DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

Many companies were using the tote to deposit their day's cash taking - saving on bank charges for cash deposits.
At monthend they would draw a tote cheque - bypassing SARS

Guess the punters are now blocked too.

LOL. The amount I wanted to withdraw was less than R600.

If you could just make 3 copies of attached, and fax to SARS/SAP/TOTE

They will arrange payment of your R600 before the xmas shutdown

ps why are you called unlucky?

www.iss.co.za/Pubs/CReports/1DeKokerProjectPaper.pdf

Follow my tips and you'll see why.

Good Morning Gentlemen,

Apologies for the delay in replying - Dave, Vee asked me to respond to you on his behalf about the thread around not allowing withdrawals on deposits (and yes it is in the tote rules).

Phumelela is an Accountable Institution in terms of FICA (Financial Intelligence Centre Act) and, as such, obliged to (1) identify its customers, verifying such identification through proper procedures, including certain documentation, as well as (2) to implement measures to detect and minimise money laundering, etc. Phumelela's FICA Internal Rules, including the relevant procedures, are scrutinised and approved by the FIC (Financial Intelligence Centre).


Regards
Margaret

Margret,

Part of FICA regulations (sames as BASEL for Banks and SOLVENCY for Insurance) is to be transparent to the public.

Hence - would make sense to advertise the facts (NO WITHDRAWALS) in bold on the ACCOUNT CREATION and DEPOSIT screens.

I am not disputing the reasons, but question the transparency.

Hi Margaret

I presume the restriction of withdrawals applies to cash deposits only !!
Please advise.

Where in FICA does it state that an affidavit, and not simply a certified copy, must accompany your id?

Many organizations are subject to FICA and not all interpret it as "you can't have your money back"

If it is returned as an EXACT reversal of the deposit(ie.cash for cash etc) it will suffice.

Perhaps ,if you offered them their 25% takeout,they would find a solution?

I can withdraw from deposits I made at Nedbank. They're also FICA governed and an accounting institution, well I hope so.

I have always found that putting money into your account is EASY - getting money out is akin to an escape from ALCATRAZ - (even trying to get a cheque can take you days) - and those that play soccer six know how long it takes to get a final dividend

Mac Wrote:

---

> I can withdraw from deposits I made at Nedbank.
> They're also FICA governed and an accounting
> institution, well I hope so.


Margaret/ Vee

Can you respond to the above. The issue surrounding this is a mere R600.00 not R25 000.00