Nedbank Credit Card
Terms and conditions
G1.1 In this agreement clause headings are for convenience and are not to be used in its interpretation.
G1.2 In this agreement, unless the context shows otherwise, the following expressions have the meanings assigned to them below and similar expressions have corresponding meanings:
G1.2.1 Agreement means the respective credit product terms and conditions that you enter into, which include the application, quotation and annexes to the agreement. The agreement includes the general terms and conditions applicable to credit products.
G1.2.2 Application means the respective application for a credit product.
G1.2.3 Business day means a day other than a Saturday or Sunday or a day that is proclaimed a public holiday in South Africa.
G1.2.4 Credit means a deferral of payment of money you owe us or a promise to defer such a payment, or a promise by us to advance or pay money to you or on your behalf.
G1.2.5 Credit product means the product governed by the NCA, which includes the personal loan, credit card facility, overdraft facility, vehicle finance loan or any other credit products that we offer.
G1.2.6 Interest rate means the yearly interest rate as specified in the respective quotation, being a variable or fixed interest rate. Variable interest rates may change.
G1.2.7 NCA means the National Credit Act, 34 of 2005.
G1.2.8 Prime rate means the prime overdraft rate of interest that we charge.
G1.2.9 Prime rate factor means the percentage above or below the prime rate as stipulated in the quotation.
G1.2.10 Principal debt means all amounts you owe us in terms of your respective agreement.
G1.2.11 Product terms and conditions mean the terms and conditions applicable to the specific product that you have chosen.
G1.2.12 Quotation(s) means the most recent written quotation(s) provided to you for the facility or loan as required by the NCA.
G1.2.13 Repo rate means the repurchase rate published by the South African Reserve Bank.
G1.2.14 Security means the security, if any, you gave us or that was given to us on your behalf in terms of the agreement.
G1.2.15 We/us/our/Nedbank means Nedbank Limited (registration number 1951/000009/06), its successors in title and assigns, whose contact details and NCR registration number are stipulated in the quotation.
G1.2.16 You/your means the client who applies for and enters into the agreement(s).
G1.3 Any number of days prescribed will be determined by excluding the first and including the last day, or, where the last day falls on a day that is not a business day, the next business day.
G2 Condition precedent
The agreement is conditional on our having conducted a successful credit assessment in line with section 81 of the NCA.
G3.1 The outstanding balance of the credit agreement, together with all amounts owing to or claimable by us in terms of the respective agreement, will bear interest at the rates specified in the respective quotation.
G3.2 If the prime rate changes, we will notify you in writing of the change to the interest rate within 30 days of the change taking place, stipulating the date on which the change took effect.
G3.3 Interest will be reckoned from the date on which credit or any part of that is paid to you or on your behalf, calculated daily on the basis of a year of 365 days, whether or not the year is a leap year, and debited monthly in arrears.
G3.4 Interest for any period between the date on which credit or part of that is paid to you or on your behalf, and the date on which the first instalment is payable, will be payable monthly in arrears.
G3.5 If you default on your repayment obligations (miss any payments), we will charge further interest on overdue amounts at the same rate as the interest rate applicable to the respective credit agreement, which will include fees, costs or charges not paid on or before the due date.
G4 Fees, costs and charges
G4.1 You are responsible for payment of all fees, costs and charges specified in the quotation. We may change any fees, costs or charges, but it will not exceed the prescribed amount in terms of the NCA. We will give you notice of at least five business days before we make the change.
G4.2 If you default on any obligation in terms of the respective agreement, we will charge default administration charges for the delivery of each default letter, and we may charge you the costs we incurred to collect the debt.
G4.3 All amounts that we pay or incur due to your default, including any amount that we actually pay for premiums on any insurance policy, including all legal costs charged on an attorney and client scale, counsel's fees, tracing fees and other collection charges, will be payable by you. These charges are payable to us on demand, and you authorise all these and secure them with the security (if applicable).
G4.4 If you are required to pay or reimburse any costs, fees, expenses or disbursements under the respective agreement, you agree that this obligation includes the payment of value-added tax (VAT), if applicable.
G5 Prepayment, settlement and allocation of payments
You may pay any amount in advance or settle the respective agreement at any time. The amount required to settle the respective agreement is the outstanding capital, plus any unpaid fees and interest owing to or claimable by us up to the settlement date. If the agreement is a large agreement as defined in the NCA, and you have not given us three months’ notice of your intention to settle the respective agreement, we may charge an early-termination fee. You may pay any amount owed to us in advance at any time and we will allocate the payment as follows:
- to pay any unpaid interest; and then
- to pay any unpaid fees; and then
- to reduce the amount of the principal debt.
G6 Process on default
G6.1 If you are in default, we will give you written notice and propose that you refer the agreement to a debt counsellor, an alternative dispute resolution agent, the consumer court or the Ombudsman with jurisdiction, with the intention that we resolve any disputes or develop and agree on a plan to remedy the default.
G6.2 To the extent that the NCA is applicable to this agreement, you have the right to resolve a complaint through alternative dispute resolution, filing a complaint with the National Credit Regulator, making an application to the tribunal, or applying to a debt counsellor for assessment and debt review in terms of the NCA.
G6.3 You agree that registered mail will be used for the delivery of legal notices to you.
G6.4 If you applied for debt review under section 86 of the NCA and the review is not finalised within 60 business days after you applied for it, we may send a notice terminating the debt review in terms of section 86(10) of the NCA.
G6.5 We can approach the court for an order enforcing the agreement only if, at the time, you have been in default for at least 20 business days and at least 10 business days have elapsed since the default letter or notice referred to above has been delivered (which 10-day period may run concurrently with the 20-day default period) and you have not responded to the default letter or have rejected our proposal.
G6.6 The nature and amount of your indebtedness, the applicable interest rate as well as the terms and conditions applicable to your relationship with us will be determined and proved by a written certificate from any of our managers or accountants, whose position we need not prove and which certificate will, on the face of it, be binding on you as a liquid document. Unless you can satisfy the court that the amount in the certificate is incorrect, it is agreed that we may take any judgment or order that we are entitled to in law based on the contents of the certificate.
