Guiding consumers since 2009

Be cautious while banking

By Staff Writer
Nicolette Dirk, finance writer, Justmoney
 
The South African Banking Risk Information Centre (SABRIC) commended the South African Police Service (SAPS) for the arrest of the criminals involved in the shooting and subsequent death of Dereck Woods (53).
 
Woods was shot outside the De La Salle Holy Cross College school last month after allegedly withdrawing a large amount of cash at a bank.
 
According to reports, Woods was followed to the school by three men after he drew a large sum of money. Two men jumped out of their car as Woods approached a stop street close to the school, and tried to grab the bag of money. Woods fought back, but the men fired at him and fled with the cash.
 
Banking industry is concerned
 
Kanyisa Ndyondya, SABRIC spokesperson, said the industry is concerned about the 9, 7% increase in associated robberies from January to March as compared to January to March 2013.

She said it could be attributed to an increase in reporting. Crimestats figures showed that cases of robbery with aggravated circumstances increased from 101 123 in 2012 to 105 779 in 2013.
 
“We would also like to encourage banking customers to carry as little cash as possible and consider utilising other alternate banking methods to avoid such robberies,” said Ndyondya.
 
If you need to pay accounts, consider options that are lower risk instead of withdrawing large sums of cash.
 
Here are a few SABRIC tips for individuals to avoid becoming victims of a robbery:
 
Carry as little cash as possible.
Consider paying your accounts electronically (ask your bank about other available options).
Consider making use of cellphone banking or internet transfers to do your banking.
 
According to SABRIC, a small business, which is cash based and needs to deposit money on a regular basis at the bank, should apply the following tips to minimise the chances of robberies:
 
Alternate the days and times on which you deposit cash.
Never let people know when you make your bank visits, even to people close to you.
Do not openly display the money you are depositing while you are standing in the bank queue.
Avoid carrying moneybags, briefcases or openly displaying your deposit receipt book.
It’s advisable to identify another branch nearby that you can visit to ensure that your banking pattern is not easily recognisable or detected.
If the amount of cash you are regularly depositing is increasing as your business grows, consider using the services of a cash management company.

Recent Articles

Featured You may be paying for credit life cover – and you’re entitled to use it

When you signed your credit agreement, you may have also signed up for credit life cover. Since this forms part of the credit agreement itself, many people are unaware that they have this insurance.

Work from home, have meetings at restaurants – the new normal?

With companies moving from static office spaces to working remotely, meetings have predominantly been held online. However, some companies have turned their attention to meeting at variable locations, such as restaurants or hotel conference rooms.

Is a home loan a great savings tool?

There are many saving and investment options available to consumers. What you decide to use is dependent on your circumstances. But should you make your home loan your choice of a savings vehicle and how does that exactly work?

Everything you should know about tax auto assessment

In 2019, the South African Revenue Service (SARS) launched a system, which was dubbed an “auto assessment”, to assist taxpayers with their annual tax returns. But what does this system entail, and how will it impact you?

Deals

Earn up to 50% of your tax return submission fee back in eBucks

Price: Available on request
When: Daily
Where: Nationwide

Be part of the Belly Of The Beast Weekday Spring Special Lunch

Price: R350
When: From 23 September 2020
Where: Cape Town

Tony’s Roma Breakfast Special

Price: R39
When: Daily
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions