Formal complaint on several issues

Subject: Formal Complaint – Unapproved Account Changes, Inconsistent Fee Communication, Reduced Interest Rates, and Lack of Service To whom it may concern, I am submitting this as a formal complaint regarding a series of unacceptable experiences with Standard Bank that require urgent investigation and resolution. 1. Unapproved Account Change Despite receiving an email confirming that my Prestige Bundled Account fee structure would remain unchanged, I was subsequently informed of a unilateral shift to the Evolve account. The “updated” Evolve fees of R240–R260 are significantly higher than what I currently pay. I did not authorise this change, nor have I received a valid reason for it. This raises serious questions about transparency and compliance with consent requirements. 2. Inconsistent and Misleading Fee Communication The rapid fluctuation in quoted fees, coupled with contradictory messaging, is both misleading and unacceptable. I expect accurate, stable, and honest communication regarding any changes that affect my financial arrangements. 3. Sharp Decline in Interest Rates on MarketLink Account My MarketLink account previously earned approximately 4.95% interest in late 2024, yet the rate now sits at 2.6% across all balance tiers. This drastic reduction has materially impacted the interest generated. I request a detailed explanation of the recalculation, the effective date, and the bank’s rationale. 4. Failure of “Private Banking” Service My assigned Private Banker has failed to return calls or respond to emails. This level of service is entirely inconsistent with the standards expected of a Private Banking relationship and undermines trust in the bank’s value proposition. Requested Actions: • Immediate confirmation that no changes will be made to my account without my explicit consent. • A written explanation of the fee discrepancies and the rationale for attempting to move me to the Evolve account. • A breakdown of the new MarketLink interest rate structure and justification for the reductions. • Reassignment to a Private Banker who is responsive, accountable, and able to provide the service I am paying for. • Confirmation of the steps the bank will take to prevent similar issues going forward. Given the seriousness of these issues and their impact on my financial wellbeing, I request a written response within 7 business days. If unresolved, I will escalate this matter to the Banking Ombudsman for further review.