First National Bank
Delayed Cession Costs Time In Registration

I applied for a Home Loan through FNB.
Someone from their insurance department contacted me, asking me if I wanted to take out a Life Insurance Policy with them, as I would need that for the bond.

I said I already have insurance, and that it can be ceded to FNB instead (the price for FNB's cover was more than my existing policy in any case).

I had not heard anything from FNB since, and today my attorney's office called to say that no cession has been loaded, and this has now caused a delay in getting the bond registered at the deeds office.
Now I am forced to pay another month's occupational rent, which is more than what the bond repayments would have been.

Shouldn't FNB have also followed-up ages ago, instead of delaying things like this, as the cession now will take a further 10 days to register, according to my attorney?

Very disappointed in the service received from FNB before I even have started repaying the loan.

Regards
Sergio Jivan

Company: First National Bank
Country: South Africa
City: Home loans

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