TO
Tammi O'Flynn

1 reviews | Active since Sept 2017

06 Sept 2017, 21:06

R 3964.23 Service fee!!

I've had an investment Advantage account with Absa since 2011. When I opened it I wanted a savings account that would earn me some interest and this product was sold to me. Since then I've mainly sued it for small amounts. I recently sold a property and opted to have the proceeds paid into this account, thinking I might earn a bit of interest. I only planned to leave the money there for a short time as it will need to be paid out again onto my new property. Today when I looked at the account, I saw my funds had indeed been paid in, but Absa has deducted a "service fee" of R3964.23! Apparently they charge a percentage on funds deposited into my investment account! I think this is ludicrous that I should LOSE money for depositing funds into MY account! Furthermore, this percentage deduction was never disclosed to me, otherwise I would not have opted to have these funds paid into this account. I demand that either the whole transaction be reversed and I will instruct the attorneys to pay it into my current account; OR that Absa reverse the service fee at once.

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Replies (1)
Absa
Absa's reply07 Sept 2017, 10:26
Official

Dear Customer

Thank you for bringing this matter to our attention. We will investigate the matter and furnish feedback shortly.

Kind regards
Vanessa Crowe
Group Customer Care
Absa Bank Ltd