1 reviews | Active since Jan 2013
Cash finance charges on credit card
Dear Complaints Team,
I would like to formally lodge a complaint regarding recurring finance charges and cash finance charges being levied on my credit card account.
For several months, I have not used my credit card for any cash withdrawals or cash-related transactions. Despite this, my account continues to be debited with both a finance charge and a cash finance charge. What is particularly concerning is that I have contacted the Card Division on more than one occasion seeking clarification on these charges, yet no one has been able to provide me with a clear explanation or breakdown of how these amounts have been calculated.
I find it utterly unacceptable that a financial institution is unable to adequately explain charges being app**** to a customer's account. As a client, I expect full transparency regarding any fees or interest charged, particularly where these charges appear inconsistent with my account usage.
I therefore request the following:
A detailed breakdown of all finance charges and cash finance charges app**** to my account over the past several months. An explanation of the transactions or events that gave rise to these charges. Confirmation as to why cash finance charges are being levied when I have not conducted any cash withdrawal transactions during this period. A review of the account and reimbur*****t of any charges that may have been incorrectly app****.
I would appreciate a prompt investigation into this matter and a written response outlining the findings and proposed resolution.
I look forward to your urgent attention to this complaint.
Thank you for your writing to us.
Kindly note that a credit card is primarily intended for swipe and online purchase transactions. Interest, referred to as a cash finance charge, is app**** to all cash-related transactions, including:
- ATM cash withdrawals
- Cash advances at branches
- Electronic account payments
- Inter-account transfers
- Petrol purchases
This interest is charged from the date of the transaction until the day before the outstanding amount is settled.
The charge will reflect on your monthly statement for as long as the outstanding balance remains unpaid. Once the account is settled, no further cash finance charges will be app****. However, should you make additional cash-related transactions using your available credit limit, these charges will apply again.
Please be advised that all future cash-related transactions will attract daily interest, which will be reflected when your statement is generated.
With regards to credit life insurance, the monthly premium is calculated based on your outstanding balance. The premium consists of a variable monthly rate linked to the balance owing, together with a fixed administration fee per month.
We trust that the above clarifies your concerns.
Should you require any further assistance, please do not hesitate to contact us.
Warm regards
Standard Bank Hello Peter Team
***
Thank you for your writing to us.
Kindly note that a credit card is primarily intended for swipe and online purchase transactions. Interest, referred to as a cash finance charge, is app**** to all cash-related transactions, including:
- ATM cash withdrawals
- Cash advances at branches
- Electronic account payments
- Inter-account transfers
- Petrol purchases
This interest is charged from the date of the transaction until the day before the outstanding amount is settled.
The charge will reflect on your monthly statement for as long as the outstanding balance remains unpaid. Once the account is settled, no further cash finance charges will be app****. However, should you make additional cash-related transactions using your available credit limit, these charges will apply again.
Please be advised that all future cash-related transactions will attract daily interest, which will be reflected when your statement is generated.
With regards to credit life insurance, the monthly premium is calculated based on your outstanding balance. The premium consists of a variable monthly rate linked to the balance owing, together with a fixed administration fee per month.
We trust that the above clarifies your concerns.
Should you require any further assistance, please do not hesitate to contact us.
Warm regards
Standard Bank Hello Peter Team
***