effectively hike standard banks income by a nice amount (when compared to my income!) but really the figures . .more you're talking about here are just silly. An increase ofe less than R30 on a R500 000 home loan?? The bond repayment on a R500k homeloan is almost R7000 a month so if a R30 increase is going to put you in jeopardy then you really shouldn't have got yourself into that much debt in the first place. . .less by robbie the grape on May 20 2009, 05:17 Find this comment inappropriate? Report it

TERRIBLE,FROM THE PEOPLE TRYING TO BUY THERE OWN HOMES WAIT TILL THE RAND TANKS WE WILL SEE HOW MUCH PROFIT YOUR CHINESE PALS MAKE THEN MY CHINA.AND IT WILL.ZUMA HAS MADE IT CLEAR,IT MAY BE GOOD by TRYING TO RECOUP THE BAD DEBTS HEY on May 20 2009, 05:55 Find this comment inappropriate? Report it

inflation visible manifestation of inflation out of control, expect to see this everywhere by froggy on May 20 2009, 07:03 Find this comment inappropriate? Report it

from bad to worse I have re-read the article carefully. Mr katz is trying to justify the unjustifiable by resorting to outright lies and puerile nonsense. LIE: financing costs have gone up. Oh yes? It is my sense that interest rates have come DOWN. Mr Katz you . .more are a liar. PUERILE NONSENSE: " we have to send out statements twice a year and we have management costs and physical storage costs" Heavens above I thought that interest rate margins were intended to cover overhead costs. Mr Katz, that statement of yours is riddled with cynical disregard for truth and even ;less regard for good governance. Either Mr katz is wholly unfit for his function or else he is outright naiive and has been set up by a rival to make a complete fool of himself. Whatever the case he certainly has shown conclusively that standard bank places no value on integrity in its managers. . .less by Plutarch (again) on May 20 2009, 07:44 Find this comment inappropriate? Report it

internal cost increases true , you need to pay huge salaries for non productive staff at SUPERBLOCK who spend most of their time taking smoke breaks. by Zoro on May 20 2009, 07:45 Find this comment inappropriate? Report it

Mortgage service charges. if banks charge one amount as a monthly fee for clients that have not taken insurance with that bank and a lessor amount as a service fee for clients who have taken out insurance with that bank.......can that not be called an anti-competitive behaviour?? . .more Maybe the Competition Commission should investigate?? . .less by Confused on May 20 2009, 07:47 Find this comment inappropriate? Report it

@ trying to recoup bad debts Were you already drinking at 06h55 when you wrote this or didn't you stop the night before? by Duncan on May 20 2009, 07:47 Find this comment inappropriate? Report it

et tu Standard Went through the same story with ABSA a year ago. Complained, griped, wrote letters, and all I got was ill thought-out and poorly crafted excuses that made no sense.It is nothing short of criminal. by Jamo on May 20 2009, 08:08 Find this comment inappropriate? Report it

Pass it on to the customer "What we have seen is our own internal costs increase significantly"...then doesn't mention the most significant cost which is bad debts. All other costs have not risen more than can be expected (and originally priced for). Also, their margins . .more have remained the same (and will do unless Tito gets his way this week) So we the good paying customers must be penalised for SB's poor credit management. Make me want to default just for the hell of it. . .less by Cynic on May 20 2009, 08:46 Find this comment inappropriate? Report it

LoL !!! K*A*K en betaal, is die wet van Transvaal. And will always be like that in any society where a Government grants a monopoly through licence, i.e Banking, Telecoms, Rail, Electricity etc. It won't change in SA cos SAfricans just . .more loooooooove Big Government and socialism. Stock up on KY and stop bitching cos you voted for this. . .less by Freemarketman on May 20 2009, 08:47 Find this comment inappropriate? Report it

Banks...Damn Banks The Big Four have had it too good for too long. Where is the competition commission in terms of pricing, rate margin fixing ect. exactly when the economy most needs them to play their part in the long term picture of cost containment - they're as bad as . .more Eskom in contributing to inflation. It is astounding how short-sighted the banks are currently playing it. I for one have finally realised that there is no longer any relationship with any bank - the client must simply shop around comprehensively before giving out business. the big banks have shot-gunned themselves in the foot - bunch of self-serving drones! Their business model is loaning out money - yet they carry on as if it is their business to make it as hard as possible. . .less by Al on May 20 2009, 08:55 Find this comment inappropriate? Report it

