Ithala Bank repayments set to start next Monday
A day after KwaZulu-Natal Premier Thami Ntuli announced that Ithala Bank depositors would have access to their money before Christmas, authorities have now set a start date.
They say FNB will activate the repayment process starting next Monday.
On Monday, Ntuli confirmed that agreements enabling repayments had been finalised after months of negotiations with the national government.
He also said that support teams would be deployed to rural areas, where most of the more than 200,000 depositors reside.
FNB says customers will receive SMS notifications with the dates they must visit their nearest branch.
There will be extended operating hours at all KZN branches from Monday until 31 December.
FNB Executive for Corporate Affairs Jacqui O’Sullivan says the priority is to make the process simple and secure.
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"A verification process is required, and customers will need to provide a South African ID, proof of residence and a bank account confirmation letter if the customer is not banked by FNB. If a proof of residence is not possible, the branch employees will assist the customer with alternate solutions.
“For amounts between R20 and R3,000, FNB can make payments into an eWallet at no cost, and FNB will make payments into any bank account the customer has."
Ithala depositor Winnie Mchunu, who is from Willowfontein in Pietermaritzburg, has gone almost a year without access to her funds.
She says her prayers have finally been answered.
" I'm very excited whether. When I heard the good news, I couldn't sleep at night. I think I was dreaming and asking myself when it is coming, when they will release my money? I'm so excited. I decided to fix my house. I'm going to fix everything."
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