G7 Implications of default
G7.1 If you default on your obligations under the agreement, you will pay default administration charges and collection costs to us.
G7.2 We have the right to claim the full amount outstanding in terms of the agreement, together with interest and all other amounts owing to us, which amount may, at our discretion, become immediately due and payable.
G7.3 Any amount in default or arrears will bear interest at the rate referred to in the respective quotation, calculated and capitalised monthly.
G7.4 Subject to clause G.8, if you are in default, we may institute legal action against you, which may result in a court judgment against you, which may attach your salary or property and sell your property to recover your indebtedness to us, which will further result in a bad credit record.
G7.5 Whenever we take any legal steps against you, we will have the right to use microfilm and copies of any other relevant records.
G8 Application for debt review
G8.1 You have the right to apply to a debt counsellor to be declared overindebted. You may not apply to a debt counsellor to be declared overindebted if, at that time, we have started legal action.
G8.2 The debt counsellor will determine whether you are overindebted and, if you sought a declaration of reckless credit, the debt counsellor will make a finding on whether any of the credit agreements are indeed reckless.
G8.3 The debt counsellor may reject your application or may recommend that you and the respective credit providers consider and agree on a debt rearrangement plan. If the debt counsellor finds that you are indeed overindebted, they may issue a proposal recommending that the magistrate's court make an appropriate order. If you and each credit provider accept the recommendation suggested by the debt counsellor, the order must be recorded in the form of an order and, if all parties consent, it may be filed as a consent order by the debt counsellor. If the debt counsellor rejects the proposal, you may, with leave of the magistrate's court, apply directly to the magistrate's court for an appropriate order.
G9 Address for notices
G9.1 You agree that the residential address you gave in the quotation or the most recent address given to us in terms of clause G9.2 is your chosen domicilium citandi et executandi, which is the address to be used for purposes of legal proceedings and sending or delivering any legal notices to you.
G9.2 Either party may change its address by delivering a written notice of the new address by registered mail or email.
G9.3 A notice, order or other document that, in terms of the NCA, must be served on either party to this agreement will have been properly served when it has been delivered to that party or sent by registered mail to that party’s last known address. If you have not informed us of a change of address, we will continue to use the last address given, even though the information may be incorrect.
G9.4 You may send any legal notices to:
The General Manager
Nedbank Group Legal
Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196
G9.5 Unless the contrary is proved, any legal notice sent by email to the chosen email address will be considered received on the date of transmission.
G9.6 Any document received by a party will be adequate written notice or communication to that party, even though it may not have been sent to or delivered at the chosen address.
G10.1 The agreement contains everything we and you have agreed on and any change to it must be signed by both parties, unless stipulated otherwise.
G10.2 If either party decides not to use a right in this agreement, it does not mean that the right is lost in terms of the agreement.
G10.3 If you or we wish to waive (give up) a right in terms of this agreement, the party must give the waiver in writing.
G10.4 Every undertaking in this agreement is separate from the others. If any clause is found to be unlawful or cannot be used for any reason, the other clauses will not be affected.
G10.5 If there is a conflict between the provisions of this agreement and any provision of the security, the provisions of the agreement will apply.
G10.6 We have the right, without your consent, to cede, assign and transfer any of our rights or obligations in terms of this agreement and/or the security to any third party. The right includes the right to delegate any of our obligations in terms of the agreement or the security. If any cession, assignment or transfer constitutes a splitting of claims that requires your consent, you consent to that.
G10.7 You are not entitled to cede, assign or transfer any right, title or interest in and to this agreement.
G10.8 You must give us the information and documents that we may require in respect of yourself, your spouse, surety, guarantor or any other person who has provided security for your indebtedness.
G10.9 The English version will prevail if there is a conflict with any other version of the agreement.
G10.10 In terms of section 45 of the Magistrates' Court Act, 32 of 1944, and at our option, any claim arising under this agreement may be recovered in any magistrate's court having jurisdiction, and you consent to the jurisdiction of the magistrate's court. We have the right to approach a higher court if we wish to do so.
Terms and conditions applicabale to a credit card facility
In this agreement clause headings are for convenience and are not to be used in its interpretation.
In this agreement, unless the context shows otherwise, the following expressions have the meanings assigned to them below and similar expressions have corresponding meanings:
C1.1 Additional card means a card you have applied for and any additional card we issue for use by the additional cardholder.
C1.2 Available card facility means a portion of the total card facility that has been made available to you immediately, which will not exceed the total card facility.
C1.3 ATM means an automated teller machine.
C1.4 Business day means a day other than a Saturday or Sunday or official public holiday.
C1.5 Card means the credit card, which may be contactless-enabled, that we issue to you so you can access your card account.
C1.6 Credit card facility/Card account means the account opened with us and operated through the card.
C1.7 Cardholder means you, the person who applied for the total card facility and the holder of the card account.
C1.8 Card transaction means any transaction, including purchases, payments, interaccount transfers, services, cash advances, cash withdrawals or deposits made with the card through use of an ATM, self-service terminal (SST) or other device or through giving the card or the card number to the supplier or merchant.
C1.9 Chip means the integrated circuit that is embedded in a card designed to perform processing and memory functions.
C1.10 Contactless payment means a payment transaction that may or may not require a PIN made below the contactless transaction limit, where the contactless-enabled card is placed against a compatible payment device or within close proximity of the contactless payment device.
C1.11 Contactless payment device means a point-of-sale (POS) device that is enabled to perform contactless payments.
C1.12 Contract rate means the maximum interest rate applicable to the card account, which may be levied on unsecured credit facilities in terms of the NCA.
C1.13 Conversion fee means a fee that is applied to all card transactions that occur in a currency other than the South African rand.
C1.14 Credit limit means the credit limit that apply to the credit card facility.
C1.15 Effective interest rate means the variable interest rate based on the contract rate applicable to the credit card facility, less any interest, which we may waive, having regard to your personal risk profile, and which we may change from time to time.