Covering costs Pray, do explain how you have R35, R42, and R57 fee structure for the same "service" and claim this is due to increased costs. It's more like a case of charging the maximum allowed by law. Guess you would charge R100 if the law allowed and then claim it's . .more "cost driven" - yeah, cost of your bloated package. . .less by Non Compredo on May 20 2009, 09:13 Find this comment inappropriate? Report it

need to fund ostetatious assets No wonder Standard bank cannot make a profit. bankers as with politicians are morally corrupt individuals collectively haunting oak panelled boardrooms devising schemes to legally extract money from unsuspecting clients. Katz is merely an overpaid puppet . .more in the standard bank gravy train as as with any politician will put a spin on the morally corrupt agenda of standard bank. How much is it costing to finance a under utilised entertainment facility used by senior management at 1 Sandton Drive. Get rid of the unnecessary expenses Mr Katz and suddenly you will find that you need no have to extrort funds from Standard Bank clientd. Show some moral leadership instaead of takng privelaged clients to 1 Sandton Drive or are the people being entertained there are as morally corrupt as Standard Bank management . .less by G on May 20 2009, 09:31 Find this comment inappropriate? Report it

Get-Rich Standard management A couple of years ago Std Bank dreamed up a scheme to charge clients a fee on overdraft facilities they never used or wanted. That fell flat. Now they are charging R700 a year to send you 2 letters. This is just another get-rich idea from one of their . .more useless managers who was told to up profits. It is just a devious way to charge you a higher interest on your loan. Clients should cancel their bonds and go to another bank. . .less by Dave on May 20 2009, 09:53 Find this comment inappropriate? Report it

Insurance conditional selling I queried my insurance premiums debited to my bond account 1 yr ago, and when I found M&F could offer the same cover at literally 35% less premium, I offered Stanbic Insurance the chance to match premiums (after all I had paid their premiums for 25 . .more years!) - They told me they would not budge and I was free to go elsewhere which I did. Now they have to resort to offering lower admin fees to people they insure - it just Blackmail. . .less by Same Old k..k on May 20 2009, 09:59 Find this comment inappropriate? Report it

Banks should be regulated better What a bad excuse to suck out more money from clients. Of course you have costs but that is why you make a huge profit on the interest you pay. If you want to recoup your costs from the client that means that you want to make all profit from interest . .more without any cost to you. So we as clients have to pay you as bank to make money from us. Banks should be ashamed for the way they steel from their clients. You have to look after your deposit holders, but if you keep on shishing your clients they might start shopping around and in the end you will again fail to enrich your deposit holders. . .less by Peter on May 20 2009, 10:09 Find this comment inappropriate? Report it

First time buyer I also have a home loan with Standard bank. I am also very unhappy with the rate hike. I signed a contract with them in November 2007 stating the admin fee was R30/month. Now I will be charged R52/month. And I make extra payments into my home loan, now . .more they cahrge me for doing it. I would like to congratulate the management of standard bank in doing such a excellent job. They certainly know how to P*** off their customers. What they don't realise is that this customer, like many others, will for the rest of their life (30 more years) never take a hoem loan with them again. WHY? Because they screw you with the fine print like everybody else does. . .less by Ricus Fourie on May 20 2009, 10:25 Find this comment inappropriate? Report it

Standard Bank I used to work in a Bank and periodically all the local GM's from the Banks used to get together and "discuss" the markets and in need clients. Now, if that isn't colluding then what is? by Labour Union on May 20 2009, 10:26 Find this comment inappropriate? Report it

Nice one Standard bank I also have a home loan with Standard bank. I am also very unhappy with the rate hike. I signed a contract with them in November 2007 stating the admin fee was R30/month. Now I will be charged R52/month. And I make extra payments into my home loan, now . .more they cahrge me for doing it. I would like to congratulate the management of standard bank in doing such a excellent job. They certainly know how to P*** off their customers. What they don't realise is that this customer, like many others, will for the rest of their life (30 more years) never take a hoem loan with them again. WHY? Because they screw you with the fine print like everybody else does. . .less by Stupid Standard Bank customer on May 20 2009, 10:36 Find this comment inappropriate? Report it

