Capitec the GRINCH that stole Christmas

I am very unhappy and extremely disappointed with the service of Capitec Bank. After numerous calls and email communications, several visits to the branch and provision of all the relevant documents as requested, I have not received a response to date nor a resolution to my query.

In Summary I have been banking with Capitec for many years and utilize my account to receive funds for services rendered. Many of my clients and other vendors have capitec accounts making it convenient to transact where funds can reflect immediately so goods can be released. Around the 1st week in December, I had invoiced a client for repairs of a vehicle, around 14 December, when I tried to transfer or withdraw, I was unable to. When I called in, they said I should visit a branch as my account is on hold. I was then told funds from a 3rd party was transferred into my account via another account and hence it is on hold until further investigation. I was advised to provide the invoice and affidavits for the transaction which were done. The staff at the branch was helpful, however, every time we visited, they had to wait for a minimum of an hour to speak to someone at head office. I have allowed the process to be followed even though my entire account was placed on hold and not just the transaction in question. Furthermore, I was requested to forward documents of another transaction not related to this one. I had to inconvenience my client whilst on holiday which has now jeopardized my business relationship with clients. It is extremely ********* for a bank to request such information as it contravenes the new P.O.P.I ACT. As you can see, this is causing a ripple effect which is impacting my business and personal life negatively. This causes long term damage to a business like ours. It has been 21 days and still no resolution. In all this time, we have not received a single call or email from Capitec Bank. No feedback has been given to the branch either.

So, it is not uncommon for friends or associates to pay for a vehicle repair or purchase. We as a business have no say or control of who or how payment is made. Due to transactions that have occurred between other Capitec clients,3rd, and 4th parties my account has ********ly been placed on hold. And the drama doesn’t end here. After we contacted the client responsible for payment, I was told that their account had also been blocked as well as the person who made the payment. Take note the spares and repairs have been paid for in advance and goods have already been released. So Capitec has placed my entire account on hold even though payments have come through from different clients and banking institutions. The amount in question is miniscule compared to my current account balance. This amount has long been used and Capitec has now placed a hold on my personal funds. This has been a total nightmare as I have had no access to any of my funds this holiday season which has made what was meant to be a time of joy a complete misery and I have Capitec to thank for that.

Trying to grow a business as a female of colour during this Pandemic is extremely difficult and instead of expecting assistance from my Bank, they seem to be making matter worse.