Nedbank is calling on qualifying clients of the former VBS to come forward and claim their funds. Former VBS individual clients, social clubs, stokvels and burial societies with a maximum balance of up to R100 000 in their accounts are encouraged to visit any Nedbank branch across South Africa to access their funds.
In July 2018, at the instruction of the South African Reserve Bank (SARB), Nedbank undertook to open accounts for all qualifying retail depositors of VBS, which was placed under curatorship, as part of the deposit guarantee provided to them. To date, Nedbank has facilitated payment to over 60% of qualifying VBS clients.
"However, there is still a significant number of clients who are yet to claim their money," Nedbank's provincial manager, Adil Nathoo, said. "Nedbank has mechanisms in place to ensure that the process of claiming is seamless, and that all qualifying clients can access their funds."
Nathoo said that all qualifying VBS retail depositors could visit any Nedbank branch, where a Nedbank account would be opened. "This account will be loaded with a balance equivalent to the amount of the client's guaranteed deposit at VBS Bank," Nathoo said. "Once depositors have attained their new bank accounts, they can choose to leave their money in their new Nedbank account or withdraw all or parts of the funds at any ATM or Nedbank branch."
In order for a Nedbank account to be opened, qualifying VBS retail clients need to present their identity document or another accepted form of identification and proof of address to access their funds. "In addition, it is a SARB requirement that VBS retail depositors must sign a cession agreement in respect of their existing VBS retail deposit," Nathoo said. "These cession forms are available at all Nedbank branches."
In cases where former VBS clients are deceased, family members with authentic identification can visit any Nedbank branch with a death certificate and proof of account to access the deceased's money. Qualifying clients have until July 2021 to access their funds.