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!
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!
