Anybody signed up with Tymebank?

mr_norris

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Joined
Jun 12, 2007
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2,075
I have been wondering this too. If it's any consolation, you aren't alone if they fold.
I have tried researching this before and sort of hit a dead end because of all the reading involved, and most of that reading being SARB / Government mumbo-jumbo. Tyme is legit, and they are registered as a bank - Source. And after some googling, I found this article on BusinessTech which lays out the current situation:

Under the current implicit system:

  • There are no upfront assurances that government will bail the bank out;
  • In an implicit scheme, compensation of depositors is funded from taxpayer funds, and depends on the ability of government to fund such payouts at the time;
  • Even if government decides to compensate depositors of a failed bank it can be a lengthy process to actually execute the payments;
  • Compensation that depends on government funding at the time of failure tends to be pro-cyclical because support is usually required at a time when the economy and the financial system may already be vulnerable as a result of wide-spread banking distress
So what I take away from that is we're no better off with any other bank. I'm also not sure if that new legislation has been finalised.
 

cr@zydude

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Joined
Jul 20, 2008
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6,896
I've opened an account. Purely for reserve funds and the interest.

But what, if any, guarantee do we have that this won't go the way of VBS? By which I mean the bank will be plundered.
How do we know it won't be looted? We don't.

You could take comfort in some level of oversight from African Rainbow which has kept mining and other financial businesses going for years.

While it isn't law, in practice retail deposits of up to R100k are paid back by the Reserve Bank if a commercial bank fails.
 

diapason

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Joined
Sep 24, 2016
Messages
920
TymeBank: We see you opened an account but have not used it yet. You can add money to your account by EFT or at all PnP or Boxer tills. FSP49140
Also received that message. I use the card frequently for purchases and have used all 10 Goalsaves which are now up to 7%.
 

cr@zydude

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Jul 20, 2008
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6,896
Also received that message. I use the card frequently for purchases and have used all 10 Goalsaves which are now up to 7%.
Strange. They were correct when sending me the Pick n Pay voucher. I had not used my card before the gave me a once off R20 voucher for Pick n Pay.
 

altoni

New Member
Joined
May 28, 2019
Messages
1
Strange. They were correct when sending me the Pick n Pay voucher. I had not used my card before the gave me a once off R20 voucher for Pick n Pay.
My 10 goalsaves are 7% now what will be rate if I add money today will the interest of the additional payment be 6% or 7%
 

cr@zydude

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Jul 20, 2008
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My 10 goalsaves are 7% now what will be rate if I add money today will the interest of the additional payment be 6% or 7%
7%

The entire account gets the interest rate based on the date when money first entered into the account.

This is why people put R1 into each account on day 1.
 

signates

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Joined
Dec 8, 2009
Messages
4,815
Fingerprint login please. My Fnb app and even my standard bank app supports fingerprint login.

Confirmation to logout and another confirmation to exit the app is unnecessary. Pressing the back button twice should exit without needing to confirm logout and again for closing the app.
 

cr@zydude

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Jul 20, 2008
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6,896
PnP Smart Shopper, thanks for swiping both your TymeBank & Smart Shopper card at PnP! Get R20 OFF your next purchase ?swipe both card to claim! T&C stop2optout

Looks like they're running another promotion.

@TymeGuy by "both card" do they mean scan the smart shopper code on the Tyme card and they pay via Tyme card?

If you guys keep this up I'll have to stop using my Pick n Pay RCS store account.
 

diapason

Senior Member
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Sep 24, 2016
Messages
920
PnP Smart Shopper, thanks for swiping both your TymeBank & Smart Shopper card at PnP! Get R20 OFF your next purchase ?swipe both card to claim! T&C stop2optout
I received 2 of those messages this morning. They came through at the same time, but from different numbers.
 

MirageF1

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Jun 29, 2018
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2,453
I got a mysterious R20 off my last PnP shop, no sms prior...caught me nicely unawares :)

Guess my Tyme and PnP must be linked or how else would I have received the promotion.
 
