We have made changes to our contract terms and conditions.
Please note that these changes won't change your account or fees. Please refer to our fees page to see your account fees.
To read a detailed overview of the Global One contract amendments, click here.
These are standard regulatory updates and won’t affect your accounts or money.
In recent years, Capitec Group has broadened its product range to include value-added and non-banking financial services, such as Capitec Connect, Business Banking, and Insurance. We are not just a bank anymore, and as we continue to grow, we are restructuring some of the products developed by Capitec Bank under separate legal entities. This requires minor changes to the terms and conditions of our Global One Account agreements so that we can offer you products and services from these entities.
We operate in a highly regulated environment of banking, insurance, financial services, credit and other goods and services. There are several laws, regulations and directives that require us to perform certain activities to help detect or prevent crime (including terrorism financing, money laundering and other financial crimes). This includes the analysis of credit, geolocation and transactional data to ensure that we have all the information we need.
By law, we must:
You can opt out of us using your personal information for personalised offers or marketing at any time by changing your consent settings on our app, contacting our Client Care Centre, or completing a form on the Privacy Centre | Capitec. Opting out means that you will not receive information about new or existing products, services, and benefits across the Capitec Group designed to help you live better. You will still receive important messages related to your accounts and products, such as Money in/Money out notifications. However, your personal information will still be used and stored per our retention policies to fulfil our obligations outlined in our agreements with you and provide you with banking and financial education services.
Yes. Our approach to handling and processing your personal data has not and never will change. We continue to uphold our privacy principles and take the appropriate, reasonable, technical and organisational steps to protect your personal information in line with industry best practices. We ensure that known threats are accounted for and implement appropriate security controls to prevent your personal information from being accidentally or deliberately compromised. We always use secure transfer methods when storing or sharing your personal information. To ensure that if we do share your personal information with third parties, the necessary safeguards, written agreements, and due diligence are in place to protect your personal information. Only approved Capitec employees are allowed access to your personal information if it is a requirement to perform their daily tasks for Capitec. Our privacy notice explains how we process this information: Privacy notice | Privacy centre | Capitec Bank. You can exercise your privacy rights at any time by completing a form on: Exercise your POPIA rights | Privacy centre | Capitec Bank
We will only share your data where it is lawful to do so. For example, where you have provided us with your consent to do so, to provide you with products or services you have requested or where Capitec is required to do so in connection with regulatory reporting, litigation, governmental audit or asserting or defending legal rights and interests. Who we share your information with is detailed in Privacy notice | Privacy centre | Capitec Bank . You can exercise your privacy rights at any time by completing a form on: Exercise your POPIA rights | Privacy centre | Capitec Bank
Legitimate interest is when there is a valid and justifiable reason for a third party to be involved in the processing of your personal information. We operate within a highly regulated environment of banking, insurance, financial services, credit and other goods and services, which means that there are several laws, regulations and directives that require us to perform certain processing activities to help detect or prevent crime (including terrorism financing, money laundering and other financial crimes). In some cases, this necessitates processing your personal information based on instructions from third parties e.g. regulatory bodies.
As the Capitec Group now offers Business Banking services along with its other products, it is important to make it clear when individuals can use the Global One account and when they need to open a separate Capitec Business account. If you're an individual, you can use the Global One account for your personal banking needs. However, if you have a registered business with its own legal entity, you'll need to open a Capitec Business account specifically for that business's transactions.
If you are a Sole Proprietor, you are not restricted on the number of transactions or value of transactions that you can put through your account, but you may not conduct illegal, inappropriate or fraudulent financial activities through your account or use your account in any other way that would constitute misconduct. Clause 8 of your agreement still applies regarding the proper use of your account.
The fixed-term unlock capability will be activated on our app for balances less than R10 000 in early 2024. Following this implementation, the feature will be discontinued on ATMs. A communication will be issued prior to us deactivating the feature.
No
Capitec Group has broadened its product range to include value-added and non-banking financial services, such as Capitec Connect, Business Banking, and Insurance. This requires minor changes to the terms and conditions of our Global One Account agreements, including the data protection and privacy clauses, so we can be more transparent to you on the data we collect and process.
No. Our approach to handling and processing your personal data has not and never will change. We continue to uphold our privacy principles and take the appropriate, reasonable, technical and organisational steps to protect your personal information in line with industry best practices. We ensure that known threats are accounted for and implement appropriate security controls to prevent your personal information from being accidentally or deliberately compromised. We always use secure transfer methods when storing or sharing your personal information. To ensure that if we do share your personal information with third parties, the necessary safeguards, written agreements, and due diligence are in place to protect your personal information. Only approved Capitec employees are allowed access to your personal information if it is a requirement to perform their daily tasks for Capitec. Our privacy notice explains how we process this information: Privacy notice | Privacy centre | Capitec Bank. You can exercise your privacy rights at any time by completing a form on: Exercise your POPIA rights | Privacy centre | Capitec Bank
