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RITA A

1 reviews | Active since Feb 2019

31 May 2019, 12:49

FNB - THE BANK NOT TO INVEST WITH

BEWARE OF INVESTING WITH FNB i have invested what i consider to be a fair amount of money with FNB on a flexi-plus account. the term ended at the end of April and not being sure what i wanted to do with the money (as the interest rate was so poor) i left it for a few weeks - i did not receive any communication regarding re-investment. on the 21st May i decided to close the account. i went online and it gave me 2 options - one with a very large bold capital FREE and the other indicated that there would be penalties. obviously i selected the free one - it asked me what date which i completed. that date came and went and after an incredibly long frustrating attempt to call someone, went to the branch. first off the FREE selection was for 2020, on closing the account they charged me a penalty in excess of 4000. seriously! not one mail/sms or call to ask if i wanted to re-invest not a being screen pointing out the 2020. one can only assume that the websight is designed to catch people out. what a way to make money!!! i will never advise anyone to invest with FNB - *********, dishonest bunch. my mission will be to tell everyone my story so that when you want to invest - BEWARE OF FNB!!!

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Replies (2)
FNB (First National Bank)
FNB (First National Bank)'s reply31 May 2019, 14:10
Official
Good Day,

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 referred to the relevant department who will investigate and provide you with feedback.

The reference number is ***NF.

Regards,

Hello Peter Complaints Team

*** 
RA
RITA A's update31 May 2019, 14:49
Reviewer Update
so i received a call from FNB - low and behold i get a lecture on how their flexi-plus account works - if anything the call made me more irate and just made me more determined to ensure that people looking for an investment do their homework.  FNB i've realised are terribly good with making it very difficult to spend you own money but when you want to take it away from them - they will make sure that they get a chunk of it, which they do not explain BEFOREHAND.  isn't hindsight wonderful.  my objective in the ongoing complaint is to ensure that other people do not get caught out like i did.  do your homework, do not rely on what FNB tell you - read all the small print before you invest your hard earned money with FNB