Standard Bank
Extortionate costs for cash withdrawal

I have been running a smallish positive balance in my credit card (foolish I know given the pittance I receive in interest) so I decided that I should withdraw the cash for other purposes. I have received the recent pricing (gouging) guide from SBSA Card Division and was shocked to see that they are now charging R3.50 plus 1.2% of the transaction value as a fee. (this equates to R15.50 for a R1000 withdrawal). This is for withdrawing my cleared funds using their infrastructure. This is significantly more than a normal SBSA ATM or even a SASWITCH transaction fee for using a debit card (already subject to scrutiny and derision) - same service/same channel/same sunk costs etc.

No doubt there will be muttering about risk etc. but SBSA cover themselves by charging interest from transaction date these fees if the credit card does not carry a positive balance.

If I was in any way cynical I would draw the conclusion that now the Jali Commission's enquiry into bank pricing has faded into the sunset the time has been considered ripe to ratchet up the prices.

Well done SBSA card Division you have now motivated to look at taking all my SBSA business elsewhere (Capitec perhaps).

Company: Standard Bank
Country: South Africa
City: Card Division

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