Tag: Discovery Bank

Discovery Bank glitch wipes balances to zero

By Khulekani Magubane for Fin24

On Friday evening, Discovery Bank clients were hit by a glitch which showed that their available bank balances were wiped out to R0.00, leaving them unable to make payments.

Netwerk24 reported that one client was left stranded at a petrol station because his card didn’t work when he wanted to pay for fuel.

When he tried to withdraw money from an ATM, his card balance was displayed as R0.00. The bank app showed the same balance.

Discovery Bank clients also complained on Twitter. The bank’s spokesperson Felicity Hudson confirmed the problem to Fin24.

“Discovery Bank experienced downtime on Friday evening which lasted approximately an hour. This affected a limited number of our clients,” said Hudson.

Hudson said during that period some payments at petrol stations were impacted. The Discovery’s banking app also showed incorrect information for a small number of users.

Hudson did not give specific numbers on the number of clients affected.

“While all banks experience such outages from time to time, we aim to do better and hence, we apologise unreservedly to all our clients for any inconvenience that they may have experienced,” Hudson said.

She said Discovery Bank would continue working to iron out the glitches and assist any clients that may have been affected by the downtime.

Discovery, a healthcare solutions giant, made its foray into the world of banking last year, after successfully obtaining a banking licence.

Discovery Bank discovered a system flaw on Monday which allowed the incorrect credit card card verification value (CVV) numbers to be used for online payments.

The CVV is the last three digits on the back of a bank card, and is considered a critical as a last-ditch security measure against certain card fraud.

Business Insider South Africa was tipped off about the flaw, and on Monday morning was able to make payments with a random CVV code, such as 000.

  • Discovery Bank said it was alerted about the issue last week
  • The bank suffered no fraud losses due to the issue
  • The flaw has now been fixed
  • Previously, the Bank didn’t require further authorisation such as an OTP (one-time pin)
  • When Business Insider later tried to use an incorrect CVV number, a call centre agent phoned to let them know it was incorrect us after the transaction to alert us that an incorrect CVV number had been used.

 

Capitec announces fee cuts

By Angelique Arde for Business Day

Capitec is cutting its fees. The bank, which normally announces its fee increases in March, made the announcement a week before new digital bank TymeBank is due to host an investor day, upping the ante in what could be a banking fee price war.

From 1 March, the monthly admin fee on the bank’s one and only account, the Global One account, will decrease from R5.75 to R5. The price of electronic payments on mobile and internet banking will decrease from R1.60/transaction to R1. Debit order fees will decrease from R3.70 to R3.50. The cost of drawing cash at all Pick n Pay, Shoprite, Checkers and Boxer till-points will drop from R1.60 to R1. And the cost of immediate payments has also decreased from R10 to R8.

International and online card purchases, transfers between own accounts and e-mailing statements on mobile and internet banking will remain free.

The bank has increased a few fees: the fee for in-branch transfers and payments will increase from R5.30/transaction to R6. Cash withdrawals from Capitec-branded ATMs will cost R6 per R1,000, while all other bank ATM withdrawal fees will be lowered to R8 per R1,000. Capitec used to charge a flat fee irrespective of the amount withdrawn.

Capitec said in a statement on Tuesday that the bank had experienced its highest single-month uptake to date, with more than 266,000 new clients joining the bank in January 2019.

In addition to low fees, Capitec clients get access to four savings plans, offering from 5.1%-9.25% interest per year,” said Francois Viviers, the bank’s marketing and communications executive.

 

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My Office News Ⓒ 2017 - Designed by A Collective


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