First National Bank
Avoid FNB Student Loans at all costs

Complaints

1.)Random direct debits being taken off of my account at unspecified times of the month
> resolved only after 6 months of begging, pleading and threatening.

2.)Father unable to step down as surety for loan after I had graduated as a medical doctor. Why have us spend a weekend filling in information to have the loan transferred into my name then!?

3.)Call center only willing to speak to my guarantor/surety regarding my loan.

4.)FNB effectively forced my father to take out CPP insurance against the loan in my fifth year of studies to mitigate risk. Was not part of original agreement but what can one do if you are in your fifth year and need to continue studies?

5.)FNB CPP insurance currently represents approximately 10% of my actual monthly loan payment. But unlike my interest and monthly service fee's the insurance is not currently charged against my account. I'm expecting it to come into play once I have paid off my loan in 4 years-the strategy to effectively tie me to a longer loan term?

6.)If my father is forced to remain surety for the loan why am I forced to take out CPP insurance as well?

7.)Yet to receive a quarterly statement without requesting one!

Company: First National Bank
Country: South Africa
City: Cape Town

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