FNB temporary loan facility is a brilliant initiative, however after I used the function I have had disasterous experience. Last week I took a temporary loan to respond to a temporary cash flow need.5 days later I deposited cash in my account for other purposes. Totally unbeknown to me 12hours later I perused through my banking details the money I had just deposited was swept off my account. I was perplexed by this occurrence since when taking out the loan what I presume were the substantial T&C's were displayed on the screen that included details on the interest rate after 31 days and service costs etc. Nowhere did I read of a repayment triggered by cash deposits even 26days before the 31days low interest period is up. Now to any reasonable person that is a material omission of substantial information. consequences are that the customer then ends up not enjoying the full value of the service being offered. Secondly this creates an undesirable impending financially crippling nock-on effect on personal finances i.e. bounced debit orders, hefty bank for these unfulfilled debit orders. Customer service personnel are totally inflexible and unsympathetic to this. Very Dissapointing!
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