nK
nhlanhla K

1 reviews | Active since Mar 2009

17 Aug 2025, 21:25

Unfair Practices by Tyme Bank

I’ve had enough with Tyme Bank and I need to vent. Here’s what happened: I accidentally sent money to the wrong account, just two digits off. I realized my mistake literally two minutes later and immediately called Tyme Bank. They tell me they can't guarantee that they’ll recover my money, and I get it there’s always a chance of things not working out, but that’s not even the problem here. What really gets to me is that I lost R600, called the bank to help, and they charge me R170 just to try and fix it. And guess what? They didn’t even succeed. So now, I’m down a total of R770, Yes I was my simple mistake but why a hefty charge. That’s not fair! They should’ve taken that fee from whatever they managed to recover, not from my pocket. It feels like I’m being punished for my mistake and losing even more money in the process. Honestly, who can just throw away R770 like that? This situation is messed up, and it’s exactly the kind of thing that deserves to be looked into by the Consumer Protection Board, the Banking Ombud, or My Broadband. I honestly don't feel this is good practice. I understand there should be a fee charged but if bank charges you R170 then don't promise that they will recover your money but charges you upfront?

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Replies (2)
GoTyme Bank | Formerly TymeBank
GoTyme Bank | Formerly TymeBank's reply18 Aug 2025, 08:35
Official
Hi Nhlanhla, 
We understand your frustration and sincerely apologize for the inconvenience you've experienced. We strive to keep our fees low and transparent, and we take your feedback seriously. While we aim to assist in recovering funds sent to incorrect accounts, the process can be complex and does not always guarantee success. We acknowledge your concern regarding the fee structure and will review our processes to ensure fairness and clarity. Thank you for bringing this to our attention.

Tymebank Team
nK
nhlanhla K's update20 Aug 2025, 09:14
Reviewer Update
I really get that this is a complicated process, but why charge your customers such hectic fees? Like in my example just by asking for help or alerting you, I got hit with a R170 fine. So basically, you added R170 to my loss. Yoh, what a way to do business no wonder you got de-listed from the JSE. Why not take your R170 from the recovered funds that would prompt you to do a real recovery as you will know that your fee will come from your real attempt. There was no urgency or attempt in my case since you had already taken your R170 from my savings. You said you will feeb back by 4th semptember but when i complained on hello peter the next day you responded that you failed to recover my money and closed the case. Those who do business with you should really be careful for what a **** Tyme Bank is.