What the... Isn't Rob Katz a Man U fan? Aren't AIG (the sponsors of Man Utd) one of the chief protaginists resp for the current credit crisis, and didn't they go bankrupt and have to be bailed out with the publics tax money? Didn't Man Utd spend a fortune of their . .more sponsors (or is it taxpayers money) on players to win everything? Should we be surprised that the AIG/Man U saga is being perpetuated in this instance? . .less by Woza albert on May 20 2009, 10:50 Find this comment inappropriate? Report it

noose The picture of the hangmans noose says it all by hangman on May 20 2009, 11:33 Find this comment inappropriate? Report it

What administration? Computer systems 'administer' most accounting systems in banks and raise the alarm when something amiss occurs. So how can an account that runs smoothly (payments on time etc) cost over R 450/year to 'administer'? by Jan the Fan (as on TV?) on May 20 2009, 12:17 Find this comment inappropriate? Report it

Chill guys Its only like R40 a month , drink a few beers less or smoke less if its that tough ! Anyway , I havent heard anyone complaining that there were no increases for the past 7 or whatever years. Its business - if your employer offered you an . .more "extra" increase , are you going to say , "no , actually I am okay for this year , thanks but no thanks" !!! Ofcourse , you going to take what you can... same applies . .less by Gem on May 20 2009, 12:23 Find this comment inappropriate? Report it

Little original thought from you, Katzie... Methinks Katzie is limited in the lateral thinking department. Why not try to attract business by not increasing charges? Now that's a novel idea! Business margins are designed to cover such costs and make a profit. More snouts in the trough. Also appears . .more that conditional selling of insurance is being followed to the letter, but ignored in spirit. . .less by Blonk on May 20 2009, 12:45 Find this comment inappropriate? Report it

You Rsoles Stop wasting your money and settled your bond - no further problem. by William Tell on May 20 2009, 12:57 Find this comment inappropriate? Report it

seriously are they not making enough on the interest spread. Good luck Tito, give them hell! by frontline on May 20 2009, 12:59 Find this comment inappropriate? Report it

for the record The SBK home lean fee was was R5.70 up to July 2005. In Jully 2005 the price went up to R22.80 for loans above R500k. Now the proposed increase is R35 or R42 or R57. SBK Can you not hire people to manage your budgets and overhead costs better? . .more Its not rocket science!!! Maybe consider including it into your employees performance contracts, i.e. how can we save our clients money!!! . .less by sbk client on May 20 2009, 13:05 Find this comment inappropriate? Report it

NATIONALISE THEM WHY ARE WE SO SCARED TO EVEN TALK OF NATIONALISING THE BANKS THEY ARE IMCAPEABLE TO MANAGE IT FOR THEMSELVES GOVERMENT MUST STEP IN AND NATIONALISE by FIDEL on May 20 2009, 13:28 Find this comment inappropriate? Report it

Staff As staff we do not get the interest rate privileges of customers. After Tito anounces that interest rates would drop, staff wait for months for the Directors to makes a dicision to adjust interest rates. currently still awaiting the adjustment of the last . .more two rate adjustments . .less by Peanut on May 20 2009, 13:31 Find this comment inappropriate? Report it

STANDARD BANK = CRIMINAL BANK my fees are R5.70 and going up to R57.00 overnight. Isn't this CRIMINAL ? Are they allowed to do whatever they want with our money ? ? ? by HELP, My bank is ripping me off on May 20 2009, 14:36 Find this comment inappropriate? Report it

boycott may be cosatu should organise a boycott of standard bank! by george on May 20 2009, 14:41 Find this comment inappropriate? Report it

Bailout SOS Vavi and ANCYL: please assist the brother with your Standard response. by acty@gmail.com on May 20 2009, 14:43 Find this comment inappropriate? Report it

