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CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1509
Experience:  BCom; LLB; Masters in Law
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Receiving a forex payment advise from my bank. receiving the

Customer Question

hi.
receiving a forex payment advise from my bank. receiving the rand credit to my acc.
sanding the martials to the over sea Clint.
4 weeks later, bank reversed the credit saying they wasn't receiving the forex and they credited me on receiving the advise only.
they debated my acc @ the new rate how is higher then the rate I was credited.
1)can they reversions the credit after 4 weeks?
2)can they debating me @ a higher rate ?
thanks
y Goshen ***@******.***
Submitted: 1 year ago.
Category: South Africa Law
Expert:  Freddie Lombard replied 1 year ago.

Good day Mr. Goshen,

Thank you for your question. I will try to assist you in answering it today but please feel free to ask as many follow up questions as you like until you are 100% satisfied.

I am sorry, but I am really struggling to understand your question.

I want to sum up what I understand. Please confirm whether my understanding is correct.

You received a payment in foreign currency into your FNB account. (I do not know or understand where Clint fits into the story).
Then, 4 weeks after the money was paid into your FNB account, FNB reversed the transaction - in other words debited your account. Is this correct? Why did they do this?

Then, some time later, they re-deposited the amount back into your account, but in the meantime the exchange rate has changed, so you should have received more rands that the initial deposit.

Now you want to know whether the bank could have legally done what they did?

Regards

Customer: replied 1 year ago.
dire Freddie.
I had clit in s sudan how ordered gods from me @ a price of usd 50000.
the bank contact me and cradled my acc @ rate of R 12.68 total R 634000.
4 WEEKS later. thy bank contact my saying the usd 50000 wasn't actual paid to them. they was acting on the over sea remitter.
they debated my acc with $ 50000 @ a rate of R13.63
e client /over sea get the goods and cut contact with me.
I have a 5000USD loss @ a higher rate what from wt I was cradited
the debated my acc with usd 50000 n this day
Expert:  Freddie Lombard replied 1 year ago.

I must admit that this does seem very unreasonable.

My advise to you would be to lodge a complaint with the Ombudsman for the banking sector. You can simply click on this link to be diverted to their website complaint form where you will find the instructions on how to proceed.

The ombudsman will investigate your case and adjudicate a dispute on your behalf and if it is found that the bank acted wrongfully, they will make an order in your favour.

I hope this answered your question.

I know it will take an extra minute of your time to rate my service, but if you do not rate it, I do not get paid by the website so I would really appreciate it if you would be so kind as to rate my service positively. Feel free to ask further question here on this topic at no extra cost if you need more information.

Regards

Customer: replied 1 year ago.
thanks for your very god advise.
wasn't paying u to give me a link to the banking services ombudsman. I'm dealing with them all daddy.
I paid u to get a aswer
1)can the transaction be reversed?
2)if yes, the rand sum has to be revered or the usd @ the rate of the day reversing?if you not answering my Q please pay me back., .
Expert:  CaseLaw replied 1 year ago.

Hi there,

In your current account agreement with your bank, you specifically agree that if the funds are not 100% in your account, and something happens, your bank can reverse the transaction.

It is for this reason that we always tell clients to get the bank to confirm in writing that the funds are 100% secure and properly received.

It is only because of your agreement with your bank that they have the right to reverse the transaction.

Also, if the funds came into your account in USD, then they will reverse it in USD.

And the exchange rate is the exchange rate on the day...

So, based on all of the above, I would say that the bank is entitled to do what they did.

Continue dealing with the ombudsman, you might get some sort of satisfaction from them!

Expert:  CaseLaw replied 1 year ago.

Hi there again,

I hope that you understood the above advice and that it was useful? Please leave positive feedback for me.

If you have a further question please ask it?

Regards

CaseLaw