Standard Bank
Student achiever management fees

I opened a Student Achiever account last year as I'd started studying full time and needed an account with minimal bank charges as I'm working part time and don't have a high income.

I was happy with the account until I was charged a monthly management fee of R 59 at the end of May and June 2013, pushing my monthly bank charges up to R 79 per month. I assumed that the management fee was an error due to the fact that I am now 26, and the Student Achiever brochure states an age requirement of 18-26 years, otherwise a monthly management fee of R 59 will be charged, and I'm still within that age bracket.

I spoke to a consultant at one of the branches, who also thought it was an error and had to ask one of her colleagues why I had been charged. She returned to inform me that the management fee is charged from age "26 and a half".

I had planned on closing this account in a few months before turning 27, but instead I have to close it now to avoid these fees due to misinformation from Standard Bank. This is rather inconvenient as I don't have much time to open a new bank account and move my salary payments and debit orders, and this has put me off banking with Standard Bank again.

Company: Standard Bank
Country: South Africa
City: All branches

  <     >