AFRICAN BANK IS DEVIOUS

Beware if you are planning to reinvest a fixed deposit you have at African Bank. Rates have dropped, but the bank still offers decent rates. For example, the effective interest rate for 12 months, interest on expiry, is 7% - as advertised. Taking interest monthly, is 6.79%. When you reinvest online, you are not given any options to choose when interest is paid out, and the default interest rate remains 6.79% even though the interest is on expiry. In other words, African Bank robs you of .21%. They advertise you get 7%, but only give you 6.79%. Now this most devious. It is false advertising; it is *********, and downright ******* to my mind. An investment statement I drew confirms that the effective interest rate the bank will give you, on expiry, is 6.79% , instead of 7%. So, after spending more than 40 minutes in the bank, head office agreed that this was wrong (having been found out), and they will correct it, that is, for me, hopefully. But what about all the other investors who have not queried this? So, the big banks rake in millions, ********ly, because of some "oversight" in the system. Really? Any case, investors beware of African Bank, and check your investment statements, and don't hesitate to complain to the Ombudsman and other bodies for your protection.