Horrific Experience with Capitec

Sharing my story in the hope that it brings accountability and change.

For the past three years, my family and I have endured immense financial, mental, and emotional strain due to failures by multiple financial institutions in South Africa.

In 2023, I was retrenched following a company restructure. I received a legitimate pension payout and lump sum, which were deposited into my FNB account. From that moment, I experienced repeated and unexplained restrictions on my account for nearly a year. Neither I nor FNB South Africa could move the funds.

Months later, it emerged that my account had been flagged by BankservAfrica for “*****ulent activity” — despite me providing full documentation from my employer and pension fund to verify the source of funds.

Due to FNB’s delays and lack of resolution, Bankserv enabled a transfer to Discovery Limited Bank. Unfortunately, the same access issues persisted. I escalated the matter to the Banking Ombudsman, but despite ongoing communication, there was no meaningful resolution.

A further “temporary fix” allowed me to move the funds to Capitec. Sadly, this marked the beginning of another year and a half of the exact same issues. What followed was a relentless battle involving the Banking Ombudsman, legal representation, and the courts — all simply to access money that I had rightfully earned through my pension, retrenchment payout, and salary.

During this time, FNB Home Loans has threatened legal action on our home due to missed payments, while my wife has carried our household on a single income.

All while we struggled to put food on the table for our two primary school boys. Three years of uncer*****y. Three years of financial paralysis. Three years of letters of demand — for debts we could easily pay if our own money was not locked away.

Promises were made. Deadlines passed. Court dates were postponed. Not a cent was made accessible.

There has been no urgency. No compassion. No accountability.

We are not unwilling to pay. We are not seeking handouts. We are not without means. We simply want access to our own money — money that has been effectively frozen by the very institutions entrusted to safeguard it.

This needs to end.