I opened a Student Achiever a few years ago when I was studying. I was told at the time that the account would only be valid until I was 26. The student achiever account has zero fees and zero overdraft.
At 26 the account was automatically "converted" into a standard account with fees. I have no problem with this. The fees were then deducted from my account (which had a positive balance) monthly until the account had a zero balance. This I also have no problem with. What I have a major issue with is what happened when the account reached a zero balance. The account was not closed. But an overdraft was issued against my name WITHOUT my consent. Surely issuing someone with credit without their approval is not just unethical but against the credit act? The fees were then continuously deducted from the overdraft which I never consented to. And now on going to Standard Bank to close the account, I am told I owe R800 before they can close the account. In my opinion the account should have been closed by the bank when I reached the zero balance and I should not be liable for amounts I never agreed to.
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