Banks send man from pillar to post for a year

2010-12-01 14:58

Godfrey Modukanele has recovered his payment of R7 700 that was lost in the process of an Absa and First National Bank transaction – with the help of Hotline.

An ecstatic Modukanele acknowledged receipt of the money, marking an end to a wrangle that lasted for more than a year between himself and the banks.

“I knew I would find the missing payment quicker with the help of Hotline. I worked very hard for this money and at the end of it all, the banks gave me a hard time. I wrote to Hotline and suddenly they were all ears. I am grateful,” said Modukanele.

After resigning from a company, Modukanele instructed his employer to transfer all monies due to him into his FNB account.

Absa Consultants and Actuaries were administering his pension fund and promised to make the payment within three months, but that did not happen.

During that time, Modukanele’s FNB account became dormant and was closed in November last year. He discovered this when he tried to withdraw money after learning that his retirement withdrawal benefit had been paid into his FNB account.

Modukanele visited the bank and an FNB official insisted that no payment had been made. He contacted Absa and was told the funds had been paid into his FNB account.

“I spent the better part of the year moving from one bank to the next. A letter from the administrators stated that the payment was made into the FNB account,” said Modukanele.

“But FNB needed more proof. They wanted to know when and how the payment was made. Absa failed to provide any details and I contacted Hotline, who referred the complaint to both banks.”

After investigations FNB spokesperson Bongo Futuse said records reflected that the FNB account had been closed at the time of the payment.

The payment was rejected and the funds returned to Absa, he said.

Futuse contacted Absa and a consultant confirmed that a payment of R7?770 reflected on their system. Modukanele got his money from Absa. He acknowledged receipt of the money two weeks ago.

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