Standard Bank
Standard Bank policy

I opened a new account with Standard Bank on the 6th of April 2013 and was made to sign a declaration that I will not purchase foreign exchange from another dealer or dealer with limited authorisation, why?

I was basically told that as a foreigner, if I didnt sign that declaration then they wont open a new account for me or will close my new account, I signed under duress if I may say so.

This declaration was forceful and a breach of my rights as the consumer protection act protects me from such.

Can someone of authority in standard bank please explain why I was 'forced' to sign this declaration?

One thing I personally know is that no bank can physically, legally or otherwise force me to buy my foreign exchange from them nor exchange my forex with them so if I dont get a well thought-of and convincing explanation from standard bank, then exchanging my forex is my perogative and rights.

Company: Standard Bank
Country: South Africa
City: Bellville

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