An Unprotected Transaction: Fixed Deposit

Hi FNB I have always appreciated how innovative you are as a bank, and I enjoyed the freedom of being able to transact at my convenience. However, in as much as digitalisation brings ease and convenience to your clients, it is flawed and exposes clients and your staff to risk. In July, I wanted to open a fixed deposit on the app and was frustrated at being not able to do so in the comfort of my home. I was forced to go to the FNB Carlswald branch to be assisted. A consultant advised that to open a fixed deposit, it will still need to be opened on the app, to which I said then it means your app was not simplified because I struggled. They then proceeded to type in their advice code. Asked me if I wanted to reinvest the interest or it must pay out. I then said it must be reinvested like I did the previous year. They said I could hide the account; this will then help me not to be tempted to withdraw from this account, which I thought was a great idea. On the 25th of November, I received the 1st SMS notification with interest paid into my checking account, which was somewhat confusing, and I did not investigate it further. I assumed it was paid out because the investment will be maturing in December, unbeknownst to me that the interest was being paid monthly; I generally do not scrutinise my bank statements. Today I visited the same branch to make a withdrawal. I was put on the phone to be told that only the amount invested will be paid. Okay, how so? That's when it was explained to me that interest was paid monthly. I was confused 😕. Who authorised it? Then they said my account was set to pay out the interest. I then asked the consultant if she could see the details of the consultant that assisted me with the opening of this account; she simply said on her system it only shows that the account was opened on the internet. When I told her that there is a flaw in your digital process, she disagreed with me, and I expected her to, because like any employee, she must believe in your system and show less empathy to a frustrated customer. I then realised that both I and the consultant were not protected by FNB. 1. The consulting rooms do not have recordings; it was just me and the consultant, and they asked questions 🙄 while they were busy on my phone assisting to open the account. There was no documentation that we both completed that will protect us. 2. It will be my word against theirs because there is no proof that I had asked for the interest to be reinvested or paid monthly into a checking account. 3. There was no notification letter confirming the T&Cs of the transaction that confirms who assisted me.4. The fixed deposit letter sent upon the opening of the account does not include details that interest will be paid monthly; had I known, I would have been given the opportunity to rectify this. 5. We might have to agree that though you strive to give your clients innovative ways of banking, opening a fixed deposit, you might have to go back to traditional methods, with proper documentation that will be signed by clients and your consultant to protect them. I honestly hope the above suggestions will be taken into consideration.