Customers frustrated over inaccessibility to cash at Beige bank

Fixed deposit account holders of defunct Beige bank are still unable to access their matured investments from the company. The issue comes despite the expiration of the ten day suspension of withdrawals from the said accounts. The Managers of the Consolidated bank on August 9, 2018 put a hold on all withdrawals of fixed deposit accounts to allow them investigate some anomalies in the operations of the accounts. The timeline elapsed last week but some customers who have been speaking to Citi Business News say they are apprehensive over their inability to access their money.

“The investment is supposed to end on Friday, August 24, 2018 but I didn’t get any alert on the transfer of the money into my account the following Monday. So I went to the bank this morning to find out whether they have credited my account with my fixed account or not. I was told that they have extended the ten day suspension of withdrawals by another ten days…School has reopened and I need the money to pay fees,” a female client lamented.

“The ten days is up but we have still not heard anything; actually yesterday night I had a message from the bank that they are still on it and that as soon as possible, they will rectify it and all of that. But we do not know when they will complete the process because as soon as possible is relative,” a second client also recounted. Portions of a statement signed by its Chief Executive Officer, Daniel Addo on the blocking of withdrawals read, “Effective immediately there will be no redemptions or withdrawals on all fixed deposit accounts held by the erstwhile Beige Bank.”

It is not certain the basis on which the bank says it has extended the period for the review of the accounts. Meanwhile efforts to reach the Consolidated bank for a response to the customers concerns have so far been unsuccessful.

Source: citibusinessnews.com