First National Bank
FNB Decides to do Whatever they Want

I signed up for a student loan to take on my studies of an MBA. We agreed on the interest rate of 12.5% and that the interest would be due for the period of study and thereafter the capital would be repaid.

I suddenly started noticing that the amount being paid off my bank account more than doubled and I assumed that this was because the capital portion was now being included.

Upon checking the statement - It now says my interest rate has gone up to 18.5%!!! and that I am paying an insurance amount of R 227.47 per month and a fee of R20 - EVERY month.

Combining this with my interest payment I am now paying FNB and effective interest rate of 22.77% per annum!!!

I am a platinum client with you and have investment accounts at FNB as well. If this is not corrected Immediately with the excess interest paid back to me I will move ALL my accounts! I never agreed to an interest rate of 18.5% or the effective rate of 22.77%!