We opened a business account at ABSA in 2009. Upon advice from the consultant we opened a savings account. Since we were in the growing phase of our business and finances were minimal, this seemed liked a good option.
Our problem is that we never received any statements since opening the bank account and now upon request we needed to pay R37 p/month of statement required which amounts to quite bit for all the years gone by. Now all that moneys we thought we saved has reared its nasty head. Further inquiry with the bank only led to bad news stating that that's the way it is and there's no other way around it.
I would assume that if you are providing a service to small to medium businesses then your advice should be appropriate and clear. And a simple thing like not receiving statements will be at your company's detriment especially when you need to do the accounting side of the business. How can you advise clients to make use of such a facility yet not provide a minimum of monthly statements via email or post, not even internet facility.
This makes no sense at all and encourages bad practice for small-medium business & I missed the part where the bank is here to help businesses
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