Capitec - Stolen Money

[Ockie]

Oh, the irony considering what was discovered.

lol.

 

[supersunbird]

When does ABSA transactions go through? Today. Tomorrow. Whenever.

 

[noxibox]

I understand what you're saying. However how about something in the Statement reflecting the fact an amount was not processed? If it is reserved and then later unreserved surely it cannot be to difficult for that to reflect as a line item?

Why? That would simply clutter the statement with phantom entries. Plus would it not still lead to thinking the charge didn't happen in the case where it lapsed before being finalised and then being surprised when it is put through again later? What if that amount is never processed, should it simply be carried forward onto every subsequent statement?

I haven't looked at Capitec's online banking, but that might be the place to see the hold. Under normal circumstances it doesn't matter since the hold acts as though the money is spent until it expires, so a client cannot re-spend that money.

Capitec is supposed to be simple and transparent, just looking at the Facebook page you can clearly see it is an issue for a lot of people.

All they should do is educate people as to how card transactions work.

In the old days we'd have to keep track of things ourselves. Card transactions happened with little pieces of paper, so there wasn't even a hold to tell us the transaction had happened.

 

[KalMaverick]

Why? That would simply clutter the statement with phantom entries. Plus would it not still lead to thinking the charge didn't happen in the case where it lapsed before being finalised and then being surprised when it is put through again later? What if that amount is never processed, should it simply be carried forward onto every subsequent statement?

I haven't looked at Capitec's online banking, but that might be the place to see the hold. Under normal circumstances it doesn't matter since the hold acts as though the money is spent until it expires, so a client cannot re-spend that money.

I do not understand why it would 'clutter' the statement.

You spend something it goes on hold, there is a section called "to be processed" on your online statement. Obviously you cannot spend that money.

However as has happened here that amount went back to available ie "to be processed" was no empty and you have a higher balance. You do not get an line item in your statement saying "Woolworths transaction unprocessed" with an amount back into your account.

How would this clutter your statement any more than a normal transaction would?

 

[wikk3d88]

in your bank account, stealing your moniez

 

[Ockie]

I haven't looked at Capitec's online banking, but that might be the place to see the hold. Under normal circumstances it doesn't matter since the hold acts as though the money is spent until it expires, so a client cannot re-spend that money.
.

This is the section on the Capitec internet banking where they show you reserved amounts that have not yet been actually processed against your account. The amounts shown here are taken off your available balance...but still shows in your "balance"

 

[Redeemed]

This is the section on the Capitec internet banking where they show you reserved amounts that have not yet been actually processed against your account. The amounts shown here are taken off your available balance...but still shows in your "balance"

View attachment 34596

I'm also a Capitec client. Kudos, well explained.

 

[The_Unnamed]

I had FNB send me 2 sms's for one transaction. The 2nd one came a few days later. But when i checked online it only showed the money leaving my account once.

 

[KleinBoontjie]

When does ABSA transactions go through? Today. Tomorrow. Whenever.

LMAO

 

[noxibox]

This is the section on the Capitec internet banking where they show you reserved amounts that have not yet been actually processed against your account. The amounts shown here are taken off your available balance...but still shows in your "balance"

View attachment 34596

Well if they do show it online, then I don't know what all the carping has been about.

However as has happened here that amount went back to available ie "to be processed" was no empty and you have a higher balance. You do not get an line item in your statement saying "Woolworths transaction unprocessed" with an amount back into your account.

It's no longer shown as a hold and is not in the list of completed transactions, but someone cannot infer from that that it has not been processed? Probably someone who can't manage that task shouldn't really even have a bank account or be allowed to handle money.

 

[Magandroid]

Has anyone tried the Capitec app on the Android market yet? I've downloaded it but haven't used the app yet as it requires an access code which I think you have get at the bank.

 

[Ockie]

Capitec Bank
4 hours ago
We thank all our clients & staff for the patience and restraint they have shown in dealing with the late deduction of transactions these past few days. Here is what we will be doing:

Our clients who have a negative balance because of this incident will not be requested to pay any interest on this amount. Neither does Capitec Bank charge penalties if a client goes into the negative due to no fault of their own. We will however ask clients to pay the amount back over a period to be agreed with them, taking into account the amount to be repaid and their circumstances.

For clients who do not have a negative balance but who may experience difficulty in balancing their budget spend for the month due to this specific delayed debit incident, we will also follow the same approach and agree a suitable arrangement with them.

We will also be paying back clients for the extra SMS they received as well as waiving all statement fees for these affected clients for the period between 6 and 13 January (both dates inclusive).

We need to remember that these late deductions were for purchases made, no client’s account was debited more than once and that ABSA although unusual, has not acted outside the interbank card system rules. We did, however, start to investigate how we can implement systems to early detect a similar scenario in future.

It is in our interest to accommodate clients who were negatively affected by this unforeseen and unusual occurrence and we will be contacting these clients individually, where possible and will make arrangements with them accordingly. Clients can also contact our Client Care Centre on 0860 10 20 43 for more info or to make arrangements, should they feel they need to do so.

 

[w1z4rd]

Come join ABSA Bank guys, it might be a bit more expensive but it's much safer. Today, Tomorrow, Together.

Rather support a South African company.

 

[KalMaverick]

We need to remember that these late deductions were for purchases made, no client’s account was debited more than once and that ABSA although unusual, has not acted outside the interbank card system rules. We did, however, start to investigate how we can implement systems to early detect a similar scenario in future.

That's good to know, I was wondering how it could happen that no-one picked it up before the time. Good to know they will do something about it. As for the rest of the response, well done to Capitec.

It's no longer shown as a hold and is not in the list of completed transactions, but someone cannot infer from that that it has not been processed? Probably someone who can't manage that task shouldn't really even have a bank account or be allowed to handle money.

Look if you think the system is ideal then good for you. I don't. And the belittling of those who do not understand 100% how banks do what they do doesn't make your point stronger.

Neither does Capitec Bank charge penalties if a client goes into the negative due to no fault of their own.

Interesting how they worded this.

 

[Cius]

That is a pretty fast turnaround time for the development and testing. Same month and you have it on your statements.

 

[Ockie]

I am not sure how long it has been like this...but I only noticed it now. Seems Capitec have added a new field to our statements so we can see when a transaction was done..and then also when it was posted to your statement and finalized.

HERE YOU CAN SEE THE NEW FIELD:









HERE YOU CAN SEE HOW IT WORKS...THE ONE DATE SHOWS WHEN THE TRANSACTION WAS DONE...AND THE OTHER WHEN IT WAS MOVED TO MY STATEMENT:






Sorry...deleted my previous post and redid it with my Liberty policy numbers removed. Ooooops

 

[Cius]

Now my post is responding to air

 

[Ockie]

Now my post is responding to air

lol. Sorry. I had to delete instead of just amending it cause I have noticed that when you edit with the new image tags it somehow does not always delete the pic.

 

[blunomore]

Come join ABSA Bank guys, it might be a bit more expensive but it's much safer. Today, Tomorrow, Together.

Are you sick ? You sound feverish and you may be hallucinating.

 

[supersunbird]

Are you sick ? You sound feverish and you may be hallucinating.

I suspect drug use... jip, recommending ABSA for personal banking, clearly drug use.