Standard Bank
Standard Bank cancelled my access bond facility

I have had my standard bank access bond facility since 2007. I seldom used the facility, and have never been late nor have I ever missed a bond repayment. Two months ago I decided to pay all my savings into the access bond because I thought it would be safe and because it was a "access bond", I knew the funds would be available if I ever needed it. I even contacted standard bank to confirm how I could transfer the funds and how I would have to go about gaining access to the funds. During the telephone conversation it was confirmed by the on the line that the access bond facility is still active and available. Much to my surprize I was told this morning after making a routine enquiry that my access bond facility has been taken away, due to the fact that they say I had not used the facility for six months. This after I paid 900k into the account over the last three weeks. What gives Standard Bank the right to just stop a facility without proper communication or notice. For me the biggest laugh is that I was told that I now need to apply for a new access bond facility which will only be granted if I do all my banking through standard bank. Is this your way of getting new clients

Company: Standard Bank
Country: South Africa
City: Homeloans

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