Free cash withdrawals at retailers from Capitec Bank

"Against the backdrop of the recession, consumers have been under pressure to lower personal and household expenses. Our solution is therefore two-fold: Firstly, partner with well-known retailers that have a widespread national footprint, as this will offer greater access to clients. Secondly, encourage them to draw cash from these retailers by offering free withdrawals for the months of May, June and July. This three-month campaign is one of our initiatives to encourage clients to change their banking behaviour and view till points as the new ATMs, thereby cutting the costs of accessing their money," says Carl Fischer, Capitec Bank's executive: marketing and corporate affairs.

Safer, cheaper

Drawing cash at till points is less costly and also safer, as ATMs are a common target for fraudsters, card skimmers and muggers. Partner retailers also benefit from the scheme.

Fischer explains, "The high costs of security and handling cash are additional drivers behind this initiative. The collaboration with retailers allows them to channel their cash overflows back to the consumer without facing the high cash-deposit fees when doing daily cash-ups."

Participating retailers also include Pep Stores, Boxer and selected Spar stores. To access their money, clients can withdraw cash free when making a purchase, except at Pick n Pay, where a purchase is not required to make cash withdrawals.

"Up until now clients have enjoyed unlimited cash withdrawals at our retail partners for as little as R1. Now, with the 'free' three-month promotion in place, we hope to encourage more South Africans to make use of this service and enjoy the saving benefits both now and in the long-term," concludes Fischer.