Capitec, Nedbank working to reimburse clients affected by unauthorised payments

Both banks have promised that the problem would be resolved in 24 hours with the funds returned to the affected parties.

Nedbank sign. Image: EWN

JOHANNESBURG – Banking group Capitec said that it was working with Nedbank to reimburse thousands of customers who experienced unauthorised payments from their accounts following a technical glitch in Nedbank’s card processing system.

The technical error on Nedbank’s system affected billing for thousands of customers.

Both banks have promised that the problem would be resolved in 24 hours with the funds returned to the affected parties.

Nedbank said that its system was responsible for clients having double deductions.

It said that the cause of the additional payments stemmed from a transactional file from Monday which was accidentally processed on Friday.

Capitec’s Charl Nel said that they were working around the clock to fix the glitch, which left some of their clients baffled.

“We are working with Nedbank to solve this issue and to have the money back in the clients’ accounts in the next 24 hours.”

The Financial Sector Conduct Authority said that it would review the banking sector’s systems and processes to avoid such instances occurring in the future.

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