Nedbank notes currency fluctuations before refunding client

2010-09-11 12:04

Siphamandla Khanyile finally got his R5 300 from Nedbank, ending a three-month battle with the bank.

“It is sad that I had to request City Press to intervene, otherwise I would never have received my money. At first, the bank said it did not owe me anything and now it has paid this money. I wonder how many other people are affected by this,” Khanyile said.

Between October last year and June this year, Nedbank was making double deductions for Khanyile’s bond payments. Khanyile said when he arranged with his employer to ­deduct the monthly bond ­instalment directly from his salary, he had no idea that the bank would also process a debit order through his savings account.

Pat Lamont, Nedbank Home Loans general manager for sales and customer relations, said there were two debit transactions as a ­result of instructions ­issued by ­Khanyile to his employer and the bank simultaneously.

Khanyile said it was easier for him to pay directly from his salary because he had a housing ­allowance.

He said he was surprised when he later discovered that Nedbank was also debiting his savings ­account. When he contacted the bank, it stopped the double ­deduction, but it allegedly refused to refund the full amount.

Khanyile was only given a small portion of what was deducted.

“The problem is that the full amount that they deducted was R15 885, yet they have paid me only R8 700. I was told I would not get the full amount due because of ­currency fluctuation, which I fail to understand,” said Khanyile.

He said what he had received amounted to R14 000. He was not happy about the R1 885 shortfall.

However, the bank said it had reached a common understanding with ­Khanyile.

“The resultant duplication has been rectified in agreement with him.

We are pleased the matter has been resolved,” said Lamont.

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