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Port Elizabeth - What happens if you sit in a restaurant and the bill arrives, and you cannot find your wallet? After searching all your pockets and bags as well as your car, you realise that you've lost it somewhere.
What if you are 300km from home, without a driver's licence, cash or an identity document?
Your money is stashed away in your bank account behind a myriad of safety features designed to keep it out of criminal hands. How do you get some of it now to pay for your lunch and fill your car with petrol for the trip home?
Fin24 put this situation to different banks to see how they would help their clients.
Standard Bank agrees that it can become a nightmare if you are on holiday. You panic instead of having a relaxing time. The bank will be able to help customers who are on holiday and have lost all their verification documents, such as bank cards, driver’s licence and identity document.
All they need to do is walk into their nearest branch, where a consultant will phone the bank’s lost card department for the client. The client will then have to talk to them directly and answer a few security questions.
Once the security questions are verified, the bank will issue a new debit card immediately which can be used at any point of sale or teller machine. Standard Bank clients will also be able to access their accounts through the internet.
A replacement cheque card or credit card can be ordered in the branch as well. It can be delivered to a Standard Bank branch in the holiday area, or sent to the client’s normal branch. This would normally take five working days.
Absa Bank has been thinking about the problem for the past week; presumably their client has been sleeping in his car in front of the branch.
He cannot even pawn his watch or car radio, as the National Credit Act and other legislation prescribes that a second-hand or pawn shop requires positive identification from people.
First National Bank says clients can easily access their account using its eWallet service. It is easy to access your account with your cellular phone. All you need to send and receive money is a valid SA cellular phone number.
You can use it to send money to yourself and withdraw cash at a teller machine, or at cashiers at participating retailers.
The client will be able to set this eWallet service up while sitting in the restaurant, if he knows the last few numbers of his FNB card. If not, a trip to the nearest branch for some assistance will do the trick.
Maybe it is a good idea to set up an eWallet before leaving on holiday.
Nedbank says it will be able to help the client, but he will have to endure quite a process to ensure that he is not a criminal walking into the branch trying to steal their client’s money.
So, put on your honest face and take on Nedbank’s stringent safety measures to protect its clients’ identity and finances.
At the branch, a consultant will ask a few questions to make sure you are the real client, such as your identity number, asking what banking products you use, verifying your signature against the image on their computer system, validating a few recent transactions on the account and calling up an electronic copy of your identity document to see if it looks a bit like you.
The branch manager may also ask for a police affidavit detailing what happened, and may also request the client to confirm additional personal security information.
Capitec Bank has the simplest and fastest solution to the problem. All the client has to do is go to the nearest Capitec branch and put one of his fingers on the fingerprint reader to access his account details.
All transactions in Capitec branches are done using fingerprint biometrics. When a client opens a bank account, the bank takes electronic fingerprints and photographs the client with a digital camera.
The instant the biometric scanner reads the client's fingerprint, the photograph appears for further identification.The branch then issues a new bank card immediately. The whole ordeal takes about four minutes.
You can take some precautions to avoid this type of scenario before going on holiday.
Take your identity document with you, but put it in safe place away from your other possessions. It is also a good idea not to put all your bank cards in your wallet, but leave one in your car.
- Fin24
*After chasing money on the JSE for 15 years, Adriaan Kruger is now living a relaxed lifestyle in Wilderness and lectures economics part-time at Nelson Mandela Metropolitan University.
What if you are 300km from home, without a driver's licence, cash or an identity document?
Your money is stashed away in your bank account behind a myriad of safety features designed to keep it out of criminal hands. How do you get some of it now to pay for your lunch and fill your car with petrol for the trip home?
Fin24 put this situation to different banks to see how they would help their clients.
Standard Bank agrees that it can become a nightmare if you are on holiday. You panic instead of having a relaxing time. The bank will be able to help customers who are on holiday and have lost all their verification documents, such as bank cards, driver’s licence and identity document.
All they need to do is walk into their nearest branch, where a consultant will phone the bank’s lost card department for the client. The client will then have to talk to them directly and answer a few security questions.
Once the security questions are verified, the bank will issue a new debit card immediately which can be used at any point of sale or teller machine. Standard Bank clients will also be able to access their accounts through the internet.
A replacement cheque card or credit card can be ordered in the branch as well. It can be delivered to a Standard Bank branch in the holiday area, or sent to the client’s normal branch. This would normally take five working days.
Absa Bank has been thinking about the problem for the past week; presumably their client has been sleeping in his car in front of the branch.
He cannot even pawn his watch or car radio, as the National Credit Act and other legislation prescribes that a second-hand or pawn shop requires positive identification from people.
First National Bank says clients can easily access their account using its eWallet service. It is easy to access your account with your cellular phone. All you need to send and receive money is a valid SA cellular phone number.
You can use it to send money to yourself and withdraw cash at a teller machine, or at cashiers at participating retailers.
The client will be able to set this eWallet service up while sitting in the restaurant, if he knows the last few numbers of his FNB card. If not, a trip to the nearest branch for some assistance will do the trick.
Maybe it is a good idea to set up an eWallet before leaving on holiday.
Nedbank says it will be able to help the client, but he will have to endure quite a process to ensure that he is not a criminal walking into the branch trying to steal their client’s money.
So, put on your honest face and take on Nedbank’s stringent safety measures to protect its clients’ identity and finances.
At the branch, a consultant will ask a few questions to make sure you are the real client, such as your identity number, asking what banking products you use, verifying your signature against the image on their computer system, validating a few recent transactions on the account and calling up an electronic copy of your identity document to see if it looks a bit like you.
The branch manager may also ask for a police affidavit detailing what happened, and may also request the client to confirm additional personal security information.
Capitec Bank has the simplest and fastest solution to the problem. All the client has to do is go to the nearest Capitec branch and put one of his fingers on the fingerprint reader to access his account details.
All transactions in Capitec branches are done using fingerprint biometrics. When a client opens a bank account, the bank takes electronic fingerprints and photographs the client with a digital camera.
The instant the biometric scanner reads the client's fingerprint, the photograph appears for further identification.The branch then issues a new bank card immediately. The whole ordeal takes about four minutes.
You can take some precautions to avoid this type of scenario before going on holiday.
Take your identity document with you, but put it in safe place away from your other possessions. It is also a good idea not to put all your bank cards in your wallet, but leave one in your car.
- Fin24
*After chasing money on the JSE for 15 years, Adriaan Kruger is now living a relaxed lifestyle in Wilderness and lectures economics part-time at Nelson Mandela Metropolitan University.
