I’m gobsmacked. I recently requested copies of about 18 months-worth of bank statements for one of my accounts — and for this luxury Absa charged me… wait for it… a whopping R517.50. It’s a bond account, so we’re not talking about large volumes of statements here either. It translates roughly into about R32.00 a statement!
I write this in disbelief. I feel like I’ve been robbed. Just last week, Finweek named Absa the bank with the highest charges, so maybe I shouldn’t be too surprised — but almost half a grand for reprinting of statements from one account, all done via email? There is something wrong here.
Banks are the new Telkom
I was in one of their branches about 3 or 4 days ago and the manager presented me with a letter refuting Finweek’s article and methodology, yet the year previous to that where Absa came out favourably in the magazine’s report, the bank used the research as a promotional vehicle in its marketing campaigns. In fact, Finweek predicted they would do exactly this and pointed out the contradiction. I’m really disappointed with Absa, the country’s largest retail bank.
It’s time that something is done about banks who continue to rip off the South African public. I’m looking for another bank.