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Freddie M

1 reviews | Active since Oct 2011

26 Mar 2019, 11:31

OVERDRAFT ACCOUNT NOT SUSPENDED AND NOT IN ALLIGN WITH COURT ORDER!!!

I was placed under debt review in 2017 and on 22 January 2018 the Debt review was enforced by a court order from Wynberg Court Cape Town. I was having a cheque account with and overdraft facility with FNB that is listed on the court order. Sadly after numerous times of requesting FNB to Split this account and covert it to a loan account with the interest rate enlisted on the court order FNB surely does not care. They hugely bill me accounts fee of +- R300 (banking charges for an account I no longer used) plus +-R400 interest that surely indicates that they are now actually making more money out of me as to before the Debt review process. This account are surely not align as to the cascaded payments as well balances on the court order. What I could not place is that both me and my wife are combined entered in the debt review process and as I notice via email send to her , her overdraft account also held at FNB was even without her request split and convert to a loan account with the applicable interest rate as stated on the court order. This is totally unfair practice. Her overdraft account (now loan account) is listed on her statements without the bank fees or bank charges as to my predicament. Her Cheque account was than also as FNB correspondence indicate convert to a normal savings account. I called the debt review as well as my debt counselling agency (Debt Rescue) as to get clarification on this matter. I was inform by one of the Consultant of the FNB Debt Review Department that I must approach a branch to get a lower option (Was a Private wealth client).As to regarding my request to split this overdraft account and convert it to a loan account as to my what FNB already was doing to my wife’s similar account, I was told that they need to forward my request to a review panel with a outcome turnaround of ten working days. As I said before my wife did not even request to have this account split and converted and we are both in the same situation! I then decided to approach a branch as the FNB consultant was requesting. This was actually a total waste of my time and money as I was coldly brushed of that my account under debt review are not accessible by the branches. This is not only frustrating but as a previous longstanding FNB customer it’s degrading. I was put on a one telephone line to convert with the FNB debt review Agency AGAIN.I was now told that my application are still in process for review and that I need to wait till end of this week for an outcome. WHY must I wait for an outcome is this account not supposed to be suspended and cascaded as to the court order enforced whereby FNB had accepted the proposals as set out in the court order? Please FNB show some integrity as we are willing to let this process work for both of us. Regards Mr Michaels F

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Replies (3)
FNB (First National Bank)
FNB (First National Bank)'s reply26 Mar 2019, 12:14
Official
Good Day Freddie
  
Thank you for bringing this to our attention. 
We acknowledge your complaint. 
It has been routed to the relevant department and feedback will be provided shortly. 
I do apologize for any inconvenience caused. 

Ref: ***NF 

Regards, 
Hello Peter Team 
Tel number: *** 

FM
Freddie M's update09 Apr 2019, 13:33
Reviewer Update
Good Day Ms. Smith Can you kindly update me as the progress as to my query as to regarding the inflated balances and timeframe on the converted/split overdraft account. This correspondences was dated Wednesday 3 April 2019. As to getting this account converted I again like to thank you for superb feedback but as I stated this account is way over the balances indicated on the court order especially as I had been paid down way over the R20000 on this account(as from commencing the Debt Review process in 2017) that was supposed to be separated when the Debt review process was initiated in 2017.Also another concern is that the remaining term is now extended to 49 months as to the remaining 38 months that’s left as cascaded in the court order. I again state that my wife with similar (FNB) overdraft account was entering the Debt Process with me as one unity and her account appears all the time align as to the statements from the Debt Review Distribution agency(Hyphen). Therefore I cant really comprehend this delays in just getting the balances somehow align with the cascaded court order. The splitting of this account that was suppose to assist me in getting my debt settle actually in my case worsens the case as I are reluctantly kept on being way over my head.FNB does not have the transparency to give me a breakdown as to how they come to the amount of R43000 still owing on this account. This is unprofessional to just give a client a figurative number and not even furnish him with the breakdown of the corrective statement how we end up at R43000.I was having the similar complaint as to one of my wife’s account that was also not align as to the court order .This company had admit their mistake and this account was now align and rectify. They give me a transparent breakdown of the rectified account and therefore I really applaud them. So please FNB stop delaying the process so that I can close this account and stop complaining. Kind Regards Mr Freddie Michaels ********** 105
FM
Freddie M's update14 May 2019, 18:27
Reviewer Update
Please Please FNB!!! Why is it so difficult to follow through a simple request as to close my Cheque Account once and for all? Ms Smith thanks for your assistance throughout this process but my main request or reason for closing this account was to logically not been conveniently debited for an account I no longer used. As I stated my card/s are inactive and had expired in 2018 already. Therefore for anyone with reasonable sense it will not make sense for paying high banking fees for a top of the range cheque account that are no longer accessible due to my debt review status and due to the fact that my salary are no longer paid into this account. As I contacted the private suite division of FNB today as I still encounter that this account reflecting an accrue amount AGAIN of R527.63.Meaning FNB still will be drying me out as to banking charge on such a "prestigious" account I no longer use(All cards are inactive/expired). Can FNB resolution division really not follow through with a simple long overdue request to simply close an account that was so easy to open? Ms Smith , I'm actually still waiting for a letter stated that this account is close and I will no longer receive any statements as such from this account stating a negative balance. This really seems to be unfair practice as this account remains active*for FNB) but inactive (for me) meaning FNB rolling banking charges for an account long been instructed to be closed. It’s really unfair to charge a client charges for an inactive/inaccessible. I also don’t like to downgrade as explained by the private wealth consultant as a Gold Cheque account or even easy pay as your use account are also debited monthly with inflated fees. Please just close this account (with account number ********** 4135) so that we really can reach a resolution to this matter once and for all. Very much disenchanted. Mr Michaels F