RC
Rudy C

1 reviews | Active since Sept 2014

24 Apr 2019, 20:53

Nedbank holding my trust account hostage;

Nedbank froze my business trust account without any notice or warning the moment some funds were deposited. I urgently needed the funds and as documentary filmmaker could not draw on the funds to pay for camera equipment needed for a high profile celebrity TV production I was working on. Some data *******ed and I lost an entire day of interviews with a well known celebrity. The Fica requirements implemented by Nedbank are unreasonable as they are requiring signed declarations of an "inactive" beneficiary living abroad. I have never heard of a requirement that such a "beneficial owner declaration" has to be signed by any beneficiary whatsoever - yet they have been finding these fine print reasons to keep my account and money hostage. Point is - even after I told them how urgently I needed the funds they were extremely slow at getting back to me and only react when I send letters to senior management. Which also didnt help either. So 14 days later and I am snookered. They are basically forcing me to remove my own daughter as beneficiary from the trust to get this through. It is also not ethical to freeze an account with NO prior notice.

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Replies (1)
Nedbank
Nedbank's reply25 Apr 2019, 04:03
Official
Dear Rudy 

An investigation will be done and a Resolution Manager will contact you within business hours to assist.

Regards 
Client Service Support