On 23 June 2011, I applied for a personal loan at Nedbank George, it was granted. In May 2012 I asked for a reload of the loan that was also granted, on advice from the personal loans consultant I send them proof that I have the necessary insurance cover in place in June 2012, the insurance was cancelled on my personal loan. My account is currently up to date. On the 20th of December 2013 an extra amount of R524.94 was deducted from my bank account, apparently for insurance. My concern is that Nedbank reinstated the insurance without my knowledge and signature. This is a clear contravention of the FAIS act. I made contact with the personal loans department on 21 December 2013, they promised to give me feedback and that the amount of R524.94 will be refunded, I received the money but no feedback. This amount was again deducted on the 25th of January 2014. It seems that Nedbank is in financial difficulty and try means to get money from unlawful practices. I have been a loyal client with Nedbank since 1989, but these unpleasant recent events will motivate me to move my account elsewhere.
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