Court order that stops all further debt-collecting procedures against you and places your financial affairs under the control of an administrator. These orders are typically applied for when someone is struggling to settle their debts.
learn the lingo
Date that runs exactly on a month-to-month basis from the date that you open a fixed-term savings account. E.g. If you fix a flexible savings account (or open a fixed-term savings account) on 15 December for 6 months, the anniversary dates will be 15 January, 15 February, etc.
ATMs are machines that typically allow you to do account enquiries, transfer money and get cash.
Your available balance is the amount of money you have left in your bank account after all deposits, withdrawals, interest and bank fees have been taken into consideration. This will be your net balance.
Financial institution licensed to accept deposits and offer credit.
A bank's physical outlet where day-to-day banking and administration takes place. Find your nearest Capitec Bank branch.
Tool to help you manage your money responsibly. Use it to list all your expenses for the month; then subtract this amount from your total income. This will show you if you have enough income to meet all your expenses.
Interest capitalises when the interest earned during the month is added to your account on a specific day. This date will be on the evening before the monthly anniversary date.
Criminal act where your card’s magnetic stripe information is copied using a card-skimming device. This info is then used to make a duplicate magstripe card. Skimmers can be small enough to be hidden in the palm of one's hand or they can be fixed to an ATM and disguised as a card reader. Criminals will also need your card PIN to use this duplicate card. Never share your card PIN (and don’t choose PINs that are easy to guess (e.g. your date of birth, 1234).
A company that buys or is assigned consumer debts that have gone through the write-off process. The company then attempts to collect on these debts.
Interest earned on interest that capitalises in your fixed-term savings account.
Borrowed money which is available in various forms: credit cards, loans, vehicle finance, home loans, store credit, etc. We offer a range of personalised loans including a credit facility, and a credit card.
A card issued by your bank which allows you to purchase goods and services. The Capitec Bank credit card gives you access to all your banking and the highest interest on a positive balance.
Loan for your daily needs or emergencies. A credit facility is reviewed once every 6 months at a branch and repayable in full each month. You can transfer money to your transaction/savings account using Remote Banking (cellphone app/Internet/*120*3279#) or our ATMs.
A report generated by a credit-reporting agency that gauges the creditworthiness of a person. It is used by most lenders as a measure of risk when approving a debtor for an extension of secured or unsecured debt.
A person and/or company that owns the debt of the debtor – the person or company you owe.
A debit card is linked to your main transaction/savings account so that money is debited from you account whenever you make a payment. Use this card with your PIN to safely access and transact on your accounts at card machines, ATMs and our branches. You can also shop online and place telephone or mail orders using your Global One card, a debit MasterCard®.
Cashless payment for goods or services (e.g. your shopping, accounts or fuel). Use your Global One card at a card machine and enter your PIN. You pay zero purchase fees every time you use your card, which means you save. You can also use your card to shop online (securely with MasterCard® SecureCode™ at participating merchants) and place telephone or mail orders.
Agreement between you and a third party, whereby you authorise them to debit your account regularly. Debit orders are ideal for making regular payments where the amount can vary.
A person or company in business for the purpose of attempting to collect debt that is either bought from or assigned by an original creditor.
The process of taking a number of debts and consolidating them into one single debt. This is often done to achieve a better interest rate and/or to improve monthly cash flow.
Registered debt counsellors rearrange the loan repayments of clients who are overindebted, at a cost. Depending on the circumstances, a debt counsellor can charge up to R6 000 (excluding VAT) for a debt rearrangement in addition to the application and monthly aftercare fees.
This is the process that you go through to have yourself declared overindebted. This happens when you can't pay your monthly instalments and approach a registered debt counsellor for help. Debt counsellors rearrange the loan repayments of clients who are overindebted, at a cost. Always consider approaching us first because you can save your money instead of incurring this cost. Debt review doesn't automatically guarantee you a successful debt rearrangement. Your review will be recorded at the credit bureaus, which means that you may not be able to get more credit during this period.
