Capitec Bank
CAPITEC MY MONEY

On the 2nd August I requested a counter cheque from my ABSA branch which I then deposited straight into my CAPITEC account. AT THIS POINT IT SHOULD BE NOTED THAT A COUNTER CHEQUE IS GUARANTEED - NO SUBSEQUENT CLEARANCE IS NECESSARY. All the CAPITEC teller asked me was whether I wanted special clearance otherwise it COULD take up to 14 days to clear. I said no thank you as the cheque was already bank guaranteed and should clear in a day or two anyway, without incuring the additional expense. Today, the 14 August, said cheque has still not cleared into my CAPITEC account! When I called the callcentre to query why it is taking so long I was told that I should have submitted written confirmation to CAPITEC confirming it was a bank guaranteed cheque and that accordingly it will only clear on the 16 August. Have you ever heard anything so ridiculous?! This is clearly another case of the banks, in this case CAPITEC, ripping off the consumer. What they are effectively doing is our interest using the laughable argument that ABSA could collapse in the next 14 days! No doubt they will come with the response "it is company policy" - not good enough CAPITEC.

Company: Capitec Bank
Country: South Africa
City: BENONI

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