This time its final. The thousands of loyal 20Twenty customers will have to go somewhere else. As I dreaded, its Nedbank (in the form of Pick n Pay Go Banking) who’ve taken over 20Twenty (probably trying to get back all the customers they lost when they shut down Icanonline). They must love me as a customer, it’s the 3rd time they’re buying me (and the 3rd time I’ll be leaving them)
Sadly, neither Icanonline, nor 20Twenty, two of the most innovative banking products, could last against the combined might of the big four.
It’s a sad day for banking in South Africa, and I’ll have to hold my nose and decide which of the 4 robber barons is least unworthy of my billions, and to whom I’d like to donate oodles of money in the form of bank charges every month.
Below is the full text of the mail sent to their customers:
Following our last communication, we are now happy to give you details of our plans and how they affect you.
We continue to focus on home loans, a core international strength of Standard Chartered Bank, and personal loans. In addition, we have now finalised the solution for our online customers.
After exploring various options, we are pleased to confirm that we have identified a reputable and like-minded financial services provider in Pick ‘n Pay Go Banking. With their non-conventional approach, Pick ‘n Pay Go Banking can offer you similar banking products and service channels (telephone, internet and ATM banking) with competitive fees.
However, we do understand that choosing a banking partner is a personal choice. This is why we would like to provide you with the following options for moving your online account:
OPTION 1) Select Pick ‘n Pay Go Banking
On your request, we will help you move to Pick ‘n Pay Go Banking. By offering similar products such as internet banking, credit and debit cards, petrol cards and optional lines of credit, Pick ‘n Pay Go Banking allows you to continue banking with ease at competitive rates and fees. Please click here for more details.
OPTION 2) Select a bank of your choice
On your request, we will assist you in transferring your existing account to any bank of your choice.
If your existing account has a positive balance, we will transfer the funds directly to your other account at no cost. Following your instruction, this will be effected as a normal online transfer which takes a maximum of 3 days.
Should you be utilising your line of credit, we then request that you settle the outstanding balance within 60 days from the date of this email. If you require more time to settle the balance, you are welcome to apply for a personal loan with Standard Chartered, which would be subject to our usual terms and conditions. For your information, we have special rates for first time personal loan customers who are settling their overdraft facility.
Please do take a few days to consider your options and from 16 January 2006 you’ll be able to select your preferred option online by going to www.20twenty.com and logging into “Bank”. To assist you throughout this process, answer any questions that you may have and minimise any disruption as far as possible, our Warriors remain available 24 hours per day, 7 days a week. You can contact them on 0860 002 020 or send an email to warrior@20twenty.com
NOTICE PERIOD
We are providing you with 60 days to move your account to either Pick ‘n Pay Go Banking or any other bank of your choice. As from 10 March 2006, online banking and card services will no longer be available.
HOME LOAN AND PERSONAL LOAN CUSTOMERS
Home Loan and Personal Loan customers remain unaffected by these changes, and we will continue to offer these services as always.
Warm regards
Dale Williams
Head of Consumer Bank
Standard Chartered Bank South Africa
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Nedbank is not taking over 20twenty. Standard Chartered is in fact killing 20twenty on 10 March and telling its clients “You’d better make sure you get lost before then”.
This has been handled so badly. Even the email is dishonest and haughty. I mean please: “You have two choices, either move to Go Banking or move to any other bank”.
It’s a joke! Hello, that’s not two options, do the maths.
I moved to Go Banking. It was a disaster in the begining BUT now , WHAT A PLEASURE. Standard RE tarted can go to H,,,,, I will never do any bus. with them. They are black listed in my company as a bank.
Please send me some more information about your personal loans
Thank You
J. Pitout
J, any particular reason I should? 🙂
i still think 20Twenty was a superior product and i miss it.
i went to Pick N Pay gobanking that has also been swallowed up by Nedbank. Can’t someone please come with a better concept purely from the big four along the lines of 20twenty.
im fed up with the banking system.
Zami
20twenty delivered the most phenomenal service compared to any customer service out there prior to the “takeover”. When you called it was like speaking to a buddy. Most of all the people were like family, everyone was awesomely cool and the company even more! Being an ex Wired Warrior myself, all I can confirm is that the spirit of the 20twenty concept and love will always remain in all of our hearts! No job or employment will ever compare to 20twenty or our super cool clientele!!
Glad to say there is a new online bank called IMB. Go to http://www.imb.co. Cape Town based company which offers a cellphone payment portal and prepaid credit card. I’ve opened my account, but still need to apply for a card. According to what I know, it can be linked with Paypal as well.