Capitec - Yay or Nay?

[nakedpeanut]

Capitec as far as I know only offer debit cards. You'd have to get a Credit card from another provider. Many people opt for the Virgin card as it's free.

FNB has cheque cards which like Credit cards are embossed and can be used for online purchases as they are produced by Visa/MasterCard etc, have an expiry date and cvv.

 

[supersunbird]

Capitec as far as I know only offer debit cards. You'd have to get a Credit card form another provider. Many people opt for the Virgin card as it's free.

FNB has cheque cards which like Credit cards are embossed and can be used for online purchases as they are produced by Visa/MasterCard etc, have an expiry date and cvv.

Capitec now has embossed debit cards you can use online. I don't have such a card.

 

[10i]

Capitec now has embossed debit cards you can use online. I don't have such a card.

Mine is not embossed, just printed, with the chip and I can buy using Google Wallet. They did need to activate it for online shopping as it was deactivated by default.

 

[Magandroid]

Has anyone read the Capitec article on news24
http://www.fin24.com/MyFin24/Money-stolen-from-bank-account-20140128

 

[now05ster]

Has anyone read the Capitec article on news24
http://www.fin24.com/MyFin24/Money-stolen-from-bank-account-20140128

No, thanks for sharing. Still not convinced internet banking froud can happen as easily as that if client used the token, it stayed in one's posession and no dodgy links were used.

 

[Drunkard #1]

Has anyone read the Capitec article on news24
http://www.fin24.com/MyFin24/Money-stolen-from-bank-account-20140128

That's one of the clauses in their fine print that I want to get clarity on. They say that their customer must "proof that he wasn't negligent" or they don't have to refund him. How exactly do I prove that I wasn't negligent. Must I have a camera on my keychain-number-generator at all times?

Their clause seem to go against the "vagueness" and "excessively one-sided" provisions of the CPA. I'll be reporting them to the banking ombud in 15 days if they continue to ignore my emails.

 

[akescpt]

using capitec for saving and std bank for normal stuff. working out ohk so far

 

[GoB]

People are too eager to get negative interest rates on their investments.

You can exploit some of the fee options such as free transactions with a minimum balance, which can be seen as an emergency fund in itself.

Or you can use a savings account with the added benefit of having no credit record. Those who have always paid their bills and never go into debt are unfortunately marked as unable to apply for any credit. This is how banks ensure a stable income from their cheque account fees.

Anyway Standard bank sux. Zero tolerance on student loan after studies. Credit card application fail. Home loan fail. Online banking unreliable. Ignore complaints. Sell products inferior to FNB at higher fees. I should switch.

 

[CL-West]

How do you get that ? Cash withdrawal from Capitec account from another banks ATM is R7.00 and Absa from it's own is R4.20........

Capitec Is R7, does not matter what the amount is. Absa Is R4.20 for the First R100, then R1.something for every R100 there after.

So. Capitec - R500 = R7.

Absa - R500 = R8.20 (if you go on a R1 per every R100 extra).

(I used to work for Absa as an enquires clerk about 4 years ago, so keep in mind it could have changed since then)

 

[supersunbird]

Has anyone read the Capitec article on news24
http://www.fin24.com/MyFin24/Money-stolen-from-bank-account-20140128

Update : we just received an email from Collett muller the complaints manager for capitec.
In which she accused us of giving the thieves our computer generated token number 4 times. Also stating that the money went into 20 legitimate accounts (we have an e mail telling us 5 accounts. And that 20 legitimate account holders were intimidated to withdraw the funds. What a lot of nonsense.

Phished and money transferred while she was busy online and providing the token pin and transfer actioned in the short period the codes where active? Maybe transferred to 5 account (while still having the working pin from generator) and then further on into other accounts.

If you want to phish with Capitec you have to be fast.

 

[Cius]

Just one thing. While capitec definitely wins on the fees side a lot of fraudsters are operating from capitec accounts and targeting other capitec accounts (instant transfer). Their controls on new accounts are currently being challenged and I have seen several complaints on sites like this and hello peter where they basically say money got stolen from my account into 10 other accounts and capitec can't do anything despite them apparently having FICA on all the other 10 accounts. So be warned, it can be a little more risky as Capitec really seems to accept anyone and everyone.

