For 20 years we finally finished paying off our bond and went into Absa to close this account as well as the home owners insurance that we have also had with Absa for the last 20 years. Absa informed us that on the 01 June every year they calculate the yearly insurance fee (in advance) which they add on to your bond repayment then pay themselves in advance for the insurance - and charge you interest on the advance payment which they add to your monthly bond repayments. what a rip off! you would think as a long term client they would have your best interest at heart, but they are like every body else just interested in making money off any body they can. They sell you their product which they make money on and then still charge you interest on an advace payment and to crown it all their product is almost double the price of other companies
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