BRAZEN BANK *******!

There are “interesting” theories about Banking Avarice lately - and the one I’ve banked with for the past 64 years (Nedbank, since you ask) must surely be leading the charge - though yours may be neck and neck! It wasn’t that long ago that Nedbank (probably all banks?) was extremely friendly and totally free of all now absurd “Bank Charges”. How dare banks charge clients for providing them the raw material of its industry (money) which earns you very little while the banks make fortunes renting “your” money at high rates to those who require it?! What a business! But, today, is it really “your”money any more? I requested a detailed list of Nedbank’s fees and charges and here’s the sobering facts I discovered; if you prefer - or need - to approach a human teller to bank R100.00 you will be charged (believe this or not!) R82.30 for so doing!! Let’s suppose you didn’t know this…..so your account reflects R100.00 less the R82.30 fee which is now just R17.70! Then suppose, the next day, you suddenly needed your R100.00 back and withdrew it. This is where you’ll learn that to withdraw R100.00 of “your” money will attract another fee of R82.30! (trust me - this is absolutely true!). This means your original deposit of R100.00 (now just R17.70 in your account) cannot pay your request of R100.00 without going into overdraft of R82.30 ( at outrageous interest rates plus an “overdraft facility fee” of R49.00 p/month!). But wait - it gets worse - you’ve forgotten there’s a “cash withdrawal fee” of (yes!) R82.30 per R100.00 as well! So…because of your original deposit of R100.00 you’re in debt to Nedbank to the tune of R164.60 in fees plus you now have a nasty overdraft at usurious rates! There are 4 pages of fees and charges - I suggest you question your own bank to see if they’re the same! Bottom Line! Whose money IS it?! If you sought to withdraw all your cash it seems you’ll be entitled to just 17.7% of it - sobering, right? Find out if YOUR bank “takes your money seriously” or “Seriously takes your money”! I’m beginning to wonder about those weird theories about the Banking System!” Maybe the mattress is a safer option! “HARD FACTS!”