All data is delayed
See More

Bank adverts found to be misleading

Apr 27 2012 15:30

Johannesburg - Both Standard Bank and First National Bank have been found guilty of misleading advertising, according to a report on Friday.

Last month the banks accused each other of ambiguous and unsubstantiated marketing and both approached the Advertising Standards Authority (ASA) over adverts they believed were misleading to consumers, the Star newspaper reported.

FNB was found to be misleading the public for its claim that its Smart Zero account was the "first bank account in South Africa with a zero monthly fee."

It found that other banks had offered this service in the past, including Standard Bank.

The authority also found that Standard Bank's posters which read: "free cellphone banking, free telephone banking, and free internet banking", were misleading as it did not inform consumers that certain costs applied, like a subscription fee.



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote