ABSA & FICA

[wnsky5]

Hi All

First time on here, need to offload!!!

Anyone else experiencing the lovely service from ABSA and their freezing of bank accounts because you apparently aren't FICA compliant, WITHOUT them letting you know (that you aren't compliant any longer or that they are freezing your account).

Apparently they have just completed a batch of freezes as of the end of December, so you should have a look before you find out that when you need to make payment you can't. Even the NG Kerk has been affected http://www.hellopeter.com/absa/complaints/freezing-of-account-without-notice-714334

In addition to the freeze up, the rest of what happened was appalling. Received this https://twitter.com/#!/wnsky5/status/157031052546813952/photo/1 2 days AFTER discovering that the account was frozen.

When I called that number out of curiosity, this happened:

So I just phoned that number to find out exactly what the message actually relates to (as it doesn't mention anything about FICA etc) and I was interested to hear what they would tell me. First hurdle I don't know which option to choose, says choose internet banking or telephone banking or choose general enquiries. Now as the sms doesn't state whether this relates to my internet banking or credit card or savings account I choose general enquiries. So I speak to the lady and tell her that I received an sms stating I must call this number relating to my account being closed. So she says I phoned the wrong number, so I give her the number in the sms and then she hesitates, because I have phoned the correct number. Then she tells me that I need to have telephone banking for her to help me and that I must go into the branch. I haven't even given her my details.

ABSA is a joke!

 

[Faetsa]

All the financial institutions have to comply with FICA, so every two years you must supply them with FICA requirements. They should have informed you, but even if something happens and they can't get hold of you, your account will still be frozen, as far as I know there's no workaround it. By the way I used to be with absa and they are really useless, I'm much happier with standard bank now.
Good luck

 

[wnsky5]

Hi Faetsa

I worked in the financial industry and my job at the time was to FICA (ALL) our clients, I remember at the time that FICA had to be done every 5 years. Since leaving the industry I hadn't heard anything more relating to updating of FICA and the responsibility of the institutions obtaining these documents. I have lived in the same house for 10 years, so they could have snail mailed me, I have email, they could have emailed me, they have all my telephonic contacts (including a home phone that I can see detailed information of incoming calls) as well as internet banking and no message popped up there. I have internet banking, so that I don't have to go to the bank! Even when I called the number on the sms to me, they couldn't tell me I had to FICA (because I wasn't registered for telephone banking lol). Either way, I paid off credit card and closed that, now in process of moving to FNB!

 

[wnsky5]

Was just thinking now, if the bank REQUIRES you to provide FICA documents every 2 years, how many of you have had to do that when you have vehicle finance or homeloans (other than when you got a bond or got the finance for the vehicle). I have heard no peep from other financial institutions or insurance companies. So I guess it is ok if they take your money without FICA, you just can't keep your money saved or pay money to anyone other than them......

 

[mister]

I just had my ABSA account frozen. In the past I have cut off the header of another bank statement and used that as proof of address, but ABSA would not accept it, and want my entire statement. I protested and said that XYZ bank had accepted it, and the consultant said that they are not XYZ and told me to stop being cocky! Never in my life have I had a customer service representative say something like that to me. I have started the process of moving my account somewhere else.

 

[ToxicBunny]

I just had my ABSA account frozen. In the past I have cut off the header of another bank statement and used that as proof of address, but ABSA would not accept it, and want my entire statement. I protested and said that XYZ bank had accepted it, and the consultant said that they are not XYZ and told me to stop being cocky! Never in my life have I had a customer service representative say something like that to me. I have started the process of moving my account somewhere else.

I had a similar issue with Standard when I opened a Business account a few years ago.. They wanted my entire personal history for the business account. I told them to get knotted, the consultant was rude to me... I involved the Branch Manager, told them off and showed them the relevant section of the FICA act in relation to business accounts and gave them that detail and nothing more.

 

[Billy]

First post with two four letter words in the header.

