Capitec: Short-sighted and pedantic to the extreme

For a short while I thought Capitec was a fresh breeze in a very stuffy industry, but they are just more of the same: short-sighted, pedantic and inflexible, attempting to apply rules even where they are not applicable. I wanted to consolidate my business with them and app**** for a credit card, but was turned down because my live retirement annuity stood at R1,98million in the month I app**** and it MUST be more than R2million. If I app**** a month earlier, they would have accepted me, but the JSE was down in that particular month. As I only draw 5% income, I have little doubt that within a month or two, the annuity will once again be above R2million and it is likely to increase over time rather than decrease. This is the only criterium Capitec use for making a decision. I pointed out to them that I have R450000 in fixed deposit with them and I also have hundreds of thousands in unit trusts and other investments, not to mention other non-liquid assets. They also do not care about my credit score, which at TransUnion was above 950 the last time I got a report. If you think for one second Capitec is more enlightened than other banks, forget it. Rather keep your existing account where it is. I am deeply disappointed by the unhelpful bureaucracy and lack of common sense which has taken hold of what was once a promising newcomer to the industry.