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Borrowing money can be a way to build wealth
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Bank strike: How the banks are planning to deal with Friday’s protests

With less than 48 hours to go until a proposed bank strike hits South Africa, the big hitters have explained how they plan to handle the chaos.

Borrowing money

Borrowing money can be a way to build wealth
Photo: Pexels

As the clock ticks away on Wednesday, everyone in the financial industry is waiting with baited breath to see whether a hugely-disruptive bank strike can go ahead on Friday. According to our sources, around 40 000 workers are unionised and ready to down tools – if the courts will let them.

We are expecting judgement in the case by the end of the day. Business Unity South Africa (Busa) have applied for an urgent interdict against the bank strike, as they attempt to avert chaos at the eleventh hour. If their efforts are unsuccessful, the banks of South Africa seem well prepared for the demonstrations:

Bank strike: How the “big five” in South Africa are planning for Friday

The industrial action – which is set to take place in Cape Town, Johannesburg, Bloemfontein, Port Elizabeth and Durban – will kick off at 10:00, and will carry on into the afternoon. Each major bank has responded to the crisis, and have issued preliminary plans to deal with any potential chaos.

  • Standard Bank: They have taken precautionary measure, sending text messages to warn customers of the potential bank strike. They maintain that online banking will be the best way to use their services on Friday.
  • FNB: They are currently advising customers they will have less staff working in-branch, and they are pushing their clients to download the mobile app and get accustomed to “remote banking”.
  • ABSA: To combat a “small number” of striking workers, they claim to have a “business continuity plan” that’s in place and ready to be rolled out by Friday.
  • Nedbank: Similar to FNB, the bank has warned customers to avoid coming into branches located in the aforementioned cities “unless absolutely necessary” – they’re also encouraging the use of “digital banking”.
  • Capitec: The institution is playing it cool, and they expect no employees to join the planned protests.

SARS share their contingency plans

The Banking Association of South Africa (Basa) have echoed a few of these sentiments, and warned all bank customers to get tech-savvy in the next couple of days. The group are encouraging the use of digital services wherever possible. Speaking of the money-handlers, SARS are also bracing for impact.

Earlier in the week, the tax firm told South Africans to get all of their payments owed to SARS filed by the close of business on Wednesday, fearing that civil disruption on Friday would delay certain transactions. They have since issued another statement, confirming they will liaise with the banks to keep SA’s financial systems online:

“To ensure there is minimal disruption to SARS services, we will work with all role-players to avert any disruption to the country’s financial system. In view of this protest action, we request patience and understanding from taxpayers and traders.”

SARS

There are genuine fears that a lack of bank support staff could make like much more difficult for consumers. The South African Society of Bank Officials (Sasbo) have suggested that ATMs could go offline, card payments may be affected, and even filling up at a petrol station would be hard work on Friday.