I recently took a home loan with Standard Bank. Initially they insisted that I take the buildings insurance through them - which is illegal. They insisted it be loaded as the annual amount and included in the bond every year - over 30 years! Meaning I would still be paying for the first year's premium when I retire. In addition I was told I had to sign a debit order.
I arranged my own insurance and notified them to cancel their policy.
Lo and behold, the bond debit order has been taken twice for an amount about R 600 more than it should be as either the insurance has not been cancelled or I am being charged for fees which were never disclosed. In addition the amount debited does not even match the amount I signed a debit order for.
Despite numerous attempts to get Standard Bank's representatives to explain the discrepancy I have no answers and now I am being completely ignored.
To rub salt in the wound have banked with them since I was a child and I am supposed to be a "Prestige" client with my own private banker - just another number to rip-off I suppose.
An explanation, I think, is now long outstanding.
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