Capitec management says Nedbank has confirmed a glitch in its system that resulted in Capitec clients having money taken out of their account.
In a statement, Nedbank says some debit transactions were processed twice due to a technical error.
The Financial Sector Conduct Authority (FSCA) says it has been given the assurance by the management of Capitec Bank that all customers who had funds taken out of their accounts will be refunded within 24 hours.
The FSCA says clients who do not receive their money can approach the banking ombudsman to file an official complaint.
Capitec Spokesperson, Charl Nel, says there was no error on their part and its technical team is working with Nedbank to resolve the issue.
“Nedbank has made a statement the double billing glitch took the money twice from Capitec clients and we woke up to this morning and our clients alerted us and we worked with that banks’ IT teams to solve the issue and we will be able to reverse those double deductions into our clients account in the next 24 hours. ”
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Capitec’s spokesperson Charl Nel explains: