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VBS Bank customers queue for their money at Nedbank

Retail depositors have been assured that their money is secure and that they will have access to a maximum of R100,000 over the next three years.

Picture: EWN

JOHANNESBURG - Hundreds of VBS Mutual Bank customers have been queuing at Nedbank branches in Limpopo on Friday to withdraw their savings after waiting weeks to access their funds.

The South African Reserve Bank (Sarb) announced earlier this week that over R300 million had been given to Nedbank to pay VBS retail depositors affected by the collapse of their bank.

They will have access to up to R100,000 once they've opened an account at Nedbank.

Retail depositors have been assured that their money is secure and that they will have access to a maximum of R100,000 once they've opened an account at Nedbank over the next three years.

Hundreds of people have been queuing since early on Friday morning at branches in Limpopo where many VBS customers live.

Several municipalities also had invested money at VBS despite an instruction by Treasury against doing so.

These municipalities will not have access to their funds as the deposits were not guaranteed.

At the same time, the Democratic Alliance has opened a criminal case against VBS executives on Friday, saying they need to be held accountable for looting the bank.

(Edited by Winnie Theletsane)