Whoa, huge STD bank hone loans scam.

Drifter

Drifter

Honorary Master
Joined
Dec 19, 2012
Messages
22,825
I Get a call that my bond is in arrears. I contested and said I do EFT on the 1st and send proof of payment. Lo and behold, I check my from account EFT date, reflects as the 1st, check STD bank bond account, show payment received on 31/12, the day BEFORE I made the payment. This means they did not receive the payment for the new month, and can load penalty interest.

WTF??? How can they "receive monies" I paid over the day before I did the actual transaction. and reflect such on my bank statement?
 
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gfmalan

Expert Member
Joined
Nov 11, 2013
Messages
2,676
I saw with my V&A Fin, that they add the payment as received for the agreed date and then debit my cheque account.
 
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Icarium

Expert Member
Joined
Jan 15, 2010
Messages
1,214
Drifter said:
I Get a call that my bond is in arrears. I contested and said I do EFT on the 1st and send proof of payment. Lo and behold, I check my from account EFT date, reflects as the 1st, check STD bank bond account, show payment received on 31/12, the day BEFORE I made the payment. This means they did not receive the payment for the new month, and can load penalty interest.

WTF??? How can they "receive monies" I paid over the day before I did the actual transaction. and reflect such on my bank statement?
Click to expand...

There's no such thing as penalty interest on a bond for being in arrears? You get charged interest at the agreed rate on the daily balance whether you're in arrears, up to date or in advance.
 
I

Icarium

Expert Member
Joined
Jan 15, 2010
Messages
1,214
If you're R10k behind for one day on a bond with a rate of 10%, you'll be charged R2.74 more interest than if you had paid a day earlier but it's still not "penalty" interest, it just interest on your daily balance (even if it's debited separately to your account, which is unlikely).
 
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