Rand Merchant Bank Sucks Customer Reviews and Feedback

From Everything.Sucks

RMB Holdings Limited (RMB), previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company.

A current IT Business Analyst in Sandton mentioned in a review posted by GLASSDOOR US that among some of the downsides of working at RMBH are: Pay, Structure, Business areas get higher increases and Bonuses than the Tech environment as we a cost area. There is a promises, values and culture statement however you never see this in reality in certain Business areas.

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I certify that this review is based on my own experiece and is my opinion of this person or business. I have not been offered any incentive or payment to write this review.

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Current Employee - IT Business Analyst says

"Pay, Structure, Business areas get higher increases and Bonuses than the Tech environment as we a cost area. There is a promises, values and culture statement however you never see this in reality in certain Business areas."

Former Employee - Investment Banking Analyst says

"Hr is not entirely structured"

Current Employee - Anonymous Employee says

"there are no much cons"

says

"No work/life balance, bonus not too fantastic compared to others."

Nadia Barkhuizen says

"NO STARS ARE EVEN TO MUCH the service is pathetic, they closed my account twice. First time, no issue sorted it out fast. Now again this time a s#*# load of issues. No one can awnser my question. And when someone does try and awnser they give incomplete information. I have to travel from one town to another to get to a branch, so i called to get the right information. I have emailed and secured chatted. Stil i get to the bank and i can still not get helped. PATHETIC PATHETIC PATHETIC"

Mario Visser says

"Applied for a business covid 19 loan on the 27th July 2020. FNB dragged their feet for 8 days when they said it takes between 3-5 days to notify you of the outcome. I have full power of attorney over the business account and on the 8 day they inform me that they cannot speak with me they need to speak with the owner of the account. I give them the owners number and let then know on the 5 August that the owner will be available the whole day today the 6 August 2020. They never called. I feel that you are in direct contravention of the orders of the president that instructed banks to act with "a sense of urgency" as these loans are to pay staff, rental etc so that they can feed their families. They are not for holiday's, home renovations or for buying jet skis. Let me explain this process so that everyone is aware why there is only about 5% of the government guaranteed funds (Total is R200 Billion for business assistance) allocated so far to businesses (from May-July) as the banks don't make this clear as from the last speech from the President. The president has said that the banks cannot make any profit from these loans. and is only allowed to charge a fixed interest rate of 3.5% which will be stored for any future defaults by businesses. This creates a dilemma for the banks as they need to use their resources and funds to fund the loans and only once someone defaults do they use the 3.5% that they charged for interest. Once this is depleted they then request governments assistance. If FNB does did not follow strict credit measures they government holds them fully responsible for the loan amount. FNB is also 50% responsible for debt with the treasury also taking 50% responsibility. The reserve bank takes no responsibility for the debt. As you can see from the above why would FNB approve these loans. It doesn't make financial sense. They are not allowed to make profit from the loans but need to take 50% of the risk. In saying this the government and our president gave them the power and responsibility, in this time of need, to overlook profits and assist businesses in dire needs to support staff that need to feed families. I can tell you right now as Ive spoken to many businesses that got declined as well the banks care about the bottom line and that is it. we belong to a business group of 900+ members and have discussed this loan in depth. Not even 5% of them were approved for Covid 19 loan. Government needs to take decisive steps to force the banks to assist the people of South Africa or give that responsibility to companies that are willing to assist. Clearly FNB does not see the urgency in this matter. I will be taking this matter up further with the local muncipality as well the government with the assistance and support of all of the other businesses that were declined or who were just ignored. This is not how you treat people. Never mind your long standing and loyal clients, I have 4 accounts with you that will be closed within this month. Hope your profits were worth it at the expense of a nation in crisis."

Giles Thompson says

"do not bother with fnb connect it is more than useless my sim stopped working now they want me to pay for another 1 it uses cell c towers when i signed up they told me they used vodacom so they straight up LIED to me i spoke to them about it and they are really useless im still sitting with a faulty sim"

Emilio Lovisa says

"If I could leave no stars I would. I am supposed to get monthly annuity payments from Momentum and while one FNB department sends me emails informing me that they have passed on the money to my relevant account I am still waiting to receive these payments. Emailed various FNB departments for an explanation in December last year, and again in January and still no answer - it is now March! FNB now owes me 1000's of Rands - this is borderline theft."

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