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Hundreds of VBS customers open Nedbank accounts

The South African Reserve Bank announced last week that money had been given to Nedbank to pay VBS retail depositors who've been affected by the collapse of the bank.

Depositors will have access of up to R100,000 once an account has been opened at Nedbank. Picture: Sethembiso Zulu/EWN

JOHANNESBURG - Nedbank says hundreds of VBS Mutual Bank customers have already opened their new accounts to access their money.

The South African Reserve Bank (Sarb) announced last week that money had been given to Nedbank to pay VBS retail depositors who've been affected by the collapse of the bank.

They will have access of up to R100,000 once an account has been opened at Nedbank.

The bank's David Schwegmann said: “There have been hundreds of clients at a group and an individual level that have opened their accounts between Friday and Monday. We’ve resourced for certainly the next couple of weeks and as we see the pressure raising, we are going to move our resources around.”

VBS customers have been reminded their money will be secure for the next three years and have been advised not to draw all cash at once for safety reasons.

Last week, the Reserve Bank announced that over R300 million had been given to Nedbank to pay VBS retail depositors affected by the collapse of their bank.

Several municipalities had also 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.

(Edited by Thapelo Lekabe)