First National Bank
REFUSAL TO ISSUE BANK GUARANTEE

I HAVE AN EXISTING HOME LOAN WITH FNB AND HAVE AN ACCESS BOND WITH FUNDS AVAILABLE. I AM IN THE PROCESS OF ASSISTING MY PARENTS TO PURCHASE A RETIREMENT HOME AND WANTED FNB TO ISSUE BANK GUARANTEE TO THE ATTORNEYS ON THE FREE FUNDS ON MY HOME LOAN. FNB HOMELOANS STATE THEY DO NOT ISSUE BANK GUARANTEES AND I WILL HAVE TO DRAW THE FUNDS AND PUT IT IN THE ATTORNEYS ACCOUNT. THIS WILL RESULT IN ME PAYING INTEREST ON THE BOND WHICH CANNOT BE OFFSET AGAINST THE INTEREST THAT I WILL EARN ON THE TRUST FUND AT THE ATTORNEYS RESULTING IN ME HAVING TO PAY TAX ON THE INTEREST RECEIVED IN THE TRUST ACCOUNT. I CANNOT BELIEVE FNB HOMELOANS CANNOT ISSUE A BANK GUARANTEE ON MY FLEXI FUNDS IN MY HOMELOAN. IT IS TOTALLY UNACCEPTABLE AND IN MY POINT OF VIEW POOR SERVICE!

Company: First National Bank
Country: South Africa
City: HOME LOANS

  <     >