First National Bank / really dishonest fnb
I receive a regular income paid via EFT in US$ to my account every month. The payment is made on the same Thursday every month. I've been receiving payments like this for 10 years so this is not something I'm making up but a definite trend I have noticed and documented:
1. Forex is always generally moving up or down. I check daily because of my income.
2. Whenever forex is in an UPWARD (rand getting weaker) trend, FNB calls me the day afterward (Friday) to notify me of the deposit. In other words, they get rid of the cash as quickly as they can before it goes up more.
3. When forex is in a DOWNWARD (Rand getting stronger) trend, it can take up to 3 weeks for them to pay me. So long as the Rand is getting stronger, they hold my money. The moment it starts to go up, they pay.
I estimate that over the 10 years of this tactic I loose between R200 and R500 month depending on the exchange rate just because they pay me at the exchange rate that is most effective for them.
Take this across thousands of people and accounts and it can add up pretty quickly!
Really dishonest FNB!
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