Tweet
South Africa bank charges may be world’s highest
SA bank charges may be worlds highest
SA bank charges may be world’s highest
28 February 2005
The bank charges that consumers face in South Africa may be the highest in the world, according to an article in Consumerfair.
Comparing the cost of our deposits, cheques and electronic transactions with those in countries in a similar stage of development (Malaysia, Thailand and Brazil), our fees came up as most expensive except in one case: electronic transfers were more expensive in Brazil.
The comparisons, which were originally carried out by Cape-based small business newspaper Big News, could not be verified by more in-depth research. Amazingly, there were no studies on this crucial consumer issue to be found at any of South Africa’s universities or research institutions.
Interest was initially sparked by an informal report sent out by an official of the Micro Finance Regulatory Council after a visit to New Zealand – where the official had been struck by the fact that banks there charged virtually no service fees.
Also, their pricing structures, unlike those of South African banks, were also very simple and easy to understand.
Consumer Fair is being launched this week by the National Consumer Forum, in the interests of consumer education and to build the capacity of the NCF to represent consumers at the highest levels. Other articles in the first edition focus on credit bureaus, the medicine price debacle, tips on complaining effectively, and agencies that consumers can turn to when they are unfairly treated.
Consumer Fair is available free to consumers in most Pick n Pay stores in Gauteng, Limpopo, KwaZulu Natal, Western Cape and Eastern Cape. Consumers can also log on to the NCF website at National Consumer Forum for an electronic version or request for a posted copy.
Background information:
The National Consumer Forum (NCF) was established in 1994 as a body dedicated to the protection and promotion of consumer rights and interests in South Africa.
The NCF main activities are to:
· Monitor and raise vital consumer issues
· Focus on the consumption of goods and services, their motives and consequences, and the consumers’ potential to positively influence them
· Inform, generate opinion and coordinate campaigns
· Work to increase consumers’ influence on the market place
The NCF asserts the right of all consumers to a wholesome environment, a fundamental quality of life, good quality in the goods and services provided by the private and public sectors alike. It works to defend the rights of consumers, as outlined in the United Nations Guidelines on Consumer Protection of 1985 (amended in 1999) and to ensure that consumer rights find expression in consumer policy.
The NCF is an affiliate member of Consumers International, a federation of over 260 consumer organizations in more than 120 countries.
For more information or further comment, contact National Consumer Forum chairperson Thami Bolani on 083 679 9489
SA bank charges may be world’s highest
28 February 2005
The bank charges that consumers face in South Africa may be the highest in the world, according to an article in Consumerfair.
Comparing the cost of our deposits, cheques and electronic transactions with those in countries in a similar stage of development (Malaysia, Thailand and Brazil), our fees came up as most expensive except in one case: electronic transfers were more expensive in Brazil.
The comparisons, which were originally carried out by Cape-based small business newspaper Big News, could not be verified by more in-depth research. Amazingly, there were no studies on this crucial consumer issue to be found at any of South Africa’s universities or research institutions.
Interest was initially sparked by an informal report sent out by an official of the Micro Finance Regulatory Council after a visit to New Zealand – where the official had been struck by the fact that banks there charged virtually no service fees.
Also, their pricing structures, unlike those of South African banks, were also very simple and easy to understand.
Consumer Fair is being launched this week by the National Consumer Forum, in the interests of consumer education and to build the capacity of the NCF to represent consumers at the highest levels. Other articles in the first edition focus on credit bureaus, the medicine price debacle, tips on complaining effectively, and agencies that consumers can turn to when they are unfairly treated.
Consumer Fair is available free to consumers in most Pick n Pay stores in Gauteng, Limpopo, KwaZulu Natal, Western Cape and Eastern Cape. Consumers can also log on to the NCF website at National Consumer Forum for an electronic version or request for a posted copy.
Background information:
The National Consumer Forum (NCF) was established in 1994 as a body dedicated to the protection and promotion of consumer rights and interests in South Africa.
The NCF main activities are to:
· Monitor and raise vital consumer issues
· Focus on the consumption of goods and services, their motives and consequences, and the consumers’ potential to positively influence them
· Inform, generate opinion and coordinate campaigns
· Work to increase consumers’ influence on the market place
The NCF asserts the right of all consumers to a wholesome environment, a fundamental quality of life, good quality in the goods and services provided by the private and public sectors alike. It works to defend the rights of consumers, as outlined in the United Nations Guidelines on Consumer Protection of 1985 (amended in 1999) and to ensure that consumer rights find expression in consumer policy.
The NCF is an affiliate member of Consumers International, a federation of over 260 consumer organizations in more than 120 countries.
For more information or further comment, contact National Consumer Forum chairperson Thami Bolani on 083 679 9489
