Mr Nose

Eighty years old and still active

Eighty years old and still active

Your current account is about to be labelled inactive and declared dormant, Frank Helm was warned in July when called by a Nedbank Private Bank official. Once dormant, Helm would be denied access even though the account is always in funds and he uses it almost every day.

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Reader's comments

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Submitted by : Dirk Hartford of Hermanus on 2011-11-30 16:53:25
Just today I went to draw money from a Nedbank cheque account that I opened on August 4th with a R5000 deposit. I had neither deposited not drawn money from the account since opening it. The balance was R4895 and I could not withdraw any money because the account had been "frozen" as it was dormant. One Nedbank official told me that accounts were frozen if there were not at least 2 withdrawals a month. Another said they were frozen if I had not withdrawn at least once in 3 months.
Submitted by : Jenny Smith of Hyper By The Sea on 2011-11-24 22:34:29
Nedbank is very short of cash. 2 years ago the pension surplus fund inherited from the buyout of NBS only paid out 10 cents in the rand.
Nedbank claimed that was all that was left in the kitty and no one could be bothered to seek out the handsomely retired NBS directors to ask any pertinent questions about Surplus Pension Fund Stripping.................


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