Capitec incapable of protecting funds against *****

On the 19th November, I experienced ***** on my card (international online transactions). My account was cleaned out to zero, without any notification sent by Capitec Bank to me of these transactions. If the security features are effective, how did the transactions go off without my knowledge?

Ofcourse once I was aware of the many online transactions which had taken place on the card on the day, I contacted the Capitec call center where I dealt with a very insensitive consultant by the name of Akeela. She mentioned during the call that there was no guarantee I would receive the ****** funds (and related charges), which left me extremely concerned as a client. How do I entrust Capitec with a cent if they cannot guarantee protection of my funds? Before the ***** could take place, why were sms’s not being sent to me to approve or decline the transactions? Are the security controls effective? What if it was my main banking account and all my funds were ****** where would I be left with zero funds remaining in my account? These are the questions of concerns I have been left without since making the call to the Capitec Callcentre. Akeela’s nonchalant attitude also made matters worse for Capitec and her subsequent refusal to provide her surname when it was requested.

On the same day I replaced the card and was also charged over R100 for replacement of a card , over and above the charges. Over and above the additional loss due to the charges from Capitec themselves, I have not heard from Capitec regarding the ****** money, which means the matter is not top of mind. If one loses large funds, they will be left out of pocket with Capitec taking their sweet time to resolve the matter. The lesson taken is to continue to keep Capitec as an account for small transactions and low balances to avoid exposure of ***** which takes place without your knowledge leaving you out of pocket.

Capitec is not the bank to make as your main one. Over and above the ****** funds, you loose from the bank charges and replacement fees for the card then see a go slow to attend to what I believe to be urgent - especially if it’s in a case where you have lost your hard earned income (I am relieved it’s not the case for me, otherwise I would be in serious trouble right now given how the matter has been handled to date).