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Ithala Bank outreach at a shopping centre on May 24, 2024.
Some Ithala Bank clients in Durban have voiced their concern and anger over the current dilemma that the bank finds itself in.
Last week, the Reserve Bank’s Prudential Authority filed papers in the Pietermaritzburg High Court for the provisional liquidation of the bank.
Some branches in the Durban CBD are closed.
Yesterday, Finance Minister Enoch Godongwana said a guarantee of R2 billion has been made available to ensure that whatever happens with Ithala Bank, the savings of depositors are protected.
SABC News spoke to a 70-year-old female client from Umlazi who visited her local branch and joined a queue of frustrated clients who 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. I have not been able to decide whether to withdraw that money or save it for a 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 stokvels 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. I am yet to decide whether will continue saving through this bank or not.”
A 21-year-old man says his grandmother has been saving through the bank for his future from the time he was a 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.”
VIDEO | Ithala Bank faces liquidation:
