Stokvel community warned to be careful this festive season

Randfontein residents taking part in Stokvels are being warned to be vigilant this time of the year, especially when visiting banks and when traveling with large amounts of money.

Randfontein Police Station Commander Brigadier Jacob Manamela issued the warning after five robbers were shot and killed and another was arrested for robbing a person who had just withdrawn an undisclosed amount of money from a bank in the nearby Carletonville area recently.

According to Manamela, it’s always best to take precautions and avoid being a victim.

“It’s that time of the year when people want to enjoy themselves and also enjoy the money that they’ve worked hard for or saved throughout the year. However, be that as it may, we need to stretch the importance of people being vigilant when visiting the banks, especially when withdrawing large amounts of money to share among Stokvel members.

“They should try by all means to do this in a safe place but preferably, it would be best to do an electronic transfer to avoid having large amounts of money in their possession,” said Manamela.

He added that people who are also paying Lobola (the practice of paying a bride price) this time of the year, also need to be vigilant as they too tend to withdraw large amounts of money at one go. This is because criminals are constantly on the lookout for their next victim and are sometimes watching people as they go in and out of the banks.

Although Manamela said such cases aren’t necessarily prevalent in the Randfontein area and sometimes occur in isolation, he stresses the importance of being careful at all times.

Meanwhile, a Stokvel is an informal savings pool where funds are contributed by members and later shared among one another, or the money used for something else.

In addition, Vanesha Palani, the executive of financial management at Nedbank offered seven useful tips to help you keep your hard-earned Stokvel savings safe and secure:

1. Make electronic payments: If you are the leader of a Stokvel, try to pay out as little money as possible in the form of cash. Rather arrange for your members to get their money by direct electronic funds transfer (ETF) into their bank accounts. This minimises the risk of having to withdraw big sums of cash from the bank and transport it to the place where members get paid. If you have members without bank accounts, now is a good time to advise them to open one so that they can receive their Stokvel money safely.

2. Be cautious at ATMs: If you are a Stokvel member and you have to withdraw money from an ATM, try to avoid machines located in high-risk areas and don’t do your withdrawals at night. If possible, you should try to withdraw your money from an ATM located in a shopping centre or somewhere where there is security close by. Always scan your surroundings for any suspicious-looking individuals, have your card ready when you get to the ATM, and never let anyone distract you during your transaction.

3. Don’t withdraw all your money at once: If you have to withdraw cash, do it in small amounts over a few days rather than withdrawing it all at once. That way, you don’t have to carry a lot of cash on you, and if you do have the misfortune of someone stealing your money, they won’t be able to take all of it – you’ll still have more in the bank.

4. Be mindful of your belongings: “Always keep an eye on your valuables and your handbag or backpack if you carry one,” and “never leave them unattended or put them down where it is easy for someone to grab them while you are busy doing something else.”

5. Plan your shopping: If you intend to buy expensive items, it’s a good idea to bring someone along with you for safety. Also, it’s a good idea not to do one big grocery shop. “Rather do several smaller shops, so that you don’t have too many shopping bags to carry; that way, you can keep your hands free to look after your valuable items and your money.

6. Keep your plans private: Nobody needs to know about your Stokvel money or what you plan to do with it. Don’t tell people that you are receiving a payment, and don’t broadcast any plans on social media. Don’t let people know your spending plans as this makes you an easier target for criminals.

7. Watch out for scams: Even if you keep your money in the bank, fraudsters may still try to take it from you. “Remember that your bank will never ask for personal or bank details over the phone So, if you get a phone call from someone who says they are from the bank and they ask you for these details, don’t tell them anything.” Some fraudsters will even tell you that someone is trying to take your money, and you need to give them your bank details so they can stop it. If that happens, hang up immediately and call your bank to determine if it was them.