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

[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?

[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.

[Houses4Rent]

Hi JustLoadIt

I have no problem to FICA the first/main beneficeries, but not all the seconday/spare ones overseas who really only kick in when the first ones get wiped out all in one go. And as I said FICA is in my opinion for RSA and SAffers, not the world.
I mentioned have already lined up an alternate Independent Trustee who is more an accountant than a legal firm. They feel they are not an accountable institution and hece will never start the FICA hassle.

I once had a so caled personal banker and each time I called her she tried to push we to the call center. Then she left and I never got the direct number of her successor. If you have a direct number to someoen in yoru bank who also is willing and able to help you can consider yourself lucky.

I never put all my accounts to opne bank for many reasons.

[ians]

The other thing that will change a big organisations attitude and customer services is the drop in revenue.

If shareholder see a drop in revenue someone collects, things change. A few whining customers and a mass of unhappy who just keep quiet and keep using the product doesn't change shareholder profits.

[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.

[Pap_sak]

Had to go to SARS the other day to RICA as they have no problems getting payments for 5 years every 2 months for vat - as soon as they have to give a refund I need to RICA - So get to get statements from FNB, they cannot get me a statement with my address. Have been dual banking with capitec for a while as a had an overdraft at FNB - but charges way lower at Capitec. Go to Capitec, out in a minute with statement. Go to SARS, 45 minutes later all Rica'ed. Go back to FNB and close my account - took them ages because they could not find my address - I mean seriously! Still have C card which I like to keep as a back up - but costs R400per year so tried getting a free Virgin Card for a back up - horrible staff, super unfriendly. So cancelled and will stay with FNB - just for the C Card.

For me, Capitec is still far the best bank for me and my small business.

[Houses4Rent]

For me, Capitec is still far the best bank for me and my small business.

Trouble is after they strated well they are busy slipping into the same old same old as the main streams banks AND they do not do business banking.