So I went to Capitec

Capitec went through something similar a few year ago and proved the accusations was false. Also these Viceroy guys are probably trying to cause Capitec's share to drop dramatically so that they can make money out of this. Like when the Zuptas change finance ministers to cause the rand to drop.
 
Probably true, but good news is that the Reserve Bank confirmed that Capitec is solvent. Should anything happen to the contrary, at least all accountholders and investors would have recourse in recovering any losses directly from the South African Reserve Bank.
 
Rather loose a bit of interest than not have access to my funds. I'm moving most of it out
 
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Chingha said:
Rather loose a bit of interest than other have access to my funds. I'm moving most of it out
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senyetse said:
No way I'm taking a chance. My money is already moved out.
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Wife and I did same. I was super quick on the trigger and hit the immediate payment option, wife a normal EFT to my FNB account.

Once the dust settles, I'll leave my salary to go in on 25/02 if all looks good, but no ways am I going to sit back and be caught somehow.

I'd say the other banks will see a massive spike in incoming EFT's from Capitec today....
 
rietrot said:
It's worrying that people have so little trust in their banks. Why did you put your money there in the first place?
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I was considering putting R800k in a fixed deposit with them late last year. TF I didn't or else I would be sweating beads now.

And to answer your question, I don't trust banks. I take screenshots of my balances FFS. The bank, like the house, ALWAYS wins
 
FlashSA said:
I was considering putting R800k in a fixed deposit with them late last year. TF I didn't or else I would be sweating beads now.

And to answer your question, I don't trust banks. I take screenshots of my balances FFS. The bank, like the house, ALWAYS wins
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Lol. BS.
 
FlashSA said:
I was considering putting R800k in a fixed deposit with them late last year. TF I didn't or else I would be sweating beads now.

And to answer your question, I don't trust banks. I take screenshots of my balances FFS. The bank, like the house, ALWAYS wins
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If you ever actually had 800k then this is the last place you should ever put it regardless of the current state of affairs.

However if you really are taking screenshots of your balances I'm not surprised you would hoard money in the worst investment possible.
 
rietrot said:
Lol. BS.
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SauRoNZA said:
If you ever actually had 800k then this is the last place you should ever put it regardless of the current state of affairs.

However if you really are taking screenshots of your balances I'm not surprised you would hoard money in the worst investment possible.
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It's capital from the sale of our home last year. Intend to buy a new property early this year so need instant access to the money. No other options besides a fixed deposit or money market account could give me as good a rate versus the short notice to withdraw.

I chose the FNB Money Maximiser account. You'll find reference to this in the off-topic>finance forum in a thread last year where I asked for advice on where to park the money.

EDIT: Here you go. Sooooo easy to just call BS: https://mybroadband.co.za/vb/showthread.php/902077-Where-to-park-house-sale-profit
 
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rietrot said:
It's worrying that people have so little trust in their banks. Why did you put your money there in the first place?
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PIC, Alan Gray, Foord etc all held Steinhof. This is money, trust doesn't come into it.
 
SauRoNZA said:
Remember African Bank?
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They didn't do normal savings account iirc.

rietrot said:
It's worrying that people have so little trust in their banks. Why did you put your money there in the first place?
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I don't want to say I told you so, but this is when the self fulfilling prophecy kicks in regardless of how rational or irrational the individuals decision was made.
 
Chingha said:
PIC, Alan Gray, Foord etc all held Steinhof. This is money, trust doesn't come into it.
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Money is nothing but nice pictures printed on paper and trust. The trust is everything.
 
FlashSA said:
It's capital from the sale of our home last year. Intend to buy a new property early this year so need instant access to the money. No other options besides a fixed deposit or money market account could give me as good a rate versus the short notice to withdraw.

I chose the FNB Money Maximiser account. You'll find reference to this in the off-topic>finance forum in a thread last year where I asked for advice on where to park the money.

EDIT: Here you go. Sooooo easy to just call BS: https://mybroadband.co.za/vb/showthread.php/902077-Where-to-park-house-sale-profit
Click to expand...

I would still figure a Fixed Deposit would get you better rates and you’ll have access to the money in enough time for the purchase of the house.

After all it doesn’t happen instantly and you’ll have at least a month before you need to pay up.

Probably even more as the deposit alone would serve as a guarantee on the OTP.
 
Chingha said:
Rather loose a bit of interest than not have access to my funds. I'm moving most of it out
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senyetse said:
No way I'm taking a chance. My money is already moved out.
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And this is the problem. On the other hand Saambou and African Bank didn't keep to the necessary liquidity. Saambou when the chickens came home to roost couldn't wait for or call up their loans because they've already been written off. Not the same with Capitec. If there is a temporary liquidity problem they'll simply have to wait for repayment of the loans and wouldn't be able to issue new ones and it will affect shareholders but there is little to no risk for consumers.

backstreetboy said:
Lol. paying R55 for a card replacement and then R0.80 for the useless texts they send afterward with your mastercard securecode.
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Not that I like it for an expired card but it does last 5 years and 7 months and they've saved and paid me way more than R55 over the years. In addition I've disable all those notifications so not paying the 40c per transaction any more.
 
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