Standard Bank clients express outrage over missing pension funds

In a post on X, a woman claimed that her mother’s pension was paid into her account and the next day it was transferred into multiple accounts. The woman claims that the illegal transactions were done at a Standard Bank branch in Acornhoek. “The problem is that my mother was in Nelspruit on that day.

She did not travel to Acornhoek to make any transfers. Despite this, the bank claims she performed the transactions but refuses to provide the account numbers where the money was sent,” the woman said. Another X user alleged that last year, more than R600,000 was taken out of his mother’s account.

In another post, an X user claimed that close to R700,000 was withdrawn from a family friend’s account within 14 hours of the money being put in. She said the woman’s son, who worked at another bank, was able to assist her with getting most of the funds back. Responding to the backlash, Standard Bank said the widely shared case relates to transactions from 2011, which were fully investigated and resolved in 2023. Referring to a specific case, Standard Bank said it was reviewed by theFinancial Sector Conduct Authority (FSCA).