Deducted money from transaction- wait time 2 weeks for refund

Item: FNB (First National Bank)
Rating: 3
Author: Tebogo M

I attempted to use my card on May 19th to make an online deposit into my brokerage account with XM. Although the transaction was declined by FNB, the funds were still deducted from my account. I contacted FNB the same day and was sent a Debit and Cheque Refund Form, which I completed and returned promptly.

Today, I followed up on the matter and was informed by a consultant that I would need to wait 14 days for the issue to be resolved. While I generally have a positive view of FNB, I find the resolution timeframe to be unacceptable. It took less than a minute for the funds to leave my account, yet I'm expected to wait two weeks for a refund.

I would appreciate it if this matter could be escalated and resolved as soon as possible. This situation is both frustrating and unreasonable.

Helpful (0)

Replies (1)

Tebogo M's updateReviewer Update

30 May 2025, 11:33

I was contacted by FNB sometime last week, and they requested my trading account history along with records of my trading deposits. I'm not entirely sure why this information was needed, but it was specifically asked for. One of the consultants mentioned that they’re unable to view transactions made using my virtual card, which came as a surprise since I frequently use that card for online purchases.

If FNB is unable to access my virtual card transactions—and considering the possibility that this could happen again, potentially causing a 14-day delay in accessing my funds—I’m seriously considering switching back to Standard Bank, despite currently holding two business accounts with FNB.

I work hard for my money, and I can’t afford these kinds of issues, especially when little to no support is provided.

Tebogo M's update30 May 2025, 11:33

Reviewer Update

I work hard for my money, and I can’t afford these kinds of issues, especially when little to no support is provided.