I went to see the bank for a 2nd bond. Current bond is only 58% of the property valuation. Already extended and paid for renovations cash. So, great idea to get the 2nd bond (then only 78% of valuation). Still enough security. With the bond I planned to settle 2 small accounts a Standard Bank Advance Acc. If this was done, I would have saved R6000 per month (after the 2nd bond is paid), money I could reinvested in my bond.
I was also planning to transfer my personal and business account to Standard Bank. A business account that is 2 years old, no overdraft and is doing really well.
Now I am told that I cant get any credit from Standard Bank if I have an Advance Account. So I need to settle it first? Never mind the the fact that this was never brought under my attention when I was offered the account. Surely common sense could be used some times?
From the second bond the advance account would have been settled. It could have been arranged that it was done by internal EFT. What would the difference be?
So what options do I have as a client to achieve the above mentioned financial situation/freedom? I assume the only way is to speak to a different bank group?
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