1 reviews | Active since Mar 2009
Terrible service
<p>I have both personal and business investments with Stanlib for many years now but of recent have experienced really bad service from an organisation entrusted with MY money</p> <p>These are:</p> <p>1. Interest from a money market investment that suddenly gets paid into my current account. This was done without any authorisation from me. The answer is that it was an accident. Why is Stanlib fiddling with peoples accounts without being requested to do so?<br />2. My online portfolio consists of my personal and business investments. Every so often the business investments are delinked from the portfolio. To then get it linked back again is a nother huge effort. Again, what are you doing in the back end with peoples portfolios?<br />3. I made a EFT from my current account to my Stanlib Money market. Been doing this for many years. Now suddenly the money does not reflect after 10 days. I am told I must fill out forms to authorise this. What nonsense!! Why do you conveniently keep my money in a suspense account and then just keep quite until I query it? When did you send me the communication to inform that the process has changed for EFT payments? Are you going to bring back the ox wagon soon seeing you seem to be going back to paper based systems?<br />4. Your new online site is absoultely useless and not user friendly at all, or perhaps you shoudl send out a training manual as it seems impossible to get transaction detail.</p> <p>I will be meeting with my financial advisor to decide if I should move my investments to other institutions who provide better service with less hassle</p> <p> </p>
Hello Derrick,
it was very concerning to note that you have a number of unsatisfactory issues to raise with STANLIB - we would like to thank you for bringing these to our immediate attention. All do have relevance. I have forwarded a direct detailed explanation to you for all four points raised. Please may I assure you that your investment positions will not be prejudiced. All EFTs will be allocated to the correct accounts and it is not necessary to complete an ad-hoc application form when instructing a direct EFT from your Internet banking or an ATM.
Please accept our sincere apology if we indicated an error where there was no error and stipulated the completion of a form that was unnecessary - we will review the incidences with our staff to ensure there is no recurrence.
Kind regards
Barbara Egan, on behalf of the STANLIB team.
Best regards,
Hello Derrick,
it was very concerning to note that you have a number of unsatisfactory issues to raise with STANLIB - we would like to thank you for bringing these to our immediate attention. All do have relevance. I have forwarded a direct detailed explanation to you for all four points raised. Please may I assure you that your investment positions will not be prejudiced. All EFTs will be allocated to the correct accounts and it is not necessary to complete an ad-hoc application form when instructing a direct EFT from your Internet banking or an ATM.
Please accept our sincere apology if we indicated an error where there was no error and stipulated the completion of a form that was unnecessary - we will review the incidences with our staff to ensure there is no recurrence.
Kind regards
Barbara Egan, on behalf of the STANLIB team.
Best regards,
Well things have actually got worse. The funds have been traced but are being held due to a FICA block. No notification was provided by Stanlib that the FICA docs were up for renewal. In fact a company name change was recently done and during htis whole process no effort was made by Stanlib to notify us that we needed to subm,it documents for compliance. I intend taking this matter further with the ombudsman for banking services. I will also be closing all stanlib accounts in the future and moving the funds to an institution that is capable of protecting my money and providing me with the service a customer deserves. Clearly Stanlib has a lot to learn about customer service and care.
Well things have actually got worse. The funds have been traced but are being held due to a FICA block. No notification was provided by Stanlib that the FICA docs were up for renewal. In fact a company name change was recently done and during htis whole process no effort was made by Stanlib to notify us that we needed to subm,it documents for compliance. I intend taking this matter further with the ombudsman for banking services. I will also be closing all stanlib accounts in the future and moving the funds to an institution that is capable of protecting my money and providing me with the service a customer deserves. Clearly Stanlib has a lot to learn about customer service and care.
All FICA documents were submitted to Barbara yesterday, no reponse from her or anyone at Stanlib. Still our R150k is not reflecting. Based on some of the other logs here looks like we are not alone in this. Great to treat customers this way!!
All FICA documents were submitted to Barbara yesterday, no reponse from her or anyone at Stanlib. Still our R150k is not reflecting. Based on some of the other logs here looks like we are not alone in this. Great to treat customers this way!!