Standard Bank ***** Dealings

Please think carefully before taking out vehicle and asset finance with standard bank, as they seem to be a law unto themselves. Recently it came to my attention that they have added standard bank vehicle insurance to my finance agreement without consulting me at all.

I purchased a new vehicle in January 2018, and after shopping around I took out fully comprehensive insurance with Santam. Proof of insurance was provided before I drove the car off the dealers floor. Then in January this year, Standard Bank Insurance contacted me and offered to quote me a reduced rate for insurance, as all my banking products are with standard bank. On the 30th of January I received their quotation, and was horrified to see that Standard Bank Insurance was twice the cost of insurance with Santam. Needless to say, I rejected their offer.

A few months ago I was contacted telephonically by Standard Bank Insurance. The salesperson explained that their rates had been reduced and for ten minutes of my time, they could possibly better my current insurance. The end result was they were now R400 more that my current insurance. Yes this was a big drop from double, but still a waste of my time.

You would think that this is where it ends, but, no, there is more. Standard Bank Vehicle and Asset Finance, unbeknown to me, added R1,439.06 on 1 October 2019 to my finance contract without so much as a word.

Following two telephone calls, and several e-mails, I am still paying an extra R1,439.06 for Standard Bank insurance that I do not want, nor need. So currently I am paying for my private, much cheaper, fully comprehensive insurance, and for Standard Bank Insurance that I have rejected twice.

In spite of the fact that I have sent proof of insurance, nobody from Standard Bank has contacted me to resolve this matter.

So please, anybody with a legal background, I would love it if you could get hold on me, and offer me some advice on this matter.

I think the public need to be made aware of how standard bank now conduct business.

As a loyal standard bank customer for more than 20 years, this is deeply disturbing.