FNB/RMB Service is just as bad as the rest of SA's Banks

My wife and I recently considered migrating to RMB Bank Accounts from FNB Private Clients accounts. It seems that even though some eBucks requirements are a bit more difficult to reach, the eBucks rewards are much better if you do.

Two RMB bankers—one from an account management perspective and one from a transactional perspective—contacted us, and this seemed pretty good to start with.

I stated clearly that we would only move if credit card interest rates were matched on the RMB accounts, as no one moves to a worse deal, especially not in this economy.

A day later, our FNB Fusion Accounts were already moved to RMB, completely against my previous wishes, WITHOUT any agreement being reached regarding the Credit Card Interest Rates.

Imagine my surprise when the Credit Agreement arrived with an interest rate of 20.25% - 5.75% HIGHER than my existing interest rate. Imagine my further surprise when my wife's Credit agreement arrived with an interest rate of 22% - 4% HIGHER than her existing interest rate.

We pointed this out and RMB said they would look into it. A few days later I was informed that RMB would match my interest rate, which was good news. Almost a week later I was asked why I hadn't yet signed and returned the Credit Agreement, to which I rep**** that I hadn't received any updated agreement to sign.

RMB's response? "No, you sign the original one, and we will update the interest rate later."

WHAT? Who signs a Credit Agreement knowing full well that the rates you are "agreeing" to by signing are so much higher it's predatory?

RMB's advisor promised they would push for an updated agreement, but after more than a week, and then only when enquired, told me that this is not how RMB does things, I have to sign the original agreement and just "trust" that they'll update the interest rate. NOT GOING TO HAPPEN!

My wife and I would have been a package deal, all or nothing, and at this time RMB also stated that, within the same FNB/RMB banking structure, they are unwilling to match her Credit interest rate should she move!

So now it's back to FNB, and all of this was a pure waste of time and effort on all sides.

FNB/RMB: 1. Update the Credit Agreement solution to allow for revised agreements to be generated for customer comfort and peace of mind - your hundreds of legacy systems should not be an excuse. It's 2024, and there are many talented business analysts and developers in South Africa who can turn this ship around. 2. Teach your advisors/agents to READ for understanding and not just ignore what customers say/ask for. 3. Teach your advisors/agents to properly communicate and manage expectations instead of leaving the customer with having to follow up and chase for answers and progress.

This was entire experience mostly completely unacceptable - and if it wasn't for the fact that we know no other bank would provide any better service, we would be looking around - this could be FNB/RMB's competitive edge.