Savings account

Terms and conditions

The Client records that, for purposes of this documentation, the Client has chosen (English/Sesotho) as the Client's preferred language for

communication and correspondence.

The documentation signed by the Client and which is legally binding is in English or Sesotho. The Client also acknowledges that this documentation

has been explained to the Client in a language the Client understands.

1. DEFINITIONS

In these terms and conditions, unless the context requires otherwise:

1.1. account means the client’s savings account to which these terms and conditions apply.

1.2. agreement means the agreement between the parties as constituted by these terms and conditions and those contemplated in clauses 11 and

19 below.

1.3. ATM means automated teller machine.

1.4. bank means Nedbank Lesotho Limited, Reg No I92/191, with registered address Nedbank Lesotho, 115-117, Griffith Hill, Kingsway Road and

postal address P.O Box 1001, Maseru, 100.

1.5. card means the magnetic-strip bank card issued to the client, which at the discretion of the bank may or may not include a Visa Electron Card or

ATM card. Where a, Visa Electron Card or ATM card is issued, the terms and conditions of Nedbank Visa Electron Cards or Nedbank ATM cards will

apply.

1.6. card transaction means any cash withdrawal, payment, interaccount transfer or deposit transaction made with the card from or to the client’s

account by using an ATM, SST or other electronic device, and/or the purchase of goods/services from suppliers who will accept the card.

1.7. client means the applicant whose details are set out in the application form.

1.8. dormant account means an account that has had no client-initiated debit or credit transactions for such a period as the bank, at its discretion,

may determine from time to time.

1.9. parties means the bank and the client.

1.10. PIN means personal identification number. This is a secret number selected by the client and which only the client knows. This number must be

encoded on the card by the bank and is used as a means of user identification. The card must be encoded with a PIN before the client will be able to

withdraw and deposit money and otherwise use the card at such compatible ATMs, SSTs, point-of-sale terminals and other electronic devices as the

bank may advise from time to time.

1.11. product specifications means specific features of products offered by the bank, including but not limited to minimum deposits, minimum

balances and service fees.

1.12. SST means self-service terminal.

2. USE OF CARDS

2.1. Subject to product specifications, the client shall be entitled to operate the account through access to electronic banking services that include

services at an ATM, SST and a point-of-sale device, as well as by telephone banking services and internet banking services.

2.2. The client will have access to an ATM or SST by using the card together with a PIN.

2.3. When using the card and PIN the client must:

2.3.1. not allow anyone else to use the card and PIN;

2.3.2. always take reasonable steps to keep the card safe and the PIN secret at all times; 2.3.3. never tell anybody who offers to help, including any

bank employee, the PIN;

2.3.4. never write down or record the PIN.

2.4. When the client has received the card, the bank will encode the card with a PIN, which will give the client the right to deposit and/or withdraw

cash and/or make use of services by means of the card at a compatible ATM, SST or other electronic device.

2.5. By keeping and/or using the card the client accepts all these terms and conditions in respect of the use of the card.

2.6. The client may not cede or delegate any of his rights or obligations in respect of the card or its use.

2.7. The card is valid from the time it is issued until the account is closed or the client’s right to use the card is terminated in terms of clause 10.3. The

client must immediately on receiving the card, sign the card on its reverse with a ballpoint pen.

2.8. The bank is the owner of the card and, when the account is closed for whatever reason, the client must give the card back to the bank.

2.9. If the card:

2.9.1. is lost, stolen or used wrongfully; or

2.9.2. is used by any person other than the client

the client must notify the bank immediately at the bank’s nearest branch. The client must also notify the bank immediately if anyone obtains

knowledge of his PIN or if he has reason to believe or suspect that this has happened. If the client has notified the bank verbally, he must confirm his

verbal notification in writing within 24 (twenty-four) hours. Delay in notifying the bank of the loss or theft will be deemed to be negligence on the

client’s part. It is the client’s responsibility to ensure that every written notice is received by the bank’s Head Office in Maseru.

2.10. The bank is entitled to debit the client’s account with the amounts of:

2.10.1. all transactions carried out by or with the authority of the client by means of the card and PIN; and

2.10.2. all transactions not authorised by the client, but which have been carried out by means of the card and PIN before the bank has had the

reasonable opportunity, after the verbal notification in terms of clause 2.9 above, to prevent any further unauthorised transactions.

