1 reviews | Active since Apr 2014
Poor policy not catering for my needs!!
A year ago at the start of the Covid pandemic I bought another investment property. I initially engaged with my bank Fnb, but I was informed that rental income won't be taken into account for affordability due to the uncertain economical climate, which I understood.
I then approached Absa who has an awesome product for investors with investment property, like myself. A product that is specifically designed to take into account future and current rental income. They approved me and the acquisition was successful, with less than prime interest rate. I receive my monthly rent on time, so this was a success.
Absa could see , that current rental income is always paid into my account, fortunately I never has issues. They could see, that the property i buy always have a positive cashflow, meaning my bond is always covered. They could see, my excellent credit profile and healthy disposable income.
Now a year later I approached my bank again(fnb), and i informed them of my plans since I would prefer having all my property with 1 bank. However I was informed that future or current rental income is not taken into account for certain properties, so this income cannot be taken into account, and that my current assets/property are only seen as liabilities, and that i don't even qualify for a bond!!! Now its worth noting that there is over R100k excess payment in my bond accounts, I always pay extra, and I have an healthy disposable income as stipulated on my income/expense docs ( as Absa saw). All my properties either have positive cashflows or breakeven. FNB can see all my money flows, so they are able to see that I receive R40k on rental income alone per month, which sufficiently covers all my bond commitments plus more. This complaint is not against the individuals who assisted since they are constrained by company policy .
This means I will again go to Absa as they have a product that fit my needs. I want to grow my property portfolio. My investment needs have outgrown what Fnb has to offer, I will certainly move my business elsewhere .
Regards Craig
I'm only reading through the full response now - what a horrible ,insincere way to respond to a long standing customer.
All this email does is minute interactions and defend your archaic position. Zero empathy and very arrogant, as you fail to grasp my frustration given my tenure with Fnb as a good customer. This is very business/commercial like , absolutely not caring if you loose a customer.
Gail requested info that I already sent, that's why I did not respond, and I already decided to go with Absa AGAIN as their product makes absolutely sense given my financial goals. They can see that i make sound investments, and that over the years, there has not been a single instance where rent wasn't paid to me, they see the consistancy and stability, hence the risk is worth taking. This you/Gail failed to see, that based on my past investments and record, I am worth the risk!! This is at the heart of my disappointment and frustration, that you (my bank) failed to see!!!!
Adele, who assisted previously, put in serious effort to always go out of her way to assist and fight for her customer. This i appreciated, and I repaid her trust in full by honoring my commitments. If this was Gail's judgement call rather than a constraint in company policy ,then most certainly my frustration extends to her too.
The purpose of this complaint was not to request a review/correction, it was to highlight a gap that your competitors are exploiting - by taking calculated risks on investments where they see value.
You have made it clear that you dont see value , so it doesn't make sense to continue with a bank that doesn't respect and value my business. This robotic, insincere response frustrates the hell out of me, and certainly makes me want to end my long standing relationship permanently with Fnb. A view that I haven't taken since I joined.
Craig
I'm only reading through the full response now - what a horrible ,insincere way to respond to a long standing customer.
All this email does is minute interactions and defend your archaic position. Zero empathy and very arrogant, as you fail to grasp my frustration given my tenure with Fnb as a good customer. This is very business/commercial like , absolutely not caring if you loose a customer.
Gail requested info that I already sent, that's why I did not respond, and I already decided to go with Absa AGAIN as their product makes absolutely sense given my financial goals. They can see that i make sound investments, and that over the years, there has not been a single instance where rent wasn't paid to me, they see the consistancy and stability, hence the risk is worth taking. This you/Gail failed to see, that based on my past investments and record, I am worth the risk!! This is at the heart of my disappointment and frustration, that you (my bank) failed to see!!!!
Adele, who assisted previously, put in serious effort to always go out of her way to assist and fight for her customer. This i appreciated, and I repaid her trust in full by honoring my commitments. If this was Gail's judgement call rather than a constraint in company policy ,then most certainly my frustration extends to her too.
The purpose of this complaint was not to request a review/correction, it was to highlight a gap that your competitors are exploiting - by taking calculated risks on investments where they see value.
You have made it clear that you dont see value , so it doesn't make sense to continue with a bank that doesn't respect and value my business. This robotic, insincere response frustrates the hell out of me, and certainly makes me want to end my long standing relationship permanently with Fnb. A view that I haven't taken since I joined.
Craig