NM
Ntandoyenkosi M

1 reviews | Active since Jul 2024

20 Aug 2024, 16:17

Capitec Bank Pavilion giving incorrect advice to clients on investments.

I went to Capitec Bank to hear about their new investment offering. When I got there I specifically asked the lady at Capitec Bank Pavillion Shopping Mall for a 24 hour notice deposit that will allow me to have access to the funds within 24 hours. She advised they do not have any however she can advise me on a 7 day notice but specifically mentioned that if I need to access the funds immediately I would be able to do that at a penalty fee. I showed her that I'm not happy with that one but she push sold it on me and convinced me the the fee would be a small amount and I must just take this one because she has it and she has gotten good returns from it and I still would be able to access the funds. On the 11th of this Month I place my 1st Notice and the account had R10 000.00 in it. The notice amount pays out on 18th. I realize I needed more than just R2000 so I placed notice for R4000 on the 18th but realized I need these funds by Tuesday so I go into the branch today to do an immediate withdrawal at the fee they said I would pay. It seems the BM and the SC in the branch are of the same impression I am and they gladly suggest to cancel my notice and we will do an immediate withdrawal. Soon as they cancel the notices and try to do an immediate withdrawal they realize the button is grayed out. They call into the relevant department and to their surprise and mine the relevant department advises that we can't do an immediate withdrawal from a 7 day notice even at a fee which would count as an early release. Now everyone is confused because I was advised of one thing and now they are being told another. I have since requested closure of the investment and thereafter I will close my account and move to another bank which is a pity because I had more money coming to invest withe them for a bit of a longer period, this I needed as flexible as 24 hours and I informed her of this initially the lady that was advising in the branch. I want my money out by tomorrow because clearly capitec does not know what they are doing.

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