The process whereby a debtor attempts to pay off their creditor completely by negotiating a lump sum payment to satisfy the entire debt balance. This is usually not an option until the account is seriously delinquent or written off.
If you choose to reinvest interest earned on your fixed-term savings account, you'll receive interest on the interest that capitalises in your account. This is called compound interest. You'll receive more total interest than you would have if you chose to transfer it out of your fixed-term savings account and into your transaction/savings account.
Electronic transfer of money from one bank account to another. You can make payments from your bank account to other bank accounts and receive payments from other bank accounts. It's easy, convenient and costs less than transferring money in a branch. It's also much safer than drawing and handling cash at an ATM.
Legislation introduced to help identify the proceeds of unlawful activities and counter money laundering. It's the reason why you must produce certain documents when dealing with financial services institutions.
Type of savings plan that you can fix for a certain term. You can open up to 4 extra savings plans (flexible or fixed-term savings accounts) and name them according to your goals. The terms of your fixed-term savings account depends on whether you wish to make one deposit or multiple deposits over the term. It allows you to earn even more interest and achieve your goals sooner because you get the best rates possible.
Type of savings plan that allows you to choose the terms and amount that you want to save. You can open up to 4 extra savings plans (flexible or fixed-term savings accounts) and name them according to your goals. A flexible savings account is designed to be flexible so you can access your money any time.
The 7-calendar-day period for depositing money into your fixed-term savings account once you've opened it. You can do this by EFT, interaccount transfer, cheque, cash and transfers from other banks in order to make up a single deposit.
A term to describe the inability of a debtor to pay back their established debt. If a debtor is truly insolvent then they have no way of paying the debt back.
Interest rate category determined by the term of the fixed-term savings account, the balance in the account and whether you choose to make a single deposit or multiple deposits.
A convenient service that allows you to transfer money between your accounts, create beneficiaries and do payments, view/download statements and tax interest certificates, view your transaction/payment history, and register for or maintain your SMS Update settings when it suits you. Visit your nearest branch with your cellphone to register.
In addition to using your Global One card at card machines and ATMs, you can also use it to shop online or place telephone and mail orders. SecureCode™ allows you to make secure online purchases at participating merchants – look for the MasterCard® SecureCode logo on the website. Register by visiting any of our branches and activate online.
American-based company and one of the world's leading facilitators of purchases between consumers and merchants. MasterCard® Worldwide issues the widely-accepted MasterCard® debit and credit cards which are the preferred choice among millions of merchants and consumers. The Global One card bears the MasterCard® logo and can be used wherever this logo is displayed. Capitec Bank is partnered with MasterCard® Worldwide.
Date when your fixed-term savings account becomes a flexible savings account and you can draw your savings. The interest rate reverts to the lower interest rate which applies to flexible savings accounts. You can choose any maturity date at least 6 months after the day the account is opened.
Option to make multiple deposits into your fixed-term savings account. Any number of deposits can be made at any time until the amounts deposited reach the investment limit.
Legislation that came into effect on 1 June 2007 to guard against over-indebtedness and unscrupulous lending. The NCA also regulates the way in which credit is marketed to protect you from abusive marketing practices. Capitec Bank is a registered credit provider and all credit plans are NCA-compliant.
An organisation established as the regulator under the National Credit Act 34 of 2005 (the Act), which is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints and ensuring enforcement of the Act.
A non-profit organisation established by the credit industry to combat overindebtedness of consumers. The initiative was driven by the recognition that overindebtedness and financial distress of consumers can have a significantly detrimental impact on society, but also on the sustainability of the credit industry itself.
We always quote interest earned on savings as a nominal rate, according to a specific tier. This is the interest rate applied to the balance in a savings account. This quoted interest rate doesn't take compound interest into account.
