FNB Home Loan - Monthly Service Fee

[Emjay]

Hi All,

On 1 September this year a monthly service fee of R57.50 started appearing on my home loan account.

My home loan is not new (in year 8) and this is the first time these service fees started appearing on my account. The amount is minor but the principle of it is making me very angry. I have not received communications from FNB about this so this charge that has not been agreed to.

I am going to raise it with them but interested in what other have to say about this.

 

[Mike Hoxbig]

It's a standard fee. Not sure why it wouldn't have appeared before, I've always seen it...

 

[hellfire]

That's weird.
It should have been there since inception

 

[Creag]

The monthly fee is extortion and I have been charged this since inception. They earn interest on the loan. The monthly fee is unjustified, imo.

 

[3WA]

I've had that damn fee since 2013.

Older home loans have it at R57.50, while newer home loans have it at R69.

 

[zerocool2009]

Hi All,

On 1 September this year a monthly service fee of R57.50 started appearing on my home loan account.

My home loan is not new (in year 8) and this is the first time these service fees started appearing on my account. The amount is minor but the principle of it is making me very angry. I have not received communications from FNB about this so this charge that has not been agreed to.

I am going to raise it with them but interested in what other have to say about this.

Go read your contract that you signed to get the bond. Its listed. And if you have a bond... you agreed to the terms and conditions

And seriously, in 8 years you never seen this?

 

[PhireSide]

Credit facility fee?

 

[RudderVator]

Hi All,

On 1 September this year a monthly service fee of R57.50 started appearing on my home loan account.

My home loan is not new (in year 8) and this is the first time these service fees started appearing on my account. The amount is minor but the principle of it is making me very angry. I have not received communications from FNB about this so this charge that has not been agreed to.

I am going to raise it with them but interested in what other have to say about this.

Gotta fund that eBucks Yo!

 

[Emjay]

The monthly fee is extortion and I have been charged this since inception. They earn interest on the loan. The monthly fee is unjustified, imo.

I agree with you. Banks and bankers are no better than lawyers and journalists.

 

[RudderVator]

I agree with you. Banks and bankers are no better than lawyers and journalists.

Honestly, I have the utmost respect for lawyers these days seeing what I see from the Media since 2016

 

[supersunbird]

Hi All,

On 1 September this year a monthly service fee of R57.50 started appearing on my home loan account.

My home loan is not new (in year 8) and this is the first time these service fees started appearing on my account. The amount is minor but the principle of it is making me very angry. I have not received communications from FNB about this so this charge that has not been agreed to.

I am going to raise it with them but interested in what other have to say about this.

Very surprising you have not been charged it all these years, this fee had been allowed on credit agreements for over a decade now. In fact, you have saved R1000s due to their oversight.

 

[Emjay]

Honestly, I have the utmost respect for lawyers these days seeing what I see from the Media since 2016

I say that as someone who studied law and worked for a law firm for a few years... So you must know.

 

[Emjay]

Very surprising you have not been charged it all these years, this fee had been allowed on credit agreements for over a decade now. In fact, you have saved R1000s due to their oversight.

They can afford it. They have made a huge amount of money off my family's portfolio with them.

 

[zerocool2009]

They can afford it. They have made a huge amount of money off my family's portfolio with them.

LOL Social media is an one way story. FNB HL is waiting for your call

 

[Neptuner]

Go read your contract that you signed to get the bond. Its listed. And if you have a bond... you agreed to the terms and conditions

And seriously, in 8 years you never seen this?

People don't read these things thoroughly they too hyped about buying/owning a home.

 

[gregmcc]

If you haven't seen it in 8 years maybe FNB stuffed up and forgot to charge you. I would keep quiet - they might back charge you for the last 8 years.

 

[zerocool2009]

Sadly if you buy a home via a bond, costs are listed in the contract in BOLD, otherwise buy cash

It all adds up at the end of the day, but complain about things in your control

 

[Supercarfan]

I hate how credit providers often label this charge as 'NCA fee', as if to imply they HAVE to charge this fee according to the NCA. There's no reason why they have to charge it or for the amount that it's set at besides for the fact that it's the maximum the law allows. Which just goes to show, if no one stopped them, they'd fleece us even further.

 

[Mike Hoxbig]

They can afford it. They have made a huge amount of money off my family's portfolio with them.

Well it's not really about what they can afford. It's a business, not a charity. All the banks charge some sort of admin fee on their home loans...

 

[Neptuner]

If you haven't seen it in 8 years maybe FNB stuffed up and forgot to charge you. I would keep quiet - they might back charge you for the last 8 years.

They will do this, have a relative who's electricity meter stopped working for years. The municipality made him pay for the free ride. Moral of the story is it was due to them...