Our business funds have dissappeared inside Absa’s banking system

Posted on:
14 Jul 2016
Category:
Financial
Posted by:
mkt
Occupation:
Region:

ProBonoMatters

Our company made an eft (electronic funds transfer) payment from an ABSA account to a recipient who uses Nedbank. The funds were moved from the account, but the recipient never received them. This was around March this year. The proof of payment shows that the correct details were put in for the recipient, yet the funds never reached their destination.

An enquiry was lodged with the ABSA business bank manager who duly followed up and advised on the steps to be taken. They subsequently verified that although the funds left our account, they never reached their destination. The bank manager was then promoted elsewhere and we had to start the same process with her replacement, who had a different procedure for us to follow. This was adhered to and then weeks later another bank manager was appointed to handle the case, with yet another different procedure for us to follow. This included emailing absa@absa.co.za, disputes@absa.co.za, missingpaymentscipw@absa.co.za and their various other subdivisons.

To date, the matter has not been resolved. The latest bank manager advised to call the CEO’s office, who referred us back to one of the emails above. It’s been one hell of a pillar-to-post ride, and the money still has not been traced nor returned. When I asked for the funds to be repaid, they asked me to contact the recipient, after I reminded them that the recipient never received the money, they came back with yet another new procedure. I feel they’re just dilly-dallying and have never realized such incompetence that has since affected our business adversely. Since they acknowledged that the money left my account but never reached its destination, can’t I sue them for this nonsense? I also want the money to be reimbursed as it disappeared within their own systems but no one is owning up.

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