FNB access bond and overpayments

[zerocool2009]

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.

Nothing suspiciously actually. Its a rule that FNB follows. Your available goes down in time.

Here is an example, a paid up bond and 100 months left. Every month the available gets less and less (even with NO interest added or with no monthly debit order.)

The reason for that, lets say in the second last month you want to borrow against the available, you will need to repay the full amount in 2 months (that will be seen as reckless lending).

So what you are seeing is PURE normal! Nothing funny

 

[DrJohnZoidberg]

Nothing suspiciously actually. Its a rule that FNB follows. Your available goes down in time.

Here is an example, a paid up bond and 100 months left. Every month the available gets less and less (even with NO interest added or with no monthly debit order.)

The reason for that, lets say in the second last month you want to borrow against the available, you will need to repay the full amount in 2 months (that will be seen as reckless lending).

So what you are seeing is PURE normal! Nothing funny

Hmm. This doesn't have to be so confusing if they just had some breakdown somewhere of what's happening with the available balance. Instead it's just the magic number that changes willy nilly.

 

[zerocool2009]

Hmm. This doesn't have to be so confusing if they just had some breakdown somewhere of what's happening with the available balance. Instead it's just the magic number that changes willy nilly.

Now, to through the apple car over, take now a screenshot of your balance and available balance. After 7 days you can borrow against the Debit Order again.

Think the confusion comes into you dont know the backend or rather the rules (but well picked up).

Give us feedback after a week please (with my top statement)

And sadly, secure chat wont be able to give you an answer, that is just a postbox for 200 products. Homeloans are one of them

 

[DrJohnZoidberg]

you dont know the backend or rather the rules

No client would be expected to know this

 

[zerocool2009]

No client would be expected to know this

Very true. At least now you have 2 rules.
1) The available goes down monthly
2) You can borrow against your debit order again after 7 days



And ps : Think its all stated in the booklet when you signed for the bond (as in the contract)

If you are still not happy : 087 730 1155

 

[RonSwanson]

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

You l33t hax0r you!

 

[STORMERSFAN]

How does it work with fnb if you don't have an access bond but have paid say 30 k extra into it.. Can you request to use it?

 

[zerocool2009]

How does it work with fnb if you don't have an access bond but have paid say 30 k extra into it.. Can you request to use it?

I am sure you can apply for it

 

[zerocool2009]

There exists something like manual prepaid application. Your prepaid money will show as prepaid available. But its not visible to a client if the bond and you bank with fnb. The fnb app would only show it if you have a flexi

 

[Snyper564]

How does it work with fnb if you don't have an access bond but have paid say 30 k extra into it.. Can you request to use it?

You really need to get an access bond even if you pay to open it will save you hundreds of thousands if not millions

 

[DrJohnZoidberg]

You really need to get an access bond even if you pay to open it will save you hundreds of thousands if not millions

I’ve basically halved my interest payments by just putting my money in there now.

 

[Snyper564]

I’ve basically halved my internet payments by just putting my money in there now.

Every cent you have should live there its instant to pull it out anyway so save everyday

 

[Bliksis]

At this point, it's sad to realize that R21k of my installment is interest, and R5k is going towards the actual loan

 

[zerocool2009]

At this point, it's sad to realize that R21k of my installment is interest, and R5k is going towards the actual loan

Lol! My first bond payment in April 2003 was R4000 interest, R500 capital. I quickly learned the power of a flexi, and my bond was paid up in 5 years.

I can see how the people dont smile with debt as the repo is going up. But we are still blessed (as in low as what it previously was)

 

[DrJohnZoidberg]

Very true. At least now you have 2 rules.
1) The available goes down monthly
2) You can borrow against your debit order again after 7 days



And ps : Think its all stated in the booklet when you signed for the bond (as in the contract)

If you are still not happy : 087 730 1155

My balance is back up again today

I really wish there was some transparency on this inside the online banking app.

 

[zerocool2009]

My balance is back up again today

I really wish there was some transparency on this inside the online banking app.

Its more about the bank LOCK your debit order to see if it goes off.

If you want more transparency (well, you know the rules), and it was signed when you got the rules for your bond.

 

[DrJohnZoidberg]

If you want more transparency (well, you know the rules), and it was signed when you got the rules for your bond.

It's got nothing to do with knowing the rules, it's about allowing customers to understand exactly what's going on and allow them to reconcile the amounts.

 

[zerocool2009]

It's got nothing to do with knowing the rules, it's about allowing customers to understand exactly what's going on and allow them to reconcile the amounts.

Its in the documents you signed ... So you didnt read that ?

 

[DrJohnZoidberg]

Its in the documents you signed ... So you didnt read that ?

You're not getting my point.

I'm not talking about the rules themselves, I'm talking about making it clear inside internet banking when changes happen to the balance. They obviously have this internally otherwise they would never be able to reconcile things on their end.

 

[ChristelleH]

Do yourself a favor ...

If your debit order went off ... Wait 5 to 7 days and monitor that "Available Balance". You will see a big % of the debit order is available, where you can borrow against if needed.

PM me if you need more info or something is unclear

Hi there,
I came accross this website and chat specifically while I was trying to get answers on the FNB Flexi account. Seems like you have a good idea so kindly see if you can answer the below?

As mentioned, I have an existing FNB Flexi bond. I am thinking of transferring x-amount into the bond, to allow for my repayment to go down. Which it should. However, if I paid for example, R100k into the flexi, repayment goes down slightly, will my R100k stay R100k for as long as I dont withdraw it again? Meaning, does FNB charge interest on the amount in my Flexi account. So in the long run, the R100k will be R0? If that is the case, how much do they charge/deduct then on the "available R100k"?

Hope I am making sense?

Thanks.