Joined
Nov 5, 2018
Messages
23
Hi Guys

We achieved a significant milestone today - more than 100,000 customers have joined TymeBank in the month of May alone! :cool:

Since my last post, we've been quietly adding functionality, and improving our systems:
  1. We've introduced SendMoney - which allows TymeBank customers to send money to any SA mobile number from our SmartApp or Internet Banking. If the recipient has a TymeBank account, the money clears instantly. If not, the recipient will receive an SMS with a TymeCode that can be redeemed for cash at any one of over 13,000 PnP and Boxer tillpoints. This service is free between TymeBank customers and costs just R4 when cashing the TymeCode voucher.
  2. We've worked hard to improve Kiosk reliability - meaning that the vast majority of customers walk away from our kiosks in less than 5 minutes with a fully functional EveryDay bank account, GoalSave account and a TymeBank debit card automatically linked to Smart Shopper. All with no paperwork required.
  3. The printing on our first batch of TymeBank debit cards was of inferior quality - which meant that barcodes and card numbers scratched off easily. We've addressed this with our partners, and the new cards are perfect. Because of the issues customers have experienced, we decided to hold off on implementing the R40 card replacement fee.
  4. When things do go wrong, we're getting better at sorting out problems - such as when card transactions fail (and customers sometimes still get debited :( and we need to then reverse the transaction), or when cards aren't correctly linked to Smart Shopper :rolleyes::
    • We are working closely with PnP to make the debit card to Smart Shopper profile linking process bullet proof - in the meantime, we regularly run batch updates that automatically repair links that are broken. Tomorrow, 9000 problem cards will be linked. If you find your card is not linked, there is no need to report this - give us a little time and it will be fixed. Getting a replacement card will NOT fix the linking issue - in fact, there is some risk that it'll make things worse. Also, if you discover that your card is not linked, please do not attempt to register your TymeBank card via the PnP/Smart Shopper app - this may create a second profile which will further complicate remediation. The best advice we can give is to simply keep swiping your card to earn points - we will get this sorted out.
    • We do realise that sorting out problems sometimes feels slow and frustrating - but understand that we're a tiny team compared to traditional banks (130 really dedicated people), which is how we manage to offer the incredible value we do. We're constantly torn between focusing on building new features, improving existing systems and processes and sorting out customer problems!
  5. We've improved our PIN and Password reset processes, and we now support a secure process for changing the mobile number (MSISDN) linked to your account (using fingerprint ID verification at our kiosks).
  6. Our call center waiting times are much improved and our agents are more likely to be able to help, because of training, better tools and because we've been monitoring the most common reasons for customers phoning the call centre, and have introduced various pro-active measures to eliminate the need for the calls:
    • Every new customer now receives a "proof of bank account" letter that can be used for debit order or salary switching (soon, we'll add the ability to generate these letters + proof of payment letters to our SmartApp and Internet Banking)
    • We've added a ton of content to our FAQs and optimised the search capabilities on our website so that customers can easily find product information and answers to frequently asked questions.
  7. The PnP and Boxer staff are really getting to know TymeBank and knowledge levels around the TymeBank-specific till processes are much improved (this includes card and voucher-based till deposits and withdrawals, as well as purchases with 2 x Smart Shopper earn).
  8. We're working with PASA and corporate SA to ensure their systems and processes are updated to allow debit orders to be loaded against TymeBank accounts (for example, many customers have reported issues with Telkom).
  9. We offer Zero Rating of our Smart App, Internet Banking and web onboarding process across Vodacom, MTN and Cell C - this means you don't use any data when accessing our channels (and can access our channels even if you have no data).
The "R20 for R200" promotion
Regarding the questions around the "R20 for R200" promotion: apologies for the confusion caused by today's SMS. There is no need to use your old Blue Smart Shopper card. Simply swipe your TymeBank card to earn, and then dip/tap to pay.

Is TymeBank a "real" bank?
Some on this forum have raised concerns around the possibility that TymeBank could be "pillaged" as happened recently at another financial institution. TymeBank is a fully regulated bank - we went through an intensive bank license application process with the SARB (South African Reserve Bank) that took 3 years to complete, and engage with the SARB very regularly. In addition to the SARB, we are monitored by the FSCA (the Financial Sector Conduct Authority), the NCR (National Credit Regulator), the FIC (Financial Intelligence Centre) and SARS (South African Revenue Service). We currently don't offer lending products, and when we do, we'll never lend out millions of Rands to individual consumers or businesses. We are part of Patrice Motsepe's JSE-listed African Rainbow Capital group, which brings both financial muscle and the public scrutiny that all publicly listed companies are subjected to.

