Jun 22, 2024

NSFAS beneficiary using Capitec Bank loses fixed savings


Imagine saving over R41 000 of your NSFAS money for three years, only for it to disappear in your Capitec Fixed account leaving you with nothing.

A Student from the Central University of Technology (CUT) who is a beneficiary of the National Student Financial Aid Scheme (NSFAS), had been for three years since 2019 saving half of her allowance provided, saving it up to take her child to school with.

A few days back she came to realise her fixed savings account has been tampered with, all her hard savings amounting to R41 000 has disappeared, along with the R4 800 she received for the month of December and Capitec responded to her with a “There’s Nothing We Can Do About It, Go Open A Case At The Police Station.”

The saver has been for years saving half of her allowance in order to accumulate enough funds to pay for her child’s fees looking to use money for a positive future benefit. A friend of hers says she is rather heart broken and angry with the bank as there is no allowance for January 2022, how will the saver make ends meet when her lifetime savings were ripped off of her.

When this information reached social media, the saver got a number of advices from users who said they also came across such and fought until the bank reimbursed them all the money that mysteriously vanishes in their accounts. Some are so angry with the bank the advice they gave read as follows: “Go to Capitec and borrow 50 000 loan then transfer money to another bank then throw that Capitec bullshit card and thank me later.”

Other user asked to be put in touch with the saver in order to assist her in getting the money back from the bank after being involved in a similar issue and managed to get the money back. More encouraging comments are flocking in requesting the saver to not let the matter slide but to fight to get all her money back.