[Article] My take on FNB and the need for a backup bank!

[IanF]

So I was finally zapped by the Bank incompetence this morning, I bank with FNB.

I was on my way to a customer and it is a 1 hour trip each way. My car was empty and I stop to fill up. I spend R460 and then hand my petro card to the attendant only to be told transaction declined. So I then give him my cheque card which was also declined.

So I phone FNB and am told that my cards are on hold as they are waiting for proof of address, and transfer me to a premier banker. Then I get told I need to come into the bank and give them proof of address, so I explain nicely that I can't as I have to pay for petrol and my cards are blocked so I can't even draw cash to do this. They then say hold on and they will phone back. About 45 minutes later they phone back and say they have found my proof of address and the lady who had it forgot to capture it. But I have to wait 10 minutes for the hold to be lifted. All this time I have the attendant jumping up and down as he says the cash comes out of his salary if I don't pay. They finally phone back and say that all is good to go. And they will have disciplinary against the staff member.

There was lots of swearing from my side to get my point across that I was hopping mad.

Now I will be moving some money etc. to another bank so I don't get caught in this incompetence and never land in this humiliating position again. I will look at Capitec tomorrow and see what they offer. Service etc. normally isn't bad from FNB but guard against incompetence just like we need cell phones for when Telkom is down.

[Blurock]

What is this bullshit with the banks and FICA? They are going totally overboard! All they are doing is tying their staff up on useless activities in stead of serving customers. What do they do with all the paper that they generate?

I have also received requests from FNB asking for documents. Apparently they have to get updates every 3 years - says WHO? The documents were e-mailed to them the same day, only for me to get another call a month later requesting the same stuff!!!

I have learned not to fight the system unless it is really necessary, but the time has now come for us consumers to make our voices heard. The banks have electronic systems to monitor exceptions and unusual activity on accounts. They can easily pick up on money laundering and kite flying etc. Collecting pieces of paper from individuals is a useless activity that serves no purpose.

[Justloadit]

It's not the banks, it is the government with another rediculous law with FICA.

If they know everything about everybody, howcome there is still fraud by scmasters?

[Dave A]

If you rely on one bank, you can get stuck for other reasons too.

Just last Saturday I was trying to pay for a purchase on my Standard Bank credit card, and it was declined for "invalid credit card number".
So my son who was with me whips out his credit card (also Standard Bank)- same result.
So I try my Diners Club - and through it goes with no problem.

Coincidently is was an FNB credit card machine, but in this context that probably should be viewed as merely coincidental. My guess is that FNB and Standard weren't talking to each other at that particular moment - although which party wasn't coming to the party, your guess is as good as mine.

[Richard S]

I have twice had similar incidents with ABSA. The last time they lifted the hold immediately (the person that i spoke to remembered that i had re-submitted all the docs. about four months previously) and said that they would find out what the problem was and get back to me. Six weeks later and still waiting.

[IanF]

This has given me a big wake up and have just come back from Capitec and opened an account there. Took a while and they offer a great interest rate.
What got me is they phone me back and say they have proof of residence and will update my accounts.
FNB phoned me when I was driving home and I asked them to rather phone me on Monday so lets see what they have to say if they do phone.
What is interesting is this is not limited to FNB.

[Citizen X]

I'm afraid that this was a shocking of a shambles of customer service! They put you as the client at great inconvenience and also infringed upon your right to dignity and respect as any reasonable person will feel embarrassed in such a situation.

Shocking of a shambles

[roryf]

Our business deals with most of the banks and we have accounts at 3 of the big banks.All of the banks need to spend their marketing budget on service delivery and try keep customers rather than losing the existing ones.

Where is Steve when you need him......

[Citizen X]

Where is Steve when you need him......

Hi Roryf

I completely missed the 'Steve from ... Bank' punch line. It appropriately brilliant in this context!

[IanF]

I am still waiting for the promised call back from FNB but Monday isn't over.
My capitec account is now operative so I will test run it to make sure it works so I have a working backup.
Why can't the banks use this FICA positively instead of cutting you off from your own money?

[Houses4Rent]

1) Bank selection
I used Capitec for my kids accounts at 6% interrest, then they dropped to 5% and then to 4.4%., The last drop was when prime went up my 0.5%. Go figure. They satretd gerat and the after a while just fallowed main stream banking. I challanegd then in above rate changes even u to a Regional Manabger level. he siad he does not know why (what) head office is doing and will find out and come back which of course never happened as the answer is of course GREED.