C1.16 PIN means a personal identification number for use in connection with the card.
C1.17 Primary card means the card issued to the cardholder.
C1.18 Total card facility means the credit card facility, which includes the available card facility, that is operated through the card or the card number to cover the amounts you use on your card account for purchases or services or withdrawals of yours from your card account.
C1.19 Transaction limits means daily and monthly POS transaction limits for both card transactions and contactless payments as communicated to you from time to time.
C1.20 Hub Card Interpretation:
C1.20.1 Merchant means HTC Stores (Pty) Ltd trading as The Hub and/or any other associate company as agreed from time to time.
C1.21 SAA Voyager Credit Card
C1.21.1 SAA means South African Airways (SOC) Limited, a company registered in terms of the company laws of the Republic of South Africa under registration number 1997/022444/30 and acting through and represented by its Voyager division.
C2 Credit card facility
C2.1 An agreement will come into effect only on completion of a successful credit assessment.
C2.2 We may change the card terms and conditions by giving you notice through statement messages or any other means. You agree that we will not be obliged to obtain your written consent for these changes. However, if you disagree with these changes, you may cancel the agreement before the terms and conditions become operational. If you decide not to cancel the agreement before the changes become operational, they will be binding on you. Your use of the card after we have changed the terms and conditions signifies your acceptance of the changes.
C2.3 The total card facility will be given to you at our sole discretion. We may grant you further access to the remaining portion of the total card facility at our sole discretion, subject to your personal risk profile, which will be affected by the way in which you conduct your financial affairs and our assessment of your credit risk.
C2.4 The available card facility will be made available to you immediately. You may not exceed your available card facility, unless you first get our written approval. If we accept any card transaction resulting in the credit limit being exceeded, this will not mean we have increased the credit limit permanently.
C2.5 We reserve the right to move you to a more suitable product if appropriate.
C2.6 If you have requested in writing the option of having the total card facility automatically increased from time to time, we may do so at our discretion.
C2.7 On a budget facility the amount of the card transaction will be payable over an extended period that we stipulate, and that card transaction amount must be paid together with other charges in monthly payments, the amount of which we will stipulate.
C2.8 You may be charged a currency conversion fee for transactions concluded in a currency other than the South African rand.
C2.9 If you take up a Nedbank Balance Protection Plan, a credit life insurance policy underwritten by Nedgroup Life Assurance Company Limited pays us the amount and interest that you owe on your account when you die.
C2.10 You must comply with all legislative, regulatory and supervisory requirements, including exchange control regulations. You may not participate in lotteries organised abroad or buy foreign exchange to participate in any gambling activities, including internet gambling. You may not use your card to facilitate payments for these activities and may not use your card for any unlawful transaction.
C3 Use of card
C3.1 When you receive the card, you must sign it in the space provided. If you do not want the card, you must destroy it immediately and notify us in writing.
C3.2 The card may be used only by the natural or juristic person whose name appears on the card, except in the case of the duplicate card, which may be used only by the authorised representative for the purpose of signing for you and on your behalf for goods and services provided by the authorised representative as stipulated in the agreement between you and the authorised representative.
C3.3 The card is valid from the first day of the ‘valid from’ date on the card until it expires or until your account is closed. If we allow a card transaction after such time, this does not mean that we have extended the validity term of the card and payment of any amount owing remains your responsibility.
C3.4 We will encode the card with a PIN, which will give you the ability to deposit and withdraw cash and make use of services through the card at compatible electronic devices.
C3.5 It is important that your card and account are not used fraudulently. You must take proper care of the card and your card number, ensure that any record of your PIN is kept in a safe place that is separate from the card, and not allow anybody to have knowledge of your PIN. If your card, card number or PIN is lost, stolen and/or used wrongfully or is used by any person other than you, or if you suspect that this has occurred, you must notify us immediately by calling the number on your monthly statement. Until you notify us, you will be liable for all amounts we pay in such instances. You will be provided with a reference number during your call. You must keep a record of the reference number and you must give it to us when requested to do so.
C3.6 We will not be liable to you for any damage or loss that you suffer if any person gains unauthorised access to your card, card number, card account, PIN, total card facility or any information in respect of that; if there is a delay, failure or malfunction of any device you use to make card transactions; or if any person gains unauthorised access to any information or data.
C3.7 We will not be liable for any loss or damage resulting from the use of the SMS service (service), an inability to use the service, any delays in the service or any fraudulent transaction taking place when the service is unavailable.
C3.8 When you use any electronic device, you do so at your own risk and we are not liable for any loss or theft resulting from its use.
C3.9 When making withdrawals outside South Africa, the daily withdrawal limit may be different to the limit in South Africa. You irrevocably authorise us to pay for any purchases, services or cash advances for which the card or the card number is used and debit the amount to your card account and make the necessary entries to do the above and to reverse these entries when appropriate.
C3.10 We will not be liable to you if any merchant does not accept the card or your card number or if we refuse to authorise any card transaction. No merchant is our agent. If there is any claim between you and a merchant for goods or services or any other matter, our rights to receive payment from you will not be affected, nor will it give anyone a right of setoff or counterclaim against us. If you did not receive merchandise or the services you paid for, you must resolve the dispute with the merchant. You have the right to dispute a card transaction, but not necessarily a contactless payment. If we are unsuccessful with the chargeback request, you will remain liable for the amount owing on your total card facility. An unsuccessful dispute does not limit your right to claim directly from the merchant. If a merchant gives you a refund, it will be credited to your card account when we receive a credit voucher. You will not have the right to stop any payment we are about to make for any card transaction, nor will you have the right to instruct us to reverse a payment for a card transaction that has been made, except as provided for by law.
C3.11 When paying with your card, you may qualify for free travel insurance.
C4.1 Interest on your card account will be levied at the contract rate. At our discretion, we may waive (give up) our right to a portion of the interest levied, having regard to your personal risk profile, which is affected by the way in which you conduct your financial affairs and our assessment of your credit risk (the effective interest rate). We may change the amount of interest we waive at our sole discretion.
