Yesterday's story on ATM fees prompted the following letter from one of our readers, Jean Corson:
Yesterday's story on ATM fees prompted the following letter from one of our readers, Jean Corson:
I have two examples of exorbitant ATM charges that go way beyond those mentioned.
My eldest son is a student at Rhodes University in Grahamstown, and he has an FNB Life Start student account.
The FNB ATM within his reach was not functioning, so he drew R20 from another bank's ATM. The Saswitch charge came to R20. That's about his pocket money for the day spent on one single transaction.
Seeing that otherwise he only pays R13,50 in bank charges for the entire month, irrespective of the number of transactions, such a fee for one single Saswitch transaction is considered to be way out of proportion.
My younger daughter is a scholar at Stirling High School in East London with a Future Forward FNB account.
A withdrawal of R100 from a Standard Bank ATM, again as a result of a reachable faulty FNB ATM, brought on a Saswitch charge of R10,75.
We all know that scholars and students aren't the wealthiest of bank customers. They get attracted by the promise of minimal bank charges, only to find out that they get unscrupulously ripped off by the bank through exorbitant Saswitch charges.
Like yet another bank used to advertise: "Makes you think - doesn't it?"
R20 bank fee to draw R20
Yesterday's story on ATM fees prompted the following letter from one of our readers, Jean Corson:
Yesterday's story on ATM fees prompted the following letter from one of our readers, Jean Corson:
I have two examples of exorbitant ATM charges that go way beyond those mentioned.
My eldest son is a student at Rhodes University in Grahamstown, and he has an FNB Life Start student account.
The FNB ATM within his reach was not functioning, so he drew R20 from another bank's ATM. The Saswitch charge came to R20. That's about his pocket money for the day spent on one single transaction.
Seeing that otherwise he only pays R13,50 in bank charges for the entire month, irrespective of the number of transactions, such a fee for one single Saswitch transaction is considered to be way out of proportion.
My younger daughter is a scholar at Stirling High School in East London with a Future Forward FNB account.
A withdrawal of R100 from a Standard Bank ATM, again as a result of a reachable faulty FNB ATM, brought on a Saswitch charge of R10,75.
We all know that scholars and students aren't the wealthiest of bank customers. They get attracted by the promise of minimal bank charges, only to find out that they get unscrupulously ripped off by the bank through exorbitant Saswitch charges.
Like yet another bank used to advertise: "Makes you think - doesn't it?"
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