1 reviews | Active since Mar 2014
Inquiry Regarding Overdraft Interest Reversal and Documentation Request
I recently successfully resolved a transaction dispute with Discovery Bank; however, I incurred interest charges due to the negative balance during the investigation. Following my victory in the dispute, I formally requested a review of the interest charges. I inquired about the methodology used for applying interest to the debit card.
I subsequently received the following response from Neo Molaoa, an employee of Discovery Bank:
"Dear Itumeleng,
Thank you for reaching out to Discovery Bank.
We have reversed the overdraft interest that was charged to your account.
If you have any further queries, please do not hesitate to contact us at ***."
On the 16th of August, I responded to Discovery Bank, including Vuyelwa Jola (***), with the following query:
"You mentioned that you have 'reversed the charged overdraft interest.' Could you kindly confirm if an overdraft credit feature is linked to my card? If that's the case, I would appreciate knowing the limit and also request a copy of the application form I completed for the overdraft. Your assistance in this matter would be highly appreciated."
As of now, I have not received any response from Discovery Bank. In accordance with the National Credit Regulator Act, I kindly request answers to the aforementioned questions and the provision of necessary documentation. Additionally, I seek clarification on the legality of this situation.
The case reference number for the transaction dispute is #[***4].
Thanks for reaching out to us.
The overdraft mentioned in the email response to you is not an overdraft of credit, it merely refers to the state that your account had run into a negative which had resulted in interest being incurred on your account. The reverse would have been the case should your account remain with a positive balance. You would have received interest on these funds.
We do apologies for the confusion caused to you.
Regards
Girshwin
Thanks for reaching out to us.
The overdraft mentioned in the email response to you is not an overdraft of credit, it merely refers to the state that your account had run into a negative which had resulted in interest being incurred on your account. The reverse would have been the case should your account remain with a positive balance. You would have received interest on these funds.
We do apologies for the confusion caused to you.
Regards
Girshwin
In terms of the National Credit Regulator Act and the Banks Act.
Could you kindly display the section indicating that in cases of insufficient funds on a debit card, transactions will not be declined; instead, they will be accepted, and subsequently, a 22.25% interest rate will be app**** to the outstanding amount?
I found Vuyelwa Jola's handling of my case to be inept, and she remained unresponsive until I engaged with the Ombudsman. Consequently, I would like to ascertain the legality of imposing a 22.25% interest rate on a debit card with insufficient funds. Does this imply that if I were to conduct a transaction at Checkers with inadequate funds, the transaction would be honoured, followed by the imposition of a 22.25% interest rate?
In terms of the National Credit Regulator Act and the Banks Act.
Could you kindly display the section indicating that in cases of insufficient funds on a debit card, transactions will not be declined; instead, they will be accepted, and subsequently, a 22.25% interest rate will be app**** to the outstanding amount?
I found Vuyelwa Jola's handling of my case to be inept, and she remained unresponsive until I engaged with the Ombudsman. Consequently, I would like to ascertain the legality of imposing a 22.25% interest rate on a debit card with insufficient funds. Does this imply that if I were to conduct a transaction at Checkers with inadequate funds, the transaction would be honoured, followed by the imposition of a 22.25% interest rate?
As you complaint is being handled by the ombudsman we can not longer assist you on this platform.
Our executive relationship managers will be dealing further with this case.
I do apologise for any confusion this could have caused you
Regards
Girshwin
As you complaint is being handled by the ombudsman we can not longer assist you on this platform.
Our executive relationship managers will be dealing further with this case.
I do apologise for any confusion this could have caused you
Regards
Girshwin