So I went to Capitec

[Swa]

Not that much considering what saswitch charges.

 

[faniebraai]

Not that much considering what saswitch charges.

what is a saswitch? and what are these charges you talk about?

 

[supersunbird]

what is a saswitch? and what are these charges you talk about?

A fee everyone pays when they use another banks ATMs...

 

[faniebraai]

A fee everyone pays when they use another banks ATMs...

are the "saswitch" fees related to the fee your bank charges you, or the fee that is included in that fee (if that makes sense). Just want to understand the complaint.

 

[supersunbird]

are the "saswitch" fees related to the fee your bank charges you, or the fee that is included in that fee (if that makes sense). Just want to understand the complaint.

No, I think that's what the other bank charges your bank, so your banks recovers the cost from you in their "other banks ATM fee". At most other banks you pay a hell of a lot, cause they mostly charge the SASwitch fee they will have to pay and then their own fees on top of that.

I think Capitec charges you none of their own fee (or if they do, very little) for using another banks ATM, they just charge you the SASwitch fee.

All of the above is just laymans understanding of what he experiences and subsequent conclusions.

 

[faniebraai]

No, I think that's what the other bank charges your bank, so your banks recovers the cost from you in their "other bans ATM fee". At most other banks you pay a hell of a lot, cause they mostly charge the SASwitch fee they will have to pay and then their own fees on top of that.

I think Capitec charges you none of their own fee (or if they do, very little) for using another banks ATM, they just charge you the SASwitch fee.

All of the above is just laymans understanding of what he experiences and subsequent conclusions.

Interchange between banks for ATM withdrawals are normally a flat fee, + % of withdrawn amount. I think what capitec did here was looking at their customer behaviour, determining what they can charge as a flat fee, which will according to that behaviour still make them a small profit. And I agree, I think it is probably very minimal.

 

[Ockie]

So has the panic settled down now after the viceroy ******* "report"?

 

[faniebraai]

No, I think that's what the other bank charges your bank, so your banks recovers the cost from you in their "other banks ATM fee". At most other banks you pay a hell of a lot, cause they mostly charge the SASwitch fee they will have to pay and then their own fees on top of that.

I think Capitec charges you none of their own fee (or if they do, very little) for using another banks ATM, they just charge you the SASwitch fee.

All of the above is just laymans understanding of what he experiences and subsequent conclusions.

2017 comparison



https://solidariteit.co.za/wp-content/uploads/2017/08/Solidariteit_se_Bankkosteverslag_Finaal.pdf

 

[supersunbird]

2017 comparison

View attachment 497614

https://solidariteit.co.za/wp-content/uploads/2017/08/Solidariteit_se_Bankkosteverslag_Finaal.pdf

Yes, the other banks eventually came to the party with cheap accounts after Capitec stole so many of their clients. Seems ABSA is the only real competitor in this field (with Old Mutual one a contender).

 

[faniebraai]

Yes, the other banks eventually came to the party with cheap accounts after Capitec stole so many of their clients. Seems ABSA is the only real competitor in this field (with Old Mutual one a contender).

Until Tyme Digital comes

 

[backstreetboy]

Until Tyme Digital comes

Can't wait. I want something like N26 mobile bank. Free account with 3-5 free ATM withdrawals per month. Easy access to overdraft, credit and savings.

 

[faniebraai]

Can't wait. I want something like N26 mobile bank. Free account with 3-5 free ATM withdrawals per month. Easy access to overdraft, credit and savings.

It kinda will have that, but not all products at launch, although the one in your list not there will probably arrive next year

 

[Swa]

2017 comparison



https://solidariteit.co.za/wp-content/uploads/2017/08/Solidariteit_se_Bankkosteverslag_Finaal.pdf

Yeah it's an interbanking fee charged by other banks for using their ATM. As you can see most banks not only charge this fee but also their own markup based on how much you withdraw plus their own ATM fee. Capitec only charges the fee and their own or even subsidises it with their fee.

 

[backstreetboy]

How does the Credit card work? Do you have to choose if you want to have one card or two (debit and credit)? Seems silly.

 

[HibiscusTunes]

How does the Credit card work? Do you have to choose if you want to have one card or two (debit and credit)? Seems silly.

It is a credit card with a savings component that you can choose when swiping(Like you have cheque and credit with other credit cards). Credit and savings each have their own limits. If you have a savings account, your credit card is linked to it. If you dont have a savings account it is not linked to anything.

So I have the normal debit card linked to my savings account, and I have the credit card linked to my savings and credit account.

 

[backstreetboy]

So I have the normal debit card linked to my savings account, and I have the credit card linked to my savings and credit account.

Thanks. Thought so. Uninformed sales person.

 

[FlashSA]

It is a credit card with a savings component that you can choose when swiping(Like you have cheque and credit with other credit cards). Credit and savings each have their own limits. If you have a savings account, your credit card is linked to it. If you dont have a savings account it is not linked to anything.

So I have the normal debit card linked to my savings account, and I have the credit card linked to my savings and credit account.

I really don't like this setup. It introduces a human error factor when shopping - if the sales assistant doesn't ask the customer from which account to charge to, and just selects themselves quickly, you may end up with a purchase out of your savings instead of the credit card account....

 

[backstreetboy]

I really don't like this setup. It introduces a human error factor when shopping - if the sales assistant doesn't ask the customer from which account to charge to, and just selects themselves quickly, you may end up with a purchase out of your savings instead of the credit card account....

Mine will just decline because I don't keep much in the main savings/transact accoun so perfect for me.

 

[HibiscusTunes]

Mine will just decline because I don't keep much in the main savings/transact accoun so perfect for me.

The same here. Main account basically empty.

 

[bigboy529]

I ment to apply for the credit card months ago already, but never got around to it.
I got a salary increase today and thought of applying now.
My question, must I wait 3 months for my new salary to show on my bank statements,, or will they take my new higher salary in to account right away even though it only shows on 1 months statement?