Absa says it is working with FNB to minimise impact to ABSA customers.
In the statement Arrie Rautenbach, head of retail markets for ABSA, said that on Friday, March 15, ABSA received a series of debit order instructions from FNB. This was part of the nightly interbank payment instructions and ABSA executed the files as required by the payment rules in South Africa. Some of these instructions seem to have been unauthorised.
“The FNB error has led to customer inconvenience and may be resulting in customers’ accounts being overdrawn. Customers must please note that the submission of unauthorised debit orders is a contravention of the rules of the Payment Association of South Africa,” Rautenbach said in the statement.
He continued to say that ABSA was working with FNB to address the unauthorised debit orders and “will attempt to have the unauthorised entries reversed systematically.”
The debit orders have the payment reference “FNBRTCREV” and Rautenbach said it relates to system errors that FNB appears to have been experiencing over the last months.
FNB responded to a request for comment from Moneyweb, indicating that a response will be issued soon.