As a developer I want to warn the public regarding building loans from Std Bank. They will not allow any payment to be made to the developer as they (Std Bank) will then lose their interim interest. Interim interest is at? 2% during the building period. So they stall as long as possible to collect as much interim interest as possible. This interim interest is deducted from the amount due to the developer, although the building agreement clearly states that the client is responsible for all interim interest. This method solves the problem for the bank. If they can stall long enough they wont have to pay a cent to the developer as the retention amount would have been used for interim interest. Thus the developer wont receive any money!! Our client has contacted them on numerous occasions and received many promises. My business Manager at Std Bank Benoni contacted them and received more promises etc. etc. We have to go this route with every Std Bank transaction. And their answer??? WE ARE SORRY YOU FEEL THIS WAY.
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