Anybody signed up with Tymebank?

[Speedster]

Yesterday morning at 10:30 ii sent money to my Tyme Bank account from a capitac account 24 hours has passed it haven't reflected ii needed the money for emergency use Tyme Bank disappointed me ii had to borrow money from people now please update your system

Maybe you should contact Tyme Bank about this? This is an internet forum

 

[backstreetboy]

Maybe you should contact Tyme Bank about this? This is an internet forum

Pointless to contact them he should wait it out. It can take 2-3 business days excluding weekends. So if he did the transfer on Friday it'll only show on Monday.

 

[backstreetboy]

When they say give us 10 days notice for 7% what exactly they mean ? Will I get 7% for 10 days or 7% for the amount of days that money was in that goal save account?

You'll get the interest * 1% added.

 

[supersunbird]

Yesterday morning at 10:30 ii sent money to my Tyme Bank account from a capitac account 24 hours has passed it haven't reflected ii needed the money for emergency use Tyme Bank disappointed me ii had to borrow money from people now please update your system

I sent from Capitec to Tyme Friday night between 20:00 and 21:00 and it was in at 9:08 Saturday morning.

If you had the money in Capitec, why not use it from there for the emergency in the first place?

 

[joker08]

You'll get the interest * 1% added.

But 1% added to what amount and how much time ?

 

[MirageF1]

But 1% added to what amount and how much time ?

The total interest to actual date of the goalsave payout (after 10 days of payout initiation if choosing that option).

This will explain better:

Assume you have put a total amount of capital C in the goalsave at date of payout initiation.
Let the total interest accrued up till the actual date of GS payout be I and interest rate on the GS be x% on that date.

Hence, if you decide to initiate a payout today, with the 10 day bonus wait period the total payout after 10 days will be:

C + I*[(x+1)/x]

I've used one of my GS to confirm the above calculation is correct and is indeed close enough to the actual interest payout amount displayed when initiating a payout.

HTH

 

[MirageF1]

A concrete example will help to explain things further:

I initiate a payout today on a gs containing:
Capital C : R10,000 (of which R1000 is the total interest to date)
Interest rate x% : 6

After 10 days the normal additional interest earned would be
10,000*(6/100)/12*(10/30) (close enough approximation)
= R17 ( rounded off)

So the total interest earned in gs up till payout date is I = R1,000 + R16.70 = R1,017

But the additional bonus interest is calculated as : I*((x +1)/x)=I*(7/6)=R1,187 ( rounded off) - R1,017
= R170

So total payout will be R10,000 + R170 = R10,170 ( vs an immediate payout of R10,000).

On a large 100K ish gs that's been accruing for a while that amount could thus be fairly substantial if you look at the numbers from example above.

 

[rodga]

I sent from Capitec to Tyme Friday night between 20:00 and 21:00 and it was in at 9:08 Saturday morning.

If you had the money if Capitec, why not use it from there for the emergency in the first place?

Tyme to fnb sent on wed 2:45 pm. Only received friday morning sometime before 7am.

 

[Swa]

When they say give us 10 days notice for 7% what exactly they mean ? Will I get 7% for 10 days or 7% for the amount of days that money was in that goal save account?

You get the total amount of interest as at the payout date plus an extra 1/6th of that.

 

[RonSwanson]

Yesterday morning at 10:30 ii sent money to my Tyme Bank account from a capitac account 24 hours has passed it haven't reflected ii needed the money for emergency use Tyme Bank disappointed me ii had to borrow money from people now please update your system

ddone.

 

[backstreetboy]

I see the new fees applicable from 1 Jan is out https://www.tymebank.co.za/fees/everyday-banking. Debit orders and EFT's are now free. Cash deposits are up to R6 and ATM withdrawals R9 per R1k. A new card will cost R60. All in all not too bad and competes well with Bank Zero and African Bank.

 

[backstreetboy]

Lol if 1 Jan comes before Bank Zero's official launch then this will be not true.

• Bank Zero is the first bank in the country to charge Zero for EFT payments AND Zero for Debit Orders.

https://bankzero.co.za/docs/Bank-Zero-pricing-faq.pdf I suspect someone's gonna get burned...

 

[cr@zydude]

I see the new fees applicable from 1 Jan is out https://www.tymebank.co.za/fees/everyday-banking. Debit orders and EFT's are now free. Cash deposits are up to R6 and ATM withdrawals R9 per R1k. A new card will cost R60. All in all not too bad and competes well with Bank Zero and African Bank.

I like the free eft and debit order costs. If enough My Broadband testers give Tyme the all clear I can finally make it my primary account.

 

[/dev/null]

Last week I cashed out my gold saves. Here's one:




The 10 day bonus is payed out separately into your everyday account like below (all opened in February 2020):




I did an EFT of the entire balance back to my regular bank and after about 30 minutes someone from TymeBank phoned me to confirm if I just did a payment. I said yes and the call ended there. The funds got into my account the next day at my regular bank. Overall good experience, I recommend TymeBank.

 

[Swa]

Lol if 1 Jan comes before Bank Zero's official launch then this will be not true.


https://bankzero.co.za/docs/Bank-Zero-pricing-faq.pdf I suspect someone's gonna get burned...

Technically it's true. They're already running with a subset of private and public customers.

 

[supersunbird]

I like the free eft and debit order costs. If enough My Broadband testers give Tyme the all clear I can finally make it my primary account.

I would not until they have instant ETFs (and can receive them too).

 

[cavedog]

Tyme Bank is taking longer than I expected to reverse card transactions.

I'm waiting for 2 x local card reversals and 1 x international card reversal to come through for more than R1000. Everyone involved says the refunds has already been processed but not seeing it on my account.

 

[cavedog]

You heard right! Come 1 January 2021 many of TymeBank’s banking fees are changing, mostly to your benefit. Plus, we’re making more of our key transactions FREE!

Here’s what’s just become free​

Debit orders All EFTs Bill payments

 

[Tinuva]

You heard right! Come 1 January 2021 many of TymeBank’s banking fees are changing, mostly to your benefit. Plus, we’re making more of our key transactions FREE!

Here’s what’s just become free​

Debit orders All EFTs Bill payments

I smell...they want more people to make it their main account and have the salary drop in there.

 

[Aharon]

Tyme Bank is taking longer than I expected to reverse card transactions.

I'm waiting for 2 x local card reversals and 1 x international card reversal to come through for more than R1000. Everyone involved says the refunds has already been processed but not seeing it on my account.

Reversal as in processed on a speed point?