6 ways to safeguard stokvel savings

AMANZIMTOTI police advise stokvel clubs to be pro-active and adopt reasonable measures to safeguard their money.

The management of Amanzimtoti SAPS offers timely tips 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 at this time of the year and the following tips will assist clubs to not fall victim to criminals:

• Instead of withdrawing large amounts of cash from the banks to pay out to members, rather transfer the money into 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, 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, to deter criminal elements.
• Stokvel members should be vigilant and take precautions to safeguard their money when making withdrawals at 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.

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