If you're struggling to make your loan repayments, you could be overindebted. Visit your nearest branch and speak to a service consultant about rescheduling your repayments. This could decrease your monthly repayment and increase the remaining term of your loan. This is a free service and may save you money instead of adding to your expenses.
Secret code that you choose, which includes letters and numbers, that verifies your identity. It's used to access your accounts through Remote Banking (Internet). Keep your password secret!
Secret number that verifies your identity and is typically used to access your accounts in different ways:
- Card PIN – Used to confirm Global One card transactions at card machines, ATMs and in our branches
- Remote PIN – Used to sign in to Remote Banking (app or Internet) and approve transactions
- Mobile Banking PIN – Used to confirm Mobile Banking transactions on your cellphone
Keep your PINs secret and NEVER share them.
Instruction to your bank to debit your account and pay a third party a fixed amount on a regular basis until a specified date. Recurring payments simplify your life because you don't need to remember to do the payments.
Arrangement with your credit provider to change the term and/or the amount of your loan repayments.
Retrenchment and death cover is a type of insurance that covers your debt should you die or be retrenched. Most unsecured credit providers include credit life insurance in the loans that they grant (at an additional cost). We provide retrenchment and death cover on all credit plans of 6 months or longer at no extra cost to you.
Payment switching service offered by BankServ that allows ATM transactions between participating SA banks. This means that as a Capitec Bank client, you can draw money from your account at another bank's ATM, as long as that bank is one of the participating banks.
Money that you set aside in your bank account so it can earn interest and grow over time. It's never too late to start saving. Remember that it's easier to save small, regular amounts rather than trying to make a single deposit.
When your monthly expenses are more than your monthly income. Cut your expenses immediately and/or find extra work to increase your income.
Date on which you indicate that you'll make a single/once-off deposit into your fixed-term savings account. This date is used in the illustrative savings calculation done when opening or fixing the account. Your actual deposit will determine the actual interest earned on your account.
Option to deposit money into your fixed-term savings account by no later than the date indicated on the fixed-term savings account agreement. If you choose this option, no other deposits can be made after this date.
Information service that gives you transaction notifications by SMS to your cellphone for money in, money out or both. Get notifications for your transaction/savings account, flexible savings account or fixed-term savings account. Find out more about SMS Update.
When your monthly expenses are less than your monthly income, you have a surplus. Think about saving or investing this extra money in a flexible or fixed-term savings account so you can build a nest egg.
Type of savings plan that allows you to save money up to a limit without the interest earned being taxed. You can open one tax-free savings account at any of our branches – any other savings plans that you have may not be converted to a tax-free savings account. A fee of R300 applies for early access to your money.
Document that you sign once your fixed-term savings account has been opened. It displays the specific terms that you've chosen and the interest rate you'll receive based on the options you chose. The term sheet always refers to the original terms and conditions, which are printed when the transaction/savings account is opened.
A token generates token passwords that are used for identification and approval purposes during Internet banking sessions. Together with your username and password, these token passwords give you secure access. You can choose between a cellphone application or keyring device for your security type.
Passwords that help keep your accounts and money secure during Internet banking sessions (e.g. signing in or paying beneficiaries). These unique passwords, which are generated by a token, can be used once and only for a limited time. This means they are useless to someone soon after they've been generated and used. Unlike passwords sent by SMS, they can't be intercepted as long as the token stays in your possession. If you choose to use the mobile application, you will receive and respond to confirmation messages on your cellphone when signing in and transacting on Internet banking. Token passwords will be generated as an alternative to the confirmation messages should you have poor cellphone reception or insufficient data.
All clients get this account which is your main Global One account. It's a transaction account that also lets you save. You get lower, transparent bank costs, higher interest on savings and the easiest access to personalised credit. Your Global One card is used to access your account and transact, and can be used at most retailers wherever you see the MasterCard® logo. This account can also be accessed through Remote Banking (cellphone app/Internet/*120*3279#) if you have already registered at a branch.