Standard bank is incapable of allocating cash to my tax-free trading account.

I’ve been trying to transfer my share trading portfolio from ABSA to Standard bank since August this year. With enormous effort, I managed to transfer all of my shares, but the cash that should now be in my Standard Bank tax-free trading account is missing!

It is laughable!

I’ve sent Standard Bank countless emails asking them to allocate the money to my account with ABSA's “Transfer of Tax-Free Savings Account Certificate” attached to my emails. During this time, Standard Bank kept pestering ABSA for a proof of payment document that was completely unnecessary. ABSA's “Transfer of Tax-Free Savings Account Certificate,” which I’ve been sending to Standard Bank repeatedly, has the same beneficiary number on it as the proof of payment document that ABSA now also sent through to myself and Standard Bank.

Standard Bank had a valid proof of payment reference all along! Standard bank merely refuses to give me access to my cash for an entire month. No, it’s been longer. I’ve been trying to conclude this transfer since the start of August!

Remarkably, Standard Bank finally phoned me for a change on 17/11/202, telling me the cash will show in my tax-free account on the same day. Guess what, it didn’t. So, I phoned Standard Bank again, only for them to tell me, sorry, it will only show tomorrow. Tomorrow was a weekend, so, um, no. Monday has come and gone, and as I expected it's not reflecting.

I wonder if it will show in my account at all, this year. Perhaps, November 2023, 2024, or even 2025?

If you are planning on transferring your stock trading portfolio to Standard Bank, expect to be ignored, and to wait forever to access your portfolio, or in my case, your trading capital.

In addition, expect to finally be phoned by a staff member of Standard Bank, asking you if you know what proof of payment is. While clearly, Standard Bank has no clue what a beneficiary reference number/payment reference number is.