Otherwise you can select any bank and its only a matter of time when the screw you, not if. So don't bother changing.

Anyway, what I wanted to warm up here is FICA (a governmegtakl job creation priject at little or no cost to themselves with little/no purpose).

2) Regular Bank FICA
I get an sms that FNB will contact me for FICA issues. A few weeks later some attorney calls on behalf of FNB saying they require some documents for FICA. I hear already lots of noises in the background telling me its a call centre. I said I am obviously FICA'd as this account was satrted post FICA implementation and FICA was done on account inception. I asked why they want to do this waste again and they said it must be done every three years. My account is clealy older than 3 years, so they are way late. So I say send me the legislation where it says three years and we take it from there. And for good measure I demanded that they send me the mandate which shows that FNB indeed mandated them. Who knows mayeb they are just scamsters. So I am waiting and doubt I will hear from them again.

3) remote/secondary beneficeries FICA
When I asked my legal firm which set up my trusts and is the independent trustee too for a resolution and they send it and said by the way we need the FICA docs of all beneficeries in the trust deed otherwise they cannot serve me much longer. I dig a bit and they say since there are an accountable institution as per FICA they have to do that although they do not like it either. They even wanted tax reference numbers of beneficeries. The main beneficeries are my wife and our kinds, but should we be all wiped out we listed my and my wife's parents and siblings. Most of them are in Europe. I have never been asked for that from the banks even with which I have the trusts accounts. So again I ask for the underlying legislation and they send me something. I read it and said that I disagree on their interpretation of the law which is supported by the facts that the banks don't even asked for it. Besides in my view FICA is for RSA and not worldwide. I am not going to ask all for such confidential info which may partly not even available as they wanted it as systems work differently. So I toldl them I can unable (and unwilling) to comply and asked them whether I must look for a new independent trustee? Silence since then. Worst case I have to change the trust deed and move all over to my trust accountants which are happy to fulfil that role for less money (not really the point), but also without that FICA requirement as they are not an accountable institution. I will also word the siblings/parents more generically and as long there are no names they cannot ask for FICA.

What are your guys experiences other than having accounts frozen with no/little notice?
I thinks its time to stop behaving like sheep and just comply and rather first demand proof of all the things which are being pushed down our throats.

By the way did you know that the annual penalties against FICA offenders were fairly small (I cannot remember, but the number was Millions rather than Billions) and they were only levied against our 4 banks. So all other offenders in any other company/industry never saw a fine. So this is not really a threat to anybody else than the banks. It might be cheaper fro them to pay the fines if caught than paying for the manpower and resources to comply.

[Justloadit]

Had the same problem with my independent Trustee.

With reference to FICA and the banks, I contacted my personal manager and he confirmed that they required said documents. If I did not comply they would freeze all my accounts, that includes my business accounts. So I obliged.

With respect to Stranded Bank, they simply froze one of my Trust accounts because of the FICA documents. When I approached the manager, the reason for only one of the TRUST accounts requiring FICA and not the others, which were opened simultaneously, and all relevant FICA documentation provided, they could not give me an answer.

With all this FICA requirements, how come scamsters can still scam money out of their accounts after doing a scam on some one?

[IanF]

What amazes me instead of using FICA in a positive way the banks just use it to annoy their customers. Why not use it to get to know your customer better.

[Houses4Rent]

Had the same problem with my independent Trustee.

And how did you solve it?

With reference to FICA and the banks, I contacted my personal manager and he confirmed that they required said documents. If I did not comply they would freeze all my accounts, that includes my business accounts. So I obliged.

Is there really a Personal Manager? Its usually just a call centre and each time you call you get some other foot soldier.
Once I have the info from that attorney (if that ever comes) I will verify it with the bank.

With all this FICA requirements, how come scamsters can still scam money out of their accounts after doing a scam on some one?

It serves no purpose other then creating a little bit of employment...

[Justloadit]

And how did you solve it?

Supplied the required information for the Trustees, but can not recall providing this information for the beneficiaries. Just do not have the time to fight a losing battle. Yes I could have threatened to change the independent Trustee, but the necessary paperwork is just too much trouble. Besides, at some stage or other, any other organization that will act as an independent Trustee will probably demand the same paperwork.

Is there really a Personal Manager? Its usually just a call centre and each time you call you get some other foot soldier.
Once I have the info from that attorney (if that ever comes) I will verify it with the bank.

Well I have a personal manager, it could be that I have a portfolio with FNB and a number of accounts and a business account.