SD
Sadiek D

1 reviews | Active since Apr 2012

30 Mar 2015, 19:51

Decreasing overdraft limit - SBSA cannot say why

My company banks with SBSA and we were given an overdraft facility of R100,000 when we opened our business account in July 2012. Our account came under normal review 12 month later and due to the fact that we were still waiting on our business financials, our overdraft review was postponed until February 2014. At this time the credit department for business banking had to reduce our overdraft by R5000 only as per consultation.<br> <br> We submitted our financials in February 2014 but we noticed that SBSA is still reducing our facility by R5000 per month as from March 2014. We contacted our business manager at the Vangate Mall branch but he could not explain this either. We tried everything to get an answer from SBSA but no one could explain why our facility is being reduced for months now. Our facility is currently sitting on R45000 since January 2015.<br> <br> I feel that SBSA SBS is directly responsible for our business having this issue with capital as our nature of our business is buying and selling.<br> <br> How are we suppose to grow our business when Standard Bank can't even explain why they are doing things. We are looking at moving all our accounts away from SBSA.<br> <br>

0
Replies (1)
Standard Bank
Standard Bank's reply01 Apr 2015, 12:31
Official
Hello sadiek786,

Thank you for your posting and allowing us an opportunity to investigate your complaint.

This matter will be assigned to a resolution specialist who will contact you to resolve your complaint.

Kind regards

Complaint Resolution Centre
***
*** (fax)
***