Standard Bank
Double charged for insurance and NO refund

I was working for CIB and had a CIB homeloan, i left the bank and my bond was moved to another bond system since i could no longer benefits from staff rates as i was not staff anymore. They did not tell me that the bank will to assume that i do not have the house building structure insurance and therefore my bond would automatically be covered by the standard bank insurance. It is mandatory that one must have structure insurance for the house for the bank to finance it, so it should be common sense that since I had the bond when I was in the CIB home loan system, i have structure insurance already. Later, I received an email explaining the break down of my monthly installment and in BOLD RED text the email advise that if I have a separate debit order for the building insurance i should not have a line item for building insurance in my installment break down. So I queried this demanding a refund either in cash or reducing my bond with the sum of the installments, the bank asked for proof that i had insurance before moving the bond, which i sent to them and they cancelled their insurance. After multiple times of asking about the refund, today i was told that i will NOT get a refund!

Company: Standard Bank
Country: South Africa
City: Johannesburg

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