Advice needed: moving homeloan to another bank issues

RickMaver47

Senior Member
Joined
Apr 12, 2017
Messages
579
#1
Hi all,

Before I think I actually have a leg to stand on here, some in the know could possibly advise:

I recently moved my homeloan from Standard Bank to Nedbank, as Nedbank offered me a better rate.
I also used the opportunity to draw some funds from the "new" homeloan, in order to do some renovations.

When I approached Nedbank, I applied for more than enough to cover the outstanding amount with Standard Bank, with the idea that the additional funds will be used to do the renovations. When Nedbank approved the homeloan, they paid Standard Bank almost R40,000 more than what was owed. Standard Bank then refunded me only R14,000.

Standard Bank's excuse is that Nedbank settled the account before the 90day settlement period ended, therefore I was charged a penalty.

Nedbank emailed me, after I enquired, and simply told me I knew about the 90day period and should've told the lawyers to wait.

Sorry, what?

First off, not one institute ever informed me at any point in time of the 90day period. Had they done so, I would've told them to hold.
Secondly, how am I responsible for this penalty? If I'm not even informed by anyone of consequences of the institutes' actions?
 

RickMaver47

Senior Member
Joined
Apr 12, 2017
Messages
579
#3
That's what I'm afraid of.
You have a contract which you haven't read in years, and the banks will just shrug and go "eh, you knew about it, sorry"
 

WAslayer

Expert Member
Joined
May 13, 2011
Messages
2,937
#4
That's what I'm afraid of.
You have a contract which you haven't read in years, and the banks will just shrug and go "eh, you knew about it, sorry"
In all honesty, that's the harsh reality of it.. when I signed my contract with standard bank, the first thing the attorney pointed out to me was the 90 day notice when you want to sell..
 

Arzy

Honorary Master
Joined
Apr 18, 2004
Messages
27,602
#6
The 90 day notice period for settlement is pretty much stock standard across all the banks.
 
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