Complaint / review / scam report
Standard Bank
Transfer of funds to Stanlib Investment

In December of 2012, my mum who is a pensioner was contacted by a Standard Bank consultant from the Parkview Branch in Pretoria advising her of an investment product with Stanlib that would yield some higher returns. My mum accepted and agreed to transfer money from her Standard Bank savings account to the Stanlib investment product, prior to this i accompanied her to the bank to sign the relevant forms and when we enquired about any costs thereon we were advised that there would be no costs charged for this transaction. The transfer was done to Stanlib investment and when we received the proof of this transfer from Stanlib we discovered that an amount of R2 400 had been deducted from the transfered amount as costs. My complaint is that the Standard Bank employee (Rendani Mushoma) did not disclose to us that there would be such a substantial amount of costs deducted by Stanlib. We persued this matter with Standard Bank and we were told that there is nothing the bank can do because this is a Stanlib product and they are arent aware of their cost structures. Why then would Standard Bank market such products to its customers and neglect to find out what costs would be charged?
Date:

Offender: Standard Bank

Country: South Africa   Region: All Country   City: Parkview

Category: Business & Finance

1 comment

17 May 2022 02:24
My dad was advised to invest with stanlib 2012 and he transferred money to Stanlibs account from his Capitec Bank account ,at the end for year assessment of ending he went to claim for his money back and they told him he doesn't have any money by the financial advisor who recruited him who goes by the name of Timothy Nhlapho who works at Standard bank Katlehong branch East Rand /Ekurhuleni Municipality

Quote: Mathapelo Dorothy Ntshabeleng
My dad was advised to invest with stanlib 2012 and he transferred money to Stanlibs account from his Capitec Bank account ,at the end for year assessment of ending he went to claim for his money back and they told him he doesn't have any money by the financial advisor who recruited him who goes by the name of Timothy Nhlapho who works at Standard bank Katlehong branch East Rand /Ekurhuleni Municipality

Quote: Mathapelo Dorothy Ntshabeleng
My dad was advised to invest with stanlib 2012 and he transferred money to Stanlibs account from his Capitec Bank account ,at the end for year assessment of ending he went to claim for his money back and they told him he doesn't have any money by the financial advisor who recruited him who goes by the name of Timothy Nhlapho who works at Standard bank Katlehong branch East Rand /Ekurhuleni Municipality

I am claiming my late father's unit trust investment since from last year even now I have not been giving what I am suppose to get which is my father's balance statement as stated by the court of law in order to get the letter of authority to proceed with the claim .they haven't furnished me with balance statement al I got was misleadinns from the financial advisor because he frauded my father R60000 and invested for himself under my father's name .out of six accounts my father opened, two accounts are missing .I am not going rest up until I get back my father's money no body is untouchable . may the Lord God almighty take care of the perpetrators .am so disappointed by Standard bank to be so careless to their clients it's so unlike them.
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