Complaint letter to Nedbank: INSEAD Alumni Association South Africa NPC

We are writing to express our utmost dissatisfaction and frustration with the service we received from your bank. We are the Directors of INSEAD Alumni Association South Africa, a non-profit organization that connects and supports the alumni of INSEAD Business School in South Africa. We have been banking with you for many years and have trusted you with our financial needs.

However, our trust and loyalty have been severely damaged by the way you handled our foreign currency transaction in January 2024. We were trying to transfer funds from our Nedbank account to an overseas account of INSEAD in France, as part of our annual contribution to the school. The transaction was not completed, but we were charged over R4,000 for foreign currency losses. This is unacceptable and unfair, as we did not receive any confirmation or receipt of the transaction, nor did we authorize any exchange rate fluctuations or fees.

We contacted your customer service representatives several times to inquire about the status of the transaction and to request a refund of the charges. We also asked for a complaint to be formally lodged and escalated to the relevant department. However, we did not receive any satisfactory response or explanation from your representatives. They either gave us vague and contradictory information, transferred us to different departments, or put us on hold for long periods of time. We were treated with disrespect and indifference, as if our complaint was not important or valid.

It has been over three months since we initiated the transaction and we still have not received any resolution or compensation from your bank. We are appalled and outraged by the lack of professionalism, accountability, and transparency that your bank has shown. We feel that you have breached the terms and conditions of our banking agreement and violated our rights as customers. We also feel that you have tarnished the reputation and image of Nedbank as a leading and reliable financial institution in South Africa.

We are writing to inform you that we have decided to terminate our banking relationship with you and move our funds to another bank that can provide us with better service and respect. We are also considering taking legal action against you for the damages and losses that you have caused us. We demand that you acknowledge our complaint, apologize for the inconvenience and distress that you have caused us, and refund us the full amount of the charges that you have imposed on us. We also request that you provide us with a detailed report of what went wrong with the transaction and what steps you have taken to prevent such incidents from happening again in the future.

We expect to hear from you within 10 working days with a satisfactory response and resolution. If we do not receive a response from you by then, we will proceed with further action. We hope that you will take this matter seriously and treat us with the respect and dignity that we deserve as your long-term customers.

Sincerely, The Directors of INSEAD Alumni Association South Africa NPC