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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.