Capitec Announces Increase in Bank Fees, Mzansi Outraged: “Banks Are Making Us More Broke Now”

• Capitec announced that it plans to increase its bank fees from Wednesday, 1 March, leaving many fuming
• Group Executive of Marketing and Communications Francois Viviers said offering cash, and branch-based banking is expensive
• Aside from increasing its bank fees, Capitec also introduced new services such as Capitec Connect

JOHANNESBURG - Citizens expressed anger over Capitec’s recently updated banking fee for 2023.

The much-loved bank, which boasts over 19 million clients announced the changes on Monday, 20 February. Capitec said it would increase its fees for cash withdrawals, branch fees and its Global One Account monthly fee.

Group Executive of Marketing and Communications Francois Viviers said that while the bank understands that the cost of living has gotten higher, there was a need to increase the fee. He said offering cash and branch-based banking is expensive due to the cost of transporting, securing cash and running branch infrastructure, according to the Daily Sun.

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The bank’s customers will be forced to fork out 8% per cent more for cash deposits and 19% more on withdrawals. At the same time, ATM deposits will increase from R1.30 per R100 deposited to R1.40 per R100.

Cash withdrawals rise from R8.00 per every R1 000 withdrawn to R9.50. Payments to other banks will increase to R2 per transaction, and cash send fees will also increase to R9.50.

Aside from the increases Capitec also introduced new services, among these are, Capitec Connect, Capitec Pay, Pay Bills and vouchers. According to BusinessTech, the new bank fees will come into effect from Wednesday, 1 March.

Mzansi unimpressed by Capitec’s new fees

Ngoako Piet Mohale said:

“Capitec bank is very very expensive nowadays and lots of people don't realize it. I am going to close my account soon.”

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Amanda ZAo Sontlaba posted:

“I'm switching already, the banks are making us more broke now.”

Gogo Bolele wrote:

“Capitec and DSTV - same WhatsApp group.”

Pheh Zikodeh commented:

“Capitec is the most expensive bank unless you are the type that only uses money once a month.”

Abuti Davies Ntsako Ndhumanyane added:

“They all started like they were cheap mxm, I think it's about time I bank under my bed.”

R1K Capitec investment 20 years ago rewards investors with R2.3 million, leaving many kicking themselves

Briefly News also reported that an investment of R1000 in Capitec 20 years ago would be worth an incredible R2.3 million today.

The Stellenbosch-based bank is one of the biggest success stories in the country and has rewarded its investors generously. Capitec boasts an impressive 18 million clients and has a market value of almost R240 billion.

An analyst from Allan Gray said since listing on the Johannesburg Stock Exchange in 2002, Capitec has delivered a total shareholder return of 46% per annum. Capitec is the third largest JSE-listed bank.

Source: Briefly News