Extremely Poor Communication and Misleading Process – FNB Stokvel Account

I opened a stokvel account with FNB online, believing the process would be seamless and hassle-free, as advertised. Unfortunately, this has been far from the case.

The account was successfully opened, and the very next day I received an email requesting submission of CRS documentation. I submitted the required documents on 27 January. On 28 January, I received the exact same email again, with no explanation as to why the previously submitted documents were insufficient or whether there were any issues. I re-sent the documents the same day, still without any feedback or clarity.

On Friday, 30 January, I had to call FNB twice using my own airtime just to get an update. During the second call, the consultant advised that internal notes indicated: • One of the signatories had signed digitally and they allegedly tried to contact her but could not reach her • The tax section was incomplete

My question is: why was none of this communicated in the emails sent to me? Am I expected to guess what the issue is? How is a customer supposed to resolve a problem when no clear communication is provided?

Only after I made these calls did I receive an email on Saturday, 31 January, clearly listing what was required. I submitted the requested documents on Monday, 2 February. Since then, there has been no feedback, no confirmation, and no follow-up. The signatory who allegedly needed to be contacted has still not been contacted, and we remain completely in the dark.

What makes this situation worse is that: • This is a stokvel account • At no point was it communicated that the account would be frozen pending CRS verification • The terms and conditions sent to me explicitly state that “you can deposit into this account anytime”

As a result, stokvel members began depositing funds into the account, only for some of those funds to be reversed back to their personal accounts due to the account being frozen. This has caused frustration, inconvenience, and loss of confidence among members.

To add insult to injury, all three signatories are existing FNB customers, meaning FNB already has our details on record. Yet we are subjected to repeated document requests, no explanations, and constant chasing for updates.

The lack of communication, transparency, and proactive customer service is unacceptable. Customers should not have to continuously follow up just to understand what is required or what the status of their account is.

I am extremely disappointed with the service received so far and expect urgent intervention and clear communication.