The 40 000 customers of 20twenty - the internet banking arm of Saambou Bank - will be able to access their frozen funds from Thursday.
The funds of all Saambou depositors and investors, including 20twenty, were frozen in February when the bank was placed under curatorship.
20twenty was the brainchild of businessman Christo Davel, who launched the online bank promising good service and low costs.
Rather than apply for a banking licence which can take a considerable length of time, he teamed up with Saambou, after which 20twenty became part of the Saambou group.
Wendy Lucas-Bull, the chief executive of retail banking at First National Bank (FNB), confirmed to Personal Finance that because 20twenty customers are essentially Saambou depositors they, like the bank's other clients, will be able access funds in their accounts from Thursday.
FNB announced yesterday that it would, through its holding company, FirstRand, be taking over Saambou's deposit accounts, savings and transmission accounts and home loans.
If you are a Saambou client, you will have access to your frozen funds without having to change your account number.
As from Thursday, you can:
- Access your money whenever you want using Saambou automatic teller machines, telephone banking, call centres and branches;
- Continue to operate your account as usual for the next few months, after which your account will be moved to FNB without your account or personal identification number changing; or
- Open an account at an FNB branch if you want access to FNB's wider branch network before your account is moved by the bank.