Can a bank close your account without consent?

[Juggy]

Thanks for that feedback on Capitec.
Makes me more excited about going in and opening my account.
I'll be going to the same branch as it's just up the road from where I work.
And yes, ABSA's fscking charges for getting your own money from their ATM's are fscking crazy!
That's my biggest gripe and one of many reasons why I'm leaving them.

Sounds good, make sure you get your notifications setup when you open the account. Once they enable it on your profile you can turn it on and off through internet banking and set the ammount minimun that you want to be notified of.

The only setback if you'd call it that is that you need to buy a token generator from them to use internet banking and that costs R125. It's a one off and you never pay for internet banking again once you have it unless you need to replace it.

 

[Shake&Bake]

Sounds good, make sure you get your notifications setup when you open the account. Once they enable it on your profile you can turn it on and off through internet banking and set the ammount minimun that you want to be notified of.

The only setback if you'd call it that is that you need to buy a token generator from them to use internet banking and that costs R125. It's a one off and you never pay for internet banking again once you have it unless you need to replace it.

Cool thanks will do that - I knew of the R125 token pay-in as ssb mentioned that before.
Are there any costs associated with notifications?
If there are - I'll just disable it, as I've been doing ok without it for the last few months with ABSA.

 

[Juggy]

Cool thanks will do that - I knew of the R125 token pay-in as ssb mentioned that before.
Are there any costs associated with notifications?
If there are - I'll just disable it, as I've been doing ok without it for the last few months with ABSA.

Yeah, 40 cents for notifications. You automitically get a notification when you transfer out of your account. I think it's part of the transfer charge.

 

[Shake&Bake]

Yeah, 40 cents for notifications. You automitically get a notification when you transfer out of your account. I think it's part of the transfer charge.

Buggers
That's cool then.

 

[Flanders]

Of course they can close the account. Do you honestly believe that one of the largest banks on the continent is trying to steal the measly R100?

Catch a wake up. Try being a better customer. Use common sense. Stop trying to be spoon fed. Staff are human beings too and don't like having their time wasted with such crap.

Wow, catch a wake up hey? The R100 was deposited in 1981 so to begin with, it was worth a lot more than R100 is worth today. Secondly, if you were even alive in 1981, you'd know that a savings account at the time earned a lot of interest. The other minor hiccup here was that this account was only made known to my girlfriend at around the time she was 20 years old. What were her parents to do? Phone the bank every month and beg and plead for them not to close the account?

Do you honestly believe that one of the largest banks on the continent is trying to steal the measly R100?

Yes, I do. Their ridiculous charges and bureaucratic BS proves it time and time again. If you honestly think they've got your best interests at heart, I think you're the one who should catch a wake up.

Staff are human beings too and don't like having their time wasted with such crap.

So they have the right to just make it disappear without explanation? Sounds like you love your job at the bank hey, Milano?

Anyway, so much for saving for a rainy day in this country then. More like, chase the bank for the better part of 3 decades to make sure the money is still there one day when she could make some use of it.

 

[Milano]

Hehe yeah I love my job at the bank. I sit idly all day and work out which tiny accounts I can close and keep their money without bank management finding out. Then I make up a BS story about bank charges (which everyone knows don't actually exist) so that when they come in to collect their pittance there is in fact nothing left

 

[supersunbird]

Hehe yeah I love my job at the bank. I sit idly all day and work out which tiny accounts I can close and keep their money without bank management finding out. Then I make up a BS story about bank charges (which everyone knows don't actually exist) so that when they come in to collect their pittance there is in fact nothing left

Its funny cause its true!!

 

[headstrong]

If we assume that interest is 10% per annum then the account should be worth about R1625 if we compound monthly over 28 years

 

[Milano]

If we assume that interest is 10% per annum then the account should be worth about R1625 if we compound monthly over 28 years

Excellent calculation except you're forgetting bank fees and account fees for 28 years

 

[Milano]

So they have the right to just make it disappear without explanation? Sounds like you love your job at the bank hey, Milano?

hah, too bad you already said..."She asked how on Earth this could be and was told that bank charges had drained it."

 

[Milano]

Its funny cause its true!!

Except:

1. I don't work at a bank, that's just an assumption made by a poster.
2. I seriously doubt staff members could simply close accounts and transfer the funds to their own accounts.
3. I have yet to find a local bank with zero bank charges and zero account fees.

Otherwise yep, all true.

 

[Shake&Bake]

I opened with them this week and am very impressed so far.

A few minor hiccups though.

1. You can change your notification setting in your internet banking, no one told me it had to be enabled at the bank before you can receive notification settings.
2. The first big deposit, over 10K I think, can only be cleared manually. Unfortunately my salary went in on friday and the people that clear these ammounts weren't available to clear the transfer. They say it will happen automatically from now on.
3. My token thing for internet banking broke after 3 days, probably not their fault but frustrating none the less.

On the up side
1. Call center is really very helpfull and friendly and there's not much time to wait after going through there simple menu to when you actually get to speak to someone.
2. Charges are so low I almost feel guilty of theft
3. Free debit card swipes, R1 to draw at a Shoprite/Checkers/Pep/PnP and only R6.50 at another banks ATM.
4. 10% interest on balance under 10K and 11% interest over 10K. That's very good.
5. If for some reason your salary is held up and your debit orders bounce, instead of the R75 most banks charge for returned debit orders Capitec charge you R3.50.....

Now to put things into perspective, I opened the Capitec account in Montague Gardens and walked across the parking area to draw a thousand rand from my ABSA account from an ABSA atm. They charged me R15.50 to make the transaction..... 15 f'ing rand 50 from my own banks atm. That is daylight f'king robbery....

Grrr, I was just browsing my online banking statement and saw that they charged me R38.50 on R3k that I took from the ATM

 

[Flanders]

hah, too bad you already said..."She asked how on Earth this could be and was told that bank charges had drained it."

Without prior explanation, Milano. She went into the branch after the fact.

Oh, and I never suggested that that employees transferred the money into their own personal accounts. That would be suicide. Much easier to give some "official" bureacratic runaround where the customer becomes powerless and the bank as a whole absorbs the funds. Even by your logic this is true, ie. "bank charges". But without any record (because the bank is unwilling to provide one), I suspect something a little more underhanded.