Problem with ABSA accounts

[Crusader]

My brother just noticed something extremely strange on his ABSA accounts. He has an Investment advantage account and after checking the balance of the account on on internet banking he noticed that an amount of R6390 was missing from the account. No transactions was done on the account and it doesn't show any transactions or debit orders. He confirmed the balance by requesting an ATM statement and that also shows the missing amount.

When he compared his actual printed monthly statements he received, those show the correct balance, or at least the balance he expects them to be. Comparing the printed statements with those on online banking the balances seem to have been manipulated for the last year - reduced by the R6390, even though that balance doesn't match with the monthly statements.

What's also strange is that the monthly interest seems to have been calculated on the correct amount each month. Not the suddenly decreased balance i.e balanced should be R10 000 and interest earned is R37.50, not R13,53 as the incorrect balance would indicate.

Has anyone else noticed this on their accounts or have any idea how this could be possible?

 

[Crusader]

Just an update. Seems the 'glitch' has been fixed now. His accounts show the correct balance. Still a pretty strange occurrence.

 

[Former member 61586]

Just an update. Seems the 'glitch' has been fixed now. His accounts show the correct balance. Still a pretty strange occurrence.

LOL @ glitch. What type of a monkey's ass business is ABSA running?

 

[Crusader]

LOL @ glitch. What type of a monkey's ass business is ABSA running?

Not sure what happened and if it was more widespread. He still has the statements and ATM printouts with the incorrect balances. It's just plain weird and I can offer no plausible explanations.

 

[Former member 61586]

Not sure what happened and if it was more widespread. He still has the statements and ATM printouts with the incorrect balances. It's just plain weird and I can offer no plausible explanations.

wonder what would have happened if he had never noticed.

 

[Crusader]

wonder what would have happened if he had never noticed.

Well he didn't actually get the chance to complain since they picked it up themselves. He was all set to go to the bank on Monday with the printed proof, but after checking again on Monday morning he spotted everything was fine again.

 

[Former member 61586]

Well he didn't actually get the chance to complain since they picked it up themselves. He was all set to go to the bank on Monday with the printed proof, but after checking again on Monday morning he spotted everything was fine again.

OK. Suppose that is a good thing that it was picked up by them without the customer complaining. But the fact that it happened in the first place, would have me switching banks ASAP.

 

[xrapidx]

They had an issue where if you had more than a certain amount of transactions (e.g. 100) for a specific period, it just wouldn't display them on internet banking, you had to select a narrower date range.

 

[Crusader]

They had an issue where if you had more than a certain amount of transactions (e.g. 100) for a specific period, it just wouldn't display them on internet banking, you had to select a narrower date range.

I don't think that's what happened in this case since it's basically a savings account with very few transactions. Something like that doesn't sound like it would affect the account balances displayed.

 

[xrapidx]

Something like that doesn't sound like it would affect the account balances displayed.

It will if you have a starting balance, an ending balance, and try aggregate the transactions displayed.

 

[ld13]

What on earth is going on at ABSA? Just got whacked with a ~R296 internet banking fee and ~R104 in transaction charges for August. On top of that they also charged me R0.03 "DEBIT INTEREST" and R0.03 "INT ON EXCESS AMNT" - probably because said bank charges dumped me in the red as I keep my balance on my credit card and other accounts.

Phoned them up just now and they informed me that the total charges stems from the 36 immediate interbank payments I did during August as I should be able to see in my cost summary - my summery shows R2.25 of charges in total. In any case I did not do one single IIP from what I'm aware. Dumped my transactions into excel and had a look. 3 x Prepaid Purchases, 13 x Inter-account transfers, 33 x Beneficiary payments... and no IIP. Also, from what I'm aware they charge R11 per IIP and then R0.95/R100 so I would expect a total charge of at least 36*R11 (396.00) + 36*R0.95 (34.20) = R430.20 ... while they whacked me with a total just under R400.

They are a freaking bank - one expects them to be able to get the basic maths right.

 

[ShaunyCT]

Go to the bank and find out. Maybe they can explain and fix it for you.
If you not happy with service or charges, then speak to them.

 

[froot]

What on earth is going on at ABSA? Just got whacked with a ~R296 internet banking fee and ~R104 in transaction charges for August. On top of that they also charged me R0.03 "DEBIT INTEREST" and R0.03 "INT ON EXCESS AMNT" - probably because said bank charges dumped me in the red as I keep my balance on my credit card and other accounts.

Phoned them up just now and they informed me that the total charges stems from the 36 immediate interbank payments I did during August as I should be able to see in my cost summary - my summery shows R2.25 of charges in total. In any case I did not do one single IIP from what I'm aware. Dumped my transactions into excel and had a look. 3 x Prepaid Purchases, 13 x Inter-account transfers, 33 x Beneficiary payments... and no IIP. Also, from what I'm aware they charge R11 per IIP and then R0.95/R100 so I would expect a total charge of at least 36*R11 (396.00) + 36*R0.95 (34.20) = R430.20 ... while they whacked me with a total just under R400.

They are a freaking bank - one expects them to be able to get the basic maths right.

IIPs are R50.
Transaction fees stem from [external] debit orders and internet bank payments.
Internet Banking fees come from payment notifications and so forth.

If you want to see what you got charged for:
Go to Profile->Manage Absa Online services -> Cost summary, and select the month. Everything will be listed there.

 

[ld13]

IIPs are R50.
If you want to see what you got charged for:
Go to Profile->Manage Absa Online services -> Cost summary, and select the month. Everything will be listed there.

IIPs are R11 + R0.95/R100 as per their fee schedule, where did you see this R50?

My cost breakdown for August shows a grand total of R2.25 for banking fees - they are still looking into that for me and have in the mean while refunded all of the wrongful charges for the month in question.

 

[froot]

Ah, my bad on those. It used to be a fixed fee.