S.N.P.F still tightlipped on new fees

Source: Samoa Observer Online

The Samoa National Provident Fund (S.N.P.F.) are yet to explain or provide an official statement regarding new service fees they imposed on loans which were introduced without consultation with contributors.

Samoa Observer reached out to the Chairman, Papalii Panoa Tavita but he did not want to speak to the Samoa Observer two weeks ago.

The Minister, Lautimuia Afoa Uelese was also contacted but he told this newspaper to inform his Chief Executive Officer, Lemalu Selesitina Meni to respond to Samoa Observer's queries which were sent via email last week but were not responded to as of today.

In early October, the fund started charging service fees for all requests pertaining to loans by its members, the Samoa Observer understands.

Samoa Observer has since two weeks ago contacted the S.N.P.F's general enquiry line and queried about the service fees and confirmed several fees for each loan such as the Short Term Loan which now has a service fee of $20 (non-refundable) regardless of the outcome of the request.

A reliable source also confirmed to this newspaper that all requests pertaining to loans will incur a service fee adding that it started around early October.

For small loans, short term loan unlock and review, there is a non-refundable $20 service fee regardless of the outcome or approval. Even for an advance date of a short term loan, there is a fee of $20 also even if approval is not granted.

Just last week, an increase in fees for reviews for investment loans including guarantor replacements was increased to $50 from $20.

"Before these fees were put in place the members just had to satisfy the policies to be eligible for reviews. Serve the required time through contribution and loan payments then prepare the documents and SNPF works through the process free of charge which is fair and the way things should be because it's the members hard earned money," Samoa Observer's reliable source stated.

Before these services fees were put in place, the contributors could do this free of charge.

"If the review is carried out or declined, at least now the member is better aware of why it wasn't approved and will continue to serve the time required until it is confirmed that it will be approved when it's reviewed again," the reliable source added.