Savy tips to safe-guard stokvel savings

With the upcoming festive season the SAPS  offered handy tips to safeguard stokvel savings.

This is due to many stokvel clubs falling prey to scams and loosing their hard earned money to criminals during this time of the year.

Lieutenant Colonel Thulani Zwane offered the following tips:

“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 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”.