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Placing a Hold on an Account

The complainant wanted holds removed from two accounts held with two different banks. It later transpired that neither of the accounts was held in his name. The complaint was then resubmitted by the accountholder - the wife of the complainant's former business partner.


It was later learnt that there was a dispute between the complainant and his former business partner and that the former had somehow managed to transfer funds from the business account to the two accounts in question. The business account was held in the name of a close corporation, of which the former partner was the sole member.

The banks advised that the accounts concerned were placed on hold due to suspected fraud and stated that the holds could not be lifted.
It was impossible for the OBS or the banks to establish the rightful owner of the funds.
The matter was found to be more suited to a court of law.

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