Home Loan interest *****

Good day all, I would like to start my complaint by stating the facts and that is I officially regret moving my homeloan from ABSA to FNB. Ever since I was convinced by an FNB consultant to switch my bond to FNB, I have had nothing but heartache. And FNB, I challenge someone to prove otherwise. From the time my bond registered under FNB on 15th March 2022 to date. Please show me where the joy has been felt. As much is I write this complaint, I am the first to also state that I just as equally write a complement where one is due and I have, proof can be provided if needed. But this? This I have never seen before.

Can someone explain to me how R16 479.83 + 0.50% = R16 867.04. Perhaps my 3 calculators are all faulty, including those with your call centre agents since the consultants get the same number as I do yet this in no way matched the R16 867.04. an additional R304.81 that just comes out of the blue.

On or round 20 May 2022, I received an email from FNB (with a letter dated 20 May 2022) stating that the current 0.50% interest rate increase would be added to my current bond account and that meant/ means an increase on my monthly installment as indicated above, the calculation did not make sense as the increase should have been R16 562.23 not the above referenced R16 867.04.

On 31 May 2022 I called the FNB contact Centre to have someone explain to me how the calculation was done (Ref no for the call: RX***). I spoke to consultant Oratile Mosadi, who then indicated that only the HL Pricing division could explain how they got to the figures. This meant she had to escalate the matter to the said HL Pricing division. I was advised this was a 24 to 48 hour process. I proceeded to wait for feedback.

On 6 June 2022, having not received any feedback and note the number of days later (6 days and not 48 hours), I had to call again. Upon calling, the consultant who responded to my call told me they could not assist, I had to speak to oratile direct as she was the person dealing with my call initially. Oratile was located and eventually I’m put through to her. She advises that she has not received any response and that she would re-escalate…..Please note we are now escalating an escalation? At this stage, I want assistance so I reluctantly accept the new escalation.

On 10 June 2022, I receive an email with not explanation but only the re-attachment of the same letter date 20 May 2022. The same letter that has led me to this point. I then call the call centre again, and again we have to trace oratile, and on the second call, I am able to get through to her. She again tell me she has no explanation or response. The only thing she sees is that an email was sent to me today. She tell me again that she has to re-escalate. So again, re-escalation of a re-escalation to address the first escalation?

I have constantly asked who these back office pricing division people are, and the response is the same. There is no name and they cannot be contacted directly. I am sorry but this is a useless section and the way this process works is further counterintuitive. This means no one takes any accountability for their actions. They hide behind departmental banners. Yet as paying customers we are only offered grief.

My biggest issue here is, if FNB knew very well that your intention was never to give me the interest rate that I was initially given, why was this not disclosed to me? Instead, FNB is **********ly sneaking in all these funny increases hoping that people don’t read their documents. Well I read my documents and I refuse to accept the current figures and I thus demand that someone takes accountability and explains to me why the increase is higher than that on the national interest rate. I would like Nombulelo Sikhakhane from the pricing division to explain to me how he/she does their work and how they arrived at their unsubstantiated conclusion. These are people’s livelyhoods that are being plaid with. We have heard countless stories of Banking institutions mistreating their black customers and if this is the case then I will expect this to be exposed. I will not accept anything less than fair treatment. I refuse.

I thus demand a response and clarity on how my 0.50% increase was calculated. I have been extremely patient wit FNB since March and every time something goes wrong, it looks suspect, and it is always on the side of the bank. FNB cant be that ***********, there must be some deliberate actions involved. Please provide a response urgently, failing which I will understand FNB’s stance on the matter and escalate it further myself. I am tired of chasing after FNB when all the time you do these things to me. Only 3 months with FNB and I’ve struggled with the instalment calculations, the insurance, accessibility. Where is this good service you promise us?