1 reviews | Active since Apr 2023
Miss-Sold An Investment That Did Not Materilise
5 Years ago I made a 60 months fixed investment with Standard Bank. My option was to take all the interest only on maturity. I was handed a printout direct from Standard banks system which showed the interest rate, as well as the total amount of interest that I will receive at the end of the 60 months. It also showed the total value at the end of the period. This figures on this contact, dictated that I would receive 10.091% interest per annum, compounded monthly. However upon maturity you proceeded to only pay me interest on my capital, which completely invalidates the whole concept of compound interest. I feel like I was grossly miss-sold an investment account that did not materialise. The last month I was really trying to sort this out with your Lifestyle Centurion branch. They stand with there answer of "the interest on the fixed deposit was calculated using the principal amount versus the term invested RATHER than being compounded. These are the causes of the difference between your estimated expected interest return and the real interest the bank actually paid upon maturity. So why the hell would Standard bank gave me this summary letter with my total value what I will get and now they decided otherwise.It was because of this figures that I decided to invest with your bank. In this case I will rather warn people to not invest with your bank because I did not received what I was promised. I will not leave it here. I am going to the banking ombudsman with this as I have all my evidence in black and white on paper. This was one hell of a month so far as the communication to try to solve this, was really a disaster from your side. No normal person would ever make such an investment. I regret the day that I decided to use Standard Bank as they do not hold onto their promises.
Thank you for alerting us to this. We have escalated the matter to the relevant team so that we can ensure a speedy resolution.
Thank you for alerting us to this. We have escalated the matter to the relevant team so that we can ensure a speedy resolution.
Thank you for allowing us the opportunity to turn your experience with us into a positive one. Our team has assured us that the matter is resolved to your satisfaction, we are so glad we could assist.
Thank you for allowing us the opportunity to turn your experience with us into a positive one. Our team has assured us that the matter is resolved to your satisfaction, we are so glad we could assist.
Our sincere apologies for the inconvenience.
We will follow up with our team. We will be in touch with further feedback.
Kindest regards,
Our sincere apologies for the inconvenience.
We will follow up with our team. We will be in touch with further feedback.
Kindest regards,
Rest assured our team is working around the clock to ensure that your query gets resolved.
The team will be in contact with you.
Warm Regards
Standard Bank Hello Peter Team
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Rest assured our team is working around the clock to ensure that your query gets resolved.
The team will be in contact with you.
Warm Regards
Standard Bank Hello Peter Team
***
Dont even bother to answer if they wont be able to be in contact with me. If I dont hear from your team I am going to bank ombudsman after 16h00 and this will be my last and final comment to you.
Dont even bother to answer if they wont be able to be in contact with me. If I dont hear from your team I am going to bank ombudsman after 16h00 and this will be my last and final comment to you.
Thank you for alerting us to this.
We would like to make sure your matter is resolved as a priority.
We have reached out to the relevant team so that we can ensure a speedy resolution.
Please be on the look out for a call from our team.
Kindest regards
Standard Bank Hello Peter Team
***
Thank you for alerting us to this.
We would like to make sure your matter is resolved as a priority.
We have reached out to the relevant team so that we can ensure a speedy resolution.
Please be on the look out for a call from our team.
Kindest regards
Standard Bank Hello Peter Team
***
