Standard Bank staff fired, investigated for creating ghost accounts

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Standard Bank is investigating 67 staff members for activating bank accounts on behalf of clients.
Standard Bank is investigating 67 staff members for activating bank accounts on behalf of clients.
Gallo Images/Foto24/Brendan Croft

When banking competition escalated after the launch of the zero-monthly-fee account by TymeBank in 2019, many traditional banks launched new entry-level accounts. Some cut their monthly administration fees to match the new challenger bank.

Standard Bank's answer to that competition was the MyMo bank account. With a R4.95 monthly administration fee, Standard Bank was suddenly cheaper than Capitec, which had just cut its Global One account monthly admin fee from R5.80 to R5.

But instead of preparing to celebrate the three-year milestone for that product later this month, Standard Bank has dismissed more than 30 of its banking employees for creating "ghost" accounts.

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