Dishonest Banks

[dfm1]

So about 18 months ago I decided to cancel my bank insuarnce on some commercial policies that I own as they where about 40% more expensive. All the relevant cancellation letter where sent through and ABSA was instructed to cancel the policy as it was replaced with a more comprehensive policy through M&F, at a far more competative premium. Yesterday I received a letter from ABSA informing me that my monthly premium is going up because the insurance premium has gone up. Guess what, the have been smoking me for R1500 bucs a month for 18 months, the is about R27,000 and they now deny any knowledge of any cancellations, even though we have proof of all the relevant documents as well as proof that it was sent. So do yourself a favour, check up on your bank, they have less scrupuls than a 2nd hand car salesman, and get your insuarance done by a broker, they will get you better cover for a better price, the banks only concern is how much they can rip you off for.

[Guest Big H]

Dont you check your stoporders or accounts the bank sends you. You should have noticed this within the first month or two ....... NOT 18 MONTHS LATER!!!!!!!!!!

[Evan Andreou]

If you can prove you cancelled it; ie. fax receipt, email etc, ABSA can stand on their head and whistle through their collective ear, they will have to reimburse you.

 

Did you not check your bank statement for 18 months?

[Jackes]

So do yourself a favour' date=' check up on your bank, .[/quote']

 

Or check your monthly statements to see if there is any unwanted R 1,500 deductions on it

 

But yes, never take the bank insurance

[The Saint]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

[Fulmenicilus]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

 

I resent that!!

[The Saint]

You would if you are a lawyer - surprised you are not charging me R14.50 to post that comment.

[Man with no name]

If you have proof of cancellation and proof that they have received your instruction, speak to the Banking Ombudsman. However, with proof of receipt, you gonna have a tough time

[Mackem]

Its not just the Banks. I am having the same problem trying to cancel a Vodacom 3G account. Sent all of the correct documentation at the end of September, again in October and now again yesterday. Its not just the money side that annoys me, its the fact that the call centre just couldnt give a sh^t about getting it sorted out and the F#ck you attitude to actually solving your problem.

 

A further thing that riles me is that you can never speak to the same person twice, even though they say call me back tomorrow. They should be the ones calling me back!!!!

 

Luckily all my phone calls are recorded so I have a back up should my problem fail to be resolved.  

[Speed Devil]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

Building Contractors

 

 

 

I resent that!!

[VincentBikes]

I am not sure but had a similar problem where insurance companies were cheaper than the bank. Standard Bank refuses to cancel the insurance on your property. If I remember correctly it had something to do with them not having control over your payments to your insurer and if you default and your insurance lapse and the property is damaged there is no insurance to cover it something like worst case scenario if fire destroys it and them protecting their asset....

 

[dfm1]

If you can prove you cancelled it; ie. fax receipt' date=' email etc, ABSA can stand on their head and whistle through their collective ear, they will have to reimburse you.

 

Did you not check your bank statement for 18 months?

[/quote']

 

Its a small company in the overall scheme of what I have to deal with so I normally dont see the bank statements and or bond statements, the bookkeeper deals with it directly, it was purely by accident that I even saw the letter, I was bored and didnt feel like sitting on the hub

[Delgado]

So about 18 months ago I decided to cancel my bank insuarnce on some commercial policies that I own as they where about 40% more expensive. All the relevant cancellation letter where sent through and ABSA was instructed to cancel the policy as it was replaced with a more comprehensive policy through M&F' date=' at a far more competative premium. Yesterday I received a letter from ABSA informing me that my monthly premium is going up because the insurance premium has gone up. Guess what, the have been smoking me for R1500 bucs a month for 18 months, the is about R27,000 and they now deny any knowledge of any cancellations, even though we have proof of all the relevant documents as well as proof that it was sent. So do yourself a favour, check up on your bank, they have less scrupuls than a 2nd hand car salesman, and get your insuarance done by a broker, they will get you better cover for a better price, the banks only concern is how much they can rip you off for.[/quote'] They collected premium for cover not needed and therefore they have to refund you!! ABSA will no doubt give you some cock & bull run around but don't be a typical SA consumer and just walk away!! Just take the copies of the cancellation instructions and take the case to Brian Martin whose is the Short Term Ombud 011 726 8900! Tell ABSA your intention to take the case to the Ombud as it may jolt them into action. Any case brought before the Ombud costs the Insurance Company concerned around R2,5k is costs....

[Delgado]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

and price fixers within the .......never mind!!

[The Saint]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

and price fixers within the .......never mind!!

Comming from a banker / insurance guy that's rich

[Delgado]

A few things - How is it possible that you have not missed the R1500 a month for 18 months?

Secondly know one thing when you deal with the following people be very careful as you are going to get screwed without lubrication.

Insurance Companies

Banks

Estate Agents

Doctors

Lawyers

and price fixers within the .......never mind!!

Comming from a banker / insurance guy that's rich

ART Practitioner please!!! Anyways we just put your bank charges to good use!! PS. Cracker of a lunch on today again!!!