3 INTEREST

3.1 Subject to product specifications, interest may accrue to the balance in the account, if the account has a credit balance.

3.2 Where applicable, interest shall be calculated on the end-of-day balance and shall accrue and be capitalised on a monthly basis.

3.3 Interest rates on credit balances shall be tiered, which means the greater the balance the higher the rate (except for staff accounts).

3.4 No debit interest shall accrue to the account if the end-of-day balance is a debit balance.

3.5 The current rates of interest are available on request at any branch of the bank and are always quoted on an annual basis. The bank shall be

entitled to change the interest rates at any time.

4 WITHDRAWALS

Funds shall be available on demand, subject to the following limitations:

4.1 daily withdrawal limits at ATMs;

4.2 withdrawal limits at the teller terminal;

4.3 minimum-balance requirements;

4.4 cheque deposits that have not been cleared; and

4.5 product-specific withdrawal limitations.

5 DEPOSITS

5.1 Subject to product specifications, there is no limit to the number and size of deposits that can be made on the account subsequent to the opening

deposit.

5.2 If any negotiable instrument is deposited on the account, the proceeds shall be credited to the account, but the proceeds shall only be available

as cash when the negotiable instrument has been honoured. If the negotiable instrument is dishonoured, the account shall be debited accordingly

and the bank shall send the negotiable instrument to the client at his risk.

5.3 The client agrees that cheques shall be cleared by the bank through any clearing system used by clearing banks.

5.4 If a cheque deposited by the client is returned unpaid, the bank shall inform the client within a reasonable period of time.

6 TRANSACTION CHARGES AND ACCOUNT MAINTENANCE FEES

6.1 The client shall be entitled, at any branch of the bank, to get leaflets that contain information regarding transaction charges.

6.2 Under certain circumstances, the client may qualify for exemption from certain transaction charges and account maintenance fees. The client

can, at any branch of the bank, make enquiries with regard to exemptions.

6.3 Subject to product specifications, the bank shall be entitled to debit transaction charges and account maintenance fees to the account if the client

does not maintain the required minimum monthly balance to avoid these charges and fees.

7 ACCOUNT OVERDRAWN

7.1 The client shall not be entitled to overdraw the account. However, if the account becomes overdrawn, a letter of demand may be sent to the

client, demanding payment of the amount overdrawn.

7.2 If the client does not pay the amount so demanded, he shall be in breach of his obligations in terms of the agreement and legal action shall

follow, the cost of which shall be debited to the account.

7.3 The bank shall, without notifying the client, be entitled to use any credit balance in the account, or on any other account that the client may have

with the bank, to set off any money the client owes the bank for whatever reason.

8 LIABILITY

The bank shall not be liable to the client for any damage or loss that the client may suffer as a result of the following:

8.1 any person gaining unauthorised access to any information or data;

8.2 incorrect information being given to any person, including any credit bureau;

8.3 the bank processing any information incorrectly; and

8.4 a delay, failure or malfunction of any ATM, SST or other device (electronic or manual) that the client uses to carry out card transactions with the

card.

9 TERMINATION

9.1 The agreement may be terminated unilaterally by either party by giving notice in writing. The client shall be entitled to cancel the agreement

without prior notice to the bank, but the bank shall give reasonable prior notice of its intention to close the account except if the account is overdrawn

or fraud or suspected fraud is occurring or has occurred on the account or where a continued relationship may expose the bank to reputational risk,

in which event the bank shall be entitled to close the account without prior notice.

9.2 On termination of the agreement the bank shall be entitled, at its discretion, to retain sufficient funds in the account to provide for amounts that

may become due to the bank after termination.

9.3 On termination of the agreement the client’s right to use any card that has been issued to him in respect of the account, will terminate. The client

shall immediately return the card to the bank at the address set out in clause 13. The card must be cut in pieces to prevent further use.

10 ENDMENT OF TERMS AND CONDITIONS

10.1 The bank shall be entitled to change any of the terms and conditions contained in the agreement at any time. The bank will give notice of

material changes by notices in the branches of the bank.

10.2 Any amendment of the terms and conditions shall not constitute a novation of the agreement or of any previous obligation by the client to the

bank.

