Luno and Standard Bank account deactivation

IdleLayabout

Active Member
Joined
Oct 7, 2010
Messages
30
#1
Hi

Standard Bank has now taken to deactivating my account every time I deposit on Luno. They say it's an automated system for my safety and cannot be bypassed. This new system seems to have come online in December. Anyone else experienced this? Are all banks doing this?
 

Corelli

Senior Member
Joined
Jun 20, 2008
Messages
619
#3
Yes Standard Bank now blocks Luno by default as they consider Luno a fraudelent risk company. They are doing this to any companies that they have flagged for suspicion. Basically they will turn off your entire internet banking profile including blocking your cards, till you have cleared it with their Fraud Division. (They will do this each and everytime there is a transfer between you and Luno). Sucks hey.

But they are doing their best to protect you, be it your money and protecting you from any blackmail attempts. ie Blackmailers demanding you pay them in Bitcoin, Ethereum etc.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
389
#4
Hi

Standard Bank has now taken to deactivating my account every time I deposit on Luno. They say it's an automated system for my safety and cannot be bypassed. This new system seems to have come online in December. Anyone else experienced this? Are all banks doing this?
I actively deposit via FNB but also move some funds from Standard and have never had an issue.

If I may ask, what is Luno ?
luno.com
Did you even try Googling?
 
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