Absa on their way down

Dear Pravesh
Your direct email to me has reference. According to your explanation my internet banking and cellphone app has been blocked because my Moneybuilder acccount is not a transactional account and therefore the cost for the internet banking cannot be recovered by Absa. Then why on earth does ABSA in the first instance allow ne having a moneybuilder account, a bond account and credit card linked onto one card if the now all of a sudden cannot recover the internet bank fee - these accounts and my card has been in existence a very long period without any issues. Just for all interested parties following this blog I would also like to mention that Pravesh also send a second email informing me that if I dont take any action before noon today (12 Jan, I only read his reply after 12h00 today) he will close the complaint as being dealt with - now that is a very professional way of dealing with your clients. I have decided that I will now also close my Moneybuilder account. For all those people out there struggling with the same issues I have - go to the bank that really works for you - Capitec. I once again would like to state the following: my Absa current account monthly fee was R450+ and my total fees at Capitec (they send you an SMS each month in this regard) was R73-45 and the interst I received (yes people - you actually receive 2.5% interest) was R56-17 : total out of pocket thus the difference of R17-28 ! My total saving per month on fees at Capitec compared to Absa then R432-72. If this does not illustrate how serious Capitec is about business then nothing else will.

Dear Pravesh

I have noted the contents of your email. I understand that the Money Builder is not a transactional account, but I was advised by my then Private Banker when I closed my cheque account due to ridiculous high monthle fees that I should keep the Money Builder account to be able to link my Absa credit card and Absa home loan accounts on my ABSA App. This was done at the Somerset West branch about 3 months ago without anyone advising me otherwise. My ABSA bank app was actually working fine until it was blocked about three weeks ago. And ABSA's solution to this problem is to place yet another debit order on my credit card !! No thanks ABSA - I will rather go without the app and internet banking as pay you another cent of my hard earned money !!!

Dear Pravesh

Thank you for your reply, but unfortunately the acknowledgement and apology do not make any difference to the fact that we find ourselves on a sinking ship - I am getting into a lifeboat while there is still time - what about you?