Capitec starts Sunday banking

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Nicko

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Johannesburg - South Africa's youngest retail bank, Capitec Bank, on Wednesday said it has started an industry first: permanent Sunday trading.

The new hours started last Sunday at 84 of its 460 branches located in or around shopping centres. Capitec said it aligned its trading hours to those of retailers and restaurants to offer clients more flexibility.

This followed the successful rollout of longer banking hours since its inception.

"By opening our branches on Sundays, we will not only enable clients to do their personal banking when it suits them, but also further align ourselves to other retailers' opening hours," said Carl Fischer, Capitec's marketing and corporate affairs executive.

In the past other banks have tried Sunday trading, but it was not done nationally.

Capitec Bank is able to implement Sunday trading due to its innovative banking model which is based on paperless technology. It negates the need for a back office to manage cumbersome end-of-day administration, leaving staff with more time to serve clients instead of cashing up.

"One of Capitec's major points of differentiation is its ability to process clients' requests - opening new accounts, transactions, withdrawals and deposits - quickly, using innovative technology. This significantly reduces time and cost, and is among reasons why the Sunday trading is easier for us to roll out," said Fischer.

He said that Sunday trading would be extended beyond the current 84 branches in due course. To date, 100 new jobs have been created.
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http://www.fin24.com/Companies/Financial-Services/Capitec-starts-Sunday-banking-20110511

Great news! The current trading hours make it near impossible to get to the bank in time. Donno about you guys but I am starting to become a fan of Capitec, kinda feels like they are the Cell C of banking.
 
Never looked back since moving to Capitec.
charges next to nothing ... interest better than any other bank
I've only ever had to go into a branch twice ... first time to open my account and next time to set up an extra account.
Cash withdrawals take a little bit of planning (I get my cash at PnP) but once you get used to withdrawing money when you do your grocery shopping it's a pleasure
 
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taajir said:
hi
hows their internet banking?
only hearing good bout capitec
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At first it seemed a bit "skeletonish" to me , if you know what I mean. But it's actually just simple to use, runs fast and hasn't been down since I started using the account (around a year now). At the end of the day, who needs flashing banners, pretty buttons and ads when you just want to get your payments done?
 
taajir said:
hi
hows their internet banking?
only hearing good bout capitec
Click to expand...

Have been using them since last year. When I started they did not have the option to pay your 3rd party bills like City of Thswane, Telkom, Sars, etc. However, I have noticed that they have since added this feature. Now I can even transfer money into my visa credit card from my Capitec account online. I love Capitec and will never look back.
 
McSack said:
At first it seemed a bit "skeletonish" to me , if you know what I mean. But it's actually just simple to use, runs fast and hasn't been down since I started using the account (around a year now). At the end of the day, who needs flashing banners, pretty buttons and ads when you just want to get your payments done?
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Capitec's great. Opened my account about 2 months ago and haven't regretted it for a second.

My previous bank, ABSA, is like the ANC of banking. Old, tired, worn-out, full of exuses for non-delivery and associating with them comes at a much-too-high cost.
 
Well, I'm going to have to open up an account with them if this is the case. I've been banking with two of the big banks and I must say that they start making you feel like they're the boss and they call the shots. Need better service and attitude ... definitely opening account with them in the next few weeks.
 
I think Capitec started out targeting the lower end of the income bracket sector, but I'm sure if they took a look at their customer profile now they'd be surprised at how many higher income individuals are using them.
Just an example ... my total transaction charges with them last month were R15.00 and the month before R13.60. OK I don't have many debit orders or payments to make, but I was being charged an 85 rhondt flat fee by my previous bank .

... and if yer a poser who feels the color of one's bank card has a direct impact on one's social status - Capitec automatically gives you a "gold card" :)
 
mmmm I might consider this. Maybe you guys will know. Currently I have a account with Nedbank. They charge me about R85.00 and that then gives me unlimited debit orders and card swipes at tills etc. Does Capitec have something similar? I never have cash so I need a unlimited card swipe option at least!
 
ocleroux said:
mmmm I might consider this. Maybe you guys will know. Currently I have a account with Nedbank. They charge me about R85.00 and that then gives me unlimited debit orders and card swipes at tills etc. Does Capitec have something similar? I never have cash so I need a unlimited card swipe option at least!
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Debit card swipes are free. Monthly fee is R4.50. Debit orders are R2.50 each, flat rate. Cash withdrawal is free at Pick and Pay and R7.00 flat rate at any ATM. Internet banking is also free except for a once off R125.00 for the security token. However, R2.70 is charged for each payment to a beneficiary.

The monthly interest is normally more than the monthly charges...meaning I bank for mahala.


Downside...you can't withdraw cash from tellers --- only ATMs
They don't have any other retail products like credit card, asset finance, etc. only the savings account and personal loans :cry:
Oh I forgot, they charge for the SMS notifications. I think it's 40c
 
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I love capitec, I am so glad i opend an account. Been with them now almost a year i think. I still use my other bank for some things. But fees are so low and everything works with capitec.
 
and where does capitec bank? :D havn't had a problem with fnb but good on capitec for sunday banking!
 
JungleBoy said:
Debit card swipes are free. Monthly fee is R4.50. Debit orders are R2.50 each, flat rate. Cash withdrawal is free at Pick and Pay and R7.00 flat rate at any ATM. Internet banking is also free except for a once off R125.00 for the security token. However, R2.70 is charged for each payment to a beneficiary.

The monthly interest is normally more than the monthly charges...meaning I bank for mahala.


Downside...you can't withdraw cash from tellers --- only ATMs
They don't have any other retail products like credit card, asset finance, etc. only the savings account and personal loans :cry:
Oh I forgot, they charge for the SMS notifications. I think it's 40c
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I dont use Windows on my laptop....so how can I do online banking if I use Ubuntu? Can I tell them to not activate my online banking with the security token? Do you know? Maybe I must pop in over the weekend to their branch and ask these things before I do this.
 
It's always nice to hear that some protected markets have new competition - Healthy and everyone benifits - nice Capitec keep it up and the others on their toes.
 
JungleBoy said:
Cash withdrawal is free at Pick ...

They don't have any other retail products like credit card, asset finance, etc. only the savings account and personal loans :cry:
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1. Cash withdrawals at PNP are not free. It is R1 per transaction.

2. They will start issuing credit cards from around June/July AFAIK.
 
I got an SMS about Capitec's Sunday banking on Fri. 6th May already.

Surprised it took 5 more days to be published (on Fin24), seeing how fast news travels these days.
 
ocleroux said:
I dont use Windows on my laptop....so how can I do online banking if I use Ubuntu? Can I tell them to not activate my online banking with the security token? Do you know? Maybe I must pop in over the weekend to their branch and ask these things before I do this.
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Do let us know occie.

I've moved a long time ago away from Blapsa, to Wizzit, one of the best moves I did.

They also offer Internet banking. You can use IE :sick: or Firefox :D Which means Ubuntu, or any Linux flavour you want.

The first login is with your cellphone number, a security token is SMS'd to your phone without which you cannot proceed. It either will be sent automatically (nice when your airtime have run out), but when you have got airtime, it will not be SMS'd automatically, you have to request it manually. No biggie.

Once logged on, you have to enter your passphrase.
 
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