First National Bank
Recalculation of Amount Payable

Since beginning December, I have been receiving e-mails and SMS's regarding the repayment amount on my Flexi-Bond account. When I queried this, I was informed that this happens every time I withdraw money from the bond account. Since I am not making use of a facility over and above the loan amount, but simply accessing excess funds that I have deposited, this should have no impact on the repayment period or the repayment amount. The amount actually decreases every time, so that further negates the validity of the comment. I have however noticed that it happens every time I make a withdrawal, so in that regard the statement is true.

I have asked for an explanation of what the basis (capital amount, interest rate and repayment period) is that is being used when these recalculations are performed, but I have not had any luck in that regard.

The recalculated amount however has nothing to do with the amount of the withdrawal, the withdrawal simply triggers some recalculation. It ads absolutely no value whatsoever, wastes my time and clogs the internet and SMS systems with useless information.

So, can someone please explain why this is being done? Can I please stop getting these?

Company: First National Bank
Country: South Africa
City: Premier Banking

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