Recently realised that our company is being charged for nearly two months of interest on our Nedbank Credit Garage Card.
The account "closes" on the 17th of the month, but is only debited to our current account the next month on approx 25th. We were told that this is what they normally do? So not the current month - the 25th of the following month!
To the best of our knowledge this was never at our own request, and had it been - the implications of doing it this way were never explained.
This has taken approx. 2 - 3 hours of very precious time, faxes and e-mails sent, requesting acknowledgement - never received!
our employees have had a problem at the service stations when filling up as the card is refused for approx R600 - but can be processed for two transactions of R300?
Bank deny that anything on the garage card would cause this? and suggested the possibility that the service station has a floor limit, which of course they deny?
So - although not able to name this a scam, I would however suggest that everyone that has a garage card account, scrutinise their statement to verify that a similar situation of "double" interest is not happening to them as well.
Sadly this might have gone on for some years, we just never picked it up!
I often say that running a small business by its very nature of insufficient time to keep check on everything, results in quite a lot of additional costs!