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1 reviews | Active since Dec 2016

16 May 2023, 12:39

Not KNowing about a NEW FIXED INTETREST PRODUCTY

My wife and I opened the new Dynamic Fixed Interest accounts for 12 MONTHS at Tokai and Constantia branches last week. We transferred the funds into the accounts given to us by ABSA - my wife's funds bounced back as they hadn't done their job to do FICA check. They said from the start that the 12 months will commence from when the funds first reached the account. My wife went back yesterday. The teller, Jacobs, could not access the account as it was blocked due to ***** !!! This was because he had entered incorrect information that my wife was born in SA - she was born in UK which was clear from her green book. Jacobs told my wife this morning that she would need to advise what the compound interest is at the end of May to be added. Not sure why we need to do that but to make sure it is correct I will do the calculation and send it to Jacobs. . I had a similar problem with opening mine. I transferred the funds last week for a 12 MONTH period and yet yesterday I received an SMS from ABSA that my account matured in 5 DAYS !!! and I needed to give them instructions what to do with the funds !!! 5 days into a 12 month fixed interest account.. They are still trying to sort out the mess. GRAHAM ELLIS LLB., MCIArb Lawyer and Chartered Arbitrator

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Replies (1)
's update18 May 2023, 18:50
Reviewer Update
A week after I deposited funds ****h May) into a new Dynamic 12 months fixed interest account, I still have not received confirmation that the account has been opened with a maturity date. On 14th May I received an SMS from ABSA "Your Dynamic Fixed deposit account will mature in 5 days time !!!! It was clearly opened as a 12month account. My wife has had similar problems last week as well. My wife's money was returned to her bank as the idiot teller (Jacobs at Tokai) hadn't done the FICA and also input the wrong information into the account - namely that my wife was born in SA which she was NOT. I suppose this is par for the course in South Africa - nobody cares a dam about service. I doubt if they have any brains !!! and NO QUALICATIONS EITHER. Any way I shall go and kick ****. Seems the only way to get any action out of these people.