Capitec not-so-free banking
Banks are not immune to the authority of the ARB, with Capitec learning a lesson in September.
According to TimesLIVE, Stephen Wall was not impressed when he got a text from Capitec, with whom he had signed up to enjoy “free” banking.
The text 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.”
Wall’s argument was that Capitec had paid him R64.75 less than the interest he would have earned.
The ARB agreed with Wall.
“The fact that the bank charges are less than the interest does not mean that the customer banked for free,” said the ARB.
Capitec did not defend the matter.
Misleading Tupperware advert
In June, TimesLIVE reported that the advertising authority ordered Tupperware Southern Africa to withdraw an advert which appeared in its brochure.
This followed a complaint about items that were advertised as “free” if a customer took an offer for the “Space Saver Oval Set” for R399.
A price table in the advert showed that the price of all the items in the set, including the ones that were promoted as freebies, worked out to R399. Actually, none of the items in the deal was “free”.
The ARB concluded: “In the context of the sale pricing, which is the only pricing on the advertising, the remaining items are indeed not ‘free’.”