Stanchart charging 24pin per withdrawal

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Stanchart charging 24pin per withdrawal

Postby Guest » 23rd May 2011, 13:51

Dear Zambia,

I just discovered that stanchart, a bank i have loved for a long time, is misbehaving; they are charging K20,000 + K3,500 per withdrawal if you have a savings account with them. This is forcing me to apply for a different account such as the current or just change banks. Apparently, this new tarrif was introduced in January but it has taken a bit long to effect. I could not believe my eyes when I saw the damage! I mean this is my main expenses account - they charge whether its ATM or card swipe in a shop!! Very soon we will be keeping money under the mattresses like some friends off burma road! El pathetico!!
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Guest
 

Re: Stanchart charging 24pin per withdrawal

Postby Serene » 23rd May 2011, 14:14

Ba Guest

Move over to Barclays, they did a survey where we told them a thing a two about their atm, etc charges. It worked wonders, they listened and we said goodbye to atm and what not charges in April 2011. Now we can withdraw at atm or swipe as many times as we wish no charge, only a monthly service charge ( not sure if this has been adjusted though) .
And no i dont work for Barclays, just been a disatisfied customer of theirs for almost 20 yrs since college and ,complained about charges at every opportunity. It worked fianlly!
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Serene
 

Re: Stanchart charging 24pin per withdrawal

Postby Freakazoid » 23rd May 2011, 16:09

Thats true no atm bank charges at Barclays, but i think they are just finally catching up with the rest of the world, UK, and some banks in the States no ATM charges. They have finally come to realise that they should be paying the customer for putting their money in there Banks!!
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Freakazoid
 

Re: Stanchart charging 24pin per withdrawal

Postby Lewis » 24th May 2011, 08:39

Guest,

I did just that, closed my premium savings account and opened a current account. Now I have funny things like activity fee. I don't understand why Stanchart has to charge me an extra activity fee per month when each time I make an ATM withdrawal or send out a TT I get charged for that service. This bank is just taking advantage of us. I guess this is how they make their profits.... off of us!
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Lewis
 


Re: Stanchart charging 24pin per withdrawal

Postby Foxy Mama » 24th May 2011, 15:24

Meo, well you can be forgiven for having misunderstood the topic, as some men do charge 24pin per withdrawal, can get a bit costly at times!! Especially for someone like me who is past their sell be date!
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Foxy Mama
 

Re: Stanchart charging 24pin per withdrawal

Postby Guest » 26th May 2011, 14:57

Did I miss something? Meo seems to have struck out?

Anyway, like Lewis I am now applying for the current account. By the time this changeover is done. StanChart will have reaped billions of kwachas from unsuspecting customers. If the world had ended on May 21st (as that loony bin had promised), Jesus would have gone for the banks first. They are daylight robbers disadvantaging hard working men and women of their well deserved gains. You can imagine the types of tarrifs that are on these accounts which include activity fees, relationship fees (if you are excel) transaction charges, over the counter withdrawal fees etc. Its all criminal intent!!

The police should be hunting down Melu and team instead of chasing blue minibuses of other poor people. Its a shame, a sham and a delusion!
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Guest
 

Re: Stanchart charging 24pin per withdrawal

Postby Meo » 26th May 2011, 18:57

Guest,
you can say that again. I sure struck out.

Can you please remind me what I wrote that provoked the admin to machete me into oblivion? I honestly forgot. But me knowing me, it was probably something quite asinine and completely devoid of any good sense whatsoever. I really should be ashamed of myself.
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Meo
 

Re: Stanchart charging 24pin per withdrawal

Postby foxy » 27th May 2011, 10:00

Yes Meo, it was a bit below the belt, just use your imagination u are sure to remember what you wrote about!
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foxy
 

Re: Stanchart charging 24pin per withdrawal

Postby Black Thought » 27th May 2011, 11:37

It's really a coincidence!

I was just complaining to myself about Stanchart,...

I have just received a statement from them (and i don't remember stating anywhere that i will be needing monthly manual statements), and i have seen that charge. And two more charges with different amounts on the same day!!


