Police advise how to safeguard stokvel savings
Instead of withdrawing large amounts of cash from the banks to pay out money to their members they should rather transfer the money into their members' bank accounts
The South African Police Service (SAPS) would like to offer timely advice to stokvel clubs ahead of the festive season so that they do not lose their hard earned money to criminals. Stokvel related robberies and thefts are most prevalent from about this time of the year and we urge stokvel clubs to be proactive and adopt reasonable measures to safeguard their money.
Instead of withdrawing large amounts of cash from the banks to pay out money to their members they should rather transfer the money into their members’ bank accounts.
Those members who do not have bank accounts should be encouraged to open them. Clubs that have to pay cash to their members, a practice which is inadvisable, should ensure that they have a secure venue with adequate safety measures in place when dividing and paying members their share of the year’s savings. Stokvel clubs can also request their local police to patrol the vicinity of the venue where they are to make payments to their members as this would deter criminal elements.
Members of stokvel clubs should be vigilant and take precautions to safeguard their money when making withdrawals at the automated teller machines (ATMs).
They should not withdraw large amounts of money, especially after hours when the streets are quiet and criminals are likely to be lurking around but rather use the ATMs at shopping malls during business hours when it is safer or where there are security officials on duty.
