First National Bank
Unwillingness to release security

We required an overdraft facility for our business in 2011, which was not approved, however an agreement was entered into to grant us the facility of R120 000 subject to the provision of surety. The bank took sureties of R150 000 in investment policies. We have since paid R60 000 of the overdraft facility and the bank refuses to release the surety put against the facility. The battle to have this matter resolved has been going on since April 2013, and to date there is no resolution, except excuses (like somebody did not do what they are supposed to do, or being understaffed) and being pushed from pillar to post. Further to this is that our company now qualifies for an overdraft facility.

We would like to know what the real reason is for such behaviour. This is unacceptable.

Company: First National Bank
Country: South Africa
City: Sandton City

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