ABSA / failure to be able to pay re-advance funds into my bank account

About six weeks ago i made application for a re-advance of R24500 on a bond of R67600. It took over a week to be assessed, andI was advised that the re-advance would not be granted because I could not afford it. I asked them to re-assess which they did and they phoned me to apologise for their error.

At no time was I advised that the applicable interest rate could be adjusted. When I went to sign the agreement, I found that the interest rate had been increased from prime - 1 to prime + 1, 85. Through the offices of the customer care manager, I got the interest rate reduced. This resulted in the contract being redrafted and after five weeks, I signed it last Friday and requested that payment into my Standard Bank ac be expedited. I was contacted today to say that there was a problem and that they could not pay it into my account without verifying my signature against that on the original bond application and that that was not available. The only options were to pay the money into my flexi reserve account or to have a cheque made out to me, neither of which suited me. All I want is the money to be paid as soon as possible into my SBSA ac so that I can pay my builder.


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