Absa
EXTORTIONATE FEES

I recently received money from a life insurer when a policy matured. The money was paid into my ABSA current account. Pending a decision where best to invest this money I went to the branch to move the money electronically to my money market account. I later saw that I had been charged a R1000 fee. I queried this with ABSA per Facebook page and was told that they charge for cash deposits because of cash handling and an electronic transfer is a far better method. I told them this is how it was done. "Oh, the fee is the same". I have asked for their compliance officer's contact details. No response other than that if I phone them, "the team" will deal with my "concern". I emphasised that it is not a concern, it is a complaint - which I expect to be handled in terms of the FAIS Act. No response. Today I was told on FB that I would have been told about the fee in the T&C's when I opened the account. Nearly twenty years ago? If I had known about the fee I would have moved the money right out of ABSA. Shocking attitude and no idea of what they are doing.

Company: Absa
Country: South Africa
City: KEY WEST and FACEBOOK

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