1 reviews | Active since May 2016

07 Aug 2020, 07:06

Refused withdrawal of Investment

On 17 March 2020 I visited my Absa branch. I made a request to withdraw my investment. The consultant, explained that she had to consult with the manager. She informed me of the penalty I would have to pay . This was calculated at a rate of 3%, which came to the amount of R10,200.00. I accepted it.

On 18 March 2020, the consultant informed me by e-mail that the manager denied my request. No reason was provided. I rep**** by e-mail and requested an explanation, which I Never got.

On 6/08/2020 I visited Absa again to get an explanation for the manager's action of denying my request. I demand answers, I requested Absa's policy around investments and withdrawals thereof. The consultant's whole attitude changed to unfriendly. Without a word , she went to get authorisation from the manager to do the transaction. She informed me the penalty would be much higher, not at 3% as quoted in March, but increased to 8.25%, which would mean an increase of R7,050.00 penalty. I objected and she told me there was a hike in interest. I wanted to confirm this amount with my husband by phone, but was told I was to make the call outside her office. Then, I had to go back into the line outside and wait for a turn to come back to her. Obviously she was not client friendly. After I objected, she let me made the call, which took only a minute.

As a result of this unacceptable decision of he manager, I had to pay R7,050 , more as initially quoted in March. The consultant's negligence to assist me to reply, on this matter, is unacceptable.

Who is going to pay for this error? I feel Absa must refund me the amount of R7,050 which I had to pay, due to poor service. I am very unhappy with with the service I got from Absa. I've been a client for many years, but consider to move to another bank. E-mails of proof availabe on request.

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