Nedbank does answer why their practices differ from what they advertise on their website.
Advertisement on website regarding NedRevolve Facility:
"This built-in feature allows you to build a cash surplus by depositing extra funds into your account, either on a monthly basis or from time to time. These funds are yours to draw any time you desire and enjoy any way you like! Plus, since you'll be boosting the balance in your home loan account, you'll be reducing the interest you're paying on your loan."
In the last 13 months I've paid in excess of R5000 extra, above and beyond the specified bond amount.
This money is however not accessible for me to draw, as specified in their advertisement.
When querying why I cannot access extra funds deposited into my account, specifically asking why I cannot draw the funds as advertised, I get a highly technical response which someone not familiar with accounting practices has no chance of understanding...
Suddenly very glad I did not move all my accounts to Nedbank when taking up my bond with them!
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