Close Your Accounts With This Bank or Loss ALL Your Money

- so Capitec Bank claims that they have a right to take any amount from your savings account to cover any bank fees for transactions that are declined / reversed on your main account, they claim they don’t need your consent for this. They call this the “set-off” charge.

I had an app from iStore try to deduct a subscription fee of R24.99 which of course wasn’t on my main account, yet I didn’t get a decline/ insufficient funds notice.

Following this, Capitec then charged me R8.50 for all 8x (times) the decline transaction was declined, taking ALL these fees from my other savings account, mmh!.

I called twice asking about this, as: 1) I never consented to money being taken from a separate savings account of mine if there’s no funds from the main account but Capitec Bank says they have every right to take any amount from any of your accounts to cover their fees, not to even cover the declined transaction, mind you.

2) They claim this is a rule with this bank, imagine having your last R100 in your other savings account & Capitec Bank simply takes any amount from there simply because your main account is on a negative, & I maintain they did NOT send me a decline/insufficient funds text.

They said, they have issues with the app & the lady who was answering my call made me wait for 15min straight, never sent me a reference for the call & told me that she won’t repeat herself as I kept saying I don’t understand why this happened.

A day after that, they sent an sms saying they incorrectly charged me R8.50 for insufficient funds instead of R0.40, WOW!.

I have since moved all my money out of that bank as they can take whatever amount they feel like from wherever instead of informing you, no Capitec Bank is the boss of your money, they take from wherever & how ever much amount they feel and then send you an apology sms.

They can’t be trusted with our pathetic R0.50 I suppose. I am literally sitting outside their branch right now as I’m typing and waiting for opening time so I can go close my account formally.

I don’t want to do this over the phone because clearly we’re merely numbers to them. I want to speak to the branch manager and close my account.

If you have an account with this bank, your money is not safe. Please be careful.

In my whole life I’ve never seen a bank access your investment savings accounts to cover their own cost, it’s scary and shocking. I’m extremely shocked and there’s no amount of apology that can change my mind.

I’ve since told ALL 87 of my family members who use this bank and 53 have already closed their accounts.

I mean we’re just numbers right?!