Bank accused of over changing black homebuyers

According to an article by IOL Business Report, Thousands of black homebuyers on the books of FNB have been overcharged by up to 100 percent, according to bond recalculator Emerald van Zyl.

The home loan accounts were inherited by the banking giant when it took over the bond book of failed finance provider Saambou in 2002. But Van Zyl says FNB has done little to sort out the problems left behind when Saambou crashed.

The article further states that, Van Zyl, who has been fighting Saambou overcharges since he discovered his own bond had been miscalculated, said each of his nearly 2 000 clients had been overcharged by the bank, but black home buyers suffered far more excessively than whites.

“Black bond holders were overcharged by R60 000 on bonds of R60 000 on average, Van Zyl found. In the case of their white counterparts the average overcharge stood at R20 000 on R200 000 bonds – only 10 percent, as opposed to the 100 percent overcharge for black home buyers,” revealed by the article.


source: IOL

About the author

Pamela Vilakazi

Pamela Vilakazi is a recent Journalism graduate. Working for a community newspaper has allowed her to use her skill to educate, inform and uplift her community through the stories that she writes. Her interests are crime, politics, sports and entertainment.

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