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Bank that charges more than most will 'stay flat' on fees
The country's biggest bank, Absa, recently announced that it would not be increasing its fees this year. However, this might be because the bank is one of two banks charging the highest fees in the industry.
[Full Story...]
Drawing cash at the till is convenient and cheap
You pay to withdraw cash from an ATM, and it costs more for an over-the-counter withdrawal in a bank. But you may not know that you can withdraw cash at low cost at tillpoints at national retailers such as Pick n Pay.
[Full Story...]
Secure ways of getting your pay without having a bank account
You no longer need a bank account to be paid electronically by your employer. Three of the big four banks now offer employers a way to safely pay their |staff without them requiring a bank account, and the fourth has a cellphone product in the pipeline.
[Full Story...]
Creditors must inform you of the alternatives to a debt judgment
The days of your signing an acknowledgment of debt and unwittingly agreeing to a judgment against you may be coming to an end.
[Full Story...]
Beware of investments that sound too good to be true, says banks registrar
Illegal investment schemes, involving billions of rands, are becoming ever more sophisticated, exposing you to a greater probability of being ripped off, says Errol Kruger, the Registrar of Banks.
[Full Story...]
Using your cellphone can make banking easier and faster
The use of cellphone banking in South Africa has grown by leaps and bounds, overtaking internet banking, but it has yet to reach its full potential, according to a recent study by market research company World Wide Worx and the South African Mobile Marketing Association.
[Full Story...]
You have until the end of July to swap old R200 notes for new ones
If you missed the deadline of May 31 to exchange your old R200 banknotes for new ones at the big four commercial banks (Absa, First National Bank, Nedbank and Standard Bank), the good news is that the deadline has been extended to July 31.
[Full Story...]
Warning about foreign currency payments
You should be wary of accepting payment for goods and services in foreign currencies. Not accepting such payments will ensure that you avoid fraud and the risk of contravening the laws that govern the exchange of currency, the South African Banking Risk Information Centre (Sabric) says.
[Full Story...]
Save yourself from a financial 'own goal'
At times of great excitement, sports fans are prime candidates to fall foul of criminals who want to score off their finances. Here is a comprehensive guide to help you keep your money safe.
[Full Story...]
Banks offer new software to keep phishers out of your account
Two of the big banks, Standard Bank and Nedbank, have stepped up to the plate in the fight against phishing, the scourge of internet banking, by sourcing anti-phishing software and making it available to their clients free of charge.
[Full Story...]
Your retirement savings deserve King III treatment
Mervyn King, generally known as Mr Corporate Governance, says your retirement fund trustees and service providers should treat your retirement savings in the same way as they would care for the financial assets of an incapacitated relative.
[Full Story...]
Nedbank in hot water with FSB for not reporting bad adviser
Nedbank could face severe disciplinary action, including the loss of its financial services provider (FSP) licence, for not reporting to the Financial Services Board (FSB) that it had fired a financial adviser for "gross misconduct".
[Full Story...]
You may be in a debt trap due to reckless lending
Nearly half of the 18.07 million consumers with credit in South Africa are struggling to meet their debt obligations, Gabriel Davel, the chief executive of the National Credit Regulator, says.
[Full Story...]
Credit Ombud does unhappy consumers a power of good
The powers of Manie van Schalkwyk, the Credit Ombud, were extended at the beginning of this year, and his office should be your first port of call if you have a complaint against a credit provider or credit bureau.
[Full Story...]
Absa clients inundated with phishing attempts
Although clients of all the major banks are vulnerable to and have been victims of phishing, a large number of phishing emails in the past six months have been targeted at presumed Absa clients. The bank recently issued warnings about online phishing after consumers, many of whom are not clients of Absa but who use popular "free mail" addresses such as hotmail and gmail, were subjected to a flood of hoax Absa emails, urging them to verify their online banking details to prevent fraud.
[Full Story...]
Ways proposed to make debt counselling work better
In a bid to help thousands of over-indebted consumers sooner rather than later, a debt review task team appointed by the National Credit Regulator (NCR) has come up with ways to streamline the debt counselling process.
[Full Story...]
Crafty cyber-crooks going all out to rob you
Beware: if you are one of the four million South Africans using the internet to do your banking, and are not being vigilant, you stand a high chance of being robbed. We report on a growing scourge, what the banks are doing to protect you, and how to protect yourself.
[Full Story...]
Banking ombudsman resolves complaints faster than other ombuds
If you take a complaint to Clive Pillay, the Ombudsman for Banking Services, you can expect it to be resolved in just more than two months. This is a relatively short turnaround time for an ombudman's office. The average turnaround time for complaints to the ombudsmen for short-term insurance and for long-term insurance is seven months and six months.
[Full Story...]
Small change is required for you to start saving
If you believe that every cent counts, First National Bank (FNB) has come up with a way for you to start saving your small change with its new savings feature, Bank Your Change.
[Full Story...]
National Credit Act protects you if you deal with a pawnbroker
You may be aware that all creditors fall under the National Credit Act (NCA), but did you know that if you deal with a pawnbroker you are also protected?
[Full Story...]
Banks don't have to tell you if you qualify for lower fees
South Africa's banking fees are among the highest in the world, and this makes it especially important that you take advantage of any discounted banking packages for which you qualify.
[Full Story...]
Absa Insurance will refund premium increases imposed without clients' consent
If you are an Absa homeowner's insurance client and the company increased your policy value and premiums in December last year without your express permission, you can have the increased portion of your premiums refunded.
[Full Story...]
Ombud can now handle credit complaints
In an effort to streamline the handling of consumers' complaints about creditors, Manie van Schalkwyk, the credit information ombud, has extended his jurisdiction to hear such complaints.
[Full Story...]
Don't miss a payment if you're in debt counselling
Only 32 000 out of about 70 000 consumers whose debt counsellors are either in negotiations with their creditors or who already have repayment plans in place, paid their October repayment plan instalments.
[Full Story...]
Increase in credit card fraud means you must be vigilant
You are well advised to hang on to your credit card tightly this festive season, not only because of the implications of too much spending for your budget but also to guard against fraud.
[Full Story...]
Registering your cellphone 'will help combat fraud'
As cellphone banking becomes increasingly popular, so does the risk of becoming a victim of fraud. This is all the more reason you should register your cellphone's SIM card as required by the Regulation of Interception of Communications and Provision of Communication-related Information Act (Rica) as soon as possible, Clive Pillay, the Ombudsman for Banking Services, says.
[Full Story...]
Loyalty programmes can pay off for you
Most banks offer you some sort of rewards programme. Many people sign up for a programme and either forget about it or do not take full advantage of its benefits, because they do not fully understand how it works. How do you know what value you are actually deriving from your rewards programme?
[Full Story...]
Errant debt counsellor struck from NCR register
Debt counsellors who fail to comply with the National Credit Act (NCA) will be firmly dealt with, the National Credit Regulator (NCR) showed this week when it struck from the register an errant counsellor. Two other counsellors were placed under investigation in September.
[Full Story...]
Beware of 'smishers'
You need to be on the alert for "smishing", where scamsters send SMSs to your cellphone to get you to reveal personal information, thereby gaining access to your bank account.
[Full Story...]
NCR resolves most complaints within 90 days
The National Credit Regulator (NCR) received 1 646 complaints from the public, mostly about interest rates or debt counselling, between April last year and March this year, according to the regulator's latest annual report, tabled in Parliament last week.
[Full Story...]
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