Do Banks Overcharge In South Africa
All fees and levies that a bank imposes on its clients are referred to as “bank charges.” In everyday speech, the phrase frequently refers to fees associated with checking or current accounts for individuals. These fees may appear in a variety of ways, including:
monthly fees for maintaining an account
fees for particular transactions (other than overdraft limit excesses)
interest pertaining to overdrafts (whether authorised or unauthorised by the bank)
charges for going above authorized overdraft limits or paying (or attempting to pay) when there isn’t an authorized overdraft.
Are South African banks charging too much?
This year, South African customers have grown more dissatisfied with their banks as a result of their frustration with overcharging and account theft caused by unauthorized debits.
The South African Banking Sentiment Index 2019 came to these conclusions, which BrandsEye released on November 11.
The indicator is based on 1.9 million social media mentions of Absa, Capitec, FNB, Nedbank, and Standard Bank during the course of the year ending in August.
However, South Africa has struggled to find challenger banks that are technologically innovative. Generally speaking, fintech companies have had less success in the business-to-client sector, with the exception of a few specialized businesses like Mama Money and Mukuru that facilitate remittance channels, particularly to Zimbabwe.
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