I have the same problems with my Std Bank credit card and am apparently being charged 3% cash finance interest per month on a transaction for R495 that was made in March 2015. They only allocate a certain portion of the monthly payment to the balance of this transaction and I am unable to request that it gets settled. The only way for this to happen apparently, is to pay off the full outstanding balance of the credit card!! Now I have issues with this, surely it is against the CPA to continue to charge monthly interest for a transaction that was made in error (incorrect acc selected when paying) and not allow me the option of settling the balance of this transaction? Also when the payment was made, why did I not get informed that the transaction will encur additional charges? The balance of this amount is apparently still sitting at R315 over two years later and despite me making numerous substantial payments into my credit card, only a tiny percentage of any payment gets allocated to this transaction. How can this even be ethical or legal??! I am fed up with Standard Bank, the lack of service you get and these sneaky additional charges they always seem to stick you with. So glad that I have moved my transactional accounts to another bank. Thanks Standard Bank, your terrible attitude has lost you another customer.
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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. Thanks
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