MV
Mc V

1 reviews | Active since Oct 2023

13 Oct 2023, 11:38

Std Bank to Std Bank payment clearance time is unbelievable!

I am very disappointed at Standard Banks's inability to clear payments immediately if these are made between Standard Bank accounts.

At 49 years of age I have banked with several banks and I can safely say all the banks I know clear inter bank payments immediately. I had to call and was astonished to hear that a payment made to my Std Bank ACC from another Std Bank at 09h00 will only clear before midnight. By the way such payments do not even have to go to the bank clearing house (Bank Serv). So what could be the reason for Std Bank to hold onto these funds? Are they trying to generate credit interest? or do they just have flawed operational processes?

Choose your banking partner wisely. This bank is an embarrasment.

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Replies (5)
Standard Bank
Standard Bank's reply13 Oct 2023, 11:43
Official
Dear Mcebo

Thank you for alerting us to this. 

We would like to make sure your matter is resolved as a priority. 

We have reached out to the relevant team so that we can ensure a speedy resolution. 

Please be on the look out for feedback from our team. 

Kindest regards
Standard Bank Hello Peter Team 
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MV
Mc V's update13 Oct 2023, 14:03
Reviewer Update
After posting the above complain I received a call from a Standard Bank consultant, and she asked me to log onto my banking app, verify myself and give her access to my bank account. This is absolutely ridiculous,

Firstly there is no need for her to access my account as if my payment not being cleared immediately is something new to her.

Secondly there has to be a human touch, we don't just do security verifications for everything, I just laid a complaint and not asking for anything, be it a limit increases or a loan. Why do I need to be verified if all you will do is just apologise? Does it look like I just have time to go to Hello Peter and write up things for the sake of it?

Thirdly why are customers taken for a ride as if we don't process information......the call could either be an apology or an action to resolve the problem. I asked her what is she going to do once I give her access to my account- she said shell verify if indeed my funds were not transferred.

Thats hogwash....Standard Bank has this information written on their website and she has seen enough complains to know this "ancient, stagnant and not moving with the times" bank doesn't clear its own interbank payments that do not even need to be routed for clearing at BankServ. This bank is a big joke. Customers don't need apologies we need solutions.

Please don't call me I dont need any apology, only call if you have a solution - otherwise go and fix your systems and processes for the rest of the banking populace.
Standard Bank
Standard Bank's reply13 Oct 2023, 14:16
Official
Dear Mc Villas

Thank you for writing back to us.

We truly regret the inconvenience the current situation has caused. 
 
Please be aware that the team must contact and authenticate you before any information on the your account can be shared; this is for the security of your account.

 Regrettably this is the process in place that must be adhered to.

Please give us an opportunity to look into this matter.

Looking forward to your response.

Kindest regards
Standard Bank Hello Peter Team 
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MV
Mc V's update13 Oct 2023, 15:31
Reviewer Update
Good day Standard Bank, no information had to be shared on my account. No authentication was required. It was just a clear complain about your clearance procedures and has nothing to do with my account - it happens to all Jane and John Does banking with you. You know the issue of interbank payment clearance and it has nothing to do with my account. Therefore lets refrain from responding without processing information and staying relevant to the scenario. Its purely not necessary. The only time you would have to authenticate is if your interbank payments cleared immediately for everyone and you suspect there could be a gliche on my account. You seem to take us customers for granted and that we should just agree to some of your flawed unnecessary processes. Yes I repeat if I needed a specific service like a limit increase which threatens the security of my account- yes I would have agreed to authentication. Other than that an apology which is all I would have got does not require authentication. If I am not speaking to a BOT you should understand me by now.
Standard Bank
Standard Bank's reply13 Oct 2023, 16:09
Official
Dear Mc Villas

Thank you for getting back to us, we have noted your concerns and will further look into this matter. 

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

Kindest regards, 
Standard Bank Hello Peter Team 
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