STANDARD – THE BANK THAT DOESN’T CARE

I don’t like writing negative reviews but this time I have no option. I have been a Standard Bank client for 45 years. The first 20 years I generally had no problems, and always got assistance with anything I needed. Since 2001 their client service has deteriorated to a shocking level. There was an incident at the end of 2001 with their Home Loans department, which ended up with them wanting to pass a summary Judgement against me, but at the last minute an efficient employee uncovered all the evidence they denied ever having received from me and they dropped the case immediately. However, it did not stop them debiting my Loan account with R10,000 legal fees which of course increased the balance. Since Covid I have had financial challenges, and once again any request for temporary help was turned down. Fast forward to 2024 when in September I had an unexpected medical emergency which put an enormous strain on my already fragile finances. I had prior to this, and with the help of an old friend who is a broker/trader, been paying into an investment account with him. I made the payments through my Valr cryptocurrency account – who by the way bank with Standard. Two weeks ago I received a phone call from a man who said he was from the ***** and Security division and that he was concerned about payments I was making into my Valr wallet. I explained to him why I was making the payments – for investments purposes – but he countered that with the suggestion that I was money laundering!! He didn’t appear to be convinced otherwise. I am a law abiding citizen and have never committed a crime in my life, but now, because I want to improve my financial situation in my old age, I am committing financial crimes. On Wednesday 15th January I discovered that I could not transact on my accounts in any way – pay out, pay in, pay/transfer between - and after numerous phone calls discovered that my accounts were suspended/put on hold/blocked pending an investigation. Promises of phone call and email updates have never materialized. Today, 20th January, after calling in again, I was told that my accounts were blocked from Monday 13th January, but of course, I WAS NOT INFORMED. The lady I spoke to said that from the block date, 7 working days after I would be contacted. That remains to be seen. In the meantime I have no access to any money or any kind of transaction, and the bank remains quiet. What angers me so is that whoever this investigator is DID NOT HAVE THE COMMON DECENCY, LET ALONG PROFESSIONALISM, TO CONTACT AND TELL ME ABOUT THIS SITUATION. This is just confirmation that Standard Bank does not give a damn about their clients, their needs or concerns. Once my financial situation has improved I see no point in remaining a client with them anymore. I am extremely disappointed with the bank and most, but not all, of their employees.