Capitec

Problems I have experienced:

1. I have had limited contact with Capitec - The Best Rates I could arrange quickly for a friend's business venture

2 .  

Nedbank

Problems I have with Nedbank:

1. The Account we currently have with Nedbank does not allow for transactions to be emailed as they occur - only smsed.

2. .............

FNB

Problems I have with FNB:

1. Selling the same products as your clients.....?
2. If your home loan is in Credit - "it will be closed - you have no Choice in the matter..."

Standardbank

Problems I have with Standardbank:
1. EFT From Standardbank to Standardbank do not reflect immediately - This is Very serious according to me see futher below
2. History stametent does not include the last 2 days - Spending lots of time trying to get your bank recons in order.

RETAILERS FACE MAJOR RISKS OF FRAUD AS STANDARD BANK STILL HAS NOT CHANGED ITS INTERNET BANKING PAYMENT POLICY

PRETORIA: 4 June 2012-

 Retailers – or in fact, anyone trading via electronic funds transfer – are open to high levels of risk of falling victim to fraudulent payments since banks, like Standard Bank, no longer reflect bank-to bank EFTs on the same day or real time.

According to Christopher Riley, CEO of notebook accessories and retailer, The Notebook Company (Notebook.co.za and Laptop.co.za), the fact that EFT payments at Standard Bank take longer then 24 hours to reflect, retailers are open to huge risks from fraudulent client payments. Operations are also often retarded as retailers have to ‘wait’ for transaction confirmations

Riley said it is a “massive problem” for retailers.  Banks appear to be ignoring the importance of reflecting same-day payments on the same day and “are turning a blind eye”.

No longer is Standard Bank our Primary account

  

 It appears Standard Bank has taken on this attitude.

“While Standard Bank was our main bank they showed no inclination to even listen to our concerns. The powers seemed unperturbed about the possible consequences for many of their clients. Consequently, The Notebook Company has changed its primary account to ABSA (after 22 years).

 “Frankly,” said Riley, “when queried about the 24 hour delay, Standard Bank staff simply dug their heels in, saying that Internet payments from one Standard Bank to another can take up to 24 hours to reflect. That’s just how things work.

Riley believes this is unacceptable. “We all know payments from one bank to another can take a few days - but we in retail all also understood same bank to same bank should be immediate. That is how we have been selling for over a decade. But ,” he said, “it seemsStandard Bank has simply made an about turn and decided this is not how it is done.”

The implications of Standard Bank database updates not being immediate are ‘disastrous for the retailing sector’.

“This banking policy from Standard Bank is a huge problem for distributors and wholesalers – and for retailers that sell high value items.

Scamster continuously tries to dupe The Notebook Company

  

“Over time,” said Riley, “many scamster have tried to dupe us with a manufactured, stolen, or stopped cheques totaling over R1 million, which were "paid" to The Notebook Company’s  account as Internet payments.

“We know the tricks - but it does bring down our productivity and it wastes a lot of our time.    This is why we have banking accounts with all the major banks as it makes it possible for us to check that the money is irreversible before releasing.  But having to wait for 24 hours from Standard bank to Standard bank causes serious problems.

Must customers sleep over before goods are released?

“My company sells laptops. Must I make my customer come in and sleep over until the next day before I release the stock so that I can wait for the bank to reflect his payment? It is ridiculous and creates huge problems for retailers.”

He questioned how many days of lost productivity are being created due to the fact that each transaction is being delayed by one day.

“It seems like this system problem  - which is probably due to badly written database updates  -is the customer’s problem for now – or until enough Standard Bank customers close their accounts and move over to banks that understand business.

“Does management at Standard Bank know they are making it nearly impossible for a business to conduct business in such an environment? By taking 24 hours to confirm transactions they are causing their customers to sometimes bend the rules and release goods, without seeing the money.”

Riley pointed out that some retailers might be forced to release stock on face value of the "proof of payment"-which is easily forged – thus causing them to take risks, lose money and go out of business.

“This is an unacceptable situation,” he said.

ABSA

Problems I experience:

1. Flexi Reserve changed from whole amount available to balance remaining.... IF your Future Calculations were made on the first then though luck!

2. Transactions are emailed as they occur - but one can not set the email to exclude the current balance - If these emails need to go to account clerks - then the account balance should be irrelevant.

What have you found?

Official BLOG Page for Problems we face with South African Banks

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