First National Bank ( part of JSE-listed FirstRand: JSE: FSR) has admitted its much-touted One Account has been giving customers financial problems, but says it is fine-tuning, rather than ditching, it.
Bank errors leading to loan periods expanding and contracting erratically - which in turn suddenly increase or reduce minimum loan repayments - and incorrect interest charges emerged when a customer complained to the banking services' ombudsman.
The customer, accountant Marvin van de Heuvel of Cape Town, was confused over what was going on in his bank account and left short of funds at various times.
He says debit orders were returned, including car repayments - which led to a vehicle being repossessed and a bad credit record. As a result of this poor payment record, he says he can't find work in a finance department.
Van de Heuvel blames FNB for his woes, but FNB says he is at fault for his "history of poor account conduct".
The customer has turned down a "goodwill gesture" of about R30 000 from FNB. Van de Heuvel, in his early 30s, says he wants his name cleared and about R170 000 - which is what he estimates the fiasco cost him.
Meanwhile, there are other FNB clients who have experienced problems with their One Accounts.
Full story on MoneyWeb
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