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Samiksha --

1 reviews | Active since Apr 2021

03 Mar 2023, 09:53

FNB Home loan eBucks issue

I have recently switched my home loan from another banking institution to FNB. The following clauses are within the contract that I have signed. "3.7 The customer is hereby granted the Sasol Group scheme interest rate discount of [FNB’s Individual Customer Bond Rate] Less 1. Subject to the following conditions: the customer must remain in the ..... of up to eB61000 back in eBucks on the first home loan repayment. 3. Apply the above discounts only if applications are submitted to FNB directly."

As well as "3.17. The Switch 2022 campaign is effective from 19 February 2022 until 28 February 2023. The Customer/(s) will get the initiation fee back in eBucks amounting to eB61 000... website www.fnb.co.za or www.rmbprivatebank.com."

Since I am a Sasol employee and I have switched during the campaign, both clauses are applicable - and within this binding agreement, neither clause negates the other.

Post signing this contract, I have been informed that I will only receive eB61000 as that is the maxiumum payout. I then queried this and was advised to read the terms and conditions - which I did. The Terms and conditions have no information in this regard and one clause does not negate the other clause, meaning I am lawfully entitiled to both. Upon providing my justification to the FNB home loan sales agent, she is adamant that they will only pay eB61000 because "that is what they do", not because it is in the terms or the contract ( I did ask her to indicate where it is in the terms and conditions and she could not). They are now using the justifcation that it was done this was (paying eB61000 only) last year and that is why they will do the same for me. Banks or any institution does not work on an example from a previous customer, their actions are governed and dictated by the legal documentation which they draft. FNB now wants to provide me with recordings from someone else's case (I think it is against the POPIA act) to show me that it is the way they handled the last case. This information is irrelevant, the other person's case has no bearing on my own and my contract is with FNB.

The issue is that FNB is not happy that I have found what they feel to be a "flaw" in their contract and terms and conditions and they refuse to be accountable and pay up.

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