I'm disappointed, as a mate of mine mislead me on this,... He works for Stanchart and told me the charges were ''very very minimal'', and convinced me to open a savings account,...! It's like you need to have money like sand...

It was meant for short term savings, and i usually access thse funds every three months,...!

Goodbye SAND CHART!
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Black Thought
 

Re: Stanchart charging 24pin per withdrawal

Postby Guest » 27th May 2011, 12:26

BT.

And the workers are either dumb or they are just plain liars! When you are opening an Excel Account they always tell you that you will have none of those fees and you will have a relationship manager looking at your accounts blah blah blah hot air. I am wondering where this manager is when they are deducting these hefty fees out of your account. I guess he/she is snoozing somewhere saying load it up! load it up! twalya again!!

Goodbye stanchart indeed. Let the exodus begin - unless they wanna change things and make it right with their customers.
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Guest
 

Re: Stanchart charging 24pin per withdrawal

Postby Ohlovingone » 27th May 2011, 14:18

I went to Standard Chartered Branch to complain when I saw the hefty fee on my bank statement and that customer relations person I found had the audacity to tell me that its a savings account, meant for savings and not withdrawing your cash anyhow, I asked who saves in current state of affairs and how much does the bank give me on these my savings?? 3.5% per annum is what I should be leaving my money in the bank for??? by the time I use it the value of it would all be gone seeing the annual inflation rate is much more than the banks are offering me in interest rates. SO I totally disagree with the rationale Stanchart used to come up with these ridiculous charges of theirs, this is day light robbery. I am shutting my account and shifting to a sane bank, going to check out Barclays from the recommendations above. I really loved Stanchart and i was their die hard customer but just learnt that that love was not mutual.....lol
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Ohlovingone
 

Re: Stanchart charging 24pin per withdrawal

Postby Satana's advocate » 27th May 2011, 14:30

Let me play Devil's advocate here. And this is only because I don't understand banking very well. So let me ask this question...

If the bank is doing a service of keeping the money for you as a saver, Where will they make their money from (for this service of keeping your money instead of you keeping it in a pillow) if they don't charge some fees?
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Satana's advocate
 

Re: Stanchart charging 24pin per withdrawal

Postby Chimbwii » 27th May 2011, 16:18

satanas advocate.

The bank is supposed to lend out the money to other individuals and business houses and make their money from interest and also charges from other services. We are living a borrowed life and the major problem is the gross ignorance by the so called educated in our country ( you can take someone from the village but....). In the so called developed world a savings account is just that. You leave say 200 pin in your saving a/c for years, the least you will find is your 200 pin. So different banks will attract you by the interest added. In Zambia if you leave 100 pin in a savings a/c of any bank (except FNB) for over a year, i can assure you that you wont find your money and will be lucky not not owe the bank due to various fake charges on savings(Institutionised thieft!). All this is because the chaps at BOZ are so ingorant of the basic economic principles regarding savings. I have personally approached BOZ regading the charges on "saving" by various banks and the answer has been ... Zambia is a liberalised economy ( ba kamushi). So you see my friend you can not win when the institution supervising commercial banks is full of ignorant characters and all of them called graduates!
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Chimbwii
 

Re: Stanchart charging 24pin per withdrawal

Postby Meo » 27th May 2011, 18:18

ka Foxy iwe, me below the belt?? I can hardly imagine. I'm such a nice guy:) silly, dizzy, goofy and harebrained, yes. but very very nice, nonetheless:)

Satana'
ba Chimbwii is exactly right. Just compare the interest they pay you on your savings account or your CD or what ever. It is pathetically small. In my neck of the woods, banks pay no more than 3% if you save with them via their various savings methods. And 3% is the high end, for those with a lot of dough. But the same banks charge up to 29% interest for them to lend you money. And that's why we call them loan sharks. They are true predators. If you were going to feel sorry for banks, save your sorrow for something worthwhile.
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Meo
 

Re: Stanchart charging 24pin per withdrawal

Postby Foxy Mama » 30th May 2011, 10:45

Mmhhhh Meo, i like your qualities:)))

