CC
Charles C

1 reviews | Active since Dec 2022

15 Dec 2022, 13:38

Standard Bank - CGT calculations incorrect

Standard Bank Online Share Trading

Place a trade for > R**** and the Total Rand amount was correct and the Unit Cost. The next day the values changed, the Total Rand Amount was overstated by R5.00 and Cost by R 5.00.

I called the Call Centre and understood what i was saying as the cash position and the portofolio summary did not match. After a day this was corrected.

A few days later, i reviewed at the provisional CGT Reported and noticed that the previous calculation for the Profit and Loss was incorrect, the Cost was wrong and the cash amount was wrong. Sent a detail mail which was ignored and then i called a day later. Standard Bank opened a new ref no to correct the initial calculation errors. Two reference numbers to fix one issue, gobsmacked. A day later i receive a mail that it is corrected with no explanation of root cause analysis. I sent a mail requesting a Manager to call me to explain how did the calculations wrong and how will this rectified in the future. No one has called fro m Standard Bank, what poor client service. Fortunately i can calculate CGT, what about all the other clients that can not calculate CGT, how are they affected???

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Replies (1)
Standard Bank
Standard Bank's reply15 Dec 2022, 14:16
Official
Dear Charles Ram Churan

Thank you for alerting us to this. We have escalated the matter to the Online Share Trade team so that we can ensure a speedy resolution. 

Please be on the look out for a call from our team. 

Kindest regards, Standard Bank Hello Peter Team ***