On the 23rd July, I processed a redemption on my Money Market investment. I was informed the funds were not cleared and the redemption would be processed on the 31st July. Owing that I bank with Std Bank and Investec are with FNB I was informed that the funds would hence reflect on the 1st August. I planned my expenses accordingly, expecting the funds to be in my account on the 1st. On the 2nd August the funds did not reflect and my account went into overdraft. I phoned Investec and was told the redemption had been overlooked and that a manual payment would be made. The funds eventually did arrive on the 2nd. I however have incurred penalties from my bank from going into overdraft.
I have phoned Investec three times to get an explanation and on each occasion I have been told the same story that the transaction would only have been processed on the 1st and it takes up to two days for the funds to reflect. Having worked for Silica I know that it only takes one day. So this is just a cover up to try and hide their error. On each of the three occasions I have been promised a call back to explain what went wrong and I am still WAITING!!!
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