Absa Conversion
 SUPPLIER |
Absa |
 INDUSTRY |
Banking |
| BRANCH / AREA | Unit Trusts | COUNTRY | South Africa |
| TIME / DATE | 18:29 Tue 24 Jan | PERSON RESPONSIBLE | Unit trust administrator |
| CUSTOMER | unhappybank3r | View all reports by user |
 1
 1
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| PROBLEM | Billing / Accounts |
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| INCIDENT | Tue 10 Jan | ||
| HEADLINE | Unauthorised commission fees deducted |
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Dear ABSA I approached an ABSA cashier (on my own account) and completed an internal transfer slip to close my banking account and open a unit trust account. I purchased units out of an account I selected on my own accord. Please explain how can you justify charging agent fees for a transaction I completed and initiated on my own (after waiting in a line for an hour in the Claremont Branch)? I did not receive any financial advice from any agent or financial advisor/broker? I instructed no one to receive commission and request that the unauthorised fee be refunded to my account immediately. To which agent has this money even gone? I can positively confirm that I never signed or indicated on any documents that I authorise commission payments to be subtracted from any units. I was also never told that should I purchase unit trusts ABSA is going to deduct commission for an agent I did not even see or know of? The Absolute fund clearly states that no initial transaction fees apply. I have not yet heard anything from the unit trust depart as I've queried this with them as well. When and how are you going to correct your oversight? |
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| SUPPLIER'S RESPONSE | Absa | Time and Date | 12:02:12 | Wed 25 Jan 12 |
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Hello unhappybank3r, Dear Customer Thank you for bringing this matter to our attention. We will investigate the matter and furnish feedback shortly. Kind regards Basani Hlungwane Group Customer Care Absa Bank Ltd |
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| CUSTOMER'S FEEDBACK | unhappybank3r | Time and Date | 12:30:38 | Fri 27 Jan 12 |
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Over the Moon:
I must thank Lorraine one of the fund managers at ABSA's unit trust division for immediately rectifying the issue. I am very impressed with the professional and friendly manner in which ABSA dealt with my query. ABSA refunded the unauthorised commission fees and apologised for the way their systems handled my transaction. I will continue to invest with ABSA. What great value they've been able to add by their impressive client service! Keep it up. |
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