Capitec & Overdraft

[pampoenskyf]

Why this is non-existent? An overdraft facility is such a nice to have on rainy days.
Surely this might be an influencing factor when people decide whether or not to cross over?

 

[Gtx Gaming]

they don't have cheque accounts , think overdraft is only only on cheque accounts.

 

[Africaner]

There is a good reason for that and that is the only reason why I moved all my banking with capitec Overdraft is a risky business for a bank AND it comes with lots of overheads which increase bank costs. In turn this costs have to be spread over all the clients otherwise it will be too expensive and no one will use the offer to start with. If your financial situation is of such a nature, I suggest you stick with the big (and expensive) guns.

 

[pampoenskyf]

There is a good reason for that and that is the only reason why I moved all my banking with capitec Overdraft is a risky business for a bank AND it comes with lots of overheads which increase bank costs. In turn this costs have to be spread over all the clients otherwise it will be too expensive and no one will use the offer to start with. If your financial situation is of such a nature, I suggest you stick with the big (and expensive) guns.

That's a fair reason.
Currently we have 2 cheque, 1 savings, 1 trust account with Absa. Thinking of closing one cheque account and opening a Capitec Global One purely for debit orders. The remaining cheque (with overdraft) will then only receive both salaries. One amount will then be transferred to the GO account at the end of the month.

 

[burn]

Why this is non-existent? An overdraft facility is such a nice to have on rainy days.
Surely this might be an influencing factor when people decide whether or not to cross over?

Tried a credit card? Virgin Money have no fees, so you can keep it stashed away for those rainy days.

 

[VioletF]

Capitec has something called a Multi-loan, which is somewhat similar to an overdraft. See here: http://www.capitecbank.co.za/personal-banking/credit

 

[Gtx Gaming]

That's a fair reason.
Currently we have 2 cheque, 1 savings, 1 trust account with Absa. Thinking of closing one cheque account and opening a Capitec Global One purely for debit orders. The remaining cheque (with overdraft) will then only receive both salaries. One amount will then be transferred to the GO account at the end of the month.

Depending on the amount of debit orders you have , would it not be wiser to convert to a absa value bundle? you get unlimited free external and internal debit orders for R79 a month (silver) , gold and plat is more expensive , and free swipes etc .

http://www.absa.co.za/Absacoza/Individual/Banking/Value-Bundles/Silver-Value-Bundle

 

[pampoenskyf]

Depending on the amount of debit orders you have , would it not be wiser to convert to a absa value bundle? you get unlimited free external and internal debit orders for R79 a month (silver) , gold and plat is more expensive , and free swipes etc .

http://www.absa.co.za/Absacoza/Individual/Banking/Value-Bundles/Silver-Value-Bundle

Interesting, but I think we're gonna play on both sides of the fence.

 

[nickaden]

Huh

 

[Wall]

Huh

huh?

 

[shooter69]

Capitec has something called a Multi-loan, which is somewhat similar to an overdraft. See here: http://www.capitecbank.co.za/personal-banking/credit

+1

Used this a couple of times over the years. Only problem with it is the interest rates bleeds you dry very quickly

 

[Papsak]

Depending on the amount of debit orders you have , would it not be wiser to convert to a absa value bundle? you get unlimited free external and internal debit orders for R79 a month (silver) , gold and plat is more expensive , and free swipes etc .

http://www.absa.co.za/Absacoza/Individual/Banking/Value-Bundles/Silver-Value-Bundle

Every month, without fail, and AFTER all fees, I get money BACK from Capitec because of their low fees and the fact that they actually pay a decent interest rate. To me, it's a no brainer. Add in:

1) It's a much nicer bank to visit - way better system - you get to sit while you wait.
2) Their internet banking does not use SMS's - which has proved to be a problem
3) You can buy online - no problems - have bought all over the place ebay/takealot/bidorbuy
4) They are open at normal hours.
5) Quite handy to have the 4 extra accounts for savings.

 

[Sinbad]

Lol @ earning interest = getting money back