Standard Bank
UNAUTHORISED DEBIT ORDER DEDUCTIONS

I recently obtained the facility from Standard Bank to receive sms notifications of any movements in my accounts. I received notification of an unknown debit order and queried this with the bank. I was advised that it was in respect a life insurance policy linked to my son's student loan account. We had not taken out life insurance with Std Bank with the student loan! The bank checked and later confirmed this and advised that the deductions made over the past four years would be refunded to the student loan account. I requested that the student loan account also be recalculated as the amounts deducted each month should have come off the capital of the loan and would affect the interest charged by the bank. When I followed up about two weeks later no refund had been made and there was no note of my request that the student loan account be recalculated. It seems like the only way I am going to get this matter sorted out is to lay charges with the police as in my opinion the money was unlawfully taken from the account by the bank.

Company: Standard Bank
Country: South Africa
City: PORT ELIZABETH

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