Frozen Account

FNB has frozen an investment account that I have transferred my pension fund payout into. I have 3 other accounts with FNB, yet none of them are frozen.

The query is what regulation has FNB re**** on to freeze an account with legitimate funds? We are ware of an SAFPS listing with African Bank which is a matter that is currently under dispute and are no point is there any impact on my dealings with FNB.

We have confirmation from SAFPS and African Bank that neither SAFPS or African Bank can instruct FNB to freeze an account. FNB allowed me to open an investment account and the proceeded to freeze it after I transferred my pension fund payout into it. I have a cheque account, a business account, a 32 day notice account and a savings pocket, which were opened around the same time as the investment account, yet they are not frozen.

Peter (no surname) from the Income Verification account contacted me after I raised an internal complaint and they asked me to submit the proof of the payment of the GEPF funds. I provided that on 20 July 2020 and received no feedback.

I was then contacted by Owen Matidza on 24 July 2020 after submitting the proof of source of funds, I again explained the situation and was promised feedback. None was given.

Sandi Madikiza then contacted me and after telling her the situation, she stated it would be escalated to the dispute resolution department. On 13 August 2020 Vera Solomons contacted me and told me that my account was frozen by African Bank and the SAFPS listing.

My question remains, FNB allowed me to open an account, verify my identity and thereafter, without notice freezes my amount. I have repeatedly asked on what regulation or law does FNB freeze my account. To date no one has seen it fot to respond. The only response is that I must talk to African Bank and SAFPS. SAFPS and African Bank have repeatedly confirmed that they have no authority to instruct FNB to freeze an account.

I am being taken from pillar to post and I am without an income since my account was frozen as I have resigned from my employer.

In closing, please clarify what provision of which regulation or law has FNB re**** on to freeze this account?

Regards

Maggy Laura Lebethe

Frozen account number: ***