Complaints against SA banks increase

If you've been having problems with your bank you're not alone.

The latest report from the Ombudsman for Banking Services has revealed that more than 7 700 formal cases were opened by consumers against their banks last year. Out of the five banks, FNB had the most complaints with 2 197 cases opened against it.

This is an increase of 49 percent when compared to 2019. ABSA is the only bank that saw a decline in the number of grievances.
The ombudsman also says it has recovered and refunded R16 million to consumers over the past year.

SA Banking Ombud Reana Steyn says these complaints were driven by the COVID-19 pandemic, debt stress, and fraud.

(PHOTO: FLICKR)