dec 12 2008

daylight robbery

in june / july of this year, the competition commission made recommendations that the banks should reduce charges over a wide variety of services. today, 5 and half months down the line, there is another story about this. this seems to be the full technical report...

it still doesn't change the fact that the findings prove we are being ripped off and almost 6 months later nothing has changed.

while these were only recommendations, time-frames were set for their implementation, after which commissioner shan ramburuth would initiate official investigations into the practices.

absa seems to have taken the first step with a r5 charge for their entry-level customers. what does that mean? who is an entry-level customer? what service is this r5 charge for?

it seems that all other recommendations from the competition commission 'require engagement with other stakeholders and banks'. why engage other banks? the whole point of the enquiry into bank charges was to create competition but if the banks are discussing this amongst themselves, what's the chances of more competition or more of the same services and charges?

i'd really like to see the recommendations made by the commission come into effect. i wonder what the time frames are? and whether the commissioner will really follow up with investigations? if nothing happens, we still have the government...

here are two more articles that should get you fuming or thinking about the way you bank:
The cost of convenience just went up
Banks found to be over-charging

Posted by sarah | debate, information, ranting