Complaint / review text:
We have a buiding loan. Struggled to with Std Bank the whole time. After final payment never heard of them again. 6 months later I phone to get a Statement as I have never received anything from them. I then picked up that they have been charging insurance premium to my bond without my knowledge.
They just charged insurance. I specifically said NO to insurance when signing documents buying the stand.
I took out building insurance in my personal capacity. I have spoken to them twice since building finished never did they ask for the policy. So now I have been paying double for insurance.
How can they just take out insurance? Further, insurance is on replacement value, they want my insurance to be R 2 million more than the property cost to complete building 6 months ago. This is just a fantastic win/win for them. R 890 for insurance a month!
Now all the capital amounts I have paid off my bond has been going to insurance! Which was done behind my back!
How can they just do this!?