BY AGENCIES
STANDARD Bank's online trading division has reported a "significant increase" in attempted fraud that has forced its hand to no longer credit trading accounts with cash in good faith based on deposit slips or proof of payment documents.
This is expected to lead to lags for traders who had traded quickly when using deposit slips or proof of payment channels, though clients have been advised to try to set up express clearance facilities with their banks to avoid delays and still be able to trade on the same day as making a deposit in the affected brackets.
As it stands cheque deposits will only be credited into accounts after a maximum of seven working days, value dated on the day of the transaction.
The change comes about after a number of fraudulent deposit slips or proof of payment documents were sent to the division, a report to clients said on Thursday.
"It got a bit out of hand lately," according to the bank.
Effectively what this does is prevent some online trading clients from their early bird advantage and puts them back in line with the banks' general practices when it comes to these types of deposits.
Until now, an attempt had been made to enable trading clients to trade as soon as possible, but there "has been abuse of that".
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