Nedbank
Exorbitant Banking Fees

We recently purchased an investment property which is only scheduled for transfer in June/July 2015 and have had to raise a property guarantee for said purchase. I approached Nedbank (with whom I have been banking since 1984) to raise the property guarantee. The way it works is that my funds (R800k) are transferred into an investment account (with ridiculously low interest rates) which is then pledged for the full period - they are wanting to charge me a transaction fee of R2565 now (which is completely acceptable given the concomitant admin) and a renewal fee every 3 months thereafter amounting to over R26k for the duration of the agreement. This, despite the fact that they don't have to do any work once the guarantee has been set up and pledged. What irks me even more is that they refuse to even negotiate on the fee.

Company: Nedbank
Country: South Africa
City: Cape Town

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