Standard Bank
Access bond facility cancelled without notice!

I have been putting money away each month towards my home loan. As advised I made sure to transfer R1000 out each month and back in to keep the bank from removing the facility.

Yesterday, 06/08/2013, when I needed to access my funds the amount available stated zero. I phoned the Home loans department and spoke with Thebogo - who told me there was a 10 day waiting period for direct debits to clear. Fair enough, but what does it have to do with my personal savings in the access bond? I asked to speak with his manager and was put on hold. He returned telling me that IT had been informed and that the funds would be available within 3 hours, 1pm 06/08/2013.

I checked my account this morning, 07/08/2013 and still no access to my savings. I then spoke to Shirese who again was unable to a) explain and b) ratify the situation. Apparently the case has been escalated to the back office.

I find this service appalling and after many years as a loyal SB customer I may now very well look into moving to FNB. How can a bank offer an access service and then, when you need it most, be denied access to your savings?

Company: Standard Bank
Country: South Africa
City: Head Office - Home Loans

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