I have been experiencing problems with Nedbank 'transactional' accounts operated by debt review clients. In terms of the debt review process, a debt rearrangement proposal is submitted to the bank. Once the proposal has been accepted by the credit provider (Nedbank) the client is expected to make payments in accordance with the accepted proposal. I have been experiencing ongoing problems with Nedbank cheque accounts. In terms of the accepted agreement, the debt/overdraft facility should be reduced by the accepted repayment amount on a monthly basis until the debt is repaid. But Nedbank seems to have an admin problem and insists that "the limit will have to be removed completely and the client will no longer be allowed to use this account.
Client will need to open a new saving account for salary and debit order and blocks and holds will be placed on the following account, As once the account is paid up the account will be closed." This is not in terms of the accepted agreement! Nedbank's stance also poses a major inconvenience to clients as salaries and debit orders are processed through this account. But, alas, it is clear that Nedbank is not interested in customer retention!
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