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Capitec has highest number of ATM complaints, so why are their queues so long?

3 November 2021 9:00 PM
Tags:
Fraud
Banking
Nedbank
The Money Show
FNB
ATM
Standard Bank
Capitec Bank
Capitec
Absa
ABSA Bank
Banking ombudsman
Ombudsman for Banking Services
card swapping
Wendy Knowler
OBS
complaints against banks
Bruce Whifield

Consumer ninja Wendy Knowler finds out why so many Capitec clients use ATMs instead of other options, on The Money Show.

Capitec Bank has the highest number of ATM-related complaints, according to the latest figures from the Ombudsman for Banking Services (OBS).

The bulk of the complaints concern fraud, especially the card swapping perpetrated through distracting someone drawing money, reports consumer journalist Wendy Knowler.

It's not a new problem, in fact it's diminished over the years... They look over your shoulder and distract you... off they go with your card and your pin and they raid your bank account... When you take it up with your bank, the bank says you have a duty to protect your pin...

Wendy Knowler, Consumer journalist

Around 77-80% of the cases the victims of ATM fraud take to the Ombudsman for Banking Services, the Ombuds find in favour of the bank.

Wendy Knowler, Consumer journalist

ATM fraud is now number six on the list of top complaints after things like current accounts, Internet banking, home loans, vehicle finance...

Wendy Knowler, Consumer journalist

Most people will have noticed that Capitec Bank’s ATMs always have the longest queues, she says.

"This perplexes me, because not only are ATMs the most time consuming way to draw money, if you are a Capitec customer, but the most expensive - R7,50 per R1000! - AND the most unsafe!"

She points out that if clients drew money at the till point of Shoprite, Checkers, Pick n Pay or Boxer after buying their groceries it would cost them a flat fee of R1,60.

© belchonock/123rf.com

Following up with Capitec, Knowler discovered the bank itself would like the current ATM trend to change.

It's not cost-effective for the bank says Communications Head Charl Nel, which is why the fee was raised about a year ago.

Capitec has embarked on various education campaigns to get clients to switch.

But he says the pushback is that customers are familiar with the layout or the flow as they call it, of the ATMs Capitec puts up... Somehow they don't feel as safe in a supermarket queue...

Wendy Knowler, Consumer journalist

RELATED: 'I had to call my bank to cancel huge credit limit increase - I don't want it!'

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For more detail, listen to the discussion below:




3 November 2021 9:00 PM
Tags:
Fraud
Banking
Nedbank
The Money Show
FNB
ATM
Standard Bank
Capitec Bank
Capitec
Absa
ABSA Bank
Banking ombudsman
Ombudsman for Banking Services
card swapping
Wendy Knowler
OBS
complaints against banks
Bruce Whifield

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