FNB, Nedbank and South African FSP’s taking indebted consumers for a ride

FNB, Nedbank and South African FSP’s taking indebted consumers for a ride

I’d thought long and hard about writing this follow-up blog on South African banking, but given the current state of affairs, I am left with no other option. I HAVE tried to assist my financial services and credit providers in settling my accounts, but I have been willfully obstructed from doing so – with them adding interest and fees on all the late payments. Laughing all the way to the bank methinks – if banks were humans it would be a rather narcissistic thought; them running all the way to themselves.

In Feb/March last year I was retrenched from my job. Luckily I knew I’d taken out credit life insurance on my accounts which covered retrenchment. But, it has been a gruelling, isolating and brick-to-wall-hitting few months – if I, as an informed consumer could struggle so, how much more do our poor, uneducated, struggling South Africans get taken for a ride by South African banks and credit providers? Methinks, the NCR has some digging to do…

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Banking in South Africa – Absa vs FNB vs Capitec vs Nedbank: an existential horror story

Banking in South Africa – Absa vs FNB vs Capitec vs Nedbank: an existential horror story

Ever wondered what it’s like to switch banks in South Africa?

It is hell. It is friggin demonic, psychotic, psychological, physiological, POW and any other kind of torture.

Bring on the popcorn, Michael, because this is a blockbuster reminiscent of Asterix and Obelix’s 12 tasks.

You’d better sit down though, as this one may give you some heartburn.

Warning: contains ranty paragraphs. If it makes you feel any better, it’s been toned down to the ‘facts’ (sort of). This blog will feel long and frustrating, but bear with me. It’s survivable. Without further ado… (more…)