Concerns about fairness and equality in the bank’s customer service practices.

I recently encountered an issue with Standard Bank that potential customers should consider before opening an account.

Two months ago, I received a payment of R6,800 from a customer into my Capitec business account. The customer, using a Tyme Bank account, purchased digital assets from me. After verifying the payment, I released the assets on August 8, 2024. I then transferred R6,000 from my Capitec business account to my Standard Bank account to purchase more assets from another customer, using Standard Bank’s e-wallet services due to their higher limit compared to other banks.

Shortly after, a hold was placed on my Standard Bank account. I was told that Capitec business had informed them to take this action, so I should provide proof of payment and affidavit stating where the money came from, I immediately did that and sent it through to the ***** department email provided to me. I also reached out to Capitec Business and learned that they had emailed me, requesting proof of payment and evidence of service provided. I quickly gathered all the required evidence from the platform where I trade digital assets. Capitec’s approach was professional—they lifted the disputed amount from my balance and continued the investigation without disrupting my account activity. After a month, they resolved the issue and returned the funds to my account.

However, when I approached Standard Bank, which was never involved in the original transaction and had only received R6,000 from me, I was informed that they were still investigating after two months. Frustrated, I sought help from a representative who escalated the issue to their complaints department. A case was opened, and I finally began receiving updates.

Earlier this week, I was informed that the investigation had concluded and was asked to visit the Centurion branch to collect a letter. Upon arrival, I was told the manager was unavailable, and I had to make further arrangements. Later, I received a call from the Pretoria North branch, but due to my schedule, I couldn’t visit immediately. When I finally went, I was told that Standard Bank intended to close my account indefinitely and hold my funds until I provided proof of the source of funds—which I did on the spot by logging into my trading platform and submitting the necessary information.

While there was reconsideration regarding the release of my funds, the decision to close my account remains unacceptable. I have always used the account appropriately—for personal payments, salaries, and e-wallet transactions—and never violated any terms. This situation arose simply because I transferred money from my business account to my personal account, and now I’m facing the closure of my account due to poor handling of the investigation.

The lack of communication and inefficient management of this issue has been both disruptive and distressing. I urge potential Standard Bank customers to carefully consider how such issues might impact their financial dealings.