C4.2 The effective interest rate charged will change as your personal risk profile changes.
C4.3 You will be liable to pay interest to us for each card transaction, calculated monthly on the daily balances as set out on your statement and/or the quotation, which will not exceed the maximum contract rate.
C4.4 If you pay the outstanding balance on your card account on or before the due date as stipulated on the monthly statement, we may decide not to charge interest for card transactions (other than cash advances or withdrawals, electronic transfers, foreign exchange, casino chip or fuel purchases – these transactions will incur interest from day one) that appear for the first time on that statement. This will not mean that we have waived our right to charge interest and we reserve the right to charge interest at any time.
C4.5 If you fail to pay any amount owing to us on the due date, you will be liable for interest at the contract rate on the full overdue amount, which includes interest, fees and charges.
C4.6 We will pay interest to you on the average daily credit balance of your card account at the rate specified in your monthly statement.
C5 Fees, costs and charges
We have the right to debit your credit card facility with our standard maintenance and other fees and charges payable from time to time, which will be reflected on your monthly statement. These include, but are not limited to, a maintenance fee, a card replacement fee and a returned-payment fee.
C6 Additional cards
If we issue an additional card, you and the additional cardholder will jointly and severally be liable to us as co-principal debtors for all amounts due and payable as a result of the use of the additional card. You give up the benefits and/or the legal exceptions and/or defences of excussion, division or cession of action that you can or may plead to defend any claim we bring against you or the third party named on the additional card. We will cancel the additional card if the additional card is returned to us and after all amounts owing for the use of the additional card have been paid to us.
C7 Contactless transactions
Your card may be enabled to make contactless payments. You may make a contactless payment for an amount below the prescribed limits without the use of a PIN. When you make a contactless payment without the use of a PIN, you may not have the right to dispute this payment. You cannot make internet purchases or cash withdrawals at an ATM using the contactless payment functionality.
C8 Balance transfer option
C8.1 We may, at our discretion, grant you a credit card facility, the amount of which we will determine, to facilitate the transfer of a balance from one or more accounts to the card account if:
- you have properly maintained the account from which the balance is to be transferred;
- we have approved your application for the card; and
- you have applied for the balance transfer option and have indicated in the application the account from which a balance is to be transferred.
C8.2 You authorise us to verify the status and balance of the account, and you authorise us to make payment on your behalf into the account. You will be responsible for closing the account from which the balance is transferred. You must pay any amount outstanding on the account from which the balance is transferred. The repayment period for the transferred amount can be from three to 36 months. The balance transfer amount cannot be revised or revoked once the application has been processed. You must continue to pay your current minimum payment on the account on which you have requested a balance transfer until you receive the statement showing that the balance has been transferred. We may decline your transfer request.
C9 Statement, payment, deposits and settlement
C9.1 We will send you a monthly statement in line with the delivery mechanism you have chosen, setting out, among other things, the balance on your account and the minimum amount payable on or before the due date.
C9.2 You must pay us the minimum amount and your payment must reach us during banking hours on or before the due date. You will bear all risk for payments until these reach us.
C9.3 It is important that you check your monthly statement. If you dispute any entry, you must notify us within 30 days of the date of the statement, recording your dispute so that we can investigate.
C9.4 Not receiving a monthly statement does not give you the right to withhold any amount that is due and payable. You must inform us in writing if you do not receive monthly statements.
C9.5 If any money is deposited into your card account, the proceeds will provisionally be credited to your card account, but you will be entitled to these proceeds only once the payment has been cleared.
C9.6 All payments received will be credited to your card account and will be applied firstly to the unpaid interest charges, then any fees and other charges we levy on your card account, then any legal costs, and finally the principal debt. You may not attach conditions to any payment.
C9.7 All payments in terms of this agreement will be made in South African currency without setoff or deduction and free of exchange, bank costs and other charges in line with the payment options made available by us. If you pay the monthly instalment through a debit order or automatic payment order, this will not detract from your obligation to make payment on the payment due date.
C9.8 You may prepay any amount owed to us in terms of this agreement or settle this agreement. If the NCA is applicable to this agreement, the payment required to settle this agreement is the total of the following amounts: the amount outstanding at the time of settlement, any unpaid interest, and all other fees and charges claimable by us in terms of agreement up to the settlement date.
C10.1 If you exceed the credit limit, it will constitute a breach of this agreement and all amounts owing to or claimable by us from you in terms of this agreement will, at our option, become immediately due and payable without notice if you fail to pay on demand any money claimed by us.
C10.2 When you breach any term of this agreement, we have the right to close your account, cancel the total card facility and demand that you repay us the full amount outstanding, including interest on your account, and immediately return the card and any additional card to us. Any liability that you may have in terms of this agreement will not be affected by this action.
C10.3 If you are in default, we may suspend the total card facility. Furthermore, at our discretion, we may close the total card facility by giving you 10 business days’ written notice.
C10.4 You agree that we may inform any person that we have closed your card account and/or have cancelled your total card facility, and you will not have any claim against us for doing so.
C10.5 If you want to terminate your right to use the card and/or total card facility, you must destroy the card and let us know in writing of the termination. The card and/or your total card facility will be cancelled on the day we receive your written notice. Any termination of your card account and/or total card facility and/or the card will not affect your liability in terms of the agreement and use of the card.
C10.6 All amounts owing to or claimable by us from you in terms of this agreement will, at our option, become immediately due and payable without notice if you fail to pay on demand any sum or sums of money owing to or claimable by us for the card facility granted to you or any other indebtedness of yours, from whatever cause arising. Any failure of yours to effect payment as aforesaid will constitute a breach of this agreement.
C11 Insurance premium commission
C11.1 The costs of the insurance for which you are liable are based on the premium as specified in the quotation. The premium is variable, as it is determined by the highest outstanding balance during the statement month.
C11.2 The commission payable to us in relation to the insurance policy equals 7,5% of the premium calculation referred to above.
