On 21 December 2012 I transferred R30, 000.00 from my ABSA cheque account into my Stanlib Money market account.
In Jan 2013 I found out that the account number for my Stanlib account was an invalid number (one digit missing). Standard Bank did NOT reject the transaction or inform me of this in any way. They merely added a zero to the invalid 8 digit account number, thereby creating a random valid account number and transferred the funds into that account.
By the time the money was traced, the person had spent R8, 510.00 of my money!! Thankfully Sheila Ballaram of Standard Bank Hatfield successfully recovered the unspent R21, 490.00 and had it transferred back to my ABSA account. She has confirmed that the Standard Bank client who received my money has acknowledged that it is not her money. The client claims she does not have money to pay me back my R8, 510.00.
I am still awaiting the balance of my money to be refunded, despite having spoken to Standard Bank on numerous occasions. Surely there should be a standard protocol for events like this, but it seems nobody at Standard bank will take responsibility or pay any attention to my query.