1 reviews | Active since Sept 2011
Unsafe investment institution
I have been with Satrix for some 10 years. As a pensioner I have had to make the occasional withdrawal. Previously I would always receive a phone call to confirm my identity & that I indeed wanted to withdraw funds. When Satrixonline became SatrixNow I never received so much as an email with my new web login credentials. Finally got that sorted out, then discovered that I could only request a withdrawal during "office hours": 10:00 - 16:00. I queried this only to be told "those are the trading hours on the JSE". So what is the point of the website when you can't even request a transaction after-hours like almost every bank, shop, office in the world? Well, Satrix decided that their "answer" was sufficient & closed the ticket. But here is the real problem: on the satrix website where I requested a withdrawal (after 10 am!) I was asked me to confirm or update my bank details. A few days later, the money was in my bank. As a financial institution satrix took absolutely no steps to validate my request: no phone call, email to ask for confirmation at all. Anyone with my logon code could easily have changed my bank details to theirs and withdrawn all my funds: only an email a day or so later by way of confirmation. The fact that Satrix no longer operate their website like other financial institutions, & takes no steps to contact an investor to verify a withdrawal request worries me very much. They are not behaving like a normal financial institution. I'm tempted to take this to the financial ombud, but in the meantime I'm alerting my friends to the dangers of investing here. Looking for another institution to move my funds to.
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Regards,
Satrix Team
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Regards,
Satrix Team
