Fund-fiddling an Absa-lute disgrace

19 August 2014 - 02:00 By Readers' comments
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Absa Bank is one of the big five banks in South Africa. File photo
Absa Bank is one of the big five banks in South Africa. File photo
Image: File Photo

It is immoral that citizens who invested in the Absa Money Market Fund should pay the price for African Bank's idiotic finance decisions ("Bank savers bitten", August 15).

This matter should be taken up with the Constitutional Court, as I believe both the Consumer Protection Act and the National Credit Act have been violated .

Why has no action been taken against the African Bank executives who created this mess?

Roy Panday, by e-mail

I was shocked to see that money had been taken from my and other people's Absa money market accounts to bail out African Bank. We deposited our money in good faith into a supposedly safe interest-bearing account. We were informed only after the money was taken out of our accounts. Is this even legal?

Why is Absa not taking the fall for its bad investments? It is Absa-lutely time to change banks.

Sammy Scammed, Randburg

What Absa did - taking money from money market accounts and only informing their clients after the fact - is unethical. And obviously Absa did it to avoid a run on investments.

Why did the Absa investment team not foresee that African Bank's lax attitude to loans would cause trouble?

Has Absa learnt nothing from the Sanral debacle? Treat your customers with respect.

DB Pohl, by e-mail

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