SS
Sandra S

1 reviews | Active since Apr 2023

26 Apr 2023, 18:40

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.

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Replies (8)
Standard Bank
Standard Bank's reply26 Apr 2023, 19:33
Official
Hi Sandra

Thank you for alerting us to this. We have escalated the matter 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
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Standard Bank
Standard Bank's reply28 Apr 2023, 15:04
Official
Hi Sandra

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. 

Should you need any further assistance, we’re always here to help. 

Kindest regards, 
Standard Bank Hello Peter Team
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SS
Sandra S's update28 Apr 2023, 16:51
Reviewer Update
Hi, thank you for replying but I don't understand what is meant by resolved to my satisfaction. I received a service request no about midnight last night and about hour and a half ago a msg to say it has been resolved. They will contact me with details. Nobody spoke to me yet about the outcome of this.
Standard Bank
Standard Bank's reply28 Apr 2023, 16:58
Official
Good day Sandra

Our sincere apologies for the inconvenience.

We will follow up with our team. We will  be in touch with further feedback.

Kindest regards, 
Standard Bank Hello Peter Team
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SS
Sandra S's update02 May 2023, 15:04
Reviewer Update
Havent heard anything from anyone yet, not that I am surprise at all, but according to your answer my query was resolved to my satisfaction.. What a joke. Still waiting for answers on how was it resolved to my satisfaction. I think I must also post on facebook because Standard Bank is a cheat and Communication is a huge problem.
Standard Bank
Standard Bank's reply02 May 2023, 15:25
Official
Good Day Sandra

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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SS
Sandra S's update03 May 2023, 11:59
Reviewer Update
Morning. Me again.I do not understand how you can say your team is working around the clock to get my query resolved as you said on the 28th it has been resolved. I really wonder if Standard Bank staff can read as it seems like they not even reading out emails and complains to understand what we are asking. I will give your team until 16h00 to be in contact with me otherwise I will take it that you really dont care.
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.
Standard Bank
Standard Bank's reply03 May 2023, 12:39
Official
Dear Sandra 

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 
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