Advertising authority says Capitec banking is not ‘free’ after angry complaint
A customer was told he banked for ‘free’ because the fee he was obliged to pay was less than the interest earned; the ASA isn’t buying it either
"Free" banking with Capitec actually cost Stephen Wall R64.75‚ and he wasn’t amused. Wall was so upset by an SMS from the organisation, which claims to help people "bank better‚ live better", that he complained about it to the advertising watchdog. On Friday, the Advertising Standards Authority (ASA) agreed with him that "free" and "R64.75" are not the same thing‚ instructing its members not to accept any Capitec adverts claiming the contrary. The SMS from Capitec that started it all, read: "Mr Wall‚ your June fees: R64.75. Interest earned: R1‚846.30. Well done! By earning more interest than your bank fees‚ you banked for free." He told the ASA the fact that he earned more interest than the fees he paid did not mean he banked for free — only that Capitec paid him R64.75 less in interest than it should have done. "If Capitec wishes to make this claim then it must credit the R64.75‚" he said‚ adding that the bank was treating its customers like fools. Capitec did not respond to the AS...
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