1 reviews | Active since Apr 2018
Failure to comply with KYC/FICA regulations and damaged my credit score.
I am writing to formally lodge a complaint against Discovery Bank regarding their handling of my account, credit application, and the severe negative impact these issues have had on my financial standing.
When I initially app**** for a Discovery Bank credit card in December, my financial position was stable and my funds were in good standing. However, despite this, my request for a credit increase was denied. Since then, Discovery Bank’s actions have contributed to a decline in my credit score, which has prevented me from successfully applying for other credit facilities.
In addition, I have made numerous attempts to contact Discovery Bank in order to unlock my account and complete the necessary Know Your Customer (KYC) process. Despite my efforts, the bank failed to properly verify my photo and complete their KYC requirements on their end. My account was left active without proper verification, which not only restricted my access to services but also appears to be a breach of the Financial Intelligence Centre Act (FICA), which requires full KYC compliance before account activation.
As a direct result of these failures, I have experienced significant financial losses, wasted valuable time, and endured considerable stress. The decline in my credit score has limited my options, caused unnecessary hardship, and left me unable to access alternative financial solutions.
I believe Discovery Bank’s actions — both in their failure to comply with KYC/FICA regulations and their denial of my credit increase — have placed me in an unfair and financially damaging situation. I kindly request that your office investigates this matter and intervenes to ensure a fair resolution.
We are concerned to hear this. We do apologize for this experience. We have logged this as a complaints case for you, ***5.
An executive relationship manager will be in contact with you.
Kind regards,
Tyrone
We are concerned to hear this. We do apologize for this experience. We have logged this as a complaints case for you, ***5.
An executive relationship manager will be in contact with you.
Kind regards,
Tyrone
This situation is not only distressing but has also created unnecessary stress and financial strain in my daily life. The negative credit rating attributed to my account has directly affected my ability to secure employment opportunities and to conduct ordinary financial transactions without hindrance. These restrictions are having a devastating impact on both my financial stability and personal wellbeing. I have consistently attempted to resolve the matter but have not received adequate assistance from Discovery Bank.
I therefore request urgent intervention to:
1. Review and rectify the credit reporting linked to my account,
2. Provide clarity on why my credit rating continues to be negatively impacted despite having the necessary funds available, and
3. Offer a resolution that will enable me to regain access to essential financial services without ongoing prejudice.
This situation is not only distressing but has also created unnecessary stress and financial strain in my daily life. The negative credit rating attributed to my account has directly affected my ability to secure employment opportunities and to conduct ordinary financial transactions without hindrance. These restrictions are having a devastating impact on both my financial stability and personal wellbeing. I have consistently attempted to resolve the matter but have not received adequate assistance from Discovery Bank.
I therefore request urgent intervention to:
1. Review and rectify the credit reporting linked to my account,
2. Provide clarity on why my credit rating continues to be negatively impacted despite having the necessary funds available, and
3. Offer a resolution that will enable me to regain access to essential financial services without ongoing prejudice.