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