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Don't panic, FNB tells customers

By unknown | Dec 20, 2006 | COMMENTS [ 0 ]

Alfred Moselakgomo and Isaac Moledi

Alfred Moselakgomo and Isaac Moledi

First National Bank has assured its Million-a-Month account holders that their money is safe and there's no need to panic.

This comes after last week's successful court action by the National Lottery Board, which argued that the FNB competition contravened the Lotteries Act.

Rochelle Kirsten, FNB's Million-a-Month team leader, said the account would remain open until further notice and that the bank's lawyers would challenge the court's ruling.

The National Lottery Board applied to the Pretoria high court to have the bank's competition account stopped on the grounds that it was unlawful in terms of the Lotteries Act No 57 of 1997.

The board claimed that the FNB competition was a lottery in that it constituted a draw. It also claimed that the "subscription" paid by participants represented a forfeiture of interest that would otherwise be payable on the account.

The court found that a customer who opened a Million-a-Month account was paying a subscription to take part in a draw.

Sershan Naidoo, spokesman for the board, said: "By sacrificing a higher interest rate for the chance of winning a prize, they are paying to take part in the draw."

The judge ruled that the FNB competition was unlawful.

Earlier this month the board asked the Pretoria high court to declare the SABC's popular Winikhaya competition unlawful.

The SABC broadcast coverage of both Million-a-Month and Winikhaya.


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