Cat amongst the pigeons?
We've seen a flurry of activity among our competitors, who have finally decided that they too need to attempt to offer competitive pricing (why did they need TymeBank to come along to help them realise this?) Please take a little time to compare us to everyone else - we offer by far the best value transactional banking solution in SA: no monthly fee, free cash withdrawals at PnP/Boxer, free payments to other TymeBank customers, no charge for SMS notifications, no fees for airtime/data purchases, R2 debit orders and cash deposits up to R3000 for just R4. You also get 2x Smart Shopper points in PnP + Smart Shopper earn whenever you pay with your TymeBank card. Finally, GoalSave offers the best interest rates along with immediate access to your money when you need it.

 
Last edited:
Joined
Nov 5, 2018
Messages
23
Hi @TymeGuy any idea as to when we can expect fingerprint login to the banking and Coach apps?
Adding this functionality isn't on our priority development list, because most of our customers' phones don't support biometrics, However, if you like using biometric security (fingerprint/retina/faceID) and your phone supports it, you can add a shortcut to your homepage that launches TymeBank's adaptive Internet Banking site, and automatically populates your login details once your biometrics have been verified.

This works great on iPhones and Samsung devices (using Samsung Pass) - and the look and feel, as well as features of the Internet Banking environment mirrors the SmartApp. Most of our tech team does exactly this!
 

Antelope

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Joined
Oct 18, 2016
Messages
235
@TymeGuy

Thats great news, its nice to know what's happening, and that things are really progressing.

Just a suggestion that your teams acted as though they knew exactly what i was talking about, until they completed their investigations and gave me feedback, which made me realize that they didn't understood my post in the first place (on this forum)
I did explain this in detail here, a few pages back.

When purchasing airtime using the app, when the final screen appears /on the final step, when the purchaser is required to select BUY on the top right of the screen,
It happened to me a few times already, and i personally feel, it shouldn't be this way,
That when i click buy, and theres a slight delay, before the screen progresses to the confirmation screen , so i click buy again thinking that the my first click was not processed, only to realize later that 2 transactions went through. (even though only one confirmation screen appears)

In a perfect situation, it shouldn't be possible to duplicate a purchase, without going through the process of purchasing again.
The purchase screen where the buy button appears is only for ONE purchase, clicking on purchase twice shouldn't allow more than one purchase.

Im not sure if this is clear enough to get the message across.

Ive had this unexpected experience twice, and i am very careful on that screen (only on the tyme app-this doesn't occur on any other app, or retailers website) to ensure i only click the buy button one time.

An example of this will be, if i am making an online purchase at say takealot.com or any online store and on the final screen after confirming my cart and delivery details, if i click on the purchase /confirm order button even a hundred times, there is no way that my order will be duplicated.
Should the client wish to duplicate the order tyme and others have other easy ways to make that possible
 

Dups!

Senior Member
Joined
Apr 15, 2010
Messages
662
Adding this functionality isn't on our priority development list, because most of our customers' phones don't support biometrics, However, if you like using biometric security (fingerprint/retina/faceID) and your phone supports it, you can add a shortcut to your homepage that launches TymeBank's adaptive Internet Banking site, and automatically populates your login details once your biometrics have been verified.

This works great on iPhones and Samsung devices (using Samsung Pass) - and the look and feel, as well as features of the Internet Banking environment mirrors the SmartApp. Most of our tech team does exactly this!
To be honest, I am disappointed by that response. I am one of those that have that functionality on my phone but choose not to use it for my own personal financial security, however, seeing that quite a number of people wish for that to be implemented it would be a wise move to do so.

This is the part of offering your clients what they want, after all, you exist because of your clients. The bank was created for them and not the software developers.
 

Antelope

Well-Known Member
Joined
Oct 18, 2016
Messages
235
To be honest, I am disappointed by that response. I am one of those that have that functionality on my phone but choose not to use it for my own personal financial security, however, seeing that quite a number of people wish for that to be implemented it would be a wise move to do so.

This is the part of offering your clients what they want, after all, you exist because of your clients. The bank was created for them and not the software developers.
Even capitec which is probably one of the fastest growing banks does not support it yet.
We are only seeing the comments from the tech savvy, not the vast majority of users.
I would also like this capability, but thats the way tyme and others see it
 
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