I have an absa money market account and I place a co-lateral security on a certain amount for a supplier I use to do business with. I no longer need the amount secured and require it to be released to me.
I got all the necessary paper work and went to the bank to have this security amount released. I provided Absa fourways with the documents three times now and three weeks later the money has not been released.
Reason for money not been released, no one knows how to do the release. IS THIS A COMPETENT ANSWER FROM A BANK??? I have gone into the branch for help, and telephonically they have transferred me to 6 different departments from Money market, to savings, to fixed to credit etc. Everyone says mam we dont know how to do it.
I am shocked that a bank can tell a customer non of us knows how to have a money market cession released even though they have all the paper work necessary. I had a similar cession with FNB and they released the money within 48 hours, goes to show the level of competence across banks. If nothing gets done by close of business today, I am taking this matter up to the Ombudsman.
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