1 reviews | Active since Mar 2017
I recently activated my Flexi Reserve option and did a power of attorney on my bond account. I decided to test the Flexi option and deposited a R1026 extra & tried to move the R1000 back to my cheque account, to no avail. Called the Home Loan team and was explained something totally different from the below. I was explained that I would not have access to the R1000 as my current outstanding balance is more than Absa loaned me originally and this is because of the initiation and interest fees attracted thus far. I told the lady to escalate the matter as I'm in need of the funds and only transferred to test Flexi Reserve account. Reference number for escalation: ********** 5. Can you please see to it that your Flexi Reserve Account is correctly explained to your customers and that my money is available for me to spend on necessities by tomorrow latest. Bond Account: 80-8 **********
This is what Absa's Website says about Flexi Reserve Facility:
With FlexiReserve you are able to access any excess payments you’ve made to your home loan, over and above the due amount. You benefit from reduced interest whilst funds are in your Home Loan, whilst being able to access them as you need them.
Deposit additional funds into your home loan.
Any additional deposits are deducted from your outstanding balance immediately, saving you interest costs.
Transfer available funds (effectively your savings) from your home loan (withdrawals increase the home loan balance, increasing the interest charged at your home loan interest rate).
Additional payments or transfers may affect the monthly repayments on your home loan (as the repayment is periodically reset).
Immediate access to available funds via the Internet, telephone, ATMs or branches.
Please note:
The minimum withdrawal transfer amount is R1 000.
The maximum transfer limit via the Internet, Telephone, or ATM is set by you. Should you wish to change any of the daily limits on these services, please visit your nearest Absa branch.
Cash withdrawals and 3rd party payments (directly from the home loan account) are blocked.
Available funds in your home loan can be used for any purpose, from home improvements, education, to dream holidays.
Dear Customer
Thank you for bringing this matter to our attention. Noted and we will filter the matter to home loans for better explanation to customers.
We apologise for the inconvenience caused.
Kind regards
Nthabiseng Sibande
Group Customer Care
Absa Bank Ltd
Best regards,
Dear Customer
Thank you for bringing this matter to our attention. Noted and we will filter the matter to home loans for better explanation to customers.
We apologise for the inconvenience caused.
Kind regards
Nthabiseng Sibande
Group Customer Care
Absa Bank Ltd
Best regards,
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