Consumer Gripes

Consumer Gripes: At Nedbank it's business as usury


We have learnt not to expect too much from banks - but we do expect them, at the very least, to be above the practices of your average corner-shop loan shark. 

Even this has proven to be an over-estimation.

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Submitted by : Peter Turner of Plettenberg Bay on 2008-06-17 09:40:00
Modern banking practice is to increase fee income because the banks "can no longer survive" on interest turn. In this case the banks average cost of raising the funds was probably about 8% p.a. ( i am guessing) given their large retail deposit base where they pay, probably 2% p.a. The interest turn in this loan, and probably many others, was about 53% p.a. No wonder they receive such large bonus payments at the end of each year and worse still the service in this industry stinks!
 
Submitted by : Joe Wolfson of Echunga on 2008-05-29 05:28:38
As usual another bank another dodgy deal. I am presently a client of Nedbank but have already made plans to move my accounts and those of my family. If have banked with them for 29 years. Who will I go to as they all seem the same. Yes essentially I will reduce my relationship to that of only having a current account and leaving my funds in my online investment account.

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