1 reviews | Active since Feb 2010
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that if the Money Market account is less than 3 months old then there is a 7 day clearance period on transferred or withdrawn funds.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.
Thank you for your posting and allowing us an opportunity to investigate your complaint.
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Kind regards
Complaint Resolution Centre
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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
***
*** (fax)
***
