JOHANNESBURG - The process to pay out Ithala Bank depositors begins on Monday.
National Treasury has stepped in to cover R2.2-billion in deposits of affected customers.
Beneficiaries must first be verified at any FNB branch after receiving an SMS with instructions.
Once verified, the funds will then be paid out within two days.
FNB has been appointed as the payout bank, but depositors are not required to open an account there.
They can transfer their money to any bank of their choice.
No payouts will be made at Ithala branches, and depositors have until 2028 to claim their money.