11 CONFIDENTIALITY AND DISCLOSURE OF INFORMATION

11.1 The client’s personal information shall be treated as confidential and shall not be disclosed, except in the following circumstances:

11.1.1 when the bank is legally compelled to do so

11.1.2 when it is in the public interest to disclose

11.1.3 when the bank’s interests require disclosure; or

11.1.4 when disclosure is made at the client’s request or with his written consent

11.2 The bank shall be entitled to disclose information to credit reference agencies relating to the client’s personal debts owed to the bank:

11.2.1 if the client has fallen behind with the repayment of his debt and has not, following formal demand, made alternative satisfactory arrangements

with the bank. If the amount owed or in arrear is in dispute, this fact will also be disclosed but not the amount itself; or 11.2.2 if the client has given his

written consent.

12 DOMICILIUM CITANDI ET EXECUTANDI

12.1 The parties choose for the purposes of the agreement the following addresses:

the bank: Nedbank Lesotho, 115-117 Griffith Hill, Kingsway Road, Maseru 100.

the client: the last-known physical address supplied by the client shall be deemed to be the address the client has chosen.

12.2 Any legal process to be served on any party may be served at the address specified for such party in clause 13.1 and such party chooses that

address as its domicilium citandi et executandi for all purposes under the agreement.

12.3 Any notice or other communication to be given to any party in terms of the agreement shall be valid and effective only if it is given in writing.

12.4 A notice to any party which is delivered to the party by hand at the address specified for such party in clause 13.1 shall be deemed to have been

received on the day of delivery, provided it was delivered to a responsible person during ordinary business hours.

12.5 Notwithstanding anything to the contrary in this clause 13 a written notice or other communication actually received by any party shall be

adequate written notice or communication to such party even if the notice was not sent to or delivered at the party’s chosen address.

12.6 A party may by written notice to the other party change its address or fax number for the purpose of clause 13.1 to any other address (other

than a post office box number) or fax number, provided that the change shall become effective on the 7th (seventh) day after the receipt of the

notice.

12.7 It is the client’s responsibility to ensure that the bank is kept informed of any changes to personal information, including address and contact

details.

13 LEGAL COSTS

The client shall pay legal costs on the attorney-and-client scale, including all tracing fees and collection commission, which may be incurred by the

bank either when collecting any payment owing by the client or when exercising any of its rights arising out of any breach of the client’s obligations in

terms of the agreement.

14 JURISDICTION

At the option of the bank any claim arising hereunder may be recovered in any court of Lesotho having jurisdiction, irrespective of the amount of the

claim, and the client hereby consents to the jurisdiction of that court.

15 STATEMENTS

Subject to such an option being available, a statement reflecting all the debit and credit entries as well as the total debit or credit balance, as the case

may be, shall, on a regular basis and in accordance with product specifications, be mailed to clients who have exercised the option. At the sole

discretion of the bank an additional cost may be levied against the client’s account for receiving mailed statements. If the client has not opted to

receive mailed statements, a statement printout may be obtained at the client’s branch, or via an SST, the internet or telephone banking, if and when

required.

Statements should be checked for accuracy by the client as soon as they are received. Any discrepancies must be reported to the bank within 30

(thirty) days of receipt of the statement.

In the event of a dispute with regard to the items appearing on the statement, the bank’s records shall be prima facie proof.

16 SEQUESTRATION/LIQUIDATION/JUDICIAL MANAGEMENT

If the client’s estate is placed under an order of provisional or final sequestration, liquidation or judicial management or on the client’s death, the full

amount of his indebtedness shall immediately become due and payable to the bank. The client agrees to notify the bank immediately of the incidence

of any of the aforementioned events.

17 DORMANT ACCOUNTS

17.1 An account will become dormant if the client has not initiated any debit or credit transactions on his account for such a period as the bank, at its

discretion, may determine from time to time.

17.2 The client will not be able to transact on a dormant account without providing proof of his identity, and such account will be subject to

reactivation.

17.3 The bank shall be entitled, after written notification to the client, at its sole discretion to close an account which has been dormant for such a

period as the bank may determine from time to time. The dormancy periods are as follows:

17.3.1 Savings products – 180 days

17.3.2 Transactor products – 90 days

17.4 Sixty (60) days prior to closing the dormant account the bank shall send a letter to the client’s address, informing the client that the account shall

be closed

17.5 Once the dormant account is closed, no interest shall accrue to the account and any remaining credit balance will be paid to the bank’s account

for unclaimed balances.

17.6 Should the client wish to claim any credit balance from a previously closed account, the client should approach any branch of the bank with

original positive identification. The bank will do the necessary to initiate the unclaimed-balance process, and will endeavour to provide the client with

feedback within 24 hours.

