Before you rush to sign up with Capitec, read the small print…
Capitec, the fast-spawning high-street microlender that has pulled in more than six million mostly first-time bank clients with the lure of peanut admin charges of just R5 per month, has some far-reaching small-print conditions that would-be customers might want to note.
When Terry J. Theunissen of Bellville joined the six million with his R100 deposit to open a savings account in July, Capitec consultant Luke Adonis assured him the only requirements were his ID book and proof of permanent residence.
The bank card had already been issued when Adonis presented him with the small technicality of having to “just quickly sign this savings account agreement here and here and here” – after which it was whisked away. Some insistence was necessary before a copy was provided for Theunissen to study at his leisure.
That evening he was appalled when he read what he had signed up for.