CM
Colin McCall-Peat

1 reviews | Active since Feb 2010

06 Oct 2015, 10:36

Transferred funds take 7 days to clear

I have been banking with Standard Bank for over 20 years. I opened a Money Market Call account online via internet banking. The information on the website said that the funds will be available immediately. I deposited funds into the new Money Market account on 8th August 2015. On 5th October I transferred R80 000 from this account into another account of mine because I needed to do a payment and cannot pay directly out of my Money Market account. On 6th October I noticed that the funds were reflecting in the account that I transferred them into but the funds were not available so I could not transact as I needed to. I phoned the Standard Bank call centre and was told that if the Money Market account is less than 3 months old then there is a 7 day clearance period on transferred or withdrawn funds. However the website does not mention this anywhere as it says funds are IMMEDIATELY available from this type of account. I was told I need to go to the branch and request the funds to be cleared but there is a limit of R50 000 on the amount. I refused to do this as it is inconvenient and also it is misleading not to tell customers before they open the account of this limitation.

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Replies (1)
Standard Bank
Standard Bank's reply06 Oct 2015, 14:45
Official
Hello cam0805,

Thank you for your posting and allowing us an opportunity to investigate your complaint.

This matter will be assigned to a resolution specialist who will contact you to resolve your complaint.

Kind regards

Complaint Resolution Centre
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