My experience with Standard Bank’s admin comes as a result of dealing with my brother’s deceased estate. According to PSG Trust, the joint-executors of his estate, they sent originals of all relevant documentation to Standard Bank soon after being appointed (that was more than three months ago). Standard responded by couriering back the very documents that had been sent to them.
Yes, I know, it seems impossible, but they did.
Of course, PSG Trust sent them back, but Standard appeared to do nothing with them. Documents were then emailed, but still no action.
All the while, the money is sitting in an account that does not bear interest. In addition, there are monthly charges for holding the account. Fortunately, my sister-in-law and nephew are not in immediate need, but imagine the pickle they would have been in if they were relying on this money for their living expenses.
In frustration, last week I tweeted Standard Bank with a request to escalate the issue. In a series of direct messages I shared my brother’s ID number as well as my cell number. I was assured that I would be given assistance.
I contacted them via direct message again this morning, to which they responded by asking if I had contacted the deceased estates department. Duh! I began the process by requesting that the matter get escalated. Why would I contact the very people who thus far have demonstrated no interest in getting the matter resolved?
It is inconceivable that it can take this long for Standard Bank to hand the credit balance over to the estate, not to mention monumentally frustrating that the bank is devoid of both a sense of urgency, or anyone willing to take responsibility. And, on top of that, to utterly disregard a concerned person’s plea for assistance when the regular channels have failed.
I have no doubt that this will eventually be resolved. What are the chances that Standard Bank will offer to compensate the interest that has been lost?
By all means, bank with Standard. Just make sure your money is elsewhere when you die. The admin problems could drive your heirs mad.
Millstock Cars is the most impressive team I’ve dealt with following my brother’s death. They’re a slick, professional outfit. Everything they’ve said they would do, they’ve done. And the admin has been brilliant!