C12 SAA Voyager and credit card account
C12.1 You will receive one account with two cards – an SAA Voyager American Express® Credit Card and an SAA Voyager Mastercard card. You will earn accelerated SAA Voyager Miles when using your SAA Voyager American Express Credit Card.
C12.2 If you do not have a Voyager account with SAA, Nedbank will request SAA to open one for you to enable you to earn Voyager Miles.
C12.3 Terms and conditions with regard to the Voyager programme and benefits apply, and are available at nedbank.co.za/saa.
Terms and conditions applicable to a personal loan
In this agreement clause headings are for convenience and are not to be used in its interpretation.
In this agreement, unless the context otherwise indicates, the following expression have the meaning assigned to it below and similar expressions have corresponding meanings:
L1.1 Loan means instalment credit offered to you in the form of a personal loan.
L2 Disbursement of the loan
An agreement will come into effect only after a successful credit assessment and if you have given us an authenticated collection mandate where applicable. If we approve a loan for an amount that is lower than the amount you applied for, the information in the most recent quotation will apply to the loan and not the information disclosed in the earlier quotation. If you apply for a further loan, we have the right to settle your existing personal loan from the proceeds of the new loan. Depending on the type of loan you qualified for, the loan amount or the lesser amount, as we may approve, will be paid to the merchant or deposited into your nominated account. If you chose a split payment of the loan, a portion of the loan amount will be paid to the merchant and the remainder of the loan amount will be deposited into your nominated account.
L3 Payment of instalments
You must repay the loan amount together with interest, fees and charges as stated in the quotation. The payment may, in our discretion, be fulfilled through the authenticated mandate collection system or any other collection system that we may choose to use. If you do not pay on the due date or if we pay any amount on your behalf and we include this in the outstanding balance, we have the right to alter the monthly payments to amounts that we determine to ensure that your loan is repaid in the same period as stated in the quotation. If your bank account is closed, inaccessible or has insufficient funds to service the debit order, we may apply the debit order to any bank account that you may have with us, subject to the provisions of the NCA. If you cancel the debit order authority, you must choose another payment method acceptable to us and notify us immediately. If you choose a payment method other than debit order, receipt of payment will be at your risk until we receive and process the payment.
L4.1 If you chose the policy that we arranged on your behalf, you acknowledge that:
L4.1.1 You were informed of your right to waive the proposed policy and substitute it with a policy of your own choice and have not waived the policy we proposed;
L4.1.2 we gave you a copy of the policy and have explained the terms and conditions of the policy to you;
L4.1.3 we gave you a copy of the policy, which you have read and understand;
L4.1.4 you are familiar with the exclusions in the policy;
L4.1.5 if one of the insurable events under the policy occurs, we will receive the cover payable in terms of the policy;
L4.1.6 you irrevocably authorise Nedgroup Life to get from any person, doctor or institution (whom you hereby authorise and request to provide) any information that Nedgroup Life deems necessary to facilitate the consideration of any claim for any benefits payable in terms of the policy;
L4.1.7 the premium rates under the policy are not guaranteed and may be altered on the advice of an actuary of Nedgroup Life. If this is the case, you will be given one month's notice of any changes of rates;
L4.1.8 you have chosen to have us act as your agent in arranging such insurance;
L4.1.9 you will be the credit life insured and that we will be the beneficiary under the policy; and
L4.1.10 you authorise us to pay the insurance premiums on your behalf and that we can recover these premiums as part of the monthly instalments.
L4.2 If you arranged your own insurance policy, you must give us documentary evidence that the policy is effective and all premiums are up to date.
L4.3 Failure to comply with the insurance requirements is a breach of this agreement.
L4.4 On reaching your 65th birthday, only death claims will be allowed; loss of income and disability benefits will cease.
L5.1 Your loan is subject to a fixed or variable interest rate as specified in the quotation.
L5.2 If your loan is subject to a variable interest rate, the interest rate will automatically increase or decrease in line with changes in the prime rate, plus or minus the prime rate factor specified in the quotation.
Terms and conditions applicable to the overdraft facility
In this agreement clause headings are for convenience and are not to be used in its interpretation.
In this agreement, unless the context otherwise indicates, the following expressions have the meanings assigned to them below and similar expressions have corresponding meanings:
F1.1 Account means your transactional account with Nedbank to which the facility is linked.
F1.2 Facility means the credit offered to you in the form of an overdraft facility.
The overdraft facility, being a demand facility, is granted on a fluctuating basis without a specific expiry date. As such, the facility is repayable at our discretion in accordance with our credit risk assessment practices. The facility is subject to review from time to time, and continuation will depend on our standard credit risk assessment criteria.
F3 Terms of overdraft facility
F3.1 Subject to the terms and conditions in the agreement and the provision of security (if applicable), we agree to provide the facility to you.
F3.2 Subject to the provisions of the NCA, we may increase your credit limit on your written request.
F3.3 If you have selected the option, at the time of the facility application or after that, of having the credit limit automatically increased, we may unilaterally increase your credit limit from time to time.
F3.4 You may not exceed the credit limit, unless you first get our written approval. If we accept any sales voucher, cash voucher or other evidence of cash withdrawal or purchase resulting in your credit limit being exceeded, this will not mean that we have permanently increased the credit limit.
F4 Provision of credit
F4.1 It is a condition of the facility that you open an account.
F4.2 You agree to conduct all banking through this account and, where applicable, your income must be deposited into the account.
F4.3 We reserve the right to request that the account be funded before you gain access to the facility and to request a minimum monthly deposit to cover the service fees and interest charges.
F4.4 Where applicable, the proceeds of all sales, including cash sales and receipts from debtors, are to be banked timeously into this account.
F4.5 You agree to conduct the account in a manner acceptable to us and failure to do so will be deemed a breach of this agreement.
F4.6 You further agree to supply us with details of signing arrangements on the account in the format as requested by us and to advise us of any changes to the signing arrangements.
