THIEVING FROM A CUSTOMER

Hello

I want to echo the views of Tsephiso M with regard to the multiple interest charges by standard bank.

Under normal circumstances you will see multiple interest charges when there was a change in interest rate by Reserve bank forcing banks to follow suite. But standard bank will charge multiple interest even if there was no change in interest rate over that period. This they do to ***** money from unsuspecting customers.

This is what they do: Suppose your rate is 15%. They would divide the month (or period of interest charges) into intervals, maybe two or three or four, depends on what they choose in that month. Now for the first 10 days they would charge 15% interest on the outstanding balance and add this interest to the outstanding balance. Then they charge 15% again on the now increased balance for the next 10 days and add it to balance and again charge 15% on the double inceased balance for the remaining 10 days. Remember, all this is happening in the same period of interest charges. This is now your new outstanding balance for the next month.THIS IS *****. Now you will have more than one line of interest charges of the same rate on your bank statement. This they do from time to time so that you dont suspect anything. I have written emails to them, phone them without any success. All i want is the explanation for the unneccessary splitting of interest charges. If my uderstanding is wrong i challenge standard bank to correct my perception. I wish i was able to upload portions of my bank statements so that you see what i am talking about. I really want standardbank to respond to this, failure of which i wont hesitate to escalate the matter to relevant authorties.

Thank you.

Raphael Majola