Capitec incorrect billing

[philthom]

So, I recently opened a Capitec Bank account, and decided a couple of days ago to withdraw money from an Absa ATM. According to Capitec a fixed fee of R7 is charged when withdrawing money from a non-Capitec ATM. However, I was charged R10 for the withdrawal of R250-00

For example, say I had R500 in the Capitec account, after withdrawing R250 the balance was R240.

Have anyone else experience this, or have capitec recently and silently increased their fees? According to their website, it is still R7 fixed for a non-Capitec withdrawal.

 

[Other Pineapple Smurf]

Keep in mind that Capitec reserve R10 of your balance which is deducted off your available balance. I also think the bank charge is delayed so your SMS notification would not include that.

 

[bullfrog]

All charges on the account are deducted immediately. There is sometimes a slight delay on these charges, but they aren't taken off at the end of the month like a lot of other banks.

So if you withdraw the money, the charges will be displayed on your statement shortly after the transaction.

Where as other banks will add up all your charges in the background and take it off your available balance. Then take it off your balance at the end of the month.

I think cbrunsdonza is right. The slight delay in them applying the fees due to your account has led you to the assumption that the R10 difference between your Balance and Available Balance is outstanding charges that need to be applied to your account. Where as the R10 difference is the minimum balance required to keep the account open.

 

[BLIXEMPIE]

Jip. R10 is unavailable as Capitec requires you to keep R10 in your account to keep it active. Capitec makes no errors. Capitec FTW!

 

[philthom]

Okay, thanx for the info, guys

 

[Boomstomp]

Also, remember that SASWITCH fees are not included in the R7, just like they aren't included in other bank's fees. So make sure the ATM say ABSA and not ABSA Supported.