Be warned, they have a money milking machine, and they know how to use it.

I recently decided to trade my old vehicle in for a new vehicle.

When I received my settlement balance, I was curious as to why the settlement balance was higher than the statement balance (R189k vs a calculated statement balance of R183k).

Maybe it looks like nothing to you, but I see it as one month's car installment.

I was surprised to find out that is Wesbank's practice to charge 3 months interested on settlement unless one give 3 months notice.

Now, I am not being funny, but who knows three months in advance that they will be trading their vehicle in, or that they would find the perfect vehicle in 3 months time. Also, have you ever seen a car waiting for you for three months while your notice period ticks off.

Keep in mind, I am not taking business away from them to another finance house. The business stays with them and is now for a new term and at a higher value with all their usual initiation fees, etc.

I cannot see any reference to this penalty clause in my previous agreement. Nonetheless, even if it is there in some veiled form, it still does not make it right. For me, this is the classic definition of a financial institution taking advantage of the man on the street.

I am sure like me, you likewise don't know that this is what they do. So this complaint is meant to educate you (like it did me) in how financial institutions squeeze more than their dues out of us with funky charges and clauses that most of us are not even aware of.