Capitec Bank
Don't bank with Capitec - it not safe

Our entire savings were cleaned out of our account by internet and Capitec not accepting liability. The incident was reported within 20 min but account blocked nearly an hour later. The had access to token numbers which are supposed to be secure. There were no SMS alerts sent to us and no red flags raised when the entire account was cleaned out. The money was paid out to other Capitec accounts and now Capitec says they were opened with false information which goes against FICA policy.
Other Banks have a department which alerts their clients if foul play is expected. We had a large amount in a savings account with Capitec and have had to go to the Ombudsman to try and get our money back. We were told by a supervisor from the complaints centre that it was our own problem and just too bad for us. This has been a devastating experience and we would advise that clients avoid banking with Capitec as they do not have proper banking systems in place to secure their clients.

Company: Capitec Bank
Country: South Africa
City: Sandton

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