AS
Anthea S

1 reviews | Active since Jan 2019

10 Nov 2022, 22:52

Account changed from joint to sole ownership without legal authorisation

The day myself and fellow collegues opened a business account for our Sectional Title Scheme, I was thoroughly impressed with the security measures in place to ensure the account was managed properly. The system was tailored to ensure members of a body corporates funds were safe, or traceable to whom exactly transacted when. Today, I was shocked to the core to find out that our body corporates joint representative accounts mandated administrators was removed and replaced by two other individuals without myself and colleague signing over the account as we were the accounts signatories. What I found truely shocking, was that the account was changed from joint to a sole mandated ownership. How could FNB changed a body corporate account with joint reps to a sole ownership without the consent of the mandated users. Did they not think is suspicious that the account dymanics is being changed, by people that is not even authorised to make changes to the bank account. What happened to your strict policies of ownership. Can anyone nowadays walk into a branch with an account number and claim to be the new mandated owners. How was it not crosschecked or explained that the people are to come back with the mandated individuals to make changes to the account. Why was red flags not going off when they requested the managment be changed from joint to sole. Is it not a requirement anymore for a body corporate account to have 3 representatives in control. It is truelly alarming how easily the our propertys account was just handed over to people claiming they had the right make these changes. I think I am still in shock at how effortlessly and without checking facts, our account was handed over to a one person. I am truely extremely disgusted at what transpired and actioned with our banking account. FNB, WHAT WERE YOU THINKING!!! AND WHAT GAVE YOU THE RIGHT...

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