Banks: Please help us – where should we move to?
One of our readers Sista asks for your help in choosing a better bank:
My family has been banking with ABSA our whole lives and thus it was without question that I as an adult decided to follow through on this brand loyalty and stick with ABSA as my preferred bank. Today I feel so frustrated with their lack of service and archaic attitudes that I am about to break this c…
hain.
But that’s the thing about banking in South Africa, Banks have very cleverly convinced the average consumer into believing that once they bank with them, it’s a lifetime choice that they cannot get out of… We think that is rubbish.
There is no reason why anyone should feel just because they have all their finances in one banking basket that they should stay there. In the UK there are adverts everywhere with banks trying to convince you to move your money to another bank – they are prepared to pay the costs of moving your money and debt across to them and they offer you preferential rates. Why is that not happening here? Because Banks like to treat us like idiots. A friend of ours is convinced that they are still managed and led by racist dinosaurs from the last disastrous era in our country and that they see people as stupid instead of the street-smart, money-savvy clients that they should see us as.
Why do we have such ‘loyalty’ to banks – we think it’s because our perception of banking as a ‘service’ is completely misinformed. What we mean is, we think that banks think that they are doing us a favour by giving us an account. Not TRUE> Have you not looked at your statement, you are paying for every single transaction that you make with the bank. The latest urban bank talk is that apparently we pay to DEPOSIT money…. isn’t that a classic. If anyone can back that up, please let us know.
Have you ever tried to get a loan from a bank – like a housing loan or a car finance loan or an extension on your bond… it is the most humiliating experience where you feel like you have to be on your best behaviour, prostrate to their power and control. NOT TRUE> Banks need your debt, they need it because they make so much money off the interest that you pay that without you having debt, they couldn’t operate. So they are just playing hard to get and if your credentials are good and you know they are, you need to bargain with them and make them BEG you to bank with you… Yeah, we know that sounds like a dream state of affairs.
The funny thing about ABSA is that they have that cheesy “MY BANK IS MY…” blah blah very tired and assuming ad campaign….. To be honest with you, we don’t feel any ownership over ABSA at all, instead, we feel trapped and mistreated. MY BANK SE VOET.
So, if you don’t mind Represent, we would like to ask your readers, which bank in South Africa would they recommend that we move to….. Which bank has looked after you and treated you as a client instead of a victim? Please help us readers, we need to know so we can move somewhere where we feel respected and appreciated… Or is that just wishful thinking?
