1 reviews | Active since Jul 2013
Still no resolution! Avoiding and blocking me like a leper but still "robbing me blind" in a biased way!
Still no resolution! Avoiding and blocking me like a leper but still "robbing me blind" in a biased way!
REALLY Standard bank?! You're still carrying on and have not resolved my issues with you?! Are you hoping I'll give up and "go away".... You are a shameful company that has illustrated snake-like smoke and mirrors strategies to try ***** over a good client! You have made a loyal company develop a deep hatred for your company. You have mishandled me terribly! I am disgusted by your misconduct! Standard Bank: R6899.55 returned to *** from SBSA HL NA ********** 72 190405. Acl bal R-7070.55 2019-04-25 Query? ********** 107 Without prejudice not judicial consequences, Ms.T.M.Drazek
https://www.hellopeter.com/standard-bank/reviews/standard-bank-has-no-care-for-clients-be-ware-clientsconsumers- **********
https://www.hellopeter.com/standard-bank/reviews/still-no-resolution-or-any-assistance-from-standard-bank-no-wonder-people-drive-through-your-branchs-windows8- **********
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Nomsa Motshegare, NCR's chief executive, said yesterday (Monday) the ruling would result in consumers giving banks permission to transfer funds from savings accounts in order to honour credit debts.
“The NCR welcomes this judgment as it protects consumers from financial difficulties caused by the arbitrary transfer of funds from their accounts by banks”, said Motshegare.
Two years ago the NCR took Standard Bank to task for debiting accounts of customers without their permission based on a loophole in the application of the common law principle called set-off.
The NCR approached the court for a declaratory order to clarify whether Section 90 and 124 of the National Credit Act (NCA) rendered the common right of law set-off in was applicable in credit agreements.
The common law set-off principle permits the bank to debit money immediately from a client’s account as soon as there is money without authorisation and any amount the bank considers to be due to it.
“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Motshegare said.
Judge Raylene Keightley on Friday ruled that section 124 excludes the operation of the common law set-off in all credit agreements that are regulated by the NCA.
“While set-off provides a means by which the consumer/ debtor can avoid defaulting on her debt, there is no need why she should be excluded from the process. It seems to me to be precisely for this reason that section 124 preserves a system of set-off but requires the consent of the consumer before it can be affected,” said Keightley.
Standard Bank had opposed the NCR’s application arguing that if a credit agreement arguing that the set-off principle was important in the banking industry as it allowed it to recover the debt as soon as the creditor’s account was in its favour.
The South African Human Rights Commission was also a friend of the court in the case arguing that the set-off principle negatively impacted basic rights including socio-economic rights.
Cliff Johnson, the vice-chairman of the National Consumer Union (Sancu), which represents millions of consumers, said the ruling was very good news for consumers.
“It means that banks can no longer take money deposited into your account and use it to offset outstanding debt you might have on a credit agreement with the same bank, without your express permission," Johnson said.
Nomsa Motshegare, NCR's chief executive, said yesterday (Monday) the ruling would result in consumers giving banks permission to transfer funds from savings accounts in order to honour credit debts.
“The NCR welcomes this judgment as it protects consumers from financial difficulties caused by the arbitrary transfer of funds from their accounts by banks”, said Motshegare.
Two years ago the NCR took Standard Bank to task for debiting accounts of customers without their permission based on a loophole in the application of the common law principle called set-off.
The NCR approached the court for a declaratory order to clarify whether Section 90 and 124 of the National Credit Act (NCA) rendered the common right of law set-off in was applicable in credit agreements.
The common law set-off principle permits the bank to debit money immediately from a client’s account as soon as there is money without authorisation and any amount the bank considers to be due to it.
“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Motshegare said.
Judge Raylene Keightley on Friday ruled that section 124 excludes the operation of the common law set-off in all credit agreements that are regulated by the NCA.
“While set-off provides a means by which the consumer/ debtor can avoid defaulting on her debt, there is no need why she should be excluded from the process. It seems to me to be precisely for this reason that section 124 preserves a system of set-off but requires the consent of the consumer before it can be affected,” said Keightley.
Standard Bank had opposed the NCR’s application arguing that if a credit agreement arguing that the set-off principle was important in the banking industry as it allowed it to recover the debt as soon as the creditor’s account was in its favour.
The South African Human Rights Commission was also a friend of the court in the case arguing that the set-off principle negatively impacted basic rights including socio-economic rights.
Cliff Johnson, the vice-chairman of the National Consumer Union (Sancu), which represents millions of consumers, said the ruling was very good news for consumers.
“It means that banks can no longer take money deposited into your account and use it to offset outstanding debt you might have on a credit agreement with the same bank, without your express permission," Johnson said.
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Thank you once again for posting your comments.
We noticed that this matter has been logged with the Banking Ombudsman and feedback will be provided to the Ombudsman in due course.
Kind regards
Complaint Resolution Centre
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