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1 reviews | Active since Oct 2020

06 Jan 2021, 12:43

Unreasonable delay in releasing deceased assets

My father had an account with Capitec where his investment would reach maturity in April 2022. He unfortunately passed away on the 26th of March 2020 as a result of a heart attack. My mother, as his direct beneficiary, requested the funds to be released to her in September 2020. Capitec has sent her from pillar to post for documentation and has unnecessarily delayed paying the funds into her account as requested.

The first consultant that she initially dealt with instructed her to wait for a period of 30 days for the funds to be transferred. This was not done, so she went to the branch again, only to find that the consultant incorrectly / incompletely captured the required information. Another consultant took over the matter, but did not have the required documents as the first consultant also kept the original copies, resulting in my mother, at age 67, having to stand in another long queue at the DOJ for the second time.

My mother submitted every single piece of information that was requested, yet she was once again instructed to wait for another 15 days. The funds were still not processed after this waiting period expired. On the third occasion, during December, the consultant blatantly told her that there is nothing that she can do so my mother will have to wait for another 15 days.

We are now January now and nothing has been paid into my mother's account after 4 months of constant back and forth. A consultant hung up on her after putting her on hold for 17 minutes this morning. She is a 67 year old who has no means of transport and is being subjected to traveling up-and-down using public transport during a pandemic where the elderly are urged to be at home as they have a much higher risk of contracting the virus.

Why is this not an urgent enough matter for Capitec to resolve despite her also holding a Capitec account?

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Replies (1)
Capitec Bank
Capitec Bank's reply07 Jan 2021, 08:11
Official
 Good day 

Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day. 

Kind regards 

Capitec Bank