I called ABSA a week ago to enquire about my available balance being R1600 less than my current balance, even though there were only R655 worth of pending transactions. The operator explained to me that the R1000 was made up of transactions for which the bank was reserving cash because the supplier had not banked / settled the transaction. All these transactions were completed using my debit card and he noted that it could take up to 20 days to settle these transactions because of the chip and pin technology.
Issue 1: The bank did not advise me of this when issuing the card.
Issue 2: What he could not explain, was why the bank was effectively reserving this amount twice because all these transactions already appeared on my statement and therefore already deducted from my current balance.
Issue 3: As a platinum client, I was advised to escalate the matter with my personal banker who proved useless in clarifying the query. She passed it on to their pricing dept and failed to provide feedback on the issue even when I followed up (twice) and contrary to her promise to give feedback yday. Still waiting.
Why are ABSA withholding access to MY funds access how does this system work?
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