First National Bank
Misleading investment advice:

I write on behalf of my domestic worker who is unable to lodge such a complaint herself:

Mrs Lizana Masango, acting on advise from Investment Dept of FNB, opened a Money Market Maximiser. She has no full time employment but had some money she wanted kept aside to earn interest. She has no education and makes a living doing peace meal domestic work. She is financially illiterate.
The terms and conditions of the investment fund were never explained to her. She was not made aware that should the balance of the fund fall below a minimum amount, she would be charged R55 per month. When I saw a recent statement I was horrified to see that this fee is now eating away Capital. I advised her to close this account immediately.
When I took her to close the account, we were told the account was inactive - this in spite of the fact that she was still being charged R55 - for an INACTIVE ACCOUNT. We had to reactivate the account before it could be closed - AND NEEDLESS TO SAY, FNB TOOK ANOTHER R18 before closing it.
FNB should be ashamed of themselves taking this money from someone who has no understanding of investment funds.

Company: First National Bank
Country: South Africa
City: Pretoria

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