Account Limits - ABSA's definition of LIMITS or lack thereof

What does a LIMIT mean. If googled the definition is 1. a point or level beyond which something does not or may not extend or pass. 2. a restriction on the size or amount of something permissible or possible.

So an account limit means "Credit limit refers to the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card."

So if my account limit is 60K one would assume that the maximum amount spendable on the card is 60K? Not according to ABSA and their ***** department. According to ABSA and their ***** department if an account is overdrawn over it's limit through 3 separate transactions - it is NO FAULT of ABSA! it is the client's fault and the client will not be refunded.

The strange thing is on 17 April I went to Pick and Pay and tried to pay R370 rand roughly on my debit account. The transaction was DECLINED as I only had R320 available. Why was it declined??? Due to a Limit of how much can be spent on the account, right??

However on 18 April - after I was ****** a man and woman - managed to draw 5K from my account with only R320 available. The other part I don't understand is who increased my ATM limit from 2K to 5K? I did not!

I opened a ***** case on 19 April to be told today 15 May - one month later "Dispute will not be refunded - letter to follow"

I am confused - the ******* is captured on CCTV footage, there is a police case and due to some failure by ABSA to manage customer account limits on 18 April and not declining 3 transactions!! 3 separate transactions - were not declined! 3 separate transactions exceeding what ABSA calls a LIMIT? 3 separate transactions was allowed and ABSA ***** responds with "letter to follow"

I expect an explanation how my LIMIT was exceeded. I expect an explanation about ABSA security on our accounts. I expect an explanation as to HOW ABSA will keep our money safe and secure. I expect ABSA to pay this money back and ALL the fees I incurred due to my overdraft facility being overdrawn. I expect ABSA to act like a BANK. I expect ABSA to behave like a responsible lender. I expect ABSA to acknowledge that their systems failed and that they allowed a transaction to happen not once but 3 times that should never have been allowed! I expect ABSA to give me my money that they allowed to be withdrawn from my account despite exceeding the LIMIT!! I expect ABSA to start trying to gain some respect and earn a reputation as a responsible lender.

Legally I would like ABSA to explain HOW they can not refund the money "Credit limit refers to the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card." When they have a police case number, the car break in is captured on CCTV footage with a time. I would love ABSA to explain how legally - they think they will get away with allowing an account to be overdrawn and to refuse to refund the "LIMIT" that was exceeded in 3 separate transactions.

Looking forward to this "letter to follow" - where are you sending to exactly...by post? ABSA your banking license should be investigated and revoked.

Even Customer service said "They will have to refund you as it exceeded your limit"