 

[phoneJunky]

ABSA just refused me to pay my beneficiaries because my FICA information is out of date. No other information, no warning beforehand. Do I have to go into a branch, can I do it over the internet. And I just finished the survey.

 

[Hemi300c]

Into the bank.
Happened to me a year ago. They will claim to have sent you sms but they don't.

 

[mister]

Into the bank.
Happened to me a year ago. They will claim to have sent you sms but they don't.

The fica guidelines say that the best way to verify a client would be to visit the customer! So tell the bank they have caused you unnecessary hassle by suspending your account without any notification and that they must come visit you or you will close your account!

The most secure form of verification of a residential address would be achieved if a staff member and/or agent of the accountable institution were to visit the residential address of such a natural person to confirm that the person resides at the particular residential address.

https://www.fic.gov.za/DownloadContent/NEWS/PRESSRELEASE/130328%20GUIDANCE%20NOTE%203A.pdf

 

[savage]

You can do ABSA's FICA electronically - I had to "renew" my FICA docs too to open unit trusts...

You do get a warning about this through online banking when opening a new account online, and their instructions state to send an email off to ifica3@absa.co.za with nothing but your ID number in the subject. Attach a scan of your fica docs (i.e. utility bill), and in the body just state your closest ABSA branch for them to send the documentation through to (I suppose).

I've sent mine though yesterday. Let's see if they update it.

 

[Kosmik]

Both my brother and I bank with Absa, he's had this problem numerous times but I've never experienced it.

 

[savage]

Same - I haven't had my accounts frozen, but they are with holding new accounts from me that I open (i.e. savings/investments/unit trusts/etc.)

And yes - also the first time that I heard about this, no warning, no notice.

 

[aybbleek]

Same thing happened to me, so frustrating, and I don't have anything sent to me via physical mail at my new address. I'm struggling to find a proof of residence

 

[Ianf1]

Hi Faetsa

I worked in the financial industry and my job at the time was to FICA (ALL) our clients, I remember at the time that FICA had to be done every 5 years. Since leaving the industry I hadn't heard anything more relating to updating of FICA and the responsibility of the institutions obtaining these documents. I have lived in the same house for 10 years, so they could have snail mailed me, I have email, they could have emailed me, they have all my telephonic contacts (including a home phone that I can see detailed information of incoming calls) as well as internet banking and no message popped up there. I have internet banking, so that I don't have to go to the bank! Even when I called the number on the sms to me, they couldn't tell me I had to FICA (because I wasn't registered for telephone banking lol). Either way, I paid off credit card and closed that, now in process of moving to FNB!

I had this happen with FNB, except I was stuck at a filling station having just filled my car and none of the FNB cards would work. I couldn't even withdraw cash.

Eventually after 2 hours with the poor pompjoggie jumping up and down, he would have to pay in if I couldn't pay, FNB phoned back and said a "clever employee" had forgotten to tick I had FICAed on their system so wait 10 minutes and it will go through. This did work, the next day I opened a Capitec account and make sure I have money in there. FNB did tell they were disciplining the employee but I don't believe them. So now I have a backup bank account.

 

[ShaunyCT]

Same thing happened to me, so frustrating, and I don't have anything sent to me via physical mail at my new address. I'm struggling to find a proof of residence

You can use emailed-statements.... like telephone, clothing bills etc. Send them the whole email and not just the statement attachment.

 

[Judas Iscariot Hogwallop]

ABSA froze my account 2 weeks after opening it due to FICA (The account was working in that time). It was a few days before all my debit orders were gonna come off. They did not alert me to the fact that it was frozen and I only found out when I was unable to draw money from the ATM.

I had to call reception several times over two days trying to get hold of the business banking agent who opened my account, she did not call me back at all despite me leaving numerous messages for her. I then visited the branch to try and get it sorted and reception said she was busy with clients and wouldn't be able to see me... they temporarily activated my account for the upcoming debit orders.

I got hold of her email and she finally replied to me and sorted it out.

ABSA's only explanation was that it was frozen due to the FICA documents.

I have since changed to Capitec and haven't looked back since