I have had a query open with Standard Bank for over a year regarding the cash finance charges I am being charged each and every month on my credit card, whether I use the card or not. I have had lots of differing answers from my branch, Card Division, Complaints Resolution Dept etc. Now I have been informed that it is the result of a erroneous transaction (selected the incorrect account on the app when paying) made in March 2015 and I am STILL being charged 3% of the outstanding balance each month. How can this be?! And the consultant has told me that I am unable to pay off the cash plan portion of the amount outstanding unless the entire amount is settled.
I have a number of issues with this, the main one being how can they not allow me to pay off the cash portion if I request it to be done and will pay in extra to make sure it is settled? If you make a budget purchase, you are able to settle it early if you want to. I do not use my credit card to make cash payments, or cash withdrawls and any look at the history of the account can tell you that. I made one unfortunate error for an amount that was less than R500 and I am still being penalised for it by being charged 3% interest each month over 2 years later! How is that fair and sureley this is against the Consumer Protection Act (CPA)? I understand the charges, but I don't understand the restriction that Std Bank has enforced that prevents me from paying off the outstanding balance on this erroneous transaction.
Please can someone assist, or I will be taking this futher to the Ombudsman as I think it is daylight robbery and I am really unhappy with the way that I have been treated as a loyal customer.
I can imagine your frustration on this and the level of service received to date. The best way for us to intervene and investigate further on this is for us to your full account details/credit card details and the your initial query email to us on: ask.SBSA@standardbank.co.za for us to assist further. Please use the subject line "Credit card and cash finance charges/Community query for us to be able to identify your query.
Apologies again for the delay.