Sponsored accounts are opened by family members with existing Nedbank Account for a Family member who either is in Debt and A Bank Black Listed them or because they do not yet have a permanent income or the income is to little to open an account these day's everybody needs to have an account to fulfill various needs. Right from the beginning Nedbank starts getting their sponsored new client in to Debt they issue 4 cards 2x Petrol Cards and 2 X Debit Credit Cards at an amount of R153.20 per card Total R612.80 2 cards for the sponsor and to cards for the sponsored the account opened does not have an overdraft facility but Nedbank puts that account into a minus for you suddenly the poor person needs to cough up R612.80. Coming month end Nedbank charge you Vat = R106.64 and Interest -R4.50 and Service Fee R106.00 and OTM Costs R3.50 and Saswitch Costs R8.50 and Maintenance Fee R87.00 bringing the total of One Months Service Fees to R928.24 there after every month R315.44 which the poor person already in the gutter can not pay. If you where unfortunate to have started debit orders too they will charge you R120.00 rand for each debit order not honored. The only way out then suicide
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