17.7 The client shall not be entitled to claim any interest from the date of closure of the account.

18 GENERAL TERMS

18.1 Before opening an account the bank shall be entitled to follow up references or otherwise satisfy itself of the client’s identity and suitability as an

accountholder. The bank shall be entitled to refuse to open an account or accept a deposit.

18.2 The client hereby agrees that the bank shall be entitled to combine any or all accounts the client may have with the bank, without notifying the

client thereof. However, if the bank combines only some of these accounts, the bank shall still have the right to claim from the client any amount in

respect of an account that is not part of the combined accounts.

18.3 These terms and conditions read with the application, as amended or replaced by the bank from time to time, together with any other additional

terms and conditions, as amended or replaced by the bank from time to time, shall form the whole agreement between the parties in connection with

the client’s savings account.

18.4 Product specifications, as amended by the bank from time to time, shall apply to the agreement.

18.5 Any latitude, indulgence or extension of time granted by the bank to the client shall not constitute a novation or waiver of the bank’s rights in

terms of these terms and conditions. The failure by any party to enforce any provision of the agreement shall not in any way affect that party’s right to

require performance of the provision at any time in the future.

18.6 The bank reserves the right to monitor the use of the product for assessing compliance with and adherence to the product rules.

18.7 The bank further reserves the right to close any account on notice, should the product rules be breached.

19 INTERPRETATION

19.1 For the purposes of the agreement, unless the context clearly requires otherwise:

19.1.1 the singular includes the plural and vice versa;

19.1.2 a reference to any one gender, whether masculine, feminine or neuter, includes the other two;

19.1.3 any reference to a natural person includes an artificial person and vice versa; and

19.1.4 any word or expression defined in clause 1 and expressed in the singular includes the plural and vice versa, and a cognate expression has a

corresponding meaning.

20.2 All the headings in these terms and conditions are for convenience only and are not to be taken into account for the purposes of interpreting it.

20 PRIVACY CONSENT

20.1 I provide Nedbank Lesotho Limited with my express consent to process my personal information as defined in the Data Protection Act, including

fingerprints, biometric personal identification details, photographs and identity verification in terms of Money Laundering & Proceeds of Crime Act

2008 (As Amended), as well as the Financial Institutions Act 2012 (as amended), for purposes of providing financial services and preventing fraud,

money laundering and financing of terrorism, and to send my personal information to relevant third parties in order to provide a service to me, and

also to send such information to foreign countries, when necessary and required, including for purpose of reporting in terms of the Foreign Account

Tax Compliance Act (FATCA) of the U.S. and the Common Reporting Standards (CRS) regulations, where and when applicable, by electronic or

other means for processing.

20.2 I understand that such country may not have specific data privacy laws, that where that is the case, Nedbank will enter into appropriate

confidentiality agreements with the service providers in the foreign countries.

21 PROCESSING OF CLIENT INFORMATION

Nedbank Lesotho (“Nedbank”) will take appropriate and reasonable measures to ensure that the integrity of the information, including any

confidential information, in its possession or under its control is secure and that such information is protected against unauthorised or unlawful

processing, accidental loss, destruction or damage, alteration, disclosure or access.

21.2 Nedbank shall only process and the client hereby expressly consents to the processing of the client's information:

a. for the purposes of establishing a banking business relationship and Nedbank rendering the services to the client:

b. for such further processing activities or any related processing functions which are a normal extension of the processing which Nedbank is

permitted to undertake in accordance with (a) above;

c. pursuant to the client's instructions in the course of rendering services to the client or performance of contract for which the customer is a party;

d. in order for Nedbank to comply with an obligation which is imposed on Nedbank by law;

e. where processing of the service is necessary for the performance of a service carried out in the public interest;

f. in a manner that does not infringe the privacy of the client, in accordance with relevant legislation relating to the processing of client information; or

g. out in the public interest or in the exercise of official authority vested in a Bank or in a third party to whom the client’s information is disclosed;

21.3 Nedbank may search, update or place the client’s records at credit reference bureaus and government agencies in order to verify its details,

assess the client’s ability to obtain credit or to provide collateral of any kind, including guarantees, and may, on request from another credit provider

with whom applications for credit have been made, provide such personal information, including credit reference data, to such credit provider and

also make any enquiries that it deems necessary to confirm the details on this form for marketing purposes and to assess creditworthiness.

