Standard Bank has rejected claims circulating on social media that a customer’s pension funds went missing
Image: Henk Kruger / Independent Newspapers
Irate Standard Bank clients have taken to social media to share how they've lost hundreds of thousands of rands in dubious transactions.
In a post on X, a woman claimed that her mother's pension was paid into her account and the next day it was transferred into multiple accounts.
The woman claims that the illegal transactions were done at a Standard Bank branch in Acornhoek.
"The problem is that my mother was in Nelspruit on that day. She did not travel to Acornhoek to make any transfers. Despite this, the bank claims she performed the transactions but refuses to provide the account numbers where the money was sent," the woman said.
Another X user alleged that last year, more than R600,000 was taken out of his mother's account.
In another post, an X user claimed that close to R700,000 was withdrawn from a family friend's account within 14 hours of the money being put in.
She said the woman's son, who worked at another bank, was able to assist her with getting most of the funds back.
Responding to the backlash, Standard Bank said the widely shared case relates to transactions from 2011, which were fully investigated and resolved in 2023.
Referring to a specific case, Standard Bank said it was reviewed by the Financial Sector Conduct Authority (FSCA).
"Standard Bank is aware of recent social media claims alleging that a customer’s pension funds were “lost” and suggesting that similar cases are widespread," the bank told IOL.
"These claims are not accurate or correct. The matter referred to in the social media post relates to transactions that occurred in 2011.A case that was brought in 2023 was fully investigated, resolved, and closed in June 2023. The customer also initiated a FSCA complaint process, which supported the findings. All the disputed transactions were legitimate and correctly processed".
The bank also said it remains fully committed to the safety and security of its customers’ funds, adding that FSCA found no evidence of fraud or unauthorised activity.
"The internal investigation and assessment by the FSCA found no evidence of fraud, unauthorised activity, or bank error in this case. We remain fully committed to the safety and security of our customers’ funds, and continue to work closely with regulators and industry partners to protect clients from financial harm".
The bank added that other customers who have concerns about their accounts are encouraged to contact Standard Bank directly through its official channels.
"Customers who have concerns about their accounts are encouraged to contact the bank directly through our official channels so we can provide prompt assistance".
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