Capitec Bank
Debit order reversal policy and safety of accounts

Capitec recently amended their debit order reversal policy, and now require customers to obtain permission from the third party before Capitec will dispute/reverse a debit order. This is in violation of the PASA bank rules that give customers 40 days to dispute any debit order. As a result Capitec customers' funds are no longer safe from third parties that make debits that were not authorised by the customer.

For example, a company that is going out of business might decide to debit the accounts of customers for an amount that is higher than what they are entitled to. Unlike all other banks, Capitec will not allow their customers to dispute such a debit order without a letter from this company - something that would be impossible to obtain from a company that is knowingly committing.

I have asked questions and expressed my concerns on the Capitec Facebook page, and sent emails to Capitec customer support. But instead of responding to my questions and concerns, Capitec simply deleted my Facebook posts. The last two emails I sent (on March 7 and March 12) were simply ignored.

Is this how Capitec responds to customer concerns about the safety of Capitec bank accounts?

Company: Capitec Bank
Country: South Africa

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