Capitec Bank
Accounts Verified by Account Number only

I do the payroll for over a hundred staff, this week there we errors in the banking do incorrect account numbers entered. When called Capitec they only verify the account number and not the account holder name as well. This is a major concern when doing payroll as errors happen and that monies we might never get hold of. as well that the person whom is not the account holder can use the account. the problem with this is a the account number and account holder name might not match and causing endless hassles as some staff might be aware of this and cause you use this to advantage, stating that we put the monies in the wrong account due to the account holder being different to the employee.. we have lost over R5000 due to this. And because of this i do not want to let any of the staff i have employed using Capitec as there bank when it comes to paying salaries