FNB hides information from customers

[abbott10k]

So I have a revolving loan and a couple of devices( 2 tablets and 1 phone) with FNB. Now the rule on a revolving loan is that if you pay off 15% of the loan you can access those funds, albeit your account mist be in good order. I somehow defaulted on one of the devices in January (I usually move cash I to my savings and transfer into the cheque if and when I need to use it.)
After paying way more than the 15% on the revolving, I couldn't access the facility as available spend is at zero Rands. I called FNB this morning and was told my account has to be in good standing for 90 days to access the facility. Mind you the oitstanding amount on the overdue device was paid. However, me being overdue placed a "marker" on my credit record for 90 days. This marker flags you automatically . The sad part is that the flag isn't automatically removed after the 90 days, which means you won't qualify for any credit from FNB. This information isn't given to you unless you dig deep and rant and rave. My qual is that shouldn't people be made aware of such things that negatively affect you? Especially a bank that you bank with and have credit with?

 

[beefymoocow]

So I have a revolving loan and a couple of devices( 2 tablets and 1 phone) with FNB. Now the rule on a revolving loan is that if you pay off 15% of the loan you can access those funds, albeit your account mist be in good order. I somehow defaulted on one of the devices in January (I usually move cash I to my savings and transfer into the cheque if and when I need to use it.)
After paying way more than the 15% on the revolving, I couldn't access the facility as available spend is at zero Rands. I called FNB this morning and was told my account has to be in good standing for 90 days to access the facility. Mind you the oitstanding amount on the overdue device was paid. However, me being overdue placed a "marker" on my credit record for 90 days. This marker flags you automatically . The sad part is that the flag isn't automatically removed after the 90 days, which means you won't qualify for any credit from FNB. This information isn't given to you unless you dig deep and rant and rave. My qual is that shouldn't people be made aware of such things that negatively affect you? Especially a bank that you bank with and have credit with?

How much do you pay for this facility. I'm thinking of getting one and using it for a day or two and repay the full amount for the points.

 

[Magnum]

Leave them and join another bank also inform them.

 

[supersunbird]

So I have a revolving loan and a couple of devices( 2 tablets and 1 phone) with FNB. Now the rule on a revolving loan is that if you pay off 15% of the loan you can access those funds, albeit your account mist be in good order. I somehow defaulted on one of the devices in January (I usually move cash I to my savings and transfer into the cheque if and when I need to use it.)
After paying way more than the 15% on the revolving, I couldn't access the facility as available spend is at zero Rands. I called FNB this morning and was told my account has to be in good standing for 90 days to access the facility. Mind you the oitstanding amount on the overdue device was paid. However, me being overdue placed a "marker" on my credit record for 90 days. This marker flags you automatically . The sad part is that the flag isn't automatically removed after the 90 days, which means you won't qualify for any credit from FNB. This information isn't given to you unless you dig deep and rant and rave. My qual is that shouldn't people be made aware of such things that negatively affect you? Especially a bank that you bank with and have credit with?

There are a 100s of things things they could make you aware off, will you remember even half? Can you tell me off the bat how much a bounced debit order will cost you? Can you tell me how much an instant payment costs? Can you tell me how much is added when buying a lottery ticket?

 

[zerocool2009]

There are a 100s of things things they could make you aware off, will you remember even half? Can you tell me off the bat how much a bounced debit order will cost you? Can you tell me how much an instant payment costs? Can you tell me how much is added when buying a lottery ticket?

If no funds in the following cases :

Point-of-sale, scheduled payment, EDO and Other Banks’ ATMs R8.50
Item unpaid – insufficient funds (Returned item Cheque or Debit order) R100 (Debit Order)

 

[zerocool2009]

Bottom line: accounts must be in good order AT ALL TIMES

 

[biometrics]

How much do you pay for this facility. I'm thinking of getting one and using it for a day or two and repay the full amount for the points.

R68 admin fee per month even if balance is 0. R150 intiation fee.

 

[syntax]

If no funds in the following cases :

Point-of-sale, scheduled payment, EDO and Other Banks’ ATMs R8.50
Item unpaid – insufficient funds (Returned item Cheque or Debit order) R100 (Debit Order)

You are missing the point that was made, the sheer amount of terms and information on all of the products across all portfolios must be staggering.
When he called FNB, he was given the information, if they had directly hidden it there as well, then sure, I would be upset.
But speaking to someone and they helped with the info seems ok to me

 

[zerocool2009]

You are missing the point that was made, the sheer amount of terms and information on all of the products across all portfolios must be staggering.
When he called FNB, he was given the information, if they had directly hidden it there as well, then sure, I would be upset.
But speaking to someone and they helped with the info seems ok to me

It all boils down to if you skip or miss payments, all your data is recorded at ALL credit information centre's

Nothing is hidden ... If you live in a section title estate, and your levy is wrong, would you stop paying a levy ?

If something is wrong with your account, sort it out.

 

[Pitbull]

So I have a revolving loan and a couple of devices( 2 tablets and 1 phone) with FNB. Now the rule on a revolving loan is that if you pay off 15% of the loan you can access those funds, albeit your account mist be in good order. I somehow defaulted on one of the devices in January (I usually move cash I to my savings and transfer into the cheque if and when I need to use it.)
After paying way more than the 15% on the revolving, I couldn't access the facility as available spend is at zero Rands. I called FNB this morning and was told my account has to be in good standing for 90 days to access the facility. Mind you the oitstanding amount on the overdue device was paid. However, me being overdue placed a "marker" on my credit record for 90 days. This marker flags you automatically . The sad part is that the flag isn't automatically removed after the 90 days, which means you won't qualify for any credit from FNB. This information isn't given to you unless you dig deep and rant and rave. My qual is that shouldn't people be made aware of such things that negatively affect you? Especially a bank that you bank with and have credit with?

All banks does this. ANY return debit order will put take your account out of good standing for 3 months. Don't think they hiding anything tbh. It's common practice across ALL banks.

 

[zululami]

It is unfortunate, but you signed on those hidden rules when you accepted the loan offer. The customer isn't always right.

 

[shadow_man]

Guy doesn't pay his accounts on time. Guy gets penalized. Guy blames bank for something that is clearly his fault.

AND

This is why we have such a huge sense of entitlement today ladies and gents...

 

[zerocool2009]

And the saddest of it all ... social media is an evil, as this is now only a one sided story !!!!

Its easy to blame a firm if something didn't go your way.

 

[abbott10k]

You're all missing the point. My issue is the red flag that goes up automatically but doesn't go down after the 90 days are done. I'm in no way blaming the bank for flagging me, it was my fault, as unintentional as it was. If something is triggered on automatically, it should turn off automatically when it's ran its course!

 

[zerocool2009]

You're all missing the point. My issue is the red flag that goes up automatically but doesn't go down after the 90 days are done. I'm in no way blaming the bank for flagging me, it was my fault, as unintentional as it was. If something is triggered on automatically, it should turn off automatically when it's ran its course!

Ok I am getting your point, but moering toys on here wont solve anything. Get in touch with FNB via [email protected] or if you are on the premier product (FNB Premier <[email protected]>), if you have a private banker, get in touch and inform them of the bug on their side.

That's my 2c on this

 

[Jehosefat]

It is unfortunate, but you signed on those hidden rules when you accepted the loan offer. The customer isn't always right.

Not hidden. Every credit agreement that I have ever signed that has an access facility has clearly stated that all accounts must be in good standing for the facility to be available.