When I took a home loan out with ABSA I chose to use my own insurance broker to insure the property and not to use the policy offered by ABSA.
My broker informed ABSA of this and I paid and continue to pay my broker for home insurance.
It now turns out that ABSA have been deducting insurance premiums from me notwithstanding the above. This was not picked up by myself since the insurance premium deduction is not shown as a separate item on the the statements they send out. Rather it is rolled into the monthly instalment re-payment amount. I wonder how many other people this is happening to without their knowledge?
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