Bank report will keep charging secrets 'under wraps'
The long-awaited report on a public inquiry into banking charges and the national payment system would be released towards the end of the month, the competition commission said yesterday. Experts have always been of the view that due to the explosive nature of the commission's hearings into bank charges, one of the recommendations of the report could include legislation and policy changes.
There has never been a lot of transparency in how the banks calculate charges. The inquiry will apparently hold back confidential charging information. Justmoney.co.za employs people who do nothing but compare bank charges all day, so that we can provide you with the best possible charge comparison calculators. So while the inquiry is out, and you want to know what you are going to be charged for, come to Justmoney.co.za to check that your savings accounts and bank accounts are delivering value. Calculate whether your credit card is providing the best deal. Consider your vehicle finance and your life insurance. Decide whether a personal loan might be useful to consolidate your debt, before you need debt management.