SM
Square M

1 reviews | Active since Dec 2017

09 Apr 2019, 13:18

Account on hold , bank refuses to give reason

The bank put a hold on my account with no communication whatsoever. I called the bank and spoke to 5 people before finally getting to a lady in KYC named Rakshna. After asking me a few KYC questions I was told they will pass-on the information and to give them 5 days for them to respond and all this time my account and funds for my business will be frozen. I highlighted that I have no issues with the account being put on hold as it is the bank's right to do but the moment they seek to hold my funds for a week they owe me an explanation as to the justification and necessity of depriving me access to my assets. The lady insisted that there is nothing myself and anyone can do to take the hold off the account until they are done with their investigation/routine exercise.

To this end the bank can not seem to decide whether there is an investigation on my account or its a routine exercise. The team leader named Linky Brits came to the phone arrogant and full of I know, gosh cant believe the attitude. After going in circles with the whole issue she advised me that if I don't agree with the process I can go to court. She also told me she will get their legal to call me before dropping the phone in my ear.

What's ridiculous about this whole thing is how bank employees are very eager to hold my funds without considering the effects on the customers just because they are doing their job, how they are quick to try and scapegoat using the law they do not understand, how they believe you cannot do anything just because you are a small guy in the matter. I have no issue with the bank deciding who they deal with or not as this is allowed by the private law of contract governing the relationship between private parties in a contract, so by extension they can put a hold on an account. This however does not give them the right to hold my money, they say they can do that if they deem fit but at the same time refuse to provide an facts surrounding the case for the customer to also understand if its necessary. No bank has ever reimbursed a customer for profit lost because of their overzealous and unjustified action.

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Replies (1)
FNB (First National Bank)
FNB (First National Bank)'s reply09 Apr 2019, 14:21
Official
Good Day,

Thank you for taking the time to bring this to our attention. We would like to apologize for any inconvenience caused.

A formal complaint has been logged on your behalf and referred to the relevant department who will investigate and provide you with feedback.

The reference number is ***NF.

Regards,

Hello Peter Complaints Team

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