False Representation of Funds Received

On Saturday the 6th July I became a victim of ***** as I was mislead by Standard bank that funds were actually deposited into my mom's bank account.

I sold a vehicle to someone who asked for a Standard Bank or Nedbank account. Since I have an FNB account, I provided the buyer with my mother's Standard Bank account which I have online access to. He said he was buying the car for his son, so he sent his son to come buy the car and collect the paperwork. While we were finalizing the paperwork he called me on his son's cellphone and asked me to verify that funds have been deposited. I went online and saw that the funds have indeed been deposited so I was thus able to hand over the keys and the original Natis motor vehicle registration certificate with peace of mind.

About an hour later, I logged in again to transfer the funds over to my FNB account I shockingly discovered that the deposited funds had been reversed. I couldn't understand how this could possibly happen. I made contact with Standard Bank's call centre and they said it was a cheque deposit which meant that he cheque could "bounce" due to a host of reasons.

One can understand that a cheque deposit could "bounce" but why would you mislead your client by indicating that funds were deposited when the cheque hasn't cleared yet. This is a false representation of funds received that weren't actually received which I feel it is very misleading by the bank.

I should be able to trust the bank when it shows that funds have been deposited into my account. Let's say I deposit money outside at the ATM into my bank account, the ATM will count the money and verify authenticity of the bank notes before it reflects the money in my account. So how is it possible that the same doesn't apply to a cheque deposit?

I have opened a case of ***** and theft at the police station. I feel strongly that Stand Bank should reimburse me for the money that I lost and definitely change their cheque deposit process thanks.

Regards Sherwin Davis