1 reviews | Active since May 2009
Stuck forex global receipts hurts small business operations
Inferior business account management.
I have seriously contemplated leaving FNB because of their abysmal service in the past. Today, I am one step closer.
I have had a business account with FNB for the last three years. I have a UK client, and last month, I opened a Global Business Account alongside my regular business current account to take advantage of better foreign exchange options. Opening it was easy enough, I went through vetting, had to answer some questions, and confirmed nothing else was required. On internet banking, everything looks good, and it has been activated.
Our UK client's payment came through on Monday. I received the necessary email instructions to use the Forex Global Receipts functionality on the website to conclude the transition, which I did. Four days later, the money is still not available in my account. When I phoned, they told me there was a lock on the account (how would I have known if I hadn't gone through the trouble of calling the Forex department?).
The agent instructed me to write an email with a specific message to a particular address, asking to lift the hold. I did this, and shortly after, I received a reply that no message to this email address would be attended to and that I should phone the Business Desk, which I did.
After holding on for 25 minutes, hearing that "your call is important", I spoke to someone who looked into this and then told me he could not see a hold on the account at all. He tries to figure out what is happening while I am on hold.
After another 15 minutes, I suddenly spoke to a new agent, who had not spoken to the previous agent before, and I had to repeat my details and the problem. For some reason, she can see some flags that have to do with "vetting" (after the account has been open, vetted, and active for about a month). All around, this lady (Zanele) was quite helpful and provided good customer service. Still, the broken process now requires her to send some escalation email, and then I need to wait for them to call me back...
This all happened yesterday, and this is now already 24 hours later. Four days after the funds have landed with FNB.
How can one of the biggest banks in South Africa, with (must be) scores of other organisations similar to mine in size and situation, be so on the back foot with something like this?
There is no transparent process, different departments or agents who give advice and instructions directly in contrast with the other, very poor communication, and general organisational incompetence (despite some helpful individuals).
I understand my business is a tiny player in their customer portfolio. But should that matter?
How can one of the biggest banks in South Africa, with (must be) scores of other organisations similar to mine in size and situation, be so on the back foot with something like this?
There is no transparent process, different departments or agents who give advice and instructions directly in contrast with the other, very poor communication, and general organisational incompetence (despite some helpful individuals).
I understand my business is a tiny player in their customer portfolio. But should that matter?