20twenty customers may be a little confused as to whether they are entitled to make withdrawals, following a change of information on the 20twenty website and ambiguous statements from the curator.
The accounts of 20twenty customers - together with all Saambou accounts - were frozen when Saambou was placed under curatorship on Saturday at 1pm. 20twenty is the online banking arm of Saambou.
Since then, Johan Louw, the curator, has announced that certain account-holders can access up to R4000 of their money.
Whether 20twenty customers will be able to withdraw money depends on what their balance was on Saturday - when the bank was placed under curatorship - and whether money has been paid into their accounts since then.
- If you deposited money into your 20one account after 1pm on Saturday, February 9, you can withdraw every cent you deposited, irrespective of whether your account shows a positive or negative balance.
- If you had a positive balance of R4000 or less in your 20one account at 1pm on Saturday, from 8am tomorrow (February 14) you can access up to R4000 of this amount. In terms of the curator's rules, you must have a positive balance and your balance may not be more than R4000 for you to withdraw up to R4000. If your balance is negative, or if your balance is positive but is more than R4 000, you are not allowed to withdraw any funds.
- Stop orders and debit orders will be accommodated as from tomorrow (Thursday), provided the amount of the orders, together with any cash withdrawals, does not exceed the R4000 limit that the curator has imposed on withdrawals.
To date, very little information has been forthcoming from the curator and no information from 20twenty itself.
Today, the 20twenty website provided a brief explanation about the curatorship and its lack of communication. It said that while Saambou is under curatorship, 20twenty is restricted in what it is allowed to communicate to its customers.
Initially, the website stated that customers could draw up to R4000 of their money if they had a positive balance. This was later amended.
The 20one account is a savings current, current current and credit card rolled into one. Customers are issued with a MasterCard-branded card which can be used for purchases and ATM withdrawals. The account offers comparatively high interest rates on money in the account and low interest when going into "overdraft". This is why it is possible for 20twenty customers to have either positive or negative balances.