Empowering You With Financial Information

by Sipho Sikhakhane

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If you have a bank account or an investment, you are responsible for the safety of your information. Below are organisations that help with fair practices.

National Credit Regulator (NCR)

When you buy items on credit, the NCR creates your personal credit record. This record monitors the way you manage your accounts. A good record increases your chances for future applications. The NCR also ensures that you are treated fairly.

Financial Services Board (FSB)

The FSB was established by the government to ensure that all consumers are treated fairly by insurance providers and financial service providers like banks and micro lenders.

Credit Ombudsman

The Credit Ombudsman is there to protect you against any unfair treatment by the industry.

Debt counselling

If you get to a point where you can’t pay all your debt, counselling can help. Registered debt counsellors will negotiate with the people that you owe. While you are going through counselling, you will be assisted with a plan of repaying your debt, and no legal action may be taken against you.

Remember, if you ever have a complaint or feel that you’re being treated unfairly, there are people who can help. Here is a list of contact numbers for the various organisations we covered:

  • NCR – 0860 627 627
  • FSB – 0800 202 087
  • Credit Ombudsman – 0861 662 837

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Fraud and money scams are common. So, it is important to be extra careful. Here are some tips to keep your money safe.

Carrying cash

  • Do not carry large sums on you.
  • Do not tell everyone when you are going to the bank to withdraw or deposit a lot of money.
  • Be alert to your surroundings when leaving the bank.
  • Be on the lookout to see if you are not being followed back home, or to your business premises.

Shoulder surfing

  • Always cover the hand that is typing in the PIN when using an ATM.
  • Do not accept help from strangers.
  • Never share your PIN with anyone, including bank officials.
  • If you suspect that the ATM is faulty or you are distracted, cancel the transaction immediately and report the fault to the bank.
  • Always check if the card that was returned by the ATM is yours.
  • If the bank swallows your card, do not move away until you have reported the incident by using the phone number that appears on the ATM.

Card skimming

  • Never let your card out of sight.
  • Insist that the swiping device is brought to you.
  • Get your own card back after every transaction.
  • Sign up for My Updates from Standard Bank to get notifications if a transaction went through your account.
  • Sign up for SMS notifications.

Holiday scams

  • Research holiday bookings thoroughly; do not rely only on the information advertised on the Internet.
  • Be cautious of buying airline tickets via the Internet for a cheaper price than the commercial rates.
  • Don’t fall for holiday packages that are available at cheap prices. If it seems too good to be true, it usually is.

Internet fraud

  • When doing online banking, make sure that the URL begins with “https” and not “http”.
  • Never click on a link from an email.
  • Do not send emails with your card number, the expiry date or last three digits on the back of the card.
  • Manage the limits on your account and review them regularly.
  • Make sure your computer has good security.

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Standard Bank empowers you with the knowledge you need to reach your financial dreams. With WalletWise, the bank helps with useful tips and tricks to make your money work better for you.

Thomas Dolo (28) attended a WalletWise activation in his hometown. We asked him a few questions to find out what he knows about credit and saving.

  1. What can you tell us about a credit record? Why is it important to maintain a good credit rating?

I hear people talk about credit, but I don’t know a lot about the topic. I normally buy things with cash.

  1. Do you know how to open a bank account that’s right for you?

I have a savings bank account, and it works for me.

  1. What financial resolutions should you make at the beginning of every month?

I have a hair salon business, so I always do my budgeting at the beginning of every month – it saves me money.

For more information on a WalletWise activation near you, keep an eye on the @StandardBankSA and @BonaMag Facebook pages.

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