Standard Bank
Unethical business practices

I have been banking with Standard Bank for over 40 years, have a Prestige bank account, and have my bond with Standard Bank. At their insistence, I have had home owners insurance with Standard Bank Insurance (at a premium) for close to 30 years, and on my current property for 18 years. I pay in excess of R600 per month, and in 18 years have only ever claimed for burst geysers and a pane of glass. Now I have a burst solar geyser, and due to a recent change in Standard Bank's insurance policy (not even relayed to us), they do not cover geysers with under 10 years warranty. This in spite of my burst geyser having been installed more than 5 years ago when such warranties did not exist. In spite of me paying over R7000 in premiums in just the last year, they offer me a pathetic token gesture of R5000 in settlement of my claim. this is equivalent to a third of the cost of a new geyser without installation. What a load of hogwash. If this is the way they do business, then I don't want to be their customer anymore.

Company: Standard Bank
Country: South Africa
City: Insurance

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