Service charges

I have an Elite cheque account with SBSA for many years. At the time when I opened the account, the product offering made sense for me to manage my finances accordingly. By being able to have four free cash withdrawals per month suited my pocket. This changed in 2019 with SBSA’s new Transactional pricing. The monthly service was increased from R100.88 to R105.00, this was to be expected which I do not have a problem with. My concern is that the Product offering changed from 4 free cash withdrawals per month to free cash withdrawals up to R5000pm. Any withdrawals above R5000pm becomes a Pay as you transact charge. This change has resulted in my service fees increasing from R100.88pm to a whopping R401.00pm.

Standard’s Banks response was simply the new pricing was communicated to all clients and there was nothing further that could be done.

I logged two complaints on the SBSA Social media complaint ( 31 January and 12th February) ; I have yet to receive a response.

It is extremely disappointing to be treated in this manner after banking with SBSA for more than 30 years.