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les W

1 reviews | Active since Mar 2009

07 Aug 2015, 16:32

FNB Mislead me on my investment with them

In June ,2010 I asked FNB Fishoek what the best interest rate would be for a 5 year investment, I was told that at the time it would be 11.5% per annum. I then asked what I would need to invest to get R1 million after 5 year. I was told that a R600 000.00 invested for 5 years at a compound interest rate of 11.5% would give me R1 million on maturity.<br> <br> I duly invested the amount of R 600 000 and was recently advised that the investment had now matured . According to the calculations made at the time I made the investment I should have received a a maturity value amounting to R 1 034 012. I was devastated to find that only an amount of R 945 189 had been deposited in my bank account - a shortfall of R 88 623.<br> <br> I have tried to get an explanation from FNB for this massive discrepancy and have been rebuffed without explanation other than a reference to the original documentation that does NOT specify a simple interest rate. <br> <br> I am a pensioner and cannot afford this shortfall on the clear terms of the investment made.

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Replies (1)
FNB (First National Bank)
FNB (First National Bank)'s reply07 Aug 2015, 16:53
Official
Hello les,

Thank you for taking the time to bring this to our attention. We would like to apologize for any inconvenience caused.

A formal complaint has been logged on your behalf and the reference number is 737866.

Regards
Complaints Resolution
Amukelani Ngobeni-Chauke
Email address: ***
Tel number: *** (option one)