A TALE OF 3 BANKS DURING COVID 19

A Tale of 3 banks in 2020 during Covid 19:

I have seen mention online, that during Covid 19, a time of deep crisis in all our lives,a lot of people are finding out who their real friends, family, and neighbours are.

Its no different for your Banks, despite all the “How can we help you ?” slogans painted on the walls by the marketing Gurus.

This would have been a tale of 4 banks except during another time of deep crisis in 2007, Nedbank chose to “punish” me by closing my Credit card after it got 3 payments behind. This despite all my offers at the time , to settle the outstanding amount in full. Needless to say this loyal customer ,who had been with them since leaving school in 1985, has not dealt with them since. Of course the moment id settled in full, all the desperate marketing offers started. Their apologies didn't quite ring true , all that kept going through my mind was ,where were you when they were treating me like a ******** for getting into debt, instead of helping me get out of debt ,during my hour of need?

Anyway ...back to now...lock-down and all the financial troubles it brought began for me and my terminally ill wife , days before the actual lock-down period. The moment it was announced on 23 March 2020 that hard lock-down would begin on 27March 2020,my tenants, who paid on my 25th of the month(my bond payment date) immediately ,either vacated or simply held onto their pay check to survive. And who could blame them ?,we were all in fear of our lives.

In 2 days my rental properties went from full to either vacant or worse, tenanted but not a cent of income. In addition my work informed me pay would be dramatically cut immediately ,due to closure.

So on 25thMarch ,2 days before actual lock down,we already went into arrears with Absa, Fnb and Standard bank.

Much to my relief I saw on the news ,the reserve bank was assisting the banks with liquidity and relaxing lending rules for the banks to be able to in turn, help their clients. In other words to be able to pass on the help they were given by their “bank”to their clients. This is how it went…. ABSA Bank: Within a few days I received an sms from ABSA Bank asking if I required a 3 month payment holiday on my bond ,and credit card ,that would be added on at the end of my bond term. WOW ! ,i was amazed and relieved and gladly accepted ,i received an acceptance sms the same day ! That warm fuzzy feeling you get when you genuinely need help ,and without you begging ,someone surprises you and steps forward and reaches out with a helping hand ,knowing you are in need,i got about my bank!

The 3 months would be added to the end of my bond term when there would be no Covid 19 so I wouldn't have an issue about payment then.

I was very happy,and more than happy for the bank to charge that bit of extra interest over the long term. My stress levels dropped dramatically and I felt valued and looked after during my hour of need. It was a win win for both me and Absa Bank. I waited and hoped to receive the same from Standard bank and FNB………….. And waited….. And waited…..

Standard Bank: Eventually I contacted Standard Bank online,and was directed to an application process online and within 24 hours was offered the same on my bond and card. I was accepted a few days later. Happy customer ,not quite the same ,when you have to ask for the help when its clear to all you need it ,but still very very grateful for it.

Fnb: I tried calling numerous times but got no answer. I had to leave my terminally ill wife alone (No carers due to shutdown)and go to the main branch in Newton park,Port Elizabeth,and stood in a queue (of all things during a pandemic)with a hot mask, around the block for an hour. When I got to the doors I was told they couldn't help me ,i could only apply for Covid 19 assistance on the app. I Loaded the app after much hassle ,not being a tech fundi and found the Covid 19 application process. I Filled it out and noted that “Fnb had decided for my own good,that it was not granting a payment holiday that would be added to the end of my loan term,but a loan to cover the 3 months on my bond. It stated ,I would have to start paying it back after the 3 months plus my normal bond amount….???? Once again the marketing Gurus told me it was for my own good and stated how much better and cheaper it was for me over the long term ,with all sorts of fancy financial calculations. All im interested in is ,surviving the next 3-6 months,not “long term interest calculations and costs” . It seemed to me some accountant or actuary at the top of Fnb had figured this all out as a more profitable way for Fnb and then sugar coated it as “better for the customer”. If it was true then why were customers not offered a choice of how they wanted to finance the relief themselves? That would have been real “How can we help you?”- “we will go one up on the other banks and give you a choice” I immediately wondered, how after 3 months had passed, was I going to pay the normal bond plus a loan. I suddenly understood how desperate people get caught by out by loan sharks. Even then ,even a child could have told you the financial effects would be hitting us all way ,way beyond 3 months. Anyway not being given any choice in the matter and not really having any other choice ,i filled out the online application. I explained about my rentals being cut already at end March and why and took a picture of my letter from work stating my pay had been dramatically cut etc. It stated on the app each step would take 24 hours.

It got to step 2 ,received documents, decision pending and 3 MONTHS later it hasn't moved from “Documents received”….

Ive since received numerous call from Fnb collections, some nice some not so nice about my arrears. Every time I explain ,i have done my application on the app and haven't received an answer can you assist? The answer is no,they have no access to the Covoid application process or people(not even an email) and have no way of contacting them to check on the progress of the application ??? I must just wait. Eventually ,a month ago ,I got someone sympathetic to my pleas ,and she asked me to send the info I put into the app ,by email,to see if she could help. I did so with no reply. Today I got a nice Sms from *** to say “FNB:To avoid your property from being sold on auction call ***” Shortly thereafter I got a call from collections again,explaining I was R21 000 in arrears and my next 5000 was due on the 25th July 2020. When I explained I was still waiting for a response to my Covid Application she got back to me explaining it had been rejected because I hadn't paid since Jan 2020. Eventually she confirmed I had paid Jan and Feb a week later than the due date of the 25thso thats why its regarded as unpaid ? I asked her if it was fair to keep me waiting 3 months in expectation of receiving Covid relief if it was such a clear cut case.. I sent an email reply to the Auction threat asking if I somehow came up with the arrears could I then apply for Covid relief ,keeping in mind my next bond payment is due on the 25th ,and it sent me an automated reply stating that they would reply in 5 – 10 working days due to the high number of Covid 19 relief applications…… My app still only says documents received, no decision ,after 3 months…...

My only regret is not having all our bonds with Absa Bank …...

Update..ABSA Bank has done it again !, again they personally called me to offer me a discounted bond payment for the next 6 months if I needed it. And if my financial position improved sooner ,i could simply pay the normal amount.

With this assistance I have in turn been able to offer assistance to my tenants who are not working yet. They have gladly agreed to paint my entire premises in lieu of rent due. They couldn't stop thanking me with tears in their eyes,for offering them a hand up , not a handout. I was only able to do that because ABSA and Standard Bank had done the same for me….. We will all remember this time until the day we die, and those that were there for us and those that weren't ……… Shame on you that werent there for your fellow man,or woman …..