1 reviews | Active since Apr 2024
Poor Handling of My Account by Capitec Business Bank
I am writing to bring to your attention the appalling way Capitec Business Bank has handled my account issue, which has caused severe disruptions to my business.
On November 13, 2024, a hold was placed on my account due to a complaint from a Standard Bank customer, NKWINIKA MOLATELO, regarding a transaction for USDT coins worth R3,700. Despite fulfilling my end of the transaction on the BINANCE platform as a verified Person2Person merchant, Capitec business bank froze my account without notifying me. This lack of communication and transparency is unacceptable.
Over a month has passed, and the issue remains unresolved despite my repeated efforts. I have submitted all requested documentation to Capitec business bank representatives, including Ndumiso Mnyezima and Thokozani Masombuka, yet no meaningful action has been taken. The unprofessional handling of this matter has significantly impacted my operations during the busiest trading periods, including Black Friday and December sales, causing substantial financial losses.
Thokozani informed me that the bank views my business type as "too risky" and suggested a relationship banker would contact me to discuss next steps. However, no one has called since two weeks ago that he called me, and further inquiries have led me in circles, with the matter being repeatedly redirected to the ***** department, which has done nothing to resolve the issue.
As a business owner, I cannot afford to have my account closed due to its importance in managing other business activities, tenant payments, and client transactions. Capitec's business bank negligence is not only unprofessional but also a violation of my rights as a customer.
I have made every effort to resolve this matter amicably, yet Capitec Business Bank continues to suppress me by withholding my funds. This behavior is not only ********* but also harmful to my business and reputation.
I urgently request Capitec business to expedite the resolution of this issue and release my funds. I am prepared to provide all necessary documentation, including proof of delivery for the disputed transaction.
The ongoing delays and lack of accountability have caused severe damage to my business, and I will not hesitate to escalate this matter further if necessary.
Capitec Business Bank must prioritize resolving this issue immediately to mitigate further harm.
If you're considering starting a business and looking for a reliable business banking partner, I strongly advise exploring other options. My experience with Capitec Business Bank has been extremely disappointing. Their unprofessional handling of issues and lack of customer service from their representatives have caused unnecessary frustrations and setbacks for my business.
Choosing the right banking partner is crucial for your business's success, and unfortunately, Capitec has fallen short in every aspect for me.
06 January 2025
***
Oluwafisayo Ifeoluwa Akinsanya
Amoola Global Enterprise Pty Ltd, registration Number ***
96
Gauteng
0155
Via email: ***
Dear Mr / Ms
Re: Notice of termination of banker-client relationship:
1. This letter is addressed to you to inform you that Capitec Bank Ltd (“Capitec”) has elected
to terminate its banking relationship with you. Effective 12:00 on 10 March 2025 (the
“Termination Date”), the below specified account/s will be closed due to the associated
business and reputational risk as such a continued banker-client relationship is outside
Capitec’s risk appetite.
• Capitec Business Account: 105****228
2. Capitec’s relationship with its clients is governed by the private law principles of the law of
contract, in terms of which Capitec derives its right to terminate relationships with its clients.
Capitec’s decision to terminate the relationship with you was reached after us having
conducted a client review wherein we carefully considered, inter alia, the nature and purpose
of your business and transactional activities, the ownership and control structure of your
account/s (and related parties where applicable), the source of funds, transactional value
chains, etc.
3. Against this termination of the banker-client relationship your attention is drawn to the
following:
a) You are urged to prior to the Termination Date visit your nearest Capitec Branch and
close all your Capitec account/s. Should you fail to do so Capitec will, on the
Termination Date, place holds on your account/s, close these and place any remaining
funds in a suspense account from which Capitec would comply with any future legal
obligations as they may arise.
b) c) d) e) f) g) All access to credit facilities, on your accounts with Capitec will be blocked with
immediate effect. Capitec reserves all its rights in respect of any outstanding credit
facilities.
You remain responsible to settle the outstanding balances on your account/s and
continue to service the long-term debt / loan repayments to Capitec in terms of the
current applicable repayment agreements.
You must ensure that you, where applicable, and prior to the Termination Date stop
any debit or stop orders processed against your account/s with Capitec and that
these are redirected to an alternative bank account. Capitec will not be liable in any
way for any unpaid or unprocessed debit orders.
You must similarly ensure that all cards issued in respect of all account/s held with
Capitec are destroyed by no later than the Termination Date.
Any payment instruments drawn against your Capitec account/s, or received after
the Termination Date, will not be processed or honoured:
From the Termination Date, you will be unable to utilize any of Capitec’s digital
platforms.
4. You are urged to ensure that you comply with the provisions of this Termination Notice
and to take the appropriate actions to ensure that there is no interruption to your banking
operations post the Termination Date.
5. Any enquiries regarding the above must be in writing and addressed to:
06 January 2025
***
Oluwafisayo Ifeoluwa Akinsanya
Amoola Global Enterprise Pty Ltd, registration Number ***
96
Gauteng
0155
Via email: ***
Dear Mr / Ms
Re: Notice of termination of banker-client relationship:
1. This letter is addressed to you to inform you that Capitec Bank Ltd (“Capitec”) has elected
to terminate its banking relationship with you. Effective 12:00 on 10 March 2025 (the
“Termination Date”), the below specified account/s will be closed due to the associated
business and reputational risk as such a continued banker-client relationship is outside
Capitec’s risk appetite.
• Capitec Business Account: 105****228
2. Capitec’s relationship with its clients is governed by the private law principles of the law of
contract, in terms of which Capitec derives its right to terminate relationships with its clients.
Capitec’s decision to terminate the relationship with you was reached after us having
conducted a client review wherein we carefully considered, inter alia, the nature and purpose
of your business and transactional activities, the ownership and control structure of your
account/s (and related parties where applicable), the source of funds, transactional value
chains, etc.
3. Against this termination of the banker-client relationship your attention is drawn to the
following:
a) You are urged to prior to the Termination Date visit your nearest Capitec Branch and
close all your Capitec account/s. Should you fail to do so Capitec will, on the
Termination Date, place holds on your account/s, close these and place any remaining
funds in a suspense account from which Capitec would comply with any future legal
obligations as they may arise.
b) c) d) e) f) g) All access to credit facilities, on your accounts with Capitec will be blocked with
immediate effect. Capitec reserves all its rights in respect of any outstanding credit
facilities.
You remain responsible to settle the outstanding balances on your account/s and
continue to service the long-term debt / loan repayments to Capitec in terms of the
current applicable repayment agreements.
You must ensure that you, where applicable, and prior to the Termination Date stop
any debit or stop orders processed against your account/s with Capitec and that
these are redirected to an alternative bank account. Capitec will not be liable in any
way for any unpaid or unprocessed debit orders.
You must similarly ensure that all cards issued in respect of all account/s held with
Capitec are destroyed by no later than the Termination Date.
Any payment instruments drawn against your Capitec account/s, or received after
the Termination Date, will not be processed or honoured:
From the Termination Date, you will be unable to utilize any of Capitec’s digital
platforms.
4. You are urged to ensure that you comply with the provisions of this Termination Notice
and to take the appropriate actions to ensure that there is no interruption to your banking
operations post the Termination Date.
5. Any enquiries regarding the above must be in writing and addressed to: