Standard Bank
Home Loan - Forced to sign the wrong bond document

I am existing client of Standard Bank and am appalled by this 4 month ordeal. Our trust, The Standprop Trust (client of Standard Bank) applied for a home loan with my wife and I standing as financial sureties and we have a third independent trustee. As there are three trustees the application should be treated as a juristic application, however Standard Bank refuse to do so and have treated it as a natural person application with my wife's ID being loaded on the bond.
The reason: They can't load the independent trustee's details onto the system without a credit check being done on him. The independent rightly refuses a credit check as he is not standing surety and is a professional trustee to a number of clients (he is a lawyer). Therefore, Standard Bank can only load 2 trustees on their system despite the fact that The Standprop Trust which is bondholder has 3 trustees.

We were told to either accept the application as a natural person application and therefore sign the wrong bond documents or no bond will be granted. THIS IS DESPITE THE TRUST HAVING 2 PREVIOUS BONDS with STANDARD BANK AND WE NEVER ENCOUNTERED THIS PROBLEM BEFORE INC. A CREDIT CHECK ON AN INDEPENDENT TRUSTEE.

Company: Standard Bank
Country: South Africa
City: Head Office

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