Loan shark practises at FNB

I wish to formally express my dissatisfaction with the handling of my revolving credit facility and the subsequent lack of customer service from FNB.

Some months ago, FNB offered me a revolving credit facility. After considering the offer, I accepted approximately half of the amount for which I qualified. At the time, the facility was offered at an interest rate of 14.5%, which I found acceptable.

Approximately two weeks ago, I approached FNB to access the remaining portion of the credit facility that had originally been offered to me. To my surprise, I was informed that I would be required to apply for a completely new facility, incur a new initiation fee, and accept an interest rate of 20.5%—a full 6% higher than the rate originally quoted.

I immediately objected to this proposal, as I believe it is unreasonable to be treated as though I am applying for an entirely new product when the facility was originally offered to me as a single approved amount. My concern was registered under Customer Inquiry Reference No. CAS-***-PSV3NO.

I was assured that my objection would be reviewed and that I would receive feedback within three working days. Nearly two weeks have now passed, and I have received no response whatsoever.

This morning, I once again attempted to bring the matter to FNB's attention. Unfortunately, both the FNB App and the support agent's responses were so slow and delayed that I eventually abandoned the attempt in frustration.

I have been a loyal FNB client for more than 20 years and have always regarded the bank as a provider of excellent service. For this reason, I find the current situation particularly disappointing. Not only has there been a complete failure to honour the promised response time, but the sudden increase of 6 percentage points on what I understood to be the same credit facility raises serious concerns about fairness and transparency.

An increase from 14.5% to 20.5% is substantial and, in my view, moves the facility into a category of Loan Sharks that bears little resemblance to the competitive and responsible banking practices I have come to expect from FNB.

I therefore request:

1. A written explanation as to why the remaining portion of the originally offered facility cannot be accessed under the original terms. 2. A detailed explanation for the increase in the interest rate from 14.5% to 20.5%. 3. Clarification as to why an additional initiation fee is being charged. 4. An urgent response to my outstanding complaint under reference CAS-***-PSV3NO. 5. A review of this matter by a senior manager or complaints-resolution specialist.

I trust that FNB will investigate this matter promptly and restore the level of customer service that long-standing clients have every right to expect.