1 reviews | Active since Mar 2009
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.
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)
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)
