1 reviews | Active since Aug 2014
My Saga with ABSA Continues
C-***1 My Saga with ABSA Continues Today, on 8 July 2025, I have finally received from ABSA the required documents, i.e. the Loan Agreement and a document called ABSA Flexi-Reserve-Facility (dated December 2024). Also, I would like to make it clear that the monthly instalment never decreased when I was depositing extra money into the very same Flexi Reserve, which was to be expected. Whoever came up with a policy to penalise users of Flexi Reserve when they withdrew their own excess money from their bond account has exposed many unsuspecting ABSA clients to an ordeal of being penalised for using their own excess money. I feel ****** and pushed in the corner as, all of a sudden, one party changes the terms and conditions of a policy/agreement to the detriment of the paying party and without informing the other party. My monthly instalment has increased so much that I have to withdraw more from the Flexi reserve so that I can pay the INCREASED instalment. This is a vicious circle into which I was pushed without even being informed about it. I do not know if any other banks do this, but I would like to warn the public about ABSA not honouring the original agreements with their long-standing clients. NB. I have the cited documents available to prove the above.
