Wow NEDBANK fail!

JerryMungo

JerryMungo

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I've been trying to resolve a query for MONTHS with Nedbank.
- Firstly, the call center agent can't answer the query - heck, they don't even understand the question.
- Secondly their 'escalation' as happens after every call results in NOTHING. No call back. An agent once told me I have to call back in a few days to give them time to resolve the query and they can't phone back because the new system doesn't support it... and coincidentally the 'new system' came in at the same time my issues began.
- Thirdly, every time they escalate and I call back, they give the same canned answer - which doesn't answer the question, it's a joke.

So the query I'm trying to resolve is: I receive an international incoming payment monthly as I have for years, and recently (in the past few months) the payer switched to shared bank charges for the transaction. I have been billed R350 flat rate monthly for these payments with the amount being deducted from the amount sent before it hits my account. The amount that shows accruing to my account is basically R350 less than they said they sent.

Suddenly for the past 3 months, Nedbank have been charging nearly a grand for that incoming transaction and every time I query it they say "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee"... and every time they say that I say sure, that explains the charges from June to August, but I'm asking about January to May (and prior) and they always end up having to escalate it. I then phone back in a few days to a week and the result is the same answer "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee".

We've been around the bush 6 times already. I have wasted at least 10 hours trying to get to the bottom of this. I've even sent them the MT103/PACS008 showing the instruction was the same.

I'm about to draw them pictures.

I give you two apples from the same tree, a red one and a green one and I ask you "Why is one red and the other green?" and your answer is always "Because Granny Smith apples are green"... and no matter how many times and ways I ask the same question, your answer is the same.

Is this something for the ombudsman?
 
Phone another bank, give them the same scenario and see what their fee is, if more or less R350 ditch nedbank, they are slowly dying off.

Not sure about the ombudsman, can give them a ring, also look at nedbanks T&C's for their fees.
 
Rickster said:
Phone another bank, give them the same scenario and see what their fee is, if more or less R350 ditch nedbank, they are slowly dying off.

Not sure about the ombudsman, can give them a ring, also look at nedbanks T&C's for their fees.
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This. It's vehicle loan, home loan and transactional account. I've been told Captiec charge R50 flat for incoming forex transactions.
 
Ask to speak to someone to close the account and see if the person they direct you to is more capable.
 
Tim_vb said:
are they not now disclosing their fx comm and transaction fee as a separate fees now
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Only if you ask, it still doesn't explain the flat rate of R350 which I've been receiving for months now. My colleagues using FNB are still paying the same flat rate they have for ages (R450).
 
JerryMungo said:
This. It's vehicle loan, home loan and transactional account. I've been told Captiec charge R50 flat for incoming forex transactions.
Click to expand...

Yeah - that's what I pay on Capitec.

I usually transfer $1000 at a time from Wise (Paypal are horrible with fees) and there's a flat charge from Capitec instead of a %. Wise fees is about 0.45%, and Capitec is a flat R50 fee. Cheapest method to get money from USA.
 
longboy said:
Yeah - that's what I pay on Capitec.

I usually transfer $1000 at a time from Wise (Paypal are horrible with fees) and there's a flat charge from Capitec instead of a %. Wise fees is about 0.45%, and Capitec is a flat R50 fee. Cheapest method to get money from USA.
Click to expand...
LOL the ombud page is a fail. Can anyone choose Nedbank from that list?

 
JerryMungo said:
Only if you ask, it still doesn't explain the flat rate of R350 which I've been receiving for months now. My colleagues using FNB are still paying the same flat rate they have for ages (R450).
Click to expand...
I stand to be corrected by FX is conversion commission isnt a normally a fixed amount, its usually a percentage point to two. To put it simply there is normally a fixed fee and a variable fee components to FX transfers. You need to know the rate you are getting charged at between the two transactions
 
Tim_vb said:
I stand to be corrected by FX is conversion commission isnt a normally a fixed amount, its usually a percentage point to two. To put it simply there is normally a fixed fee and a variable fee components to FX transfers. You need to know the rate you are getting charged at between the two transactions
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Yes it is, but it depends on how the money is sent. In my case it's converted to ZAR at the sending side so no need for further conversion.

I just spoke with a manager at Nedbank. He is going to investigate the difference in the PACS008 and escalate again if necessary. Hopefully I have an answer this week.
 
JerryMungo said:
*snip

So the query I'm trying to resolve is: I receive an international incoming payment monthly as I have for years, and recently (in the past few months) the payer switched to shared bank charges for the transaction. I have been billed R350 flat rate monthly for these payments with the amount being deducted from the amount sent before it hits my account. The amount that shows accruing to my account is basically R350 less than they said they sent.

Suddenly for the past 3 months, Nedbank have been charging nearly a grand for that incoming transaction and every time I query it they say "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee"... and every time they say that I say sure, that explains the charges from June to August, but I'm asking about January to May (and prior) and they always end up having to escalate it. I then phone back in a few days to a week and the result is the same answer "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee".

*snip*
Click to expand...

Is it not possible that the other bank is adding a fee ? perhaps its something in that country ?

Sounds like a sender should be checking their side
 
Nerfherder said:
Is it not possible that the other bank is adding a fee ? perhaps its something in that country ?
Click to expand...
It's indeed possible, but Nedbank can't say yet apparently. What's interesting is the other staff in country aren't getting that charge.
Nerfherder said:
Sounds like a sender should be checking their side
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Nothing's changed for non-Nedbank staff, only two of us are with NB and both of us are getting these cray cray charges from June. It's quite likely the routing has changed from the sending bank and that might be affecting Nedbank because they don't have an agreement with the new intermediary bank... I just want to know the answer and I need to make an informed decision about what to do.

One thing I have thought of is opening a Capitec account and having it paid into that, then paying my "salary" into my Nedbank account from there.
 
JerryMungo said:
It's indeed possible, but Nedbank can't say yet apparently. What's interesting is the other staff in country aren't getting that charge.

Nothing's changed for non-Nedbank staff, only two of us are with NB and both of us are getting these cray cray charges from June. It's quite likely the routing has changed from the sending bank and that might be affecting Nedbank because they don't have an agreement with the new intermediary bank... I just want to know the answer and I need to make an informed decision about what to do.

One thing I have thought of is opening a Capitec account and having it paid into that, then paying my "salary" into my Nedbank account from there.
Click to expand...
Got you, I think you are probably right. Its just the payment route to Nedbank that is incurring extra costs.

I'd probably just check with the others as to who is getting charged the least and move.
Just make sure you wont get massive fees paying the money into Nedbank as well.
From what I can remember it should be fine as long as you own both accounts in your name.

TBH I's just move my account if its going to cost you R1000 pm to keep it.
 
Nerfherder said:
Got you, I think you are probably right. Its just the payment route to Nedbank that is incurring extra costs.

I'd probably just check with the others as to who is getting charged the least and move.
Just make sure you wont get massive fees paying the money into Nedbank as well.
From what I can remember it should be fine as long as you own both accounts in your name.

TBH I's just move my account if its going to cost you R1000 pm to keep it.
Click to expand...
The challenge is I get special rates for HL + Car based on my salary being paid into my NB account and moving HL is going to cost a chunk unless I can get a better rate so I'll likely keep the NB account, just move the salary payment and pay the salary across monthly. New bank might also be more interested in which debit orders I want on their system... that was the first thing Capitec asked me for - a copy of my bank statement and "which of these debit orders do you want to move?". I found that weird. They didn't even ask about income.
 
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