Last year I decided to settle my home loan leaving a little balance of R 23.00 odd Rand. I also enquired about the Homeowners Insurance and got told I would be covered until March this year. On Monday i realized it was the 01st of April and I had`nt received any communication regarding this insurance so I completely forgot about it and automatically assumed I was not covered. I went onto the Nedbank site and left my details so that someone would contact me on Tuesday which they did. I asked about the Insurance and got told that it had been renewed automatically at a charge of R 4600.00. Never got any communication from Nedbank advising of such otherwise I could of contacted Auto & General who are the underwriters and because I am a customer already would of probably got a better rate than what Nedbank are charging me and secondly my account got debited with an amount of R 1080.47 which was never authorized by me and if I take R 4600 divided by 12 months it definitely does not come to that amount. Cant believe that a bank can just do as it pleases. Very disappointed!
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