Fidel's comment How can nationalising be the answer? The logic seems to be: "Something isn't being run well, so lets take it away from them and give it to the people that run things the worst!". Or maybe the argument is that SA can build it banking costs into the budget . .more deficit or get the taxpayers to pay.... What "nationalised" business does more for the people for less money than the banks? And include ALL costs to the people, esp taxes, not just fees! . .less by Kevin on May 20 2009, 14:48 Find this comment inappropriate? Report it

Rob the Consumer to Pay Katz Does this not make the Eskom tariff hike application appear miniscule? What if Eskom applied for a 500% increase? At least it is required to apply for an increase as opposed to Banks simply imposing this on millions of consumers. Time for a Board or . .more Commission? Will Banks please explain what happens what happens where the insurance requirement has been waived by the banks and especially where bodies corporate insure the entire property. Perhaps our Govenor may want to canvass this during the dinner tonight. Whilst he is at it, he may also wish to raise the issue of interest paid by banks to depositors which interest is seperated by fractions of a percent on average between the large banks. . .less by babs on May 20 2009, 15:02 Find this comment inappropriate? Report it

Stop the scamming Banks create money out of nothing. so the only way out is to switch to an institution that does not charge admin fees or compulsory life insurance.People here is the opportunity to vote with your feet. Move to SA Homeloans. i have been with this crowd . .more for 5 years and still no hassles. . .less by Way out on May 20 2009, 16:28 Find this comment inappropriate? Report it

Ag this is nothing The banks now charge an "initiation fee" at bond registration of about R4500-R4800-FNB&NEDBANK. Absa does not charge this. by Krazy on May 20 2009, 16:30 Find this comment inappropriate? Report it

hike my dividend Nedbanks charges are r39:50 for R1mil so whats the big deal. sbank were cheap before. by ronty on May 20 2009, 16:44 Find this comment inappropriate? Report it

Prestige Account Holders Excluded I contacted their Home Loan Help Desk and was told that Prestige account holders are excempt from these charges. Is this true? by Anthony on May 20 2009, 18:43 Find this comment inappropriate? Report it

But All this clown has said is that they have to send out 2 letters pa, statements (they already do, nothing new, it can reflect int rate change), brochures (WTF???, charge those who receive it) and storage (nothing new) so why 500% . .more increase....WTF??? Tito, please get JZ, or even better, get ol' Julius and his ANCYL to jump on these mfuker throats!!! Watch this space, in the end will bail them out.... . .less by Rogi on May 20 2009, 19:31 Find this comment inappropriate? Report it

daverobo@iafrica.com F****** thieves - plain and simple by Dave on May 20 2009, 19:43 Find this comment inappropriate? Report it

Would you lend to riff raff? All I can say is that if I were asked to lend half a million or a couple of millions to the people bitching here, I simply would't! by Newton on May 20 2009, 21:33 Find this comment inappropriate? Report it

And so it begins... And everyone said get rid of the originator? Here they are "trying" to do their homeloans internally and it is costing them more than originators did....And so it begins...This is just the beginning...I am sure SBSA will be bringing their originators back . .more on board very soon but their costing I can assure you will remain the same as above and they will be hiking their costs across the board for any product...LMAO! . .less by So funny on May 21 2009, 07:51 Find this comment inappropriate? Report it

Standard Rip Off BULL! Standard is paying Jaco MARE and other fat cats. They need money and have no prblem "stealing" it from home loan victims!!! A real good reason for a responsible Goverment to start NATIONALISING BANKS SOON!!! by barry on May 21 2009, 08:07 Find this comment inappropriate? Report it

To robbie the grape and Gem You must be truely South African wit oh's or in some management position in the bank . So typical flowwing with plenty of disposable cash, that any increase does not impact your lifestyle. Ja well it's only another couple of beers. The fact is the bank . .more is screwing us because they can, like all other government departments. Do some maths and explain where the money is going for the so called service. Definately not to the poorly paid clerk who puts the letter in the envelope every 6months or so. W******, the lot of you . .less by Ripped off on May 21 2009, 08:37 Find this comment inappropriate? Report it

