Last week, I ended one of my longest relationships. It lasted just over 30 years, but after a long period of reflection and getting over sentimentality, I closed the very first bank account I ever had. My relationship with Absa (Trust Bank when the account was opened for me by my dad at the Bellville Middestad branch, if I remember correctly) is no more.
Remember this post in which I shared my distress at discovering the real amount I was paying in bank costs on my main bank account? And how I realised that it was easily covered by the interest I earned on the savings accounts at my other bank? Well, it took me a while to actually make good on what I said, but last Friday, I went to my nearest Capitec Bank branch and moved my stuff over from Absa Bank.
I’ve had this account since 1984.
What is the straw that finally broke the camel’s back, you wonder? I bet you too have seen it on your bank statement every month. It’s the little line that says “Admin Fee” Continue reading