Vernon Chalmers SEO

Email Letter to Standard Bank Prestige Plan Banking

As a Prestige Plan Standard Bank Milnerton client I fail to understand why there is such a facility as Prestige Plan banking when no professional effort was made to communicate a serious change to my immediate fund clearing status.

With the Standard Bank Prestige Plan account I also hold a Standard Bank Business account and a Standard Bank Online Trading account (in a linked immediate access environment).  As an entrepreneur, trader and self-employed training facilitator I require frequent access to my account(s) to honor payments - any efficient Prestige Plan banker / manager should have observed frequent transactions between all my Standard Bank accounts (on almost a daily basis).

Immediate Fund Clearance removal
Standard Bank Prestige Plan banking you removed my immediate fund clearance status from my current account without communicating this to me. (The incident(s) leading up to this unfortunate event was again and again explained to your [so-called] Prestige Plan banker on Monday 5 September 2011 - and was discussed with the Prestige Plan call centre more than a week ago).

On Saturday 3 September 2011 I deposited two cheques at an Autobank in Loxton Road Milnerton with the understanding that the funds would be available to pay creditors on Monday. On Monday morning I realised that the immediate clearance status was removed (as was explained by the [so-called] Prestige Plan banker on further investigation).

The only solution offered to me at the time was that [she] would phone my creditor(s) to explain that my funds will only be available after 7 days. I find this level of client-orientation in a professional banking environment totally unacceptable and quite embarrassing (from a Prestige Plan Banking perspective).

Poor Prestige Plan Overdraft Management
Over the last 18 to 24 months I repaid up to 75% of my Prestige Plan overdraft facility. This payment plan structure was never discussed with me. I just received a letter in the mail without any consultation. I accepted this at the time and started honoring the minimum monthly installments'.  The review date on my statement for this facilitate was 31 March 2010. Well before this date I requested a review to minimise the current installment. This was declined within a couple of days.

For the record: Up to today (August 2011 statement) the overdraft review date on my Prestige Plan statement is STILL 31 March 2010.

Prestige Plan account status to be downgraded (by request)
In light of above I herewith respectfully request that my status as a Standard Bank Prestige Plan account holder be downgraded to a standard Standard Bank account. I see zero value as a Standard Bank Prestige Plan account holder, and although I grasp risk your risk management mitigation procedures, I fail to understand your poor communication and client orientation practices.

I further wish to inform you of my decision to be detailed to another branch – Standard Bank Century City is the second closest to my home / office and I will complete all the required paperwork there to change my banking status.