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Tax Free Savings Accounts and Standard Bank - um F...

Let me begin by stating up-front, I have been a solid believer, for the past 17 years, in Standard Bank's ability to deliver a decent Online Share Trading Platform.  I also opened a TFSA with SBK Online Trading as soon as allowed.  So that's my first disclosure.   But.....but!    When it comes to Standard Bank belatedly trying to link my two daughters TFSA accounts to mine (so I can, gasp gosh, manage them), well, Standard Bank, their Online Division, my local branch and the good fellas at Online Trading, make both my local Traffic Department and local Home Affairs Office both seem bureaucratically amateurish by comparison.  Shoooooweeeee.  I have been bumped from pillar to post, from branch to call centre for the better part of two days……and…..and!  I am not counting the issues I had in 2017 with the accounts and my local branch.

  • My local branch seems not to believe there is an actual TFSA product offered by SBK....seriously, I get raised eyebrows, each time I query this.....you know, just like Trevor Noah does;
  • Online Banking told me on the phone that my two daughters did not, I repeat did not have TFSA accounts with SBK, even though I have the 2017 IT3(s) for each account for two years contributions for each sitting on my desk in front of me;
  • I cannot set up an Online Banking account for either, since they are too young to have e-mails. The old Online Banking site – where, I will have you – you could see their respective TFSA accounts is no longer available…..But get this, on the old site, since 2016 at leasst, there was no way to pay / transfer their annual allocation into the TFSA account so that we can buy ETFs…….(second disclosure – I have opened Allan Gray TFSA accounts for them now as well)……The best I can do is link them to my dashboard (WTF is a dashboard anyway for anyone old school…lol).  An aside on this, is one person from the Online Banking call centre, told me with deep conviction, that the only way to do this is set up their own Online Banking profile – and while they knew my daughters are 3 and 5 respectively, were obviously not aware that for a banking profile, you need an e-mail.  And who the heck gives out e-mails to kids…….(Ok I could have done a fake one…..but I’d rather not try bull**bleep**e the system).

After much time on the phone and inside my local, I now have been told I need to send Online Trading a message asking them to link their accounts to my Online Trading Account.  Apparently then, I will be able to link them to my Online Banking Dashboard…….hmmm…..and then, maybe, just maybe I’ll be able to manage their TFSA accounts.  We will see in a few days.

 

I seriously feel that I must be the only person to have opened up “guardian” TFSA accounts at SBK.  I wonder if anyone else has had the issues I have had.  But in my humble opinion, and from what I have experienced, it seems that in general (and after being a customer for the past 30 odd years) that Standard Bank is losing touch with its clients.  At no stage in the process, have I felt that anyone actually gives a crud!  I and my daughters are just numbers…..Whats the current motto..."Moving Forward"....I have to chuckle at that.  I wish I had Sim Tshabalala sitting on my shoulder, just watching how this has been handled.

 

If anyone from SBK Online Trading reads this (Bwahahahaha seriously!!!), you are welcome to call me, and I’ll run you through the entire process, and hopefully you can streamline the system a bit. 

 

Ok.  My rant for the day.   I'm back in my zen-peace garden.

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