Nedbank behaving as ********* lenders – R663 shortfall turned into R2340 debit in 8 days

I am extremely disappointed with how Nedbank handled the settlement of my personal loan.

I refinanced my Nedbank personal loan through another bank, which paid the settlement amount to Nedbank. Nedbank later advised that there had been a shortfall of approximately R663.68 on the settlement payment.

Instead of notifying me of the shortfall or requesting payment of the outstanding balance, Nedbank proceeded to debit my account R2 340.30 eight days later, which is roughly half of the normal instalment amount.

What makes this even more frustrating is that the loan had already disappeared from my Nedbank banking profile, which gave the impression that the account had been settled and closed. I therefore had no visibility that there was still a balance outstanding.

When I queried this, Nedbank responded stating that the debit was taken due to the short payment and that the account was then closed, and that no refund is due.

This response is deeply concerning for several reasons:

• The alleged shortfall was only R663.68, yet R2 340.30 was debited from my account. • Over a period of just 8 days, the amount Nedbank deducted was more than three times the alleged outstanding balance, raising serious questions about how interest and charges were app****. • The loan had already been removed from my banking profile, meaning I had no way of seeing that there was still an outstanding balance. • I was never informed that the settlement payment was insufficient before Nedbank proceeded to debit my account. • I have sent multiple follow-up emails to Nedbank asking for a clear breakdown of how they calculated this amount, yet these emails have gone unanswered.

The lack of transparency and refusal to explain how this amount was calculated is extremely concerning and reflects very poorly on Nedbank’s lending practices.