Another factor is linking your bond with your internet banking profile. I have my bond loaded and I can transfer money in and out instantly from my PC or phone so any spare cash I have I leave in the bond. That means that while I have a bond I am earning (or saving) a ton of interest. I have saved far more interest in the long run with my Nedbank account than Capitec could have earned me due to this. If you have a bond with any other bank then you can move money in and out but it will take 2 days to clear as I understand it and hence is less easily available and hence you probably won't bother doing it.

 

[akescpt]

Just one thing. While capitec definitely wins on the fees side a lot of fraudsters are operating from capitec accounts and targeting other capitec accounts (instant transfer). Their controls on new accounts are currently being challenged and I have seen several complaints on sites like this and hello peter where they basically say money got stolen from my account into 10 other accounts and capitec can't do anything despite them apparently having FICA on all the other 10 accounts. So be warned, it can be a little more risky as Capitec really seems to accept anyone and everyone.

Another factor is linking your bond with your internet banking profile. I have my bond loaded and I can transfer money in and out instantly from my PC or phone so any spare cash I have I leave in the bond. That means that while I have a bond I am earning (or saving) a ton of interest. I have saved far more interest in the long run with my Nedbank account than Capitec could have earned me due to this. If you have a bond with any other bank then you can move money in and out but it will take 2 days to clear as I understand it and hence is less easily available and hence you probably won't bother doing it.

when you open the account they photograph and fingerprint you. wont they be able to trace you??

 

[MrR]

Whether or not their deposit taking controls are effective, there's also an external factor that makes it difficult, which is not only faced by Capitec. I've heard of many cases where transactional accounts are "sold" (either through incentive or intimidation) to fraud syndicates. So, here you have a 100% FICA-compliant account from an everyday citizen, which is being used for fraudulent/criminal purposes. How does a banking institution prevent this from happening?

I'm not sure how a Bank can just accept anyone? In order to issue an account, you need a licence, which is issued by the FIC. They (the FIC) will evaluate the controls that the institution has implemented around issuing accounts and deposit taking as well as perform audits to determine compliance. Any contravention and the institution faces fines and could ultimately lose their licence and even further repercussions from SARB. So, I don't think they'll just accept anyone. Once again, whether their controls are effective enough, is a different question.

Getting back to the News24 story, I can only suspect a phishing attack. The perps/fraudsters had to have been in possession of the token generator or fed the token because, if memory serves correct, it expires after 60 (or 120) seconds.

 

[techead]

This morning I checked and all debit orders have come off my SB account. I transferred the balance into my main C account.

right... so just got back from SB. closed my cheque account. I still have my ucount account with R600 which I will use on petrol on the way home, and then I will close that as well.

Meanwhile, I have opened another 2 accounts at Capitec. So I have three now. Main transaction account, one savings account and one account to keep tenants deposit in.

So far so good. Will keep all posted if you so wish...

 

[techead]

Sigh... Just tried to enter my card details into my Steam account...

Your purchase has not been completed. Your credit card information has been declined by your credit card company.

edit : discovery credit card works fine

 

[MKFrost]

Sigh... Just tried to enter my card details into my Steam account...



edit : discovery credit card works fine

Did you enable your card for online purchases? It has to be done in the branch.

 

[techead]

Did you enable your card for online purchases? It has to be done in the branch.

I was unaware of this. I will take a walk... ty

 

[10i]

I also could not do online stuff without activating it.

Only problem for me: got my paypal activated, but cant get reoccurring payments to go through.

 

[MKFrost]

I was unaware of this. I will take a walk... ty

They should ask a person when you get your card, I also had to go back to get it done

 

[techead]

right so all up and running with online purchases etc etc

what are the chances of Capitec going belly-up? Like Trust Bank.

Im told that I was nuts to move away and that I will lose all my money