1 reviews | Active since Jul 2019
Missing money with no clear answers and slow service
I've requested a transfer from my tax-free shares account, to my tax-free cash account. At first everything went smoothly and upon my completion of the necessary transfer forms, I was contacted by a consultant from the shares and investment department. They walked me through the process of selling the shares online, in order for FNB to the then transfer the money between my accounts once the shares were sold and cleared. I sold the shares at a profit and the money was cleared and reflected in my account, all that was left, was for FNB to transfer MY money between MY accounts. FNB never transferred the money and the money was automatically reinvested in the same account, without my authorisation. I had to go through the whole process again, selling the shares again, as per FNB's instruction. FNB basically bought shares with my money at a very high price and it was sold at a much lower price when attempting to the transfer again, resulting in a substantial loss on at my end.
I've contacted various different departments, had numerous phone conversations with them and sent a whole lot of emails. I was reassured that FNB would "put me back in the position that my account was previously in, as this was an error on FNB's side".
To add to this, the transfer amount does not reflect in any of my accounts anymore, thus I haven't bee earning any interest on MY missing money. This has been going on for more than two month now and I still have no idea what's going on, where and when I will receive my money and when FNB's error will be corrected.
