Client suffers during lockdown because his Bank could not locate his funds.

Hi Peter

I just need some advice concerning a Banking matter, does clients get treated like this at other Banks On 25 March 2020 between 2pm-3pm numerous attempts to withdraw cash from POS at Checkers in Rylands were done. I requested receipts and there is visible footage of me requesting the cash and purchasing goods being in store and there were available funds. I did not receive any cash and was unable to purchase the items because my card declined.

I tried another ATM (Capitec) in Gatesville, made numerous attempts to withdraw cash however with no success. Later that evening I withdrew R400 at an ATM in Ottery Hypermarket centre. It was then that I realized that my balance in my account was short by R4 000.i checked my Mobile App and showed the app showed there was R4000 missing , but my statements showed different amounts.

Later that evening R2000 was reversed and my account was credited to my account from P4 Gatesville. I have made numerous calls and visited the bank.

I went into Old Mutual branch on the 26 March 2020 to notify them as to what has happened. The Consultant filled in a dispute form witch was filled incorrect by him not me.

0n the 30 March 2020 I filed another dispute form at Old Mutual Wynberg.Numerous visits to the Old Mutual Wynberg branch and Calls was done trying to locate my funds. I received a email stating my dispute will only be lodged after 40 days as per banking regulation . Also was I told there is no money missing, my bank statement is correct . I was called by Fatima Davis Admin Manager from Checkers Rylands to come into the store as my bank wants speak to me. I was put on the line and I was told I would be reimbursed with R2000 by the the 15May,no explanation nothing,no sympathy nothing after everything I've been through. I received my money back on the 7th May 2020. I mailed money Account's Customer service to let them know a third party called me to come into store as my Bank wants to speak to me. There reply was Old Mutual would never make contact with their clients via third party.

I requested detailed information on three occasions from the transaction date up till closing of my dispute . phone call log ,emails ,branch visits ect.nothing has been sent to me up to date.

I fail to understand who is at fault here , someone needs to take responsibility. From day one of the Covid 19 lockdown i have been trying to find my funds each and everyday. I was not confused with the transactions , this was just me desperately trying to locate my funds in this crisis.

Why didnt Bidbvestt/Old Mutual as my bank pick up this error? I have sent a email stating that there is an error on my consolidated statement, up till now i still have not received a updated statement. My debit orders has bounced due to this entire incident and i have been charged for a service that has not been delivered The FSCA emphasised that ?regulated entities should bear in mind the current circumstances and assist their customers with even more empathy, flexibility and understanding during these difficult times?. Specific obligations were placed on insurers, banks, advisors and intermediary services providers, investment managers, boards of management of retirement funds and retirement fund benefit administrators.

This entire situation has made me sick as i suffer from anxiety and panic disorder. I incurred unnecessary stress and expenses (petrol, airtime, etc.)on a daily basis. This inconvenience should not be endured by any client. The transactions happened a day before lockdown and the fact that all the parties involved ? The banks form part of essential services. I have have a wife and two little kids to see too and that money is a stipend that gets paid to me for volunteering at a NPO Organisation. Put yourself in my shoes a day before lockdown Money goes missing in your account not knowing what, where this crises will take us. Yes I received my funds , but I'm not happy with the outcome. There was so many faults that my Bank has committed. I can't see this been brushed under the carpet. I should feel safe with my Bank not unsafe.

Thank you

Regards

Clayton Andrews

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