My business has been banking with Standard Bank for the last 13 years. The business has always been small so we never really worried about bank charges. However our business has grown and we are looking at all our costs in more detail.
I have analysed cash deposit fees from 3 different banks and have even compared our cash deposit fee charge to Standard banks normal cash deposit fees charges on other accounts.
The fees that we are being charged are 1.317% whereas standard banks elite banking fees are 1.15%.
ABSA bank is offerring 1.05% and investec is offerring 0.8%.
I have been in communication with my business banker since 12 September 2012 and i have probably sent her 14 follow up emails since then to which she kept replying that she is waiting for managements approval. Today I received an email saying that management have approved R4 1.317% which is significantly higher than the competition as well as standard banks elite banking fees.
I am seriously considering changing banks after this incident.
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