WesBank has to date received 64 434 individual customer requests for payment relief, owing to the impact of the Covid-19 pandemic, as well as 5 752 business customer requests, says head of marketing and communication Lebogang Gaoaketse.
In March, WesBank announced payment relief plans to assist customers and partners who have been affected by the Covid-19 pandemic.
WesBank provides a range of financial products for the retail and corporate market in South Africa, including vehicle and asset finance, full maintenance leasing and vehicle stock funding.
“The type of relief and the implementation thereof [vary], depending on the type of product that each customer holds,” says Gaoaketse.
“Interest and fees do continue to accumulate on outstanding balances, but no fees will be charged for any relief granted.
“Our interventions aim to assist customers who have demonstrated sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to Covid-19.”
The relief period is for a maximum of three months across the board, as guided by industry bodies such as the Banking Association of South Africa and the South African Reserve Bank, Gaoaketse adds.
“We will continue to assist customers as per these guidelines and we will adapt accordingly should they be changed, as we have a joint responsibility with other stakeholders in the finance sector to act in the best interests of our customers.
“In addition to this, customers are encouraged to access other forms of relief that have been availed at a national level and/or through their insurance covers, such as credit life policies, to ease the imminent financial burden.”
Gaoaketse says customers who are not familiar with the application process and who require assistance are encouraged to contact WesBank for further assistance.
WesBank’s opt-in process requires a customer to request assistance by sending an email to covidassist@colserve.co.za or covidbusinessassist@colserve.co.za.
Customers can also contact the company on their preferred social media platform.
“There is no denying that it’s business unusual on the back of a really strained economy, so one can’t help but think that the recovery will take long, as the consequences of this will be more far reaching than we can imagine at this stage,” notes Gaoaketse.