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Go Banking to scrap or reduce some fees
Go Banking, a division of Nedbank, will scrap certain bank fees and simplify others this month, Toby Wooldridge, the head of Go Banking, says.
[Full Story...]
You may pay more with new capped interest rate product
A leading home loans company will be launching a capped interest rate facility for your home loan, but the way in which you pay for the privilege of capping your rate could cost you more in the long run.
[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...]
It may be time to fix home loan rates - but should you?
Fixing your home loan interest rate will give you certainty about your future financial situation, but there is a price to pay.
[Full Story...]
NCR gives two erring debt counsellors a chance to comply with regulations
The National Credit Regulator (NCR) is moving forward with investigations to make sure that debt counsellors comply with the National Credit Act (NCA) and has already clamped down on two debt counsellors.
[Full Story...]
Credit 'repair' services may do you harm
If you have defaulted on your debt repayments and have a poor credit record as a result, you may be tempted to respond to organisations that offer "credit repair" or "credit rescue" services. However, these organisations often charge you for services that you can do yourself at no cost.
[Full Story...]
No card, can shop
Standard Bank has launched a new payment system to enable people who don't have credit or cheque cards to shop online.
[Full Story...]
'Good deals on vehicle trade-ins in the next six months'
The next six months could be a good time to trade in your car for a new model, because dealers are expected to make attractive offers to bring in more buyers.
[Full Story...]
80 000 good reasons why you should not apply for credit
You should think twice before you borrow money or apply for credit, the National Credit Regulator (NCR) warns.
[Full Story...]
Switching banks is one way of addressing high charges
If the economic downturn is forcing you to count your pennies, one way to save is to try to reduce the costs of banking. You may even find that you can save a considerable amount by switching banks.
[Full Story...]
Five steps to get out of the red
The debt mediation process as introduced by the National Debt Mediation Association involves five steps. At the end of each step, your counsellor will assess your level of indebtedness and, if necessary, you will move to the next step.
[Full Story...]
New 'tough love' strategy to get you out of debt
Credit providers and debt counsellors have agreed to a five-point mediation strategy designed to free you from a debt trap.
[Full Story...]
Don't fall for bait dangled by phishing scamsters
Despite constant reminders and alerts from the banking industry, internet banking fraud continues to be a threat to the security of your finances.
[Full Story...]
Ombud rules on bank service complaints
Many people regard their bank statements as a mere formality and don't bother to give them a second glance. However, two cases that came before Clive Pillay, the Ombudsman for Banking Services, highlight the importance of thoroughly checking your bank statements regularly.
[Full Story...]
Mother-tongue banking
In a first for the banking industry in South Africa, First National Bank customers can now receive personal loan contracts in their home language. The bank has translated the documents into the country's 11 official languages.
[Full Story...]
Use savings from lower rates to put a dent in your debt
The Reserve Bank will reduce the repo rate by one percentage point on Monday, and the major banks have indicated they will lower their prime lending rates from 13 percent to 12 percent on the same day. This means that if you have any debt, your repayments should be reduced.
[Full Story...]
Beware! Fraud is a threat when you bank online
It's up to you to ensure you transact safely on the internet, because your bank doesn't consider itself liable for your losses if you are a victim of online fraud.
[Full Story...]
Calculators on the house
Use these free online tools to find out whether you qualify for a home loan and what your monthly repayments will really cost you.
[Full Story...]
Online criminals getting very sneaky as they find ways to rob you
You need to be on your guard even more so than before when you bank online or respond to emails, because fraudsters are becoming more sophisticated and harder to spot.
[Full Story...]
Tips to take the angst out of internet banking
While internet banking is convenient, you should be wary of criminals surfing the web with the intention of raiding your bank accounts, Clive Pillay, the ombudsman for banking services, warns.
[Full Story...]
Make sure bank card criminals don't ruin your festive cheer
The festive season, when you may be in unfamiliar surroundings while on holiday or drawing larger amounts of cash than usual, is unfortunately an opportune time for criminals to rob you using various forms of card fraud.
[Full Story...]
If the bad advice doesn't get you ...
Two of the largest financial advice-providing organisations in the country, one a bank and the other a life assurance company have tried to avoid taking responsibility for the advice provided by their employees. We report on how the High Court has forced First National Bank to make good, while Old Mutual's responsibility is being investigated.
[Full Story...]
Brokers, companies cheat and bribe to get licences - claim
The Financial Services Board (FSB) has launched an inquiry into serious allegations that some financial services providers (FSPs) and/or their representatives are prepared to "cheat, plagiarise, copy, bribe and do virtually anything else" to meet the licensing requirements of the Financial Advisory and Intermediary Services (FAIS) Act.
[Full Story...]
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