Anybody signed up with Tymebank?

[backstreetboy]

Hold up - you're saying the card can't be used for online transactions at all? Jesus, what a waste of my time thus far.

Why does this bank even bother existing then. Old Mutual and Capitec (and Bank Zero if it ever launches) utterly destroy them.

Using them to build an emergency fund currently. By the time they trial credit cards later this year (hopefully also cheap) with online and overseas spend working by that time it'll be pretty hard not to move over.

 

[ToxicBunny]

Hold up - you're saying the card can't be used for online transactions at all? Jesus, what a waste of my time thus far.

Why does this bank even bother existing then. Old Mutual and Capitec (and Bank Zero if it ever launches) utterly destroy them.

As your main bank, Tyme are not an option at this point..

But as an option to save money in, they are VERY worthwhile currently.

 

[ld13]

Hi has this happened before at Hyper, or any other stores? Please can you send an email through to social@tymebank.co.za with your contact details and we can have a look into why it was declined. Thank you, The TymeBank Team

Would love to hear the technical side of things. How on earth does a transaction decline? Excluding the obvious things like no funds etc. of course.

 

[TymeGuy]

Hi guys

Last week we launched our advertising campaign, and we hosted a very successful launch briefing at our Rosebank offices for over 100 journalists and financial analysts. On Sunday morning at 9h41, customer number 100,000 joined TymeBank. We're now regularly seeing over 4000 customers a day joining the bank. As some of you have found, this rapid growth hasn't been entirely painless - we've experienced intermittent problems with our onboarding process, with Smart Shopper profile linking and (very rarely) with card transactions:

1. Kiosk issues: the changes we introduced to our kiosk 2 weeks ago have improved the resilience of the onboarding process - we're seeing significantly higher success rates (customers who start the process and end up with a card and an account). The card issuing process is complex, with a lot that can go wrong - and unfortunately, when things do go wrong we sometimes need to get a techie onsite (which can mean that no cards will be issued by that kiosk until the issue is addressed)
2. We've been working hard to address the intermittent Smart Shopper profile linking problem some have experienced. Most of the customers who were not successfully linked have now been linked. A handful of customers are still experiencing problems - we're working with PnP to investigate and resolve. If you're impacted, please PM @TymeBank your ID number and Smart Shopper number (this'll help us work out what's going wrong).
3. Our core banking system has proved to be very resilient, with transaction performance improving markedly post the upgrades we made 2 weeks ago (timeout and reversal volumes dramatically reduced). Disappointingly, we did experience issues over the weekend with our card system that resulted in some customers' card transactions being declined. As we isolate the cause of issues we're constantly improving our systems. In addition to declines because of system issues, transactions can be declined because of incorrect PIN (the PIN isn't stored on the card, it's checked "online"), insufficient balance, or because of limit breaches (the specific daily/monthly debit limits that apply to a customer's profile).

New functionality:

1. We went live 2 weeks ago with VAS (Airtime, Data, SMS bundles) on both our Android SmartApp as well as our Internet Banking platforms. We charge no transaction fees for VAS purchases.
2. We launched a new (much faster) version of our website www.TymeBank.co.za
3. Before the end of March, we will launch SendMoney (which will allow customers to make payments to mobile numbers).
4. We are working on enabling the TymeBank Visa Debit cards to perform eCommerce transactions, and to allow card purchases outside SA. These two sets of functionality are linked (many eCommerce sites are acquired by foreign banks). Opening up our cards to international transactions comes with additional risks and responsibilities (e.g. regulatory reporting obligations) - we need to ensure our fraud monitoring, anti-money laundering and reporting systems are up to the task.

We have lots of innovation planned for the coming months, so stay tuned.

Join TymeBank​

 

[redarrow]

Well the debit card printing was fairly straightforward and worked fine for me. Walker Drive PnP.

 

[amabacha]

Finally got my debit card. Pnp V&A Waterfront. Made my first purchase (to activate the card) at the till and also drew some money. Everything went through without a hitch

 

[FlashSA]

As your main bank, Tyme are not an option at this point..

But as an option to save money in, they are VERY worthwhile currently.

I think this is a good summary. I agree. Only reason I haven't thrown in the towel is for the 8+1% in 91 days time. My big $$ sits in my access bond, but need to keep some available immediately for day to day. Currently only getting 5% at Capitec and 5.25 at FNB.

 

[MirageF1]

I think this is a good summary. I agree. Only reason I haven't thrown in the towel is for the 8+1% in 91 days time. My big $$ sits in my access bond, but need to keep some available immediately for day to day. Currently only getting 5% at Capitec and 5.25 at FNB.

