Some branches in the Durban CBD are closed.
Last week, the Reserve Bank’s Prudential Authority filed papers in the Pietermaritzburg High Court for the provisional liquidation of Ithala.This 70-year-old woman from Umlazi visited her local branch, joining a queue of frustrated clients who told SABC News that they wanted to withdraw their funds. She says she has been banking with Ithala Bank since 1987.
“Every year, I save my money through Target save. I was supposed to withdraw this money on the 5th of January, but I have not been able to decide whether to withdraw that money or save it for the long term because each time I come to the bank I am not finding joy. I have been banking with IThala Bank for years, we have been saving for stockvels and and Target save, I had a monthly debit order but I have not been able to withdraw that money, I am here to withdraw my money.
This 21-year-old says his grandmother has been saving through the bank for his future from the time that he was a young child. Now he says, he wants to withdraw all his funds and transfer them to another bank. “I am here to withdraw my money because I heard that the bank is closing down. My grandmother advised me to withdraw the money, my grandmother has been saving for me through Target save, I’m withdrawing the money because the bank is having issues, having problems. I’m going to save the money in another bank.”
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