21.4 Nedbank may use the client's information for debt enforcement, including but not limited to recovery, collection, repayment, surrender,

enforcement and assignment of debts.

21.5 The client confirms that it has fully disclosed its debt repayment history, where required to do so by Nedbank or any third-party possessing

information Nedbank may wish to rely on.

22. INTERNET BANKING / MOBILE BANKING

a. I / We acknowledge and agree that I/we must first register at the nearest branch by filling in a registration form. I/We will be issued with the

Password that I / we have to change once I/we have logged on to the internet site / Mobile Banking for the first time. I/we must then create my/our

own password. Should we require more information on how to do this, I/we can visit or call any of the bank’s branches or contact center.

b. One-time password (OTP) is unique and time-sensitive and will be used as added security on internet banking. The password does not replace the

password you use to log on to Internet banking but provides a second layer of security. The password will be sent to me/us by SMS and is valid for

one internet banking session only. The OTP is issued for the following:

i. Adding beneficiaries;

ii. Amending beneficiaries;

iii. Changing a password; and

iv. Changing a cell phone number.

c. I/we must ensure that I/we log off from the internet banking service or Mobile Banking once my/our session ends.

d. My/our authority: I/we permit the bank to regard all activities I/we conduct or instructions sent after having entered the access code as being

authorised by me/us and intended to have legal force.

23 ATM CARD

a. The bank reserves the right (in its sole and absolute discretion) to refuse to issue the card.

b. I/We must sign the card on the reverse side in ink immediately after receiving it.

c. Additional cards linked to my/our account may be issued to other persons authorised by me/us.

d. The bank shall always remain the owner of the card.

e. Use of the card:

i. I/We must only use the card myself/ourselves and must not allow any other person to use the card.

ii. I/We may use the card to buy goods and/or services from those suppliers which may accept the card.

iii. When using the card to buy goods and /or services I/we must sign a transaction slip.

f. The bank will give me/us a personal Identification number (PIN) which will enable me/us to transfer funds, make purchases and otherwise operate

the card on Automated Teller Machines (ATM’s).

g. I/We must comply with exchange control regulations when using the card outside Lesotho.

h. Authority to debit my/our account:

a. The bank will charge to my/our account any payments the bank makes on my/our behalf for purchases or cash withdrawals I/we or any additional

cardholders have made. Subject to any industry terms, conditions or requirements, I/we will be allowed to stop payment to any supplier.

i. Unauthorised use of the card and PIN:

i. I/We am/are responsible for the safe keeping and proper use of the card. I/We must either memorize the PIN the bank supplies, or keep any record

of the PIN separate from the card in a safe place.

ii. As soon as I/we discover or suspect that my/our card is lost or stolen or that my/our card is compromised, I/we must notify the bank immediately by

telephone. The bank will stop the card as soon as reasonably possible after such notification. Delay in notifying the bank will be considered as

negligence on my/our part.

iii. If I/we am/are negligent in not promptly reporting the card lost or stolen, I/we will be responsible for all cash drawn including where PIN is used to

withdraw money and/or for payment of goods and services bought with the card, before the bank has stopped the card.

iv. Should I/we dispute that a purchase or withdrawal debited to my/our account was authorised by me/us, I/we will have to prove that it was not

authorised, whether or not the slip or voucher was signed. Until I/we have provided adequate proof to the satisfaction of the bank, I/we will be

deemed to have authorised such purchase(s) or withdrawal(s). The bank is not responsible for any loss arising from any failure, malfunction or delay

of any point of sale unit or ATM or my/our supporting or shared networks, where applicable, resulting from circumstances beyond my/our reasonable

control.

24 I agree that the bank reserves the right to refuse to enter into or to terminate this business relationship at its discretion. The refusal to enter into a

relationship or termination thereof shall be due to but not limited to legal /regulatory requirements or business/operational requirements of the bank.

25 The bank may, as it deems necessary, request for any information and/or documents, at any point in time which, in its opinion, is necessary at the

time for the purposes of the account.

26 If I/we owe the bank monies under any other credit facilities offered by the bank, I hereby authorise the bank to use funds in any foreign currency

account to offset such liability by using the middle rate of a particular converted currency.

27 Any amendment of the terms and conditions will not constitute a novation of this agreement or of any previous obligation of the client to the bank.