I gave Standard Bank written notice of my intention to cancel my bond. I fully understand that such notice is only valid for a period of 3 months and has to be renewed thereafter. That is why I requested my transferring attorneys to remain in contact with Standard Bank's Bond Cancellation Attorneys, which they have done. The bond could not be cancelled within the time frame due to various reasons. What is interesting is that Standard Bank withdrew the cancellation, unilaterally and without even as much as an email or sms to me - let alone a phone call. When the cancellation figures were again requested in July, I was told that penalty interest will be levied due to the fact that the bank requires 3 months notice. But I gave them 12 months notice! This is what you get for paying your bond every month for 6 years! I lodged a complaint but was told that the bank was within its rights to withdraw the notice and didn't have to communicate with me about it. It ended up costing me R 2 970.20 in penalty interest. Home Owners beware! This "penalty" is worse than a speeding fine - at least with the latter I have broken the law. Std Bank sucked every cent out of me before spitting me out!
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