Absa FICA nightmare.

We are a property management company in JHB, and our clients have a total of 46 Transactional and Investment accounts with Absa Bank.

Recently Absa locked client accounts for Fica reasons. Some with notice but locked same day as received notice and some without notice. They have implemented weekly rounds of lockups which affected us from mid-April.

When making the decision to lock accounts they did not consider, or they do not care about firstly their clients who now cannot pay municipal bills, maintenance agreements, security services and employees. Secondly their staff who are overloaded with trying to assist very unhappy clients with the process to unlock accounts, I have witnessed them suffering verbal abuse from clients and lastly the 3rd party service providers and small businesses out there who have not been paid which had a major effect on their ability to pay their staff and service providers.

Some accounts have been locked for a month and documentation were submitted 3 weeks ago. The accounts are still locked and no request for further information or documentation from Absa. "It’s been escalated".

They have created an administrative nightmare for their staff and clients and crippled our business. They dont understand that some trustees are overseas or relocated to another province or just not available to run around and sign documentation.

They might have their reasons for locking these accounts but the way they are dealing with it does not serve their client or employees. It is a disgrace.

"Today, tomorrow, together. Bringing possibility to life" - Unfortunately, this slogan is the opposite of what is now our reality.

In closing we would like to thank the enterprise bankers who are trying to assist all your clients with this debacle - we are sure to meet again when you have changed employers and we bankers.