Absa fails sums test

Absa fails sums test

600% increase in fees is 'in line with inflation' according to the bank.

Absa claims that increases in its monthly service fees for home loan agreements, after remaining “unchanged” for years, are now only increased in line with inflation. Both claims were blatant lies, a client with the mathematical skills needed to do the calculations has discovered.

Last year Absa’s head of home loans, Carel Gronum, sent clients a letter in which he claimed that, historically, the monthly service and administration fees on Absa’s home loan accounts had remained unchanged since the commencement of these agreements.

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