FNB RIPPING CLIENTS OFF WITH #ITEM PAID NO1 FUNDS" CHARGES

Let me preface this by saying that I have been a client with FNB since 2008.

I usually use my cheque card for purchases and thereafter transfer the money back into my cheque account from my credit account or savings pocket every now and again. The reason for this is because my card had been cloned twice before resulting in my entire account being withdrawn and FNB shrugging their shoulders as to when the money would be refunded. I should also mention that I do not have an activated credit card, although I have the account. Accordingly this minimises the risk of some vagrant being able to get into my account and leave me in the lurch once again as they are physically unable to access the account without a card giving direct access.

This morning I woke up to an SMS from FNB advising that a charge of R110 was levied on my account under the above description. As I had never received such an sms before and worried that someone had gained access to my account, I went onto my FNB app and found that, from September I had been charged:-

9/9 R110 11/9 R110 16/9 R110 18/9 R110 20/9 R110 21/9 R110 3/10 R220 4/10 R110 5/10 R220 6/10 R110 6/10 R8.50 declined purchase transaction

I immediately went on the internet to find out what these charges were for and found that FNB, out of own volition chooses to let your cheque/debit account go into a negative INSTEAD OF DECLINING THE TRANSACTION as they SHOULD if there are NO FUNDS IN YOUR DEBIT ACCOUNT, and then charges you a "dishonouring fee" of R25 for every R100 of the balance of which your account is in excess.

Clearly this blatant theft has been going on far longer than I was aware and I am beside myself with rage.

- AT NO POINT did I apply for credit on my CHEQUE account; - AT NO POINT did FNB advise me expressly as per THEIR TERMS AND CONDITIONS that such fees would be applicable on my account; - AT NO POINT after having been advised of these fees (as per point 2), did I enter into an agreement whereby I consented to or authorised FNB to extend credit and push my account into an overdraft and thereafter punish me with exorbitant fees;

What angers me the most is the absolutely SNEAKY way in which they have been doing this. Yesterday I received an sms advising that my account was in excess and that I had to deposit funds to cover the excess "to avoid unnecessary fees" which I immediately did.

- As stated previously, I have been banking with FNB for 9 years and have never had these charges levied - At no point prior to the SMS of yesterday did I receive an SMS advising that I had to deposit funds to "avoid unnecessary fees"; - At no point prior to this morning after receiving the SMS was I aware of these charges going off my account, DESPITE having cellphone banking. They chose to leave me in a state of blissful ignorance so I would continue on as I was doing before without alerting me to activity in my account. - Only after my account was heavily in excess dit the point of sale machines decline my transactions, but NOT due to "insufficient funds" as they are SUPPOSED to, but rather giving an error of "incorrect PIN", causing me to try again, and resulting in the charges being levied AGAIN at the SAME POINT OF SALE. Only after 10 - 15 minutes would I receive an SMS stating insufficient funds as per the one measly charge of R8 odd rand YESTERDAY for the first time and even though the POS machine gave the error of incorrect PIN.

Had FNB warned me that I would be punished with a R25 fee for every R100 my account was in excess I, as ANY other sane person, would have avoided using my debit card over my cheque card. But no, they don't inform you and proceed to deduct a penalty for the BALANCE YOUR ACCOUNT IS IN EXCESS for EVERY SINGLE TIME your card is swiped. Also, I am to understand that a maximum of R100 penalty would apply, but clearly that is a loophole as it clearly only applies to the single transaction but recurs every single day.

I demand the recording where I was advised of the charges, asked FNB for credit on my cheque account, alternatively authorised credit being extended on my cheque account and I consented thereto. Should you fail to provide me with same, I demand a refund of all these charges failing which I intend on referring the matter to the National Credit Regulator, seeing as FNB is handing out credit which no one asked for. Perhaps this is their way of easily getting more money out of their clients as they know that no one in their right mind (and whose account is in excess) would consent to this "deal" (i.e. people with an account in excess consenting to, you've guessed it, MORE charges to put their accounts in higher excess) they're constantly trying to shove down your throat with their incessant sales call centres.