Steward Bank’s funds transfer system challenges, customers not impressed

Steward Bank’s funds transfer system challenges, customers not impressed

The situation at Steward Bank is something of a chaotic nature. Just the number of people in their banking halls waiting to inquire about missing funds is a testament to this assertion. A sizeable chunk of RTGS transfers involving the bank’s iSave accounts seems to be ‘vanishing’ into thin air. According to unofficial statements, the problems are a result of a system migration which the bank carried out a few weeks ago. Reports claim that the new system was never tested and one can only but believe these claims seeing the chaos that bemoans the bank.

About a month ago, the bank announced that it would be migrating to a digital banking system which would enhance speed and efficiency for all its customers. However, recent events at the bank are exactly the opposite and the bank does not seem to have an idea on how to handle this ‘tech disaster’ that has fallen upon them.

Customers are reporting multiple transactions that they would not have initiated, transfers that are taking ages to reflect and various other cases. Some have taken to the bank’s Facebook Page to express their disgruntlement. Here are some of the comments by angry customers:

I have never seen any bank, or institution for that matter receive this many complaints. RBZ should do something to avert a possible disaster. I’ve never been so disappointed, and the effort to keep advertising.

We queue to withdraw money and now we queue again to get bank statements?? We write to your office, no responses.

These pple kaaa , Steward i want my money ndaneta nekusender my details assist i need to use my money

Some customers have even set up a petition dubbed #BringBackOurMoney which has been made available for all disgruntled customers to sign on iPetition.

This is not the first time that the bank has struggled with their systems. However, this time the bank seems to have gone to an all time low with customers missing their funds. One customer that we spoke to mentioned that they made an internal transfer of US$140 but the bank processed 6 transactions each for US$140. According to the customer, 4 of these transactions were to ‘no-one.’

The Bank also seems to be in the habit of not ‘thoroughly’ testing their systems before putting them out. The bank’s Square Mobile App was also marred by some bugs when it was first released for use by the public.

It has been more than a week now that we have requested for a comment from Steward Bank but have not received anything just as yet.

Leave a Reply