This will result in lags for traders who did quick trades on the basis of deposit slips or proof of payment. Business Day further reports that clients have been advised to set up express clearance facilities to avoid delays.
As it stands, Standard Bank will only credit accounts after a maximum of seven working days from the date of the transaction. The bank says it has taken this action after a number of fraudulent deposit slips and proof of payment documents had been submitted to it.
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