Nedbank take over VBS clients

After weeks of trying to access their funds, hundreds of VBS bank customers have spent the day queuing to retrieve their money from Nedbank branches across the country.

The Reserve Bank reached an agreement with Nedbank earlier this week to help repay retail depositors after VBS was placed under curatorship for alleged mismanagement and fraud.

Depositors will have access to up to R100 000 from Friday.

READ: SARB announces mechanisms to repay VBS depositors

Eyewitness News reporter, Gia Nicolaides has more on the story.

The Reserve Bank and Nedbank have said continuously throughout the week don't rush to the banks because your money is secure but you must remember that these people have waiting weeks and months to have access to those funds. This is why there have been so many queues this morning.

Gia Nicolaides, EWN reporter

As I understand it, it is more or less stablisied now, specifically in Limpopo.

Gia Nicolaides, EWN reporter

The process is not as quick as people think. You have to have an account open for you so that you have access to that money. Remember to have your ID book and proof of residence. You have up to three years to access this money.

Gia Nicolaides, EWN reporter

Click on the link below to listen to the full report...


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