VBS curator calls on small depositors to close accounts

The curator of VBS Mutual Bank has called upon small depositors to close their accounts at the bank.

“Customers who have less than R1 000 in their VBS accounts have been requested to come into their nearest VBS branches to close their accounts. They will not be charged any fees to close these accounts and will receive all of their deposited money from the Bank,” said Ms Louise Brugman, spokesperson for the curator. “These customers need to please come into the branch before 31 August 2018 with their valid ID books and they will receive their deposits in full.”

Brugman said that the decision to take a more conservative approach and close the accounts of certain individual deposit holders, was made due to the increased uncertainty surrounding VBS and given that the forensic investigation into the Bank is still underway. 

Due to the uncertainty of the Bank, the curator has taken a decision to not accept new customers to open accounts at the Bank.

“Other retail depositors remain unaffected and they will still be able to withdraw R1 000 per day from the branches as a protective mechanism for all retail deposit holders. Burial societies continue to be able to withdraw R7000 per burial after producing a valid death certificate,” Brugman said.

Date:18 June 2018

By: Anton van Zyl

Anton van Zyl has been with the Zoutpansberger and Limpopo Mirror since 1990. He graduated from the Rand Afrikaans University (now University of Johannesburg) and obtained a BA Communications degree. He is a founder member of the Association of Independent Publishers.

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