Small depositors are first in line to withdraw their money from Saambou, but if you have more than R4000 in your account, you will have to wait until word from Johan Louw, the curator.
Saambou was placed under curatorship and all existing accounts were frozen on Saturday following a run on the bank at the end of last week. New investments and money paid into Saambou after 1pm on Saturday are not affected by the curatorship and are available to depositors, with no limitations.
When Saambou branches open their doors tomorrow (February 14), the following applies to deposits that were frozen on Saturday:
- All depositors (excluding customers with Money Manager, Q card, Carry On, Tempo, Kolskoot and Savings accounts) with balances of R4000 or less, will be able to withdraw the full amount of such deposits.
- Those depositors with Money Manager or Q card (a transmission account) and savings-type accounts, such as Carry On, Tempo, Kolskoot and Savings, will be able to withdraw such deposits up to a maximum of R4000.
Saambou's automatic teller machines (ATMs) are in operation from today (February 13), but ATM withdrawals are limited to the usual R1000 a day.
Saambou's branches and the Saambou call centre will be open to clients from tomorrow. The opening hours of the bank are Monday to Friday from 8.30am to 4pm, and Saturday from 8.30am to 11.30am.
You can access some of your money by drawing cash from an ATM (it can be either a Saambou ATM or a Saswitch ATM); having your money transferred electronically from your Saambou account to an account at another financial institution (from tomorrow), or by drawing your money over the counter at a Saambou branch (from tomorrow).
Louw says he will decide today whether interest on certain deposits will be paid.
Depositors who have inquiries regarding any other products or services at Saambou are requested to phone the bank on any of the following numbers: 0860 688 688 (home loans), 0860 996 633 (personal loans) or 0860 139 555 (investments).
What you may withdraw
Up to R4 000 may be withdrawn against your funds available in the following accounts, despite the fact that you may have more than R4000 in your account:
- Money Manager
- S-Card
- Carry On
- Tempo
- Kolskoot
- Savings Account
- Q card
Up to R4000 may be withdrawn against your funds available in the following accounts, provided the balance of available funds in your account does not exceed R4000. In other words, if you have more than R4000 in your account, you are not able to draw anything.
Call deposits:
- Moneymarket
- Group Investment
- Wealth Manager
- Prime Plus
Notice deposits:
- Dinkum
- 32-Day Call
- 88-Day Moneymarket
Term deposits:
- Fixed Deposit
- 3Y Profit Winner
- Primelink ll
- Top-Up
- Win Win 2000
- Base Rate
- Baby Bond
- Prime Plus
- Optimum Bonus
- Twenty One account
No funds may be withdrawn from the following accounts:
- Connect credit cards
- Friendship Bonds