Banking with Capitec

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nkpza

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I'm with the big 4 and thinking about making the switch to capitec. The big pro is the 6.25% interest rate vs the crap I get from the others.

Anyone done this switch? any issues with capitec?
 
Someone I know uses them, can't speak for their service or anything like that, the only thing I know of that I don't like about them is that you have to have this funny little security token dongle thing.

They send your 1 time pin for online banking to it. Why they couldn't just do it to your cellphone I don't know. Not a major issue but it's just something else to lug around and lose.
 
Techrat said:
Someone I know uses them, can't speak for their service or anything like that, the only thing I know of that I don't like about them is that you have to have this funny little security token dongle thing.

They send your 1 time pin for online banking to it. Why they couldn't just do it to your cellphone I don't know. Not a major issue but it's just something else to lug around and lose.
Click to expand...

I would be happy with any inconvenience if it improves security, knowing that the OTP send by sms have proven to be hacked/intercepted
 
Techrat said:
Someone I know uses them, can't speak for their service or anything like that, the only thing I know of that I don't like about them is that you have to have this funny little security token dongle thing.

They send your 1 time pin for online banking to it. Why they couldn't just do it to your cellphone I don't know. Not a major issue but it's just something else to lug around and lose.
Click to expand...

They don't "send" anything to your security token. It is basically a random number generator. Your token has a unique serial number associated with it, which is linked to your online banking account. When you want to login into your online banking account, you have to press the button, generate a random number and then enter that along with your username and password. Because the bank knows the serial number of your security token, they can do a checksum and figure out whether or not the random number was really generated from your security token.

By the way the token is the same one that is used by many online banking portals across the world including HSBC and several other big name banks.

Capitec is the best kept secret in South African banking. I switched over from FNB and have never looked back. A lot of people avoid Capitec because they think it's a bank for low-income people, but actually the laugh is on them! I currently get 6.5% on my account with them. I know plenty of friends with 7 figure salaries who bank with Capitec.
 
I don't see why these couldn't be intercepted, but if it works for you then fine, don't know that the OP will really mind. It's not the end of the world but to me it's an inconvenience.

EDIT: Oh ok I didn't realise that's how it works, surely something like that can still be "hacked". Anyway I wasn't attempting to put off the OP, it's just something which as I said would be an inconvenience to me to have to carry that around all the time. Well if I did online banking from all over the place which I probably wouldn't I guess.
 
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Techrat said:
I don't see why these couldn't be intercepted, but if it works for you then fine, don't know that the OP will really mind. It's not the end of the world but to me it's an inconvenience.

EDIT: Oh ok I didn't realise that's how it works, surely something like that can still be "hacked". Anyway I wasn't attempting to put off the OP, it's just something which as I said would be an inconvenience to me to have to carry that around all the time. Well if I did online banking from all over the place which I probably wouldn't I guess.
Click to expand...

The RNG generates a 6 figure number, so sure, you've got a 1 in 1 000 000 chance of guessing the correct number (if you include 000000 as a number).

Even if you could guess the correct number, you would still need the person's username and password.
 
deweyzeph said:
The RNG generates a 6 figure number, so sure, you've got a 1 in 1 000 000 chance of guessing the correct number (if you include 000000 as a number).

Even if you could guess the correct number, you would still need the person's username and password.
Click to expand...

To further decrease the risk of being hacked, the number generated is only valid for a short period of time (2 minutes?).
 
I have an account with capitec and have been very happy with them so far. Been with them for just under two month.

Opening the account was quick and painless and lucky for me there were no queues at the bank.

So far I'm smiling all the way with low bank fees and high interest on the account :)
 
I have an 4 accounts and investment with them for over two years without problems.

I should have bought shares with my investment at 10.5% and it would have grown over 120% over the past year. Capitec shares grew four times more than any other bank in 2009.
 
Ok so any problems (other than carrying it around) I had with that token have been put to rest. Is there a way something like that could be made into an app that runs on a phone while still retaining it's security level?
 
Techrat said:
Ok so any problems (other than carrying it around) I had with that token have been put to rest. Is there a way something like that could be made into an app that runs on a phone while still retaining it's security level?
Click to expand...

Well one would need the seed and algorithm used in the device to achieve this.

With smart phones have security issues, I cannot see a reputable bank offering such an app. Can just as well opt for SMS then.


But on Capitec, I will be moving over in March to them. Had it with the other w@nkers (we have accounts, business & personal, with ABSA, Standard Bank & FNB)
 
Stokstert said:
I have an 4 accounts and investment with them for over two years without problems.

I should have bought shares with my investment at 10.5% and it would have grown over 120% over the past year. Capitec shares grew four times more than any other bank in 2009.
Click to expand...

:D:D Yep picked up the last 50% ride up but got stopped out last week when they dropped 5% in a day.

Good stories so far. Think I will give them a try...
 
I have had an account since Oct 2008 and have had NO hassles. The one nice part is money tranfers to and from other banks reflect quickly, I don't think I have ever had that 2 full days wait. It always shows the next day, if not in the monring, in the afternoon..

Though you can't do a business account or such with them yet.
 
I kept my FNB token on my keyring - it's pretty small and durable.

FNB have stopped using it now *sigh* And I must prefer having it.
 
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