FNB COVID-19 ASSISTANCE, SERIOUS COMPLAINT! - ZERO SERVICE and ZERO LOYALTY! CALL CENTERS CANNOT ASSIST, NO REPLY to EMAILS - to A CUSTOMER PAYING 4 MORTGAGE LOANS DILIGENTLY, FOR 13 – 15 YEARS! THE ONLY WAY TO PROBABLY GET HOLD OF THEIR ATTENTION – WOULD

EXPECT ZERO SERVICE and ZERO LOYALTY FROM FNB!

Rest assured that FNB is going to surface, after this pandemic – with the most money in their pockets and the best cash flow – of all the banks in South Africa!

How do they manage the above? They simply succeed in keeping a large percentage of their mortgage client base of penetrating their defenses and succeeding in requesting relief. The few that do get through to FNB are forced into personal loans – to fund their bond premiums – and payable over a much a longer period than the premium relief that they seek. On top of the financial crisis that we are in – FNB creates another loan that is payable in parallel with the mortgage loan, after the relief period! A top client of mine (FNB Private Client) told me that the above solution was implemented by his Private Banker with FNB – without offering any other alternative (i.e. a 3-month premium-bridge because of COVID-19).

My endeavors for help started on the 4th of May. I used the contact numbers for their call centres. On the first call, I was holding on for one of their consultants – and after 28 minutes I was cut off, probably because we reached 16H00 (4 pm) and the consultant wanted to go home. One of their consultants, on the business account side, gave me feedback that FNB only made a minute amount of R100 million available - to assist all their clients that are in financial distress! I sincerely hope that it is not the case. It would be a shame if it is the case - and if this is what FNB thinks of their clients. On 15 May, I decided to make a last attempt to contact FNB for assistance. The same thing happened as the previous week – I was holding on for the consultant (name written down) and was cut off after about 30 minutes. I have a reference number for this call. At the point when I was cut off – the lady was trying to guide me through the web, to create a username and password for me – after I have downloaded their app on my cell phone. Unfortunately, I was cut off and again ended up in a situation - where I have made zero progress. On 15 May I got the following email address from their call centre and provided FNB with all the info of my battles with them, including my 4 mortgage loan account numbers - ***. I received an automated reply to my email and NO follow up by any of FNB’s consultants – although full contact details were provided. I followed up, with another email on 16 May. Today is the 28th of May – and still had no response on my email of 16 May and FNB made NO attempt to contact me.

This is how the OTHER BANKS treated me and how easy they made it to get relief, for a once in a lifetime pandemic – when needed most: Absa Bank sent me Text Messages for every Bond Account. I only had to reply – opt in (1) or opt out (2). Within 2 weeks I received written confirmation of 3 months premium relief on ALL my bonds with Absa. Nedbank and Standard Bank processed the 3 months premium relief on my bonds, after I made calls to them – also 100% successful. Please note – no application process was required, and no loans were offered – just a clean break of 3 months!

THIS IS WHY FIRST NATIONAL BANK SHOULD BE ABLE TO ASSIST THEIR LOYAL CLIENTS EVEN BETTER - South African Banks now have around R540 billion extra in theoretical leeway to grant loans/provide relief during the COVID-18 crisis, thanks to rule changes by the Reserve Bank’s Prudential Authority, by temporarily reducing Pillar 2A minimum capital requirements for banks to zero (from 1%) - so that banks will be allowed to conduct business with a zero percent Pillar 2A capital requirement without any regulatory action being taken – and providing factors for restructuring of retail loans due to Covid-19 related factors. These restructured loans will be classified as “Covid-19 related restructures”. For the duration of the crisis, the Reserve Bank has also lowered the Liquidity Coverage Ratio (LCR) from 100% to 80%. On top of this the Prudential Authority is recommending that Banks hold off paying dividends during the COVID-19 crisis – which would even further enhance their capital strength.

I would strongly advise potential FNB customers to do proper research, before getting into bed with them – and sincerely hope that existing clients would open their eyes and move to banks that are WILLING and ABLE to give excellent service support - and stay LOYAL to their customers!

I do not wish the above on any of my enemies! Hopefully, I can get rid of my accounts with FNB – soon after the COVID-19 pandemic.