1 reviews | Active since Jul 2013
Standard Bank won't lift a freeze on my account
My standard bank reference is NCR***. This will be long. I am a South African resident currently living abroad. SBG Securities told me to close my account with them as I am no longer resident in South Africa. I found a new home with another stock broker and transferred my portfolio and the cash balance of R8000 to my SB account. Upon hitting the account, SB froze my account. I only learnt of the freeze when I wanted to transfer the cash to the new stock broker. I contacted the bank and they said the transaction was suspicious and they needed to know my source of wealth (I had sent them and they had accepted my payslip in May 2022) and source of the cash (which had come from a SB account fully referenced). I gave them screen shots from the SBG account. When I expected the hold to be removed they sent me a FATCA form to complete and requested my work permit (where I live). I completed and sent that too. The bank confirmed receipt and the first reviewer suggested that she had everything she needed and would ask the second reviewer in another division to complete the review and lift the freeze. It has been 4 days and the lift is still there and my payments are past due. For the record, there is very minimal activity on the account, no more than 5 payments in the account in the past year. At all times SB knew the source of the R8000 odd transfer as it had been made from an SB account. The suspicious amount translates to a tiny fraction of my declared monthly income.
When I have followed up, the customer services offer has been happy to tell me that the matter is with someone and that is not the one to blame for any further delays. When I complained to the NRC in error, they sent me back to the officer that blocked my account. The Non resident centre should have forwarded the complaint to the complaint centre. SB is happy to charge their fees to my account while stopping me from transacting. Their delays are soiling my credit record as I now have payments that are past due. I am fami**** with due diligence review process and the need for them. My complaint is that when they had found the payment suspicious and they needed more information they should have contacted me. And when they received the additional documents they needed they should have lifted the freeze. I had submitted KYC documents for the year in May 2022 and they only decided later that they needed more in November and rather than ask they froze my account.
Thank you for alerting us to this. We have escalated the matter to the relevant team so that we can ensure a speedy resolution.
Thank you for alerting us to this. We have escalated the matter to the relevant team so that we can ensure a speedy resolution.
