Anybody signed up with Tymebank?

[backstreetboy]

Went to pick n pay, sanridge square couple of times. Tymebank kiosk was off-line each time. I am not sure whether to take these guys seriously yet. I will wait it out for a while.

It's just a tablet someone at Pnp or a Tyme ambassador must switch on.

 

[surface]

Kiosk was switched on but it didn't allow me to login. Message was something like 'We are unable to contact ... at the moment, please try later' or some such. It accepted my ID & pin but didn't go further.

I informed pick n pay guys each time. I am sure they will follow it up with tymebank some day.

They hold my emergency fund. I also use my Tymebank card when I reach my ebucks caps on FNB. I haven't had any issues, and well - I've used the kiosk once, and that was to get my card. I take them pretty seriously.

It might be worth letting someone at Tymebank know, as the Pick 'n Pay staff probably don't know about it, or don't care. I mean, Tyme can't sort it out if they don't know.

It's just a tablet someone at Pnp or a Tyme ambassador must switch on.

 

[SZN]

Kiosk was switched on but it didn't allow me to login. Message was something like 'We are unable to contact ... at the moment, please try later' or some such. It accepted my ID & pin but didn't go further.

I informed pick n pay guys each time. I am sure they will follow it up with tymebank some day.

Try Midway, there's a PnP there with a Tyme kiosk

 

[Pansyfaust]

@TymeBank @TymeGuy I'm hearing through other communities that the 1% bonus that's given if you wait the 10 day withdrawal time is only applied to the 10 day withdrawal period, and not the interest earned through the time the money was invested in the goalsave.

Is this true? If so, this runs counter to what has been said in this chat thread?

 

[Tinuva]

@TymeBank @TymeGuy I'm hearing through other communities that the 1% bonus that's given if you wait the 10 day withdrawal time is only applied to the 10 day withdrawal period, and not the interest earned through the time the money was invested in the goalsave.

Is this true? If so, this runs counter to what has been said in this chat thread?

Fairly certain it was only for those 10 days always.

 

[Pansyfaust]

Fairly certain it was only for those 10 days always.

Anybody signed up with Tymebank?

Is there any info on interest paid on deposits? Is there an iOS app?I believe no ios app yet

mybroadband.co.za

Anybody signed up with Tymebank?

Does anyone know which Pick n Pay's has kiosks or isn't it rolled out yet? Never seen one in my lifetime.

mybroadband.co.za

Maybe I'm confusing these two statements then? Especially this part:

If you indicate that you want to withdraw your funds, we'll give you 2 options - either:

1. You'll get access to [your contributions] + [the interest you've earned] (which consists of interest already capitalised + interest accrued and not yet capitalised)
2. Wait 10 days and you'll get [all of the above] + [another 10 day's worth of interest] + BONUS=[0.1111 x all the interest you've earned up to the day the Goal is closed]

The BONUS takes your "post 90 day" interest rate from 9% to 10%. Even if your funds haven't been in your goal for 90 days, you can still get a BONUS (the 6% rate get's bumped up to 6.6666% and the 7% rate increases to 7.7777%). The BONUS applies to all the interest you earn - and if you've had funds in a Goal over month end, the accrued interest will have been capitalised. In this case, the BONUS would be calculated using interest that has been capitalised (i.e. you'll have earned interest on interest, and this'll be multiplied to calculate your BONUS).

"All the interest earned up to the day the goalsave is closed" doesn't say "only applied to interest earned in the 10 days". If that's the case, advertising a 10% interest rate "bonus" is a tad disingenuous, as the 10 days of 10% interest will not give you anywhere near 10% p/a effective.

 

[Aharon]

I tried online payments yesterday, no luck. Has anyone had success yet.

 

[cr@zydude]

I tried online payments yesterday, no luck. Has anyone had success yet.

I've made payments to and from my Tyme account.

 

[t_girl]

Fairly certain it was only for those 10 days always.

It's for the period you've been in 9%.

 

[e4et]

It's been a week now. My money is still mia and no resolution yet.

Money is still MIA,.
I just called their support and the case is still with their back office and they will get back to me today.

 

[Swa]

@TymeBank @TymeGuy I'm hearing through other communities that the 1% bonus that's given if you wait the 10 day withdrawal time is only applied to the 10 day withdrawal period, and not the interest earned through the time the money was invested in the goalsave.

Is this true? If so, this runs counter to what has been said in this chat thread?

It's for the whole interest amount. So interest amount divided by 9. Also doesn't matter if the money's been in the account for 1 day or 90 days.

 

[Swa]

10.2. You are responsible for paying any taxes that you owe to the South African Revenue Services (‘SARS’) because of any law. If law requires us to process any of these payments for you, you agree that we can make the payment from your Accounts. If your balance is not enough to cover this payment, you agree that you will pay back any amount which we pay to SARS for you.

23.2. We have a right to set-off and to hold your funds as security so that we can settle any debt or any other obligation you owe to us. You agree to settle any indebtedness to us and pay any negative balances in your Account when we demand it.

Quite concerning.

@TymeBank @TymeGuy

 

[MirageF1]

Money is still MIA,.
I just called their support and the case is still with their back office and they will get back to me today.

How much was it if you don't mind saying.. I'd be bloody livid at this point!

Most people don't have extra money lying around they can just wait to magically reappear.

 

[mr_norris]

@TymeBank @TymeGuy

I wouldn't call it a concern if:

* You have paid what you owe to SARS
* You don't owe money to Tyme

I'm sure every other bank in SA has T&C's like this but it's a mission trying to sift through the library of documentation.

 

[e4et]

How much was it if you don't mind saying.. I'd be bloody livid at this point!

Most people don't have extra money lying around they can just wait to magically reappear.

Is was R500, luckily not that much, but still.
This sort of thing should not happen and it certainly should not take this long for them to rectify it.

 

[Pansyfaust]

It's for the whole interest amount. So interest amount divided by 9. Also doesn't matter if the money's been in the account for 1 day or 90 days.

The whole interest amount divided by 9?

 

[MirageF1]

Is was R500, luckily not that much, but still.
This sort of thing should not happen and it certainly should not take this long for them to rectify it.

Indeed, imagine if that was 20k.100k?!

No physical branch, only virtual, electronic medium to attempt communication.

That's where the whole IoE breaks down..

You will always still need proper efficient human intervention... and that is 1 thing that's sorely lacking throughout today.

 

[Swa]

I wouldn't call it a concern if:

* You have paid what you owe to SARS
* You don't owe money to Tyme

I'm sure every other bank in SA has T&C's like this but it's a mission trying to sift through the library of documentation.

Have you properly read it? According to that Sars can claim money you don't have. Tyme then essentially becomes their debt collector. Sure you can take it to court but in the 10 years that takes you have to pay Tyme back or sit with a bad credit record. I'm sure this isn't standard practice. Simply put a bank account shouldn't go into the negative. It's a pretty big concern.

@TymeBank @TymeGuy

 

[Swa]

The whole interest amount divided by 9?

Yes the whole amount. There is a separate area which lists how much you put in and how much the total interest is up to date.

 

[Pansyfaust]

Yes the whole amount. There is a separate area which lists how much you put in and how much the total interest is up to date.

Okay, let me rephrase it as how i think tyme said it. so for arguments sake, i have 100k in tyme at 9% and earn R9400 in interest after 12 months. If i take a withdrawal at 10 days, the 9400*0.1111= 1044, which gets added onto the 9400 for a total of 10444?