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?

Company: Standard Bank
Country: South Africa
City: Parkview

  <     >