Complaint / review text:
I have a home loan with Standard bank, which had a feature called access bond. Access bond allows you to transfer money into the home loan account which you can withdraw when needed. I have payed extra money into this account for a few months to use for a holiday. However, when I needed the it, I was unable to use it. On enquiry, I was informed that the access bond was cancelled because I have not withdrawn from the account for 6 months. I was never informed of this cancellation and my account showed there was R170,000 available to withdraw.
To reinstate the facility, I needed to reapply, which would take days. All hotels, car rentals was booked at that time which put me in a very awkward position. No one was able to help with the situation, not even my Prestige banker. Following up on this, I was told that I don't qualify for the facility because the bond was worth more that the property. Absolutely ridiculous.