PRETORIA - National Treasury has stepped in to protect thousands of Ithala Bank depositors, unlocking up to R2.2-billion to repay affected customers.
The payout process begins on 8 December.
Depositors must first be verified at any FNB branch after receiving an SMS with instructions.
Once verified, funds will be paid out within two days.
FNB has been appointed as the payout bank, but depositors won’t be required to open an account there and 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 funds.
Treasury says it’s working with the KZN government and the Prudential Authority to ensure the process is smooth and secure.