Have a general power of attorney from my frail mom who banks with nedbank. Cant do anything with it because Nedbank dont recognise this legal document; resulting in my mom having to be there personally to do certain transactions. My wife just applied for a R50000 personal loan. Nedbank dont accept passports to prove identity. R1200 initiation fee 24.5% interest charged because she doesnt have many accounts resulting in a low ITC score; despite having an immaculate track record with Nedbank for years. Interest rate not negotiable - determined by ITC score. Credit life insurance compulsory because loan is unsecured - if we had security we wouldnt need a loan. This is illegal. Cannot speak to anyone to query these terms because Nedbank hide behind faceless call-centre agents, their policies (even though these are outside of normal legal requirements) and their systems. Bottom line is take it or leave it. What happened to I am the customer who keeps you in existence? I will be closing every family account with Nedbank very shortly and they are the last bank I would bank with. Lastly, dont believe the Green bank line either. This loan took at least 30 pages of paper.
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