COMMISSION RATE CHANGE WITHOUT NOTICE

We concluded an agreement with Nedbank in July 2013 for credit and debit card payments for a specific commission.In March 2015 Nedbank unilaterally increased their commission by 25% on credit card payments and by 100 % on debit card payments without notifying us , the customer.<br> The manner in which Nedbank increased their commission without notifying their contract partner is clearly not in terms of the guidelines published by the bankers association.<br> Upon complaint only a fraction of the overcharged commission was paid in compensation and commission is still being charged at the higher rates.<br>