Remember you limited to 100k in all your goalsaves...which is buggerall these days really.
Downer for me,I got a tad more than that I want to get 9% on.....currently on 6.5% at ABSA.

 

[Gtx Gaming]

Remember you limited to 100k in all your goalsaves...which is buggerall these days really.
Downer for me,I got a tad more than that I want to get 9% on.....currently on 6.5% at ABSA.

Think 500k is total limit? Overall on all goal saves.

 

[FlashSA]

Think 500k is total limit? Overall on all goal saves.

R100k spread across all Goalsaves, R500k in goalsaves and main account total limit

 

[FlashSA]

Remember you limited to 100k in all your goalsaves...which is buggerall these days really.
Downer for me,I got a tad more than that I want to get 9% on.....currently on 6.5% at ABSA.

I pay 10.6% on my bond, so anything more than R20-30k is moved into there to effectively "earn" back same.

Only use bank savings accounts for day to day and emergency "within 5min" fund...

 

[redarrow]

Does Tyme have any plans for dual/co-signed (or whatever you call it) accounts? Like for a small business?
It's the one thing I keep wishing Capitec would bring out but they don't seem interested.

 

[cavedog]

I think this is a good summary. I agree. Only reason I haven't thrown in the towel is for the 8+1% in 91 days time. My big $$ sits in my access bond, but need to keep some available immediately for day to day. Currently only getting 5% at Capitec and 5.25 at FNB.

I use Tyme Digital Bank as my main account in conjunction with my woolworths cc which I use for online payments and as a backup if something goes wrong.

 

[Aharon]

I use Tyme Digital Bank as my main account in conjunction with my woolworths cc which I use for online payments and as a backup if something goes wrong.

I am trying. Debit orders run off capitec though.

 

[FlashSA]

I use Tyme Digital Bank as my main account in conjunction with my woolworths cc which I use for online payments and as a backup if something goes wrong.

Which is cool, I have a Virgin Money CC as well. But in the good few years I have been with Capitec, I've NEVER had 1 glitch. To experience multiple with Tyme in my first few days is unacceptable in my books. And what is even more worrying, is there is no physical point of presence to go to if you have a serious issue like being locked out of your account or something. I mean FFS, just to get my online banking password created, the support crowd from the call centre and Facebook have taken 2 business days and I still don't have feedback. WT actual F!!

 

[cavedog]

Which is cool, I have a Virgin Money CC as well. But in the good few years I have been with Capitec, I've NEVER had 1 glitch. To experience multiple with Tyme in my first few days is unacceptable in my books. And what is even more worrying, is there is no physical point of presence to go to if you have a serious issue like being locked out of your account or something. I mean FFS, just to get my online banking password created, the support crowd from the call centre and Facebook have taken 2 business days and I still don't have feedback. WT actual F!!

Fair enough. I also used capitec from way back when they only had a maestro card then the mastercard but changed to FNB Easy which fees wise was frustrating me and then to FNB Premier when I noticed I had to jump through so many hoops to make ebucks worth it and the increased monthly fees it just wasn't worth it. So here I am move to Old Mutual Money account, Capitec or Tyme so chose time and it's been a rocky road but in general it's working well for me. I get my salary into it and I pay my stuff from it. I don't need stuff complicated. I just need to swipe and it needs to work which it does so I'm cool with that.

 

[Aharon]

Fair enough. I also used capitec from way back when they only had a maestro card then the mastercard but changed to FNB Easy which fees wise was frustrating me and then to FNB Premier when I noticed I had to jump through so many hoops to make ebucks worth it and the increased monthly fees it just wasn't worth it. So here I am move to Old Mutual Money account, Capitec or Tyme so chose time and it's been a rocky road but in general it's working well for me. I get my salary into it and I pay my stuff from it. I don't need stuff complicated. I just need to swipe and it needs to work which it does so I'm cool with that.

Tried OM as well but the fees are steep

 

[cavedog]

Tried OM as well but the fees are steep

They are about on the same level as Capitec actually and it's a Bidvest bank account but works on international purchases and you get a nice black money account card which is actually decent. No rewards or such and savings interest is minimal so you end off paying fees where with Tyme bank swipes give you SS points which helps offset the little fees they charge and saving is actually worth it.

 

[Aharon]

They are about on the same level as Capitec actually and it's a Bidvest bank account but works on international purchases and you get a nice black money account card which is actually decent. No rewards or such and savings interest is minimal so you end off paying fees where with Tyme bank swipes give you SS points which helps offset the little fees they charge and saving is actually worth it.

I do agree, charges not so great for me. The bidvest grow account opens an easy equities account automatically which is convenient.

 

[Aharon]

The one downside I've had in ss (albeit I'm still enjoying it) is all the lost points through declines. Otherwise it is a reward over the others