FNB Stockbrokers totally ***********.

I have been a client of FNB for probably 30 years or more. Over the years I have invested through many different stockbrokers and decided to this time try my own bank’s brokerage... FNB Stockbrokers. What a huge mistake I made to choose them. Right from the onset I am experiencing unacceptable service. Two issues:

1. The staff’s knowledge and client service skills are unacceptable. Several times I asked the Investment Administrator, Eussie Ngoveni, how much the interest rate on the FNB Stockbrokers money market account is and she simply just ignored my question every time. So it is clear that she has no idea and it is too much trouble to find out so it is easier to just ignore the client. I then asked the Client Service Consultant, Dineo Thulo. At least she answered me but with the weirdest explanation that interest rates are declared at the end of each month. That is it! So still I do not know what the current interest rate is. FNB, you need to train your staff properly and at least let knowledgeable staff deal with the clients.

2. What an unacceptable struggle just to make a deposit into my FNB Local Trader account. I have paid the first amount over to FNB Stockbrokers from my ABSA account two days ago. Yesterday morning at 8:36 Dineo Ngoveni let me know that they have received the deposit and that I must please forward proof of payment, which I did at 9:06. At 9:19 Dineo let me know that their cash department will allocate the funds SHORTLY. Let me just say with all the other stockbrokers that I dealt with over the years ALL OF THEM, including ABSA Stockbrokers, allocated the funds immediately as they received it. They do understand that time is money and that clients that make use of stockbrokers do so to invest or trade. It is therefore imperative that the funds are available ASAP. Now I don’t know what is the definition of SHORTLY in FNB’s dictionary but 2 o’clock yesterday afternoon the funds were still not in my account. So I emailed Dineo again at 2 to express my dissatisfaction and she responded at 15:33 to let me know that she has sent an escalation to the cash department. Well clearly not even an escalation is useful because it is now the next day 10:25 and still the funds were not allocated to my account and neither did Dineo provide any further feedback.

So I will strongly discourage any serious investor/trader to make use of FNB Stockbrokers. They are FAST ASLEEP. I am sure they will now also just respond with a generic copy and paste apology but that nothing will improve and clients will have to keep on enduring this *********** terrible service moving forward.