Bank Charges This is plain collusion between all the banks.Competition Commission looked into this but couldn't see it.What rubbish.The big banks are ruling the economy and the government is powerless to stop them from stealing from the public. by Caddy on May 21 2009, 08:43 Find this comment inappropriate? Report it

TO Ripped off I have some spare time so I will respond. No , I am not in the banking or financial services. But it makes no difference. My point is simply this - IT IS A BUSINESS , like any other. They maximise profits ! If the directors were not doing that . .more , they would be quickly replaced by shareholders of which you are probably one via your unit trusts and or pension scheme. Obviously they think it will grow profits - if they thought it will reduce future business I very much doubt they would do that. Do you complain about how much profit SAB makes , or Colgate or any other manufacturer. No ! There is a price , if you want it , you pay , if you dont want it , or cant afford it , you leave it. The beauty of Capitalism my friend. You and your moaner cousins would be the first to complain if the Commies took over SA , so , this is the other option , Capitalism . Demand and Supply. Cheers boet. . .less by Gem on May 21 2009, 08:53 Find this comment inappropriate? Report it

@Way out Actually, banks don't create money out of nothing. For an excellent explanation/education look at http://theonestoptyrant.blogspot.com Oh and I'm not defending the increase - in fact such a sudden and massive increase makes me wonder if they . .more don't need a quick cash injection a-la City of Tshwane... would make me a little nervous if they weren't backed by the Chinese. . .less by JP on May 21 2009, 09:10 Find this comment inappropriate? Report it

Bankers Bankers are W******, they never take risks, they charge you for taking the risk and then charge you for everything else they can, service fees etc. By the way when are they going to declare their "off the balance sheet" losses ? Keep your money anywhere . .more but with the banks. . .less by Davey Crocket on May 21 2009, 16:40 Find this comment inappropriate? Report it

Davey Yep . its much safer and cheaper to stash your cash under the mattress. Sure bud ! Lending you money is a risk - just see whats happening now , they loaned out, people default and the security (house) is worth less than the loan - RISK , which . .more they need to be compensated for REWARD. . .less by Gem on May 21 2009, 22:06 Find this comment inappropriate? Report it

Standard bank What can one say? They spend too much on other stuff like cricket etc. The charge for a computer generated printout is overboard!! They are nothing but thieves. The wheel will turn you fat cats!! by Mike on May 22 2009, 08:51 Find this comment inappropriate? Report it

Conditional selling Conditional selling is not allowed - them saying: We will give you the home loan but you must buy the life insurance as well. I also see the different prices as illegal. Competition board is toothless. They invesitgated banks last year and not much . .more came from it. Banks colloded before hand on the presentations. Hiper inflation is our destiny. We need to vote with our feet in all products and services. Word gemoer en betaal. Always the consumer must pay. The consumer is a person. . .less by Philip on May 22 2009, 11:13 Find this comment inappropriate? Report it

HOC Insurance The insurance the banks are referring to is HOC - Home Owners cover for the property itself it is not life assurance. The reason for the higher fee is that they do not get their share of the commission of -20% on the insurance policy thus you pay more, . .more how cleaver of them! . .less by So Funny... on May 27 2009, 10:49 Find this comment inappropriate? Report it

Its same with all bank we should blame the regulators of these fees .......I cannot understand why there is a max and a min......being an ex employee of a bank u find that the cost to maintain a bond cost almost nothing unless a client defaults........then the bank lump all . .more various charges on these clients...... The other good example is the price fixing....there is a department in government that is there purely for that ........but what they do ...no one knows .....then after 2-3 years they get up from a sleep to investigate and when they find the the parties guilty and charge them but these recoveries are not passed to us as consumers...so who are these regulators fooling? So come on regulators u are 'screwing' the clients. . .less by RJ on June 30 2009, 20:10 Find this comment inappropriate? Report it

I am waiting I was initally charged 28.50 by Nedbank and then the fee increased to 39.90 and now 57.00 I have asked they bank to communicate to me in writing of the increase and its months and I am still waiting........however was told verbally they have the right . .more by-law to charge me the maximum. ripp-off if u ask me . .less by RJ on June 30 2009, 20:14 Find this comment inappropriate? Report it

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