Easy Equities withdrawal delays.

J

Jakobus-9

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Did a withdrawal of some cash that was sitting in my EEQ account. Happened yesterday before their 2pm deadline. The amount was then shown deducted on their site. They mention that tranfer would be finalised before 4pm from their Absa account to my Absa account.
Still not there next morning (today), at 10.20 am. So i logged a complaint.

Anyone had a similar experience?
 
Thanks for the reply. Hopefully still today.
Still waiting...
 
This is more about regulations from the JSE than EE. The JSE requires a 3 day settlement time before withdrawing.
 
I'm pretty sure when you submit the withdrawal on the website, it's pretty clear about how long it'll take to get to you.

It's even mentioned in the first paragraph here: https://support.easyequities.co.za/...hdrawing-funds-from-your-easyequities-account

I have been using them for yonks, and they are slow AF, but they are pretty clear and open about it.

Snyper564 said:
Go read hello Peter there are many complaints like this
Click to expand...

I've never used hello Peter to gauge how good a company is. People go there to complain. I always scratch my head when people mention hello Peter.
 
fwiw a bank transfer within South Africa officially takes up to 2 work days

yes if it is intra bank it should be faster
yes if it is real-time clearing or some such it must be faster

but up to 2 work days is actually still the norm regardless, and that is the bank side only, the JSE has its own rules as mentioned already
 
NarrowBandFtw said:
fwiw a bank transfer within South Africa officially takes up to 2 work days

yes if it is intra bank it should be faster
yes if it is real-time clearing or some such it must be faster

but up to 2 work days is actually still the norm regardless, and that is the bank side only, the JSE has its own rules as mentioned already
Click to expand...
Boggled by the speed of some banks.

Did an eft normal one from fnb to mercantile bank/capitec business at 16:30 this afternoon was on account at 18:16 this evening.
 
Source was a large amount of cash (under R1 mil), that was sitting in my EEQ account ready to be invested. Decided to in the meantime withdraw and move to where it earn better interest.

Also did not like EEQ's huge monthly "cash management fee" of nearly R1000 in this case, on cash just sitting there while not earning optimum interest.

While withdrawing, at the bottom, it said word for word- (I took a screenshot)...
"Requests received before 2pm mon-fri will be released from our account by 4pm" Also said after 2pm= next business day.

Good news- While typing here the money came through.
So they probably transferred from one of their other banks's accounts to Absa. (Sure i saw absa to absa mentioned while transferring).
 
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