Absa
Licensed Financial Services Org operation in doubt

Please could someone contact me to explain how ABSA justifies taking out car insurance on your behalf without your knowledge or approval / signature and then simply adding this to your monthly Vehicle and Asset bill. At this point I don't even know who I'm insured with and I didn't have a say in the matter, not mentioning the fact that I'm already insured and have been since the inception of my car loan. I really don't feel comfortable to do business with a bank that deals on this basis and am objecting to this in principle. The call agent (who's been harassing me about the complaint I had logged for the last two days) keeps explaining to me it is not a problem to remove this from my bill as long as I arrange an email to proof that I have insurance.
What they don't understand is that they (ABSA) have no right to bill me for something that I didn't ask for / or needed in the first place.
Does this mean ABSA received an income of approximately R600 per registered vehicle loan client for this month? Is it even legal for a licensed Financial Services Organisation to operate in this way?

Company: Absa
Country: South Africa
City: National

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