Of the more than R30-billion in transaction fee income banks receive, about R2-billion comes from consumers using another bank’s ATM infrastructure. This will be a major focus of the Competition Commission report, together with interchange fees and improved access to the National Payment System, suggested a recent press briefing by the banking inquiry’s technical team.
By filling in a subscription or competition postcard and dropping it in the post box, you could be exposing yourself to ID theft — one of the fastest growing crimes facing consumers. Identity theft occurs when a customer’s personal or banking details are illegally obtained and used to access the customer’s bank accounts.
On June 1 the National Credit Act comes into force, which will change the way credit is extended as well as increase the importance of customers’ credit histories. Consumers who realise that their credit record is their most valuable asset and treat it accordingly will benefit, but those who are not prompt with payment and who over-extend themselves will find credit becoming increasingly expensive.
Last month the finance miniÂster announced that individuals will be completing new, simpler tax forms this year. Instead of filling in 10 pages, individuals paying PAYE will only have to fill in two pages. You will not have to do any calculations, nor will you have to supply supporting documents such as an IRP5 — you will, however, need to keep these somewhere safe in case of an audit.
Major differences have emerged among public service unions ahead of Friday’s massive industrial action, with some union leaders in the bargaining council considering a compromise offer to break the impasse and others sitting tight on labour’s original demand of 12%.
Most people have a bank account, but few understand the terminology banks use – and this can have a direct impact on your pocket. Paul Maggott, spokesperson for ICE, Old Mutual Bank’s young, urban market offering, says many commonly used banking terms are misunderstood, or not understood at all.
The South African Revenue Service is hoping that by reducing a normal salaried taxpayer’s tax return from 10 pages to two, more people will submit returns and less will require a tax consultant. However, as one tax consultant puts it, "a simpler tax return form does not simplify tax".
The unit trust industry has been lamenting the fact that investors have missed out on the best bull run we have seen in decades. Conservative investors who were badly burnt at the end of the Nineties have shown an unwillingness to enter the market. Investors have learnt that what goes up can also come down.
Eight months ago, Tumi — a character who represents the financial reality, as well as the hopes and dreams of many of our readers — sought some badly needed financial advice. She had recently had her first child, which had a significant impact on her priorities.
After a year of expectation, Absa announced recently that it has become the first bank to issue chip-enabled cards to clients. Although the bank only went public with the announcement this week, it began issuing the cards in March. So far, there are about 1 000 chip-enabled debit cards in circulation, according to Walter Volker, head of group payment systems at Absa.