Thursday, January 12, 2006

Whey-hey! Was just looking at my online bank statement for my account here with Standard Bank (subsidiary of the S.A.-based global bank), and I found out that on one day in December I got a credit of almost USD65,000! Nice. Except that they took it back out the same day - without my permission for the debit, or informing me or apologising or anything.

After checking with some colleagues, they also had the same phenomenon! Luckily for them banking laws in Moz are fairly lax and allow them to take the piss - I can't imagine them getting away scot-free like this in the U.K. or even in S.A! Anyway, I'll be asking them for an explanation and if it ain't good I'll move my squarillions to another bank.

...update just phoned them up, they said it was a bank error affected over 200 accounts! Which works out at over USD13million in total - in a bank which is only the 3rd largest in a country which has an annual GDP of about USD5billion. So that must have caused them a wee liquidity problem then.

More worrying, is the rumour that they are in line to buy out a majority stake in the BIM, the country's largest commercial bank, which already has an over-dominant position in the marketplace. How can they manage an extra 80,000 customers if they can't even handle the accounts for the ones they've got!?

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