ABSA - The Kings of Inefficiency

[blunomore]

I cannot envisage despising any other servive provider more.

1. In the late 90s, I purchased a property and ceded my life insurance to ABSA.

2. In 2003, I sold the property and paid off the home loan.

3. My insurance agent (let's not even go there) drew my attention to the fact that the policy is still with ABSA and needs to be returned to me and the cession cancelled.

5. I have been battling for 2 weeks now to get this back. The call centre referred me to a branch, the banch completed a form and then someone called me to say that ABSA cannot return the policy because, as member of a CC, I signed surety for a loan on another property. This is true, but I never ceded my insurance to them on that occasion.

Can they keep the policy?

 

[Dolby]

Where's 4?

 

[blunomore]

Where's 4?

4 is when I lost my **** with them.

I thought that since this is a family forum, I'll not publish that

 

[stoke]

4 was really bad and left the building.

Cancel the policy and immediately replace it with a new one that is in the right "place".
Don't waste your time with ABSA, just go around them.

 

[blunomore]

UPDATE: They called me back and said that they 'took' my policy as security for the later loan which I applied for in my capacity as member of the CC.

WTF? This was never communicated to me, I never had such a request and I signed no such document.

Banking Ombudsman, here we come !

 

[ToxicBunny]

AFAIK, that is not legal.. you ceded it to them as surety on the one loan, they cannot unilaterally decide to do that with the new loan. Its a completly new legal agreement.

 

[guest2013-1]

Moral of the story. Stay away from ABSA.

My cousin had the same thing with his current property. He decided not to take the life insurance and get his own + house hold for much cheaper (and not put it on the bond)

ABSA (about 2 years now) is still hassling him to take insurance.

He's moving banks (thank jehova)

 

[The_Unbeliever]

Mmmm... so glad I killed off all my Blapsa-related stuff

Man, it feels so good to be rid of them

...and should they start to feel the pinch and come after me, I'll tell them where to put their crazy profiteering levies.

 

[w1z4rd]

Is there a website where one can compare different bank services fee`s? like a central place for all of them so you can see which accounts are the most cost effective for XYZ situation.

 

[ToxicBunny]

Nope... they're fighting tooth and nail that that never happens because then they'll all lose LOTS of business.

They thrive on confusing the fsck out of us.

 

[blunomore]

Is there a website where one can compare different bank services fee`s? like a central place for all of them so you can see which accounts are the most cost effective for XYZ situation.

www.thinkmoney.co.za

 

[The_Unbeliever]

Is there a website where one can compare different bank services fee`s? like a central place for all of them so you can see which accounts are the most cost effective for XYZ situation.

Nope... they're fighting tooth and nail that that never happens because then they'll all lose LOTS of business.

They thrive on confusing the fsck out of us.

Maybe somebody with a nice pair of balls will do that?