FNB & Foreign Nationals

I am a foreigner living legally in South Africa since 2006. My encounter with South African banks always begin the same way. Everything is fine until they start blocking your account without notice just because you are a foreigner.

I had a share trading account with FNB until they decided to block the account without notice. (No phone call, email, nothing) When I called them, they told me that because I am a foreigner, my account needs to be upgraded to a non resident account for it to be opened and I needed to sign a form for that. (Why block my account FNB if all you could have done is call me)

I agreed to the upgrade then I was told that anytime I want to trade shares from now on I have to call a call center and tell them what I want to trade. For a bank that prides itself on being the most digitally advanced bank in SA, having to call a call center to buy and sell shares is really primitive. How often them would I have to call your call center a day if I am making trades. How often is any call to a call center a pleasant experience. (If you actually get through)

I then asked to close the account as it makes no sense to operate in this manner and I was told that I would still need to upgrade the account first before closing it.

As a foreigner, your life is already difficult enough trying to get by and for banks to put barriers on accounts like this just because you are from another country makes you feel like less of a customer. They have no problem placing bank charges though.

I have been with FNB for many years after leaving Nedbank for the exact same reason. I am truly DISAPPOINTED TODAY.