Absa is the first bank to allow customers to reverse unauthorised debit orders online. Debit order fraud is on the increase in South Africa. Syndicates are obtaining a database of accounts illegally, and hitting these accounts with small amounts....
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Bank smart, pay less
You’ve finally graduated and landed yourself a job, and you’re loving the flexibility that comes with earning your own money. But before you know it, the money has run out and you’ve been hit with a whopping amount of bank fees. We took a look at...
How to score using your loyalty programme’s rewards
Too much month at the end of your money? It might be time to start really paying attention to your loyalty programmes so that you can get the best value for your money. Recently FNB announced that eBucks members had earned R5 billion in eBucks...
Fraudsters target ATMs
ATM card swopping leaves bank customers with little recourse when funds are stolen from their bank account. Sidwell contacted me after money had been taken from his bank account. His bank refused to refund him after his card had been swallowed...
Jointly owned bank accounts in the British Isles – pitfalls and planning strategies
By Oliver Charles Phipps, FISA member and Solicitor in England with Lester Aldridge It is quite common for an individual in South Africa to own a bank account which is registered in the British Isles. This may be because he or she originated from...
Choosing a bank account for your child
When selecting a bank account for your child, first consider what they will be using it for and then look for one with the best pricing structure. A young child who is mostly saving will want an account with a high interest rate, while an older...
No-deposit home loans
A recent survey in the UK found that young adults are increasingly relying on their parents to help them pay for a deposit for their first home. The survey conducted by mortgage lender Halifax found that the majority of parents believed they would...
Beware of debit order fraud
When Jurie Pohl discovered that fraudulent debit orders amounting to R12 000 had been deducted from his bank account over five years, he became the latest victim of a financial crime where syndicates are deliberately using the debit order system to...
Do you need to bank with the big four to get a home loan?
As banks become tighter about who they lend to, with preference going to their own client base, could banking with Capitec hurt your home loan application? This was a question posed by Akhona who has banked with Capitec for a long time. “I have...
How to handle joint expenses
When you get married it is not just your hearts that become one, but also your money. Even if you are one of those financially independent couples where ‘his is his’ and ‘hers is hers’, when you live together, have kids together and hopefully...
Previous Articles
Should I invest in FinBond?
“What do you think about some of the banks that offer high interest rates such as Finbond that guarantees their investments? Finbond has a banking license just like Capitec and it appears that they offer up to 9.5% on fixed deposits,” writes Michael. Maya replies: You...
The most popular bank accounts
In recent ThinkMoney research, Capitec, FNB and Nedbank were revealed as the leading consumer bank accounts in South Africa. This was according to nearly 7 000 bank account reviews written by Thinkmoney users, who voted Capitec, FNB and Nedbank accounts as the most...
Capitec Bank is South Africa’s fourth largest bank for main accounts
AMPS results show Capitec has pushed out Nedbank to become the fourth largest bank in terms of the number of people using Capitec for their main account. According to a press release issued by Capitec today, the bank has overtaken Nedbank as South Africa’s fourth...
The small business banking challenge
It is very difficult for a small business owner to try and compare banking products and understand which bank’s products best meet his needs. So we gave the banks a real example to see who could offer this entrepreneur the best banking package. Nathan Calitz, owner of...
Profile of a reckless lending case
Without a proper record of credit, can a provider be responsible for reckless lending asks Maya Fisher-French How does someone get into the position where their debt levels reach 217% of their income and who is responsible? While a desperate consumer may take whatever...
Group saving bank accounts
If you form an investment club you will still need to have a bank account for the group in order to collect money and pay out withdrawals. Speak to your bank about the best account for your needs. These bank accounts are specifically aimed at savings clubs: Absa Club...
Tap and pay
Absa recently launched the first fully functioning bank card that enables customers to simply tap and pay for low value items. Building on Absa’s PayPassTM technology which is behind the roll out of the My Citi transit card in Cape Town and the BRT in Johanneburg,...
Getting your admin in order
While it is very important to keep track of your day to day expenses as well as your longer term financial goals, you also need to ensure that your financial administration is up to date. If you need to urgently get hold of vital paperwork do you have any idea where...
Money management tools
One thing all financially savvy people have in common is that they have a good handle on their money. They know how much they are worth, what they spend each month and where their money is going. They have savings goals and they understand their debt commitments. This...
A bank for children and their grandparents
Bidvest Bank’s offering is perfect both for the young and old. Grandparents often want to open a bank account for their grandchildren to encourage them to save. The problem with many existing products is that there is always a monthly bank fee that eats into the...