********* business practise by ABSA Bank

I refer to my last post on an investment that was withdrawn, early, due to un-for-seen circumstances, from ABSA Westville branch. I was charged an exorbitant amount for early redemption, and my interest was being withheld. After some perseverance. I got some intervention from Venessa Crowe (Social Media Complaints). I was then paid my interest some four month later.

I am still of the opinion that a bank makes money from invested funds and borrowed funds (difference in interest). In this case it is not the situation. ABSA willy-nilly charges clients what they feel like and the people representing ABSA blames this on their computer system. They do not realise that the computer will spit out what is programmed into it. I agree to a reasonable early redemption fee, but not to the extent of approximately, seventy thousand rand (R70000.00) that was deducted from my capital. ABSA did not advise me initially by the so called FAIS representative. The representative only advises one of the good that the investment can provide, and not the later. I was promised by the branch manager of ABSA Westville, that the regional manager of investments will call me or she will get the phone number for him/her and forward it to me so that I can address my plight / concerns. To date, the said did not happen, and there were lots for back and forth with the ABSA Westville Branch Manager. In some instances there was no truth in what she was saying, and when confronted, she was hostile. Our (my family and mine) client trust relationship has been broken beyond repair with the Branch Manager of ABSA (Westville Branch). The only way to remedy my situation is to refund, my hard earned capital and penalize me by taking away the interest earned. Having said that, it must be stated that the following was sent to me. Quote "Cancellation You are not entitled to end your investment before the end of the term. If, in our sole discretion and having regard for your exceptional circumstances, we allow you to end your investment early, we will charge a fee that will be a percentage of your investment. The fee can be more than the interest earned on the investment. We will inform you of the amount of the fee if we agree to end your investment early. We will pay you interest up to the date that the investment ends. We will not allow partial redemptions on your fixed investments. We may change our cancellation fees from time to time and you should ask us how much the fee will be before you decide to proceed with the cancellation of the investment."

Clients, kindly be careful of your investments with ABSA. Especially, early redemption / withdrawal. The reason being, in ABSA's quote. They say they can charge you or me any amount they think fit. They can even charge you 90% of your investment. This means that your hard earned money is lost (white collar crime).