F4.7 You agree that we are authorised to do the following:
F4.7.1 Pay all cheques, promissory notes, bills of exchange and other negotiable instruments payable at the bank, purporting to be drawn, made or accepted by you or on your behalf.
F4.7.2 Debit the above instruments to your account, whether your account is in credit or otherwise.
F4.7.3 Receive and deposit any cheque to the account, but the proceeds will be considered cleared only once the cheque has been honoured. All cheque deposits are subject to a clearance period, which normally is seven business days, but this may vary.
F4.7.4 Accept your instruction by electronic means and you agree that the use and handling of the account will be subject to such arrangements as we may have with regard to the implementation of the magnetic-ink character recognition system as coupled with the Automated Clearing Bureau.
Your facility is subject to a variable interest rate determined with reference to prime rate, plus or minus a prime rate factor as specified in the quotation. The interest rate will automatically increase or decrease in line with changes to prime rate.
F6.1 The security specified in the quotation will secure your indebtedness in terms of the agreement.
F6.2 The security documents and agreements will be in the form that and contain such terms and conditions as we require.
F6.3 The facility will become available on vesting of all security required in terms of this agreement. If we advance the facility or a portion of it before we come into possession of the security as required, any such advances must not be regarded as a waiver of our rights in obtaining the required security not yet provided.
F7 Payments and statements
F7.1 The deferred amount, together with interest, fees and charges, may be debited to the account.
F7.2 All payments must be made in South African rand without setoff or deduction of any kind and free of exchange.
F7.3 If you do not make any payment on the due date or if we pay any amount on your behalf, we will include this in the outstanding balance
F7.4 The amount required to settle the facility is the outstanding capital, plus any unpaid fees and interest due up to the settlement date.
F7.5 We will give you a monthly statement, unless agreed otherwise, in line with the delivery mechanisms applicable to the specific transactional account.
F7.6 You may dispute any specific credit or debit entered on your account statement by delivering a written notice to us. The bank will provide a written notice explaining the entry or confirming that the entry on the statement was an error and setting out the revised entry.
F7.7 If you use cheques, you will not receive original cheques by post, but electronic copies are available on request.
F8 Implications of default
F8.1 If you default on your obligations under the facility agreement or if you breach a condition of any other agreement with us that is a breach of the facility agreement, we have the right to claim the full amount outstanding in terms of this facility, together with interest and all other amounts owing to us. Any amount in default or arrears will bear interest at the rate referred to in the quotation, calculated and capitalised monthly.
F8.2 The following events will be considered breach of the facility agreement, each of which will be severable and distinct from the others:
F8.2.1 Failing to conduct the account in an acceptable manner.
F8.2.2 Exceeding the applicable credit limit.
F8.2.3 Any material adverse change in your financial position that will, in our opinion, prevent or aggravate your ability to meet your obligations in terms of the agreement.
F8.2.4 If one of the events listed above happens, we:
F126.96.36.199 may claim immediate payment of all amounts owing under the agreement;
F188.8.131.52 cancel the agreement with immediate effect;
F184.108.40.206 refuse to advance any further amounts to you;
F220.127.116.11 suspend the facility;
F18.104.22.168 restrict access to the facility;
F22.214.171.124 reduce the credit limit to such limit acceptable to us;
F126.96.36.199 require additional security; or
F188.8.131.52 do a combination of the above.
F8.3 No indulgence or extension of time that we grant will be deemed a waiver of our rights.
F9 Credit life insurance
F9.1 Insurance is not a credit requirement, but optional. If you selected the policy that we can arrange on your behalf, you acknowledge the following:
F9.1.1 You were informed of your right to waive the proposed policy and substitute it with a policy of your own choice and have not waived the policy proposed by us.
F9.1.2 You have chosen to have us act as your agent in arranging such insurance and agree to sign all such documents reasonably required by us for the purpose of arranging the insurance.
F9.1.3 On the occurrence of one of the insurable events under the policy, we will receive the cover payable in terms of the policy.
F9.1.4 You irrevocably authorise Nedgroup Life to obtain from any person, doctor or institution (whom you hereby authorise and request to provide) any information that Nedgroup Life deems necessary to facilitate the consideration of any claim for any benefits payable in terms of the policy.
F9.1.5 The premium rates under the policy are not guaranteed and may be altered on the advice of an actuary of Nedgroup Life. In such an event you will be given one month's notice of any changes of rates.
F9.1.6 You will be the credit life assured and we will be the beneficiary under the policy.
F9.1.7 You authorise us to pay the insurance premiums on your behalf and that we can recover these premiums as part of the monthly instalments.
F9.1.8 You will, on request, do all things and sign all such documents as may reasonably be required by us for the purpose of arranging the insurance.
F9.2 Insurance will be effective from the date on which the facility, or part thereof, is advanced to you or on your behalf.
F10 Suspension or closure of credit facility
F10.1 We may suspend the facility at any time that you are in default under the agreement or close the facility by giving written notice of termination at least 10 business days before the facility is to be closed.
F10.2 Despite the suspension or closure of the facility, any liability that you may have in respect of the facility and/or any credit provided will not be affected by the above action, and the agreement will remain in effect until you have paid all amounts due in terms of it.
You acknowledge the following:
1. A copy of the quotation, preagreement statement, respective terms and conditions and credit life insurance policy (where applicable) were made available to you.
2. If you have agreed to the credit life policy proposed by us, you have read and understand the policy exclusions.
3. You understand the risks, costs and obligations associated with the agreements.
4. The quotation is valid for five days and that, once you have signed the quotation, preagreement statement and terms and conditions, you and we will enter into the agreement subject to a successful credit assessment and the provision of any security (where required).
You confirm that the above is a true and an accurate reflection of all the disclosures, documents and information given to you before entering into this agreement and your signature serves as proof of such confirmation. You warrant that your personal circumstances have not materially changed since the application for the agreement and that the details about your income and expenditure are true and correct.
Declaration by client married in community of property
You warrant that you have obtained your spouse's written consent, attested by two witnesses, and that you have the requisite authority and legal capacity to apply for the above agreement and to enter into any agreement pursuant to our approval of your application.
