Nedbank
Where is my money?

I am a Nedbank Credit Card Merchant and account holder. I am experiencing increasing frustration with Nedbank taking so long to process credit card transactions and to credit my account. On Monday 18 March a customer spent a sizeable amount of money in my store and we processed a credit card for payment. I followed the correct authoriztion procedure, got the authorization and my customer's bank immediately called him to verify the transaction. He correctly answered security questions and his bank released the funds.. Well today is Friday 22 March and still no funds appear in my account. My customer has had his goods since Monday, I have had to pay for the delivery of his goods, his credit card has been debited - but I have no payment. Where are the funds and for whom are they earning interest? Certainly not me or my customer! I spoke to a bank employee at the Merchants Call Centre this morning and he informed me that Department (at Nedbank) were checking this transaction as it was more than R10 000? Now why should Nedbank have to investigate another bank's client when he and his bank have authorized the amount? And who is earning interest???

Company: Nedbank
Country: South Africa
City: Credit Card Division

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