Nedbank's Pathetic Service

<p>We have multiple franchises and Nedbank was our Merchant services provider. In June this year Nedbank suddenly started withholding our speedpoint funds from all our different branches without informing us. We then queried with the bank and they then informed us that they are investigating what they suspect as ********** transactions that have gone through one of the terminals and this is the reason for withholding over R 150 000.00. We were advised that they could hold the funds for upto 180 days. Whatever documents they asked for to assist in their investigation was given, to them and we have co-operated with whatever was asked. The problem is the funds that they are withholding belongs to a device where not a single ********** transaction occured as the transcations that have gone through this device are not being investigated. The communication from Nedbank is pathetic we still up until now (September) dont know what the amount is that is being investigated. We have been requesting an amount from the investigator since July and no one seems to know what they are even investigating. Nedbank has since decided to add further insult to injury and blacklist us amongst all the banks, even though they have our money! How can you withhold funds and not even let us know for what!? There is no communication regarding the investigation from anyone from Nedbank, we have to continually ask for updates and even then too we dont get any answers. Their investigation and the way in which the situation is being handled is completely unprofessional from such a big bank. Was definately the worst mistake ever dealing with Nedbank in the first place!</p>