Declaration by client not married in community of property declaration
You warrant that you are not married in community of property and do not require the consent of a spouse to apply for the above credit products and to enter into any agreement after our approval of the application.
Terms and conditions applicable to a transactional current account
1.1 In these terms and conditions:
1.1.1 clause headings are for convenience;
1.1.2 unless the context indicates a contrary intention:
1.1.3 the singular includes the plural and vice versa;
1.1.4 any gender includes the other genders;
1.1.5 a natural person includes a juristic person and vice versa; and
1.1.6 any number of days will be calculated by excluding the first and including the last day, or where the last day falls on a day that is not a business day, the next business day.
1.2 Unless the context requires otherwise, the following words and expressions have the meanings set out hereunder:
1.2.1 Account means your transactional current account to which these terms and conditions apply.
1.2.2 Agreement means the agreement between the parties as constituted by these terms and conditions, read together with the application, the relevant product specifications and pricing schedule (as amended from time to time) and any subsequent agreement with you pertaining to the fees (as amended from time to time).
1.2.3 ATM means automated teller machine.
1.2.4 Card means the relevant magnetic-strip or chip bank card issued to you, which at our discretion may or may not include a Nedbank Maestro debit card, a Nedbank Visa Electron card, a Nedbank or Mastercard cheque card, a Nedbank garage debit card, a Nedbank ATM card, a Nedbank Mastercard debit card or a Nedbank Visa debit card, and which may be contactless-enabled.
1.2.5 Card transaction means any commercial transaction, including purchases, payments, interracount transfers, cash withdrawals or deposits made with the card from the account by using an ATM or SSK or other electronic device, or by giving the card to a merchant or supplier.
1.2.6 Chip means an integrated circuit that may be embedded in a plastic card and that is designed to perform processing and/or memory functions.
1.2.7 Dormant account means an account on which no credit transactions were performed for a period we specified.
1.2.8 Fees means charges, costs, service, transaction and administration fees, and any other amount payable by you to us in consideration for the account.
1.2.9 Good Funds mean either cash deposited, or an electronic deposit or transfer made into your Account and/or any MyPocket from another Nedbank account only.
1.2.10 Item means an electronic funds transfer, debit order, stop order, Corporate Payment System transaction, automatic payment order, card transaction, affinity donation, NedFleet transaction and automatic transfer.
1.2.11 NCA means the NationaCredit Act, 34 of 2005, as amended from time to time.
1.2.12 NCC means the Nedbank Contact Centre, with contact number 0860 555 111.
1.2.13 Party means you or us.
1.2.14 PIN means personal identification number.
1.2.15 Pricing schedule means the latest leaflet or any other source of information stipulating the items that attract fees and, in addition, the corresponding fees levied for such items and the effective date of the pricing.
1.2.16 Product specifications means specific features of products we offer, including minimum deposits, minimum balances, interest rates, costs, charges, fees and service fees.
1.2.17 SSK means self-service kiosk.
1.2.18 We, us or our means Nedbank Limited, registration number 1951/000009/06, with registered address Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196, and postal address PO Box 1144, Johannesburg, 2000.
1.2.19 You means the applicant whose details are set out in the application.
2 Professional ONE account (Only applicable to Professional ONE account)
2.1 To open and keep your Professional ONE Account you must always:
2.1.1 give us any documents we require for credit assessments; and
2.1.2 meet the credit requirements for the Professional ONE account as set out in the prevailing pricing dchedule.
2.2 If you do not, we may exercise our rights in terms of clause 3.13 below.
3 Use of the account
You agree that:
3.1 we will open a banking account for you, the type of account and styling of which will be indicated by you;
3.2 you will supply us with the details of the signing arrangements (and any changes thereto) on the account;
3.3 we may debit the account with the amounts of all transactions carried out by you, and pay all cheques, promissory notes, bills of exchange and other negotiable instruments drawn, made or accepted by you, whether the account is in credit or otherwise;
3.4 we are authorised to receive and deposit any cheque to the account, but the proceeds will be available only when the cheque has been honoured. If the cheque is dishonoured, the account will be debited accordingly;
3.5 all cheque deposits are subject to a clearance period, which normally is seven business days, but may vary;
3.6 if a cheque deposited by you is returned unpaid, we will inform you within a reasonable period;
3.7 negotiable instruments will be returned to you at your risk;
3.8 the use and handling of the account are subject to the clearing rules between banks, and between banks and the Automated Clearing Bureau, including the Rules of the Payment Association of South Africa;
3.9 you will not have the right to stop any payment we make or are about to make to any third party in respect of any transaction, nor will you have the right to instruct us to reverse a payment in respect of a transaction that has already been made, except as provided otherwise by law;
3.10 we will restrict the use of an account when legally obliged to do so;
3.11 you will conduct the account in a manner acceptable to us;
3.12 we reserve the right to monitor the use of the account for assessing compliance with and adherence to the product rules;
3.13 if you no longer qualify for the account, we have the right to migrate you to an account for which you do meet the qualifying criteria. Such migration will be communicated to you and the terms and conditions and fees for that account will then apply;
3.14 we have the right to claim any difference in the pricing applicable to the two accounts from you, from the date that you cease to qualify for the account to the date of the migration;
3.15 you may not cede, assign or otherwise encumber any of your rights or obligations in and to the account (including the funds held in the account) without our prior written consent, which consent may be subject to any terms and conditions stipulated by us at our sole discretion;
3.16 we may accept instruction by electronic means;
3.17 we must comply with local and international laws, regulations, policies and requirements with regard to anti-money-laundering, counterterrorist financing and sanctions. We may therefore continuously screen, verify, process and monitor all your and any related information, instructions and transactions effected by you and/or on your behalf. This may result in your transactions or the use of your account being prohibited, delayed, withheld, limited, declined or conditionally approved; your funds being confiscated; and/or our relationship being terminated.
