HD
Hans D
1 reviews | Active since Mar 2009
12 Jan 2024, 14:00
No access to interest held in notice account
Discovery Bank has again come up with a ingenious way to trick their clients. When giving notice on a 60 days notice deposit (interest rate quoted @ 8,5% - same as other banks), you can only give notice on the amount deposited. According to their client care consultant the interest earned has to be kept in the account and another notice of 60 days given, after which further interest would have accumulated, with the process repeating itself ad infinitum. This practice seems highly irregular, or knowing Discovery, it is just a function of poorly trained consultants and/or ******** product developers.
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Replies (1)Discovery Bank's replyOfficial
17 Jan 2024, 11:51Hi Hans
Thanks for reaching to us.
The interest is paid out with the initial amount. So there is no need to place notice for the interest to be paid out. Only with a Fixed Deposit Account will you need to confirm what to do with the interest.
I am sorry for the misinformation and the inconvenience caused.
Regards
Tsholofelo
Thanks for reaching to us.
The interest is paid out with the initial amount. So there is no need to place notice for the interest to be paid out. Only with a Fixed Deposit Account will you need to confirm what to do with the interest.
I am sorry for the misinformation and the inconvenience caused.
Regards
Tsholofelo
Discovery Bank's reply17 Jan 2024, 11:51
Official
Hi Hans
Thanks for reaching to us.
The interest is paid out with the initial amount. So there is no need to place notice for the interest to be paid out. Only with a Fixed Deposit Account will you need to confirm what to do with the interest.
I am sorry for the misinformation and the inconvenience caused.
Regards
Tsholofelo
Thanks for reaching to us.
The interest is paid out with the initial amount. So there is no need to place notice for the interest to be paid out. Only with a Fixed Deposit Account will you need to confirm what to do with the interest.
I am sorry for the misinformation and the inconvenience caused.
Regards
Tsholofelo
