KEY POINTS:
A Capital + Merchant Finance investor who thought he'd got his money out in the nick of time was shocked to find his cash snatched back out of his account three days after it was put in.
The man received his $40,000 on Monday last week, but the transaction was reversed on Thursday - the day Capital + Merchant was placed in receivership.
The investor had endured a nervous wait for the money, knowing "things were a bit shaky" with the company.
When he saw the deposit in his bank account, "I thought, thank God it's out, otherwise I would have lost it".
But his relief was shortlived. When he checked his bank account the next day, he saw the money had been transferred out again the night before, after being in his account for three days.
The Waikato investor, who does not wish to be named, said he contacted the bank and was told "it was nothing to do with them".
"They were running for cover."
The bank also told him that had he transferred his Capital + Merchant cash out of the account, the money would have been deducted anyway, possibly leaving him $40,000 overdrawn.
The man has taken advice from his lawyer and after contacting the bank once again, has been told it is looking into it.
"They're a little bit more helpful. I think they've had time to think about it. I think they've realised there might be some issues, but it's a worry."
He does not want his bank named while he is seeking a resolution with it, but it is one of the market leaders.
"Hopefully the bank will pay me, even if they don't get the money back," he said.
Capital + Merchant's receivers were unavailable for comment yesterday.
Capital + Merchant was placed in receivership on Thursday owing 7000 debenture investors about $165 million.
It is the 12th finance company to go bust in the past 18 months and is the eighth since Rod Petricevic's Bridgecorp went belly-up in July.
* Have you been affected by a finance company collapse? contact us at newsdesk@nzherald.co.nz
