Standard Bank
I feel like Standard Bank have ripped me off!

My personal business banker asked me if I'd like to increase my overdraft and I accepted. As I was signing the documents I noticed that the interest rate was stipulated at 20.78% and I asked why it was so high (not knowing what I was actually paying before). She said it was because Standard Bank were bringing themselves into line with other banks interest rates.
When I got home I was shocked to see that my interest rate was 11.5% the previous month and they had increased it by 9.28%! I went in to see the regional personal banker and she told me my previous rate was a mistake and the new rate of 20.78% was for good clients and I was actually lucky!
To add insult to injury the bank charged me interest on the new rate for the 18 days before it was added to my account. They reversed the 18 days at the new rate after I complained.
I checked my FNB interest rate on my overdraft and it is only 14.5% Bye Bye Standard Bank!

Company: Standard Bank
Country: South Africa
City: Fourways Crossing

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