Monkey Boy

Another Bank Robbery

I had an  issue with Standard Bank recently regarding household insurance on a home loan. In short I wanted it cancelled. It was eventually cancelled but they erroneously charged me 2 additional month premiums. When they returned the premiums I was informed "it is not company policy" to return the interest charged.

While the monetary value is not great is this not institutionalised theft? Interest charged is calculated on a daily basis on any funds withdrawn but cannot be returned? Or do they see this as a service charge for the inconvenience of rectifying their own mistakes.

Stay tuned.....

(Last Bank Robbery)

The Virgin Wars

After my complaint yesterday Virgin replied on Hello Peter. But have not fixed the problem or even offered a solution. I am exactly where I was at this time yesterday morning. At my desk, PINless and frustrated...think I will go and bash my head against the wall...at least there I will get a result.

In their reply they said:
"The reason we have been sending some of our clients to the Absa branches for their pins, is for them to get the pins quicker if they wish to withdraw money from their cards , if you are willing to wait for your pin via post that is still an option you have."

I told them the first time I phoned at the end of August that I was willing to wait for my PIN but I still don't have it. Come on guys our postal service is not that bad!!

"We did try to get hold of you on the number provided and could not get through."
They tried once didn't get through for whatever techno-cellular reason (call went straight to voice mail) and left a message. I couldn't hear the callers name and they left NO contact number.

"I will get one of our client services consultants to call you again this afternoon, to give you feedback."

They phoned later and said they would "look into it". This is what they said the very first time I phoned so I am back where I started.

"Should you require any assistance in future please email us on services@virgin money .co.za"
Well we already know how useful a mail to that email address is - see below.

Blingless 2

So apart from my post on Hello Peter I also emailed services@virginmoney.co.za and got this automated response:

"Hi there

Thank you for getting in touch with Virgin Money - we’re always happy to hear from you. Expect a mail from us in the next day or two. If you’re desperate to speak to us, please call us on 0860 VMONEY (866 639).

blah blah blah blah blah"

To which I replied:

"Dear automated response,

Thanks for getting back to me so quickly but this is about as helpful as a kick in the teeth. I emailed you BECAUSE YOUR HELP DESK DOESN'T HELP ME, why would I want to phone them. So where to now Bob."

Does anyone have Sir Rick's email address?

No "Bling" for me!

I have only used my blog once before as a forum for complaining about customer service (okay apart from my on going gripe about Telkom). Funnily enough last time was about a bank as well. Come on guys how hard can it be to offer acceptable customer service???

Cos I am lazy I'll just paste what I posted on the consumer complaint site Hello Peter

"I opened a Virgin Money credit card 3 months ago. Due to the huge demand it was a little late in arriving but I really didn't mind because it was delivered to me where and when I wanted. I was so thrilled in fact I told all my friends and family to get a bling card and I know a few of them did.

But something went wrong when they issued my PIN and I didn't get it. I still don't have it and everytime I phone looking for it I am told the only way to get one is to visit an ABSA branch. Am I being unreasonable refusing to go to an ABSA branch? In the original conditions it was never mentioned I would have to visit a bank. I actually opened this account because I hate visiting banks.

I feel like I am being punished even though I did nothing wrong. It is a feeling I am used to because it is the same feeling I get when phoning Telkom, City Power or any other large South African corporation who willingly take your money but make their mistakes your problem. So I gave them till 10:00am today to phone me back. It is 10:45am and still no call. So as promised here is my complaint.

Sir Richard I think a foot is needed down here in South Africa to administer an a$$-kicking"

Bank Robbery

My friend Henry over at The Fool's Progress has just been robbed - by his bank. Sure they didn't use guns and force but they took money from him that he worked for and they didn't. My computer consulting company makes money out of selling time so I totally understand fair pay for fair effort and a R5000 "interest cancellation fee" for paying off your mortgage early does not meet my "fair pay for fair effort" criteria.

I don't know if being ripped off by banks is a global phenomenon or a uniquely South African one.....but it SUCKS. I am with Standard Bank and they rob me a little bit at a time. I’ll give you an example:

The other day I used my savings account to purchase a gift. I think that's what a savings account is for. Every month you put money in and one month you take it out to buy something (if this concept is foreign to anyone think of it as the opposite of a credit card...BTW my wife totally doesn't get savings accounts but she totally understands credit cards...go figure).

Anyway, when I took the money out I let the balance fall below R1,000 and the next couple of months didn't afford me an opportunity to add any additional funds. (I usually top it up at bonus and tax return times). Now the bank does warn you...but it's hidden somewhere in their complicated 14 page fee summary, that should you let the balance of a savings account fall below R1,000 they will charge R11 per month. Unfortunately they don’t warn you when you actually make the withdrawal. (I thought I was exaggerating about the 14 pages so I checked it out. Try it, I bet you struggle to find the charge on a PlusPlan account with balance less than R1,000. The fee structure is monstrous.)

My balance dropped to R272. I noticed the problem after 4 months and deposited more money to push the balance over the R1,000 threshold...but because the deposit was done on the 2nd I was still charged R11 for that month. In total I lost R55 of R272 or 20% of my capital. Interestingly when I withdrew the money they used the balance on the last day of the month to trigger the fee but when I deposited the money they used the balance on the first of the month to trigger the fee. This is patently UNFAIR.

If you query at the bank the answer is "it's Policy" or "it’s in the contract". While legally these arguments may stand they do not make it RIGHT.  It’s not as if Standard Bank don’t make money from me already. I have a cheque account, a credit card, 2 mortgages and a share trading account with them. All my businesses’ bank accounts are with them as well as my wife’s personal accounts and car finance. We have insurance through Liberty Life, their sister company, and unit trusts with StanLib, a joint Standard Bank Liberty Life investment house. As a family we are good loyal Standard Bank customers and....so I know we are pretty close Bankie-Boo but that still doesn’t give you the right to SCREW me.