First National Bank
FNB not refunding overpayment of insurance

On 13 February 2013, I approached FNB client services to cancel my building insurance with Outsurance (OS) as I obtained cheaper insurance elsewhere.

(Monthly payments of R391.00 was deducted from my home loan and paid to OS - at the same time my Absa savings account was debited with the same amount in to keep the bond balance at nil).

OS required 14 days notice and it was still in time for cancellation end February 2013.

All paperwork including a copy of the new insurance was electronically filed on my FNB home loan file.

On 14 March 2013 my bond account reflected a nil balance.

At end March another payment of R391.00 was deducted from my home loan and paid to OS. However OS acknowledged that an overpayment was made to them and they paid the money back into my bond account.

Approaching client services at FNB on 28 March 2013 they admitted the money is back in the bond account and could be withdrawn by myself within 14 days.

On 12 April I was advised by FNB client services that the money has been transferred to Unallocated Funds Account and no longer refundable.

Could you kindly assist?
Corrrie du Plessis

Company: First National Bank
Country: South Africa
City: Pretoria North

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