FNB access bond and overpayments

[Snyper564]

Hmm, it's new but not that new, I've already had the first month's instalment was last month.

I'm just going to see if somebody will eventually get back to me on secure chat to find out exactly what the story is then.

DUMP every single additional cent you have into your bond. ZERO all your accounts and keep it all in your bond, you will save thousands if not millions

 

[zerocool2009]

Alls I know is, I've had/ have bonds with ABSA, Standard Bank and FNB and FNB is the worst in terms of how they show this stuff. It goes up, down, goes to R0, it's messy.
ABSA is straight forward - you put in R10k extra, you see R10k available.

A few variables come into play (even with Absa). That is why we are asking question (trying to help)

 

[Snyper564]

Alls I know is, I've had/ have bonds with ABSA, Standard Bank and FNB and FNB is the worst in terms of how they show this stuff. It goes up, down, goes to R0, it's messy.
ABSA is straight forward - you put in R10k extra, you see R10k available.

My FNB shows me all this no problem just DONT look at it on a Sunday or midnight

 

[DrJohnZoidberg]

If the bond goes off tonight, interest would be added by default. So look at your bond (transactions), do you see any interest entry for today ?

No, it just shows the transfer and the total loan amount went down accordingly but the "Available Balance" is like 2 grand less than I put in.

 

[zerocool2009]

No, it just shows the transfer and the total loan amount went down accordingly but the "Available Balance" is like 2 grand less than I put in.

Ok, when is your D/O due ? (as the bank lock money for 7 days before releasing D/O's after it went off)

 

[DrJohnZoidberg]

Ok, when is your D/O due ? (as the bank lock money for 7 days before releasing D/O's after it went off)

It might be something related to that, the debit order goes off tomorrow (the 1st).

 

[DrJohnZoidberg]

DUMP every single additional cent you have into your bond. ZERO all your accounts and keep it all in your bond, you will save thousands if not millions

That's the plan, I was just testing the waters first

 

[zerocool2009]

It might be something related to that, the debit order goes off tomorrow (the 1st).

So its the 1st, so processing will be done on the 2nd (that morning).

So no interest would be showing as i suspected.

I moved now R200 000 in and out, and it showed correctly, and my DO is also due tomorrow (as in the 2nd

 

[zerocool2009]

That's the plan, I was just testing the waters first

What is real power :? Having paid up bonds (using them to buy more property)!

You are never to late to start prepaying your bond

 

[Sepeng]

My FNB shows me all this no problem just DONT look at it on a Sunday or midnight

That kinda proves my point though - don't think in all my years of my ABSA bond it's ever done something weird, even on a Sunday.
FNB will show the information. Correct information. Eventually. It's just, as evidenced by the question and my own experience, messy relative to other platforms.

 

[Snyper564]

That kinda proves my point though - don't think in all my years of my ABSA bond it's ever done something weird, even on a Sunday.
FNB will show the information. Correct information. Eventually. It's just, as evidenced by the question and my own experience, messy relative to other platforms.

Its really not messy all banking platforms are wonky around these times, just means you are not actively observing it.

Doesnt mean there is anything wrong.

 

[zerocool2009]

That's the plan, I was just testing the waters first

Any of these TRUE ?

 

[DrJohnZoidberg]

I suspect it is the bond initiation fee that was subtracted from your transferred amount. Same thing occurred when I transferred funds into my bond the first time.

You were correct, it just threw me as it wasn't the total initiation fee as some of it had already been paid via my first debit order. It also doesn't show up anywhere as a transaction so it's impossible to see where that money went unless you contact the bank.

Problem solved. Thanks guys for all the input!

 

[zerocool2009]

You were correct, it just threw me as it wasn't the total initiation fee as some of it had already been paid via my first debit order. It also doesn't show up anywhere as a transaction so it's impossible to see where that money went unless you contact the bank.

Problem solved. Thanks guys for all the input!

Lesson nr 1 in getting a BOND -> pay the extra costs and fees in CASH (then no issue going forward)

 

[DrJohnZoidberg]

Lesson nr 1 in getting a BOND -> pay the extra costs and fees in CASH (then no issue going forward)

Yes, my first bond so I'm learning as I go along.

 

[zerocool2009]

Yes, my first bond so I'm learning as I go along.

Now a nice trick for you : Your bond is going off on the first, as per your agreement. Move tomorrow R1 ... you will see interest added by default and the D/O and monthly admin fee going off Friday AM.

 

[SauRoNZA]

Something to remember, you can only transfer out a R1000 or more at a time.

So don’t make the mistake thinking you can use it like a normal transactional account.

 

[Snyper564]

Something to remember, you can only transfer out a R1000 or more at a time.

So don’t make the mistake thinking you can use it like a normal transactional account.

well a work around if you need R200 - take out R1000 send back R800 but yes not exactly the same

 

[zerocool2009]

Something to remember, you can only transfer out a R1000 or more at a time.

So don’t make the mistake thinking you can use it like a normal transactional account.

I see it as my piggy bank!

 

[DrJohnZoidberg]

More confusion over the numbers I'm seeing on my access bond.

So beginning of the month the monthly payment goes off and my interest is calculated and added to my balance as usual. But not only does my loan balance reflect the interest but my available balance also gets reduced by a suspiciously similar amount.

Anyone see a similar thing? They can't add interest to my loan amount and also deduct it from the money I've put in.

Also the way you view the transaction history makes it impossible to see what affects your available balance. It's very confusing when stuff like this happens. I'm waiting now on the secure chat to find out what's going on.