If banks could immediately reverse monies deposited into wrong accounts in the spirit of Treating Customers Fairly, this could save consumers lots of money.
Bandile Kona, 39, battled for the past two months to recover money he had mistakenly deposited into a bank account of Urban Cellars in April.
Kona was renovating his house and added a bar which needed a wine cellar.
He then sought quotations to compare prices for similar-sized wine storages from four suppliers who offer the same service, he said.
"I have made it a habit to compare prices and quality and to also talk to the suppliers and [previous] customers [of whoever I buy from] to ensure I get the best service," Kona said.
He then chose one which cost him R79700 after talking to five happy clients who got good service from All Jobs in Gauteng.
"It was not the lowest nor the highest, but I was impressed by the work it had completed for its clients and recommendations he got from the company's clientele, some of whom showed me their storages," said Kona.
But his only mistake was to deposit money via electronic funds transfer into the account of another company, Urban Cellar, who also installs the wine storage units.
On realisation of his error, Kona immediately asked Standard Bank to reverse the transaction, but was told to contact the supplier as the bank would not reverse payment without the recipient account holder's permission.
Kona phoned James Comyn of Urban Cellars and requested that they reverse the payment. He said Comyn told him Urban Cellars wouldn't do so without confirmation he had indeed deposited money into the account.
Kona said when he eventually got the permission, Standard Bank found that there were insufficient funds in Comyn's account, making it impossible to reverse the money, said Kona.
"I have gone as far as engaging my lawyers, which has cost me more money to recover this amount," he said.
Kona said he decided to approach Consumer Line to expose this unfair business practice as the only inference he could draw from Comyn's behaviour was that he had no intention of repaying him.
It took 24 hours for Comyn to refund Kona after Consumer Line stepped in.
Banks make reversals too difficult
If banks could immediately reverse monies deposited into wrong accounts in the spirit of Treating Customers Fairly, this could save consumers lots of money.
Bandile Kona, 39, battled for the past two months to recover money he had mistakenly deposited into a bank account of Urban Cellars in April.
Kona was renovating his house and added a bar which needed a wine cellar.
He then sought quotations to compare prices for similar-sized wine storages from four suppliers who offer the same service, he said.
"I have made it a habit to compare prices and quality and to also talk to the suppliers and [previous] customers [of whoever I buy from] to ensure I get the best service," Kona said.
He then chose one which cost him R79700 after talking to five happy clients who got good service from All Jobs in Gauteng.
"It was not the lowest nor the highest, but I was impressed by the work it had completed for its clients and recommendations he got from the company's clientele, some of whom showed me their storages," said Kona.
But his only mistake was to deposit money via electronic funds transfer into the account of another company, Urban Cellar, who also installs the wine storage units.
On realisation of his error, Kona immediately asked Standard Bank to reverse the transaction, but was told to contact the supplier as the bank would not reverse payment without the recipient account holder's permission.
Kona phoned James Comyn of Urban Cellars and requested that they reverse the payment. He said Comyn told him Urban Cellars wouldn't do so without confirmation he had indeed deposited money into the account.
Kona said when he eventually got the permission, Standard Bank found that there were insufficient funds in Comyn's account, making it impossible to reverse the money, said Kona.
"I have gone as far as engaging my lawyers, which has cost me more money to recover this amount," he said.
Kona said he decided to approach Consumer Line to expose this unfair business practice as the only inference he could draw from Comyn's behaviour was that he had no intention of repaying him.
It took 24 hours for Comyn to refund Kona after Consumer Line stepped in.
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