It shouldnt surprise us BOZ is not interested in what customers have to say, so its dammed if you do and dammned is you dont!!Lets get every last cent out of them seems t o be their policy!!
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Foxy Mama
 

Re: Stanchart charging 24pin per withdrawal

Postby April » 30th May 2011, 12:31

I once had a problem with Barclays ..but try your luck my friend..i suppose all the banks are the same including Bank of Zambia.
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April
 

Re: Stanchart charging 24pin per withdrawal

Postby banks are destroying Zambia » 27th July 2011, 23:19

It is outrageous. I left Barclays because of the impossible fees - and Barclays even charged me a fee for closing my bank account - umm that was because I was unhappy...!!

And then I signed up to an account with Stanchart which protected me from anything other than ATM fees if I maintained 500 pin balance. So when I started getting all these extra fees, I emailed the bank for info and they informed me that the tariffs have changed and we only get one - yes one - free withdrawal a month! And they now charge an additonal 20 pin on top of the ATM fee for every subsequent withdrawal. They then adivsed me that I could write them a letter and take it to the branch to arrange for a current account with less fees!!! But why should I be made to do that when I already have an agreed structure for my account that the Bank has renegged on!

Apart from it being outrageious that it costs almost $5 to make an ATM withdrawal, it is also dumb - as it means we will all withdraw all our money in one hit on payday. That cannot be good for business. In this more competitive banking environment now, the only reason I will be going into the branch will be to close my account and go open one with Stanbic. I am sorry but no matter how good Barclays is now - i cannot walk past their banks without being reminded of the atrocious way I was treated when I tried to close my account.
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banks are destroying Zambia
 

Re: Stanchart charging 24pin per withdrawal

Postby BAnks are destroying Zambia » 27th July 2011, 23:31

banks earn interest on your money and huge amounts from loans in Zambia because interest rates are insanely high here. Banks in other countries make huge profits without charging these kinds of fees -so why should Zambians pay so much more? In my Australian account - i pay no fees unless I withdraw via a different bank's atm. I get amazing service, internet banking is simply brilliant, staff are a delight - whether on the phone or over the counter - the bank earns interests from my housing loan but I pay nothing else. And the loan means I have a access to a $10,000 overdraft at low housing mortgage rates of 6.5% any time I need it. And that Bank is making huge annual profits while keeping its customers very happy!

That is right folks - no fees what so ever! Zambians deserve better and need to start demanding better banking services! And these are international banks who already know how to keep their customers happy in the Uk and Europe.
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BAnks are destroying Zambia
 

Re: Stanchart charging 24pin per withdrawal

Postby krazyzm » 28th July 2011, 10:32

banks are destroying Zambia wrote :
> It is outrageous. I left Barclays because of the impossible fees - and
> Barclays even charged me a fee for closing my bank account - umm that was
> because I was unhappy...!!
>
> And then I signed up to an account with Stanchart which protected me from
> anything other than ATM fees if I maintained 500 pin balance. So when I
> started getting all these extra fees, I emailed the bank for info and they
> informed me that the tariffs have changed and we only get one - yes one -
> free withdrawal a month! And they now charge an additonal 20 pin on top of
> the ATM fee for every subsequent withdrawal. They then adivsed me that I
> could write them a letter and take it to the branch to arrange for a
> current account with less fees!!! But why should I be made to do that when
> I already have an agreed structure for my account that the Bank has
> renegged on!
>
> Apart from it being outrageious that it costs almost $5 to make an ATM
> withdrawal, it is also dumb - as it means we will all withdraw all our
> money in one hit on payday. That cannot be good for business. In this more
> competitive banking environment now, the only reason I will be going into
> the branch will be to close my account and go open one with Stanbic. I am
> sorry but no matter how good Barclays is now - i cannot walk past their
> banks without being reminded of the atrocious way I was treated when I
> tried to close my account.


Boss of all the banks you have mentioned, i think in terms of charges Barclays is the best.
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krazyzm
 

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