Imagine if you paid R10, 00 for a bread today and R 42.50 for the same bread at the same store the next... This is what Standard bank (SBSA) is expecting their customers to fork out in service fees. I requested a bond statement on a small investment property registered in a Trust and a bond with SBSA.
In Oct 2012 the service fee was R 40.00 per month
In Nov 2013 it increased to R 160.00 - That's 400% in one month
In Jan 2013 it again increased to R 170.00 per month where it is currently still at (luckily)
So if you registered a bond on 1 October 2012 and it was over 20 years and assuming SBSA don't increase their fees you will spend R 31, 200 more on the same bond without any value add.
The call centre could not justify this increase, only said this was based on a communication and applies to all legal entities (companies, trusts, cc's etc). The same bond would cost a natural person between R7.50 and R57 per month depending on structure. This is nothing more than extortionist behaviour as moving the bond to another bank will result in incurring Bond registration cost again.
Think very, very carefully before taking up a bond with this mafia type bank! You have been warned
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