Access bond T and Cs

Joeboy69

Expert Member
Joined
Sep 30, 2013
Messages
1,291
I have an access bond with standard bank on an investment property. The bond is in the name of my wife and I. For about 3 years we have paid extra every month and then made a withdrawal when we renovate.

Today the banking app says that this is a dual account and I must ask a branch for assistance. Went to a branch. They didn’t know what was going on. Spoke to 4 people including my private banker with no success.

Essence of the story is:
Standard bank doesn’t know why users were asked to contact the branch.

The branch told me my access facility was cancelled because I didn’t use it in last 6 (then it became 3) months. They couldn’t agree if a transaction implies a withdrawal or a monthly additional payment.

When I asked for a statement that showed I made a withdrawal a month ago they couldn’t explain why the facility was stopped.

Apparently the terms And conditions say you must do a withdrawal every 3 months. I asked them to show it to me. They couldn’t. They called the home load department that eventually admitted it isn’t part of the abridged form we sign nor the detailed form when you accept the bond. Standard bank can therefore change the conditions of your access bond as they wish. In their opinion.

Useless isn’t the word.

If you have access bond with them, please check that it still works like you think it does!
 

surface

Executive Member
Joined
Oct 23, 2006
Messages
7,123
The branch told me my access facility was cancelled because I didn’t use it in last 6 (then it became 3) months.
If you have access bond with them, please check that it still works like you think it does!
Interesting. I wonder if it works the same way with other banks as well. I have kept it open with FNB but haven't used it in ages.
 

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,286
Also noticed mine is no longer available when I login on the app.
 
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