Greedy Bank

I have motor vehicle finance with Standard bank. As part of the agreement I chose to take out credit life insurance. My understanding is that the insurance is meant to cover the outstanding balance in the event of death. I believe that the average mam-in-the-street would have the same understanding.

I noticed that the life cover premium stayed the same regardless of the balance which reduced monthly. When I queried this I was told that I had selected a Level Premium Rate.

That detail was not disclosed to me by the agent, and I would certainly not have gone with that option. Why would that option even exist?

Either there is a big training gap or the agent acted out of greed for commission.

Anyone with morals and a desire to promote the company brand should be thinking about the best interest of their clients rather than having a greedy attitude.

Hope this acts a caution to other potential clients of Stand Bank Asset Finance division and that someone with any sense of morality will address this issue.

Some of Standard banks value: Serving our customers We do everything in our power to ensure that we provide our customers with the products, services and solutions to suit their needs, provided that everything we do for them is based on sound business principles.

Upholding the highest levels of integrity Our entire business model is based on trust and integrity as perceived by our stakeholders, especially our customers.

Are they living up to their values? You be the judge.