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  1. #1
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    Default Capitec in trouble?

    While I hate this kind of question, I thought that I should ask non the less, is Capitec in financial trouble? I have done some digging and can find nothing in Google, except for the Viceroy stuff which seems to have died down. I do bank with them and have been told nothing by them and so far no issues, however a friends maids husband ( yup, I know) has been having endless trouble getting his salary out of them and thus these rumours have begun to surface in my AO, truth or BS, what says the hive mind?

  2. #2
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    Eikestad omgewing
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    Default Re: Capitec in trouble?

    I could say BS, but you since one should always look at facts, have a look at their recent annual statements published end of February here:
    https://www.capitecbank.co.za/invest...l-results/2018

    Viceroy seems to be a front for some US hedge funds who take big short positions in stocks and then try and scare the market to drive down stock prices.

    Personally, I'm still happy with their service and my money with them is staying put!

  3. #3
    Member Andrew Leigh's Avatar
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    Default Re: Capitec in trouble?

    They were exonerated from the Viceroy report and the Reserve Bank had a look at them and gave them a clean bill of health.

    Not for one minute saying that they are not in a tight space but who is not at the moment.
    One too many wasted sunsets and one too many for the road .........

  4. #4
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    Default Re: Capitec in trouble?

    A mate of mine is a senior IT architect at ABSA, in his opinion CAPITEC is in a great position. They don't have massive overheads and they have very few legacy systems to baby. They increase their level of automation every year and have almost no labour issues to deal with. Plus they offer very few products that they seem to do very well. I've thought about changing over to them.

  5. #5

    Default Re: Capitec in trouble?

    Currently I have there normal card or what they call Global card. With 5 accounts on it. As well as their Credit card.
    Been with them now for maybe +-7 years.
    Still happy with them.
    As I swipe my card literally for everything. Even when buying something for R5-00.
    And my Monthly costs rarely hits R100-00.

    And I receive Interest on my accounts. Which so far covers my vehicles insurance debit orders.
    At other banks you get zero interest on Saving accounts. And get charged alot of costs.
    So if I have to move to other banks. I will have to start paying insurance out of my pocket. lol.

    If i remember correct. The Reserve Bank has to monthly look at all banks.
    If a bank goes under for some reason. You dont loose what you have with them.
    Its not like having shares where you can loose everything when company goes under.

  6. #6
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    Default Re: Capitec in trouble?

    When the Viceroy report broke I transferred all of my wife's savings out of Capitec, but she still uses it as a transactional account. I haven't transferred it back just yet... I also think it was just a fishing expedition, but we went through the Saambou saga so I'm still cautious.

  7. #7

    Default Re: Capitec in trouble?

    I walked into Capitec last week saying I wanted to cancel all my and the wife's accounts and move all my money to another bank.
    No ums or arrr's.
    No "let's talk about this".
    No "let's rather wait for....."
    Just a "Sir, which financial institution would you like to transfer to?"
    I told the consultant it was just a test for my own peace of mind and walked out. Capitec is solid.


    Sent from my iPhone using Tapatalk

  8. #8
    Moderator Skaaphaas's Avatar
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    Default Re: Capitec in trouble?

    I don’t mean to offend, but are you basing that statement that “Capitec is solid” solely on that interaction?
    Sent electronically, thus not signed.

  9. #9

    Default Re: Capitec in trouble?

    None taken.
    In response.....Partially and my many years of interaction with them on various levels beside personal banking. I won't go into extreme detail here but if you consider their financials on the Basel capital accord premise, you get the feeling they've got to be very good at the sheister game to make it "appear" that they're on good footing.


    Sent from my iPhone using Tapatalk

  10. #10
    Moderator Skaaphaas's Avatar
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    Default Re: Capitec in trouble?

    Okay, so you att least have another basis for it. I’m currently dealing with extrapolated conclusions which is giving me headaches, so I’m somewhat hesitant around them.

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