4 Use of cards
4.1 Subject to Product Specifications, you and/or your authorised representative may deposit and/or withdraw cash from the account, and generally operate the account, through access to an ATM, SSK and a point-of-sale device by using the card, together with a PIN if required.
4.2 You will select a PIN for your card. This is a secret number that only you know. This number must be encoded on the card by us and is used as a means of user identification. It is important that your card is not used fraudulently. You must therefore:
4.2.1 take proper care of the card and the card number;
4.2.2 not allow anyone other than your authorised representative to use the card and PIN;
4.2.3 always take reasonable steps to keep the card safe and the PIN secret;
4.2.4 never tell anybody who offers to help, including any of our employees, the PIN; and
4.2.5 never write down or record the PIN.
4.3 You will be liable for any transactions performed with the card if you have given your PIN to someone else.
4.4 The card is valid from the time it is issued or from the first day of the 'valid from' date on the card, as the case may be, until it expires, or until the agreement is terminated.
4.5 You may not cede or delegate any of your rights or obligations in respect of the card or its use.
4.6 You must sign the card on the back with a ballpoint pen as soon as you receive it.
4.7 We are the owners of the card and when the account is closed, you must give the card back to us (or to any person who is authorised to act on our behalf) or provide us with written confirmation that your card has been destroyed.
4.7.1 If the card, the card number or PIN is lost, stolen or used wrongfully; or is used by any person other than you or your authorised representative,
you must notify us immediately by calling the number provided on your statement or on the card itself or by contacting any of our branches. You must also notify us immediately if anyone obtains knowledge of your PIN or if you suspect that this has happened. You will be provided with a reference number during the telephone call. You will be liable for and must repay to us all amounts we pay or have to pay if the card, card number or PIN is used, unless it has been reported as being lost, stolen or used wrongfully. You will also be liable for any transactions that were made before the above notification but processed only thereafter.
4.8 We may debit your account with the amounts of:
4.8.1 all transactions carried out by you or with your authority by means of the card and the PIN; and
4.8.2 all transactions not authorised by you, but which have been carried out by means of the card and PIN before we have had the reasonable opportunity, after the verbal notification in terms of clause 4.8 above, to prevent any further unauthorised transactions.
4.9 Except where a transaction is made by means of a PIN or by telephone or on the internet, you must sign a sales voucher or a refund voucher, as the case may be, each time the card is used or the card number is given to a merchant or supplier. By signing the voucher, you confirm that the information on it is correct.
4.10 Unless you have notified us that the card has been lost or stolen in terms of clause 4.8, even if you do not sign the relevant vouchers, you will be liable for and must repay to us all amounts we pay in respect of your card transactions.
4.11 You must comply with all applicable exchange control regulations when the card is used outside the common monetary area. Card transactions made in foreign currencies will be converted into South African rand at an exchange rate determined by us and will be shown on your statements in South African rand. An additional fee may be payable by you for such transactions.
4.12 You may not use the card for any unlawful or illegal transaction and it is your duty to make sure that a transaction is lawful before the card is used.
4.13 The card may be used only for payments and transactions specified in the product specifications for that type of account.
4.14 When you use any electronic device, you do so at your own risk and we will not be held liable for any loss or theft resulting from the use of any device.
4.15 When making withdrawals at ATMs outside the borders of South Africa, the daily withdrawal limit may be different from the daily withdrawal limit at ATMs in South Africa.
4.16 You authorise us (which authorisation may not be cancelled):
4.16.1 to pay any purchases or services in respect of which the card or the card number is used and to debit the amount concerned to your account;
4.16.2 to debit your account with the amount of the sales voucher or any other cash amount withdrawn; and
4.16.3 to make the necessary entries to do the above and to reverse these entries when appropriate.
4.17 We will in no way be liable to you if any merchant or supplier does not accept the card or the card number, or if we refuse to authorise any card transaction. If there are any claims or disputes between you and the merchant or supplier in respect of the nature, quality or quantity of any goods or services obtained by you from the merchant or supplier or in respect of any other matter, our right to receive payment from you will not be affected in any way, nor will it give anyone a right of setoff or counterclaim against us. You hereby acknowledge that no merchant or supplier is our agent.
4.18 If a merchant or supplier refunds you, the refund will be credited to your account only if and when we have received a properly issued credit voucher from the merchant or supplier.
4.19 By keeping and/or using the card, you accept all these terms and conditions in respect of the use of the card.
5 Contactless transactions
5.1 For the purposes of this clause:
5.1.1 'Contactless payment' means a payment transaction that may or may not require a PIN that is made for an amount below the contactless transaction limit and where the contactless-enabled card is placed against a compatible payment device or within close proximity of the contactless-payment device.
5.1.2 'Contactless payment device' means a point-of-sale device that is enabled to perform contactless payments.
5.2 A card may be enabled to make contactless payments.
5.3 You may make a contactless payment for an amount below the prescribed limits without the use of a PIN.
5.4 When you make a contactless payment without the use of a PIN, you do not have the right to dispute this payment or have it charged back.
5.5 You cannot make internet purchases or cash withdrawals at an ATM or cash withdrawals at retailer points of sale using contactless-payment technology.
6 No funds alert service
6.1 If your account and/or any MyPocket has insufficient money for us to process an item(s), an SMS will notify you of this and ask you to deposit good funds into your account and/or any MyPocket.
6.2 Where possible, we will hold the item(s) for the period shown in the SMS.
6.3 If you do not deposit Good Funds into your account and/or any MyPocket before the end of the period in the SMS, the item(s) will be returned.
6.4 Because of the systems used across banks, it may not be possible to hold debit orders, so if there is not sufficient money in your account and/or any MyPocket, the debit order will not go through.
6.5 If an SMS is more than 160 characters, the message will be broken into two or more parts and sent as more than one SMS.
6.6 We will charge fees for this service as we provide for herein.
6.7 If you do not deposit good funds into the account and/or any MyPocket in time to enable us to pay the item(s), we will also charge you a dishonoured fee per item that is not paid.
6.8 We may, without notice to you, suspend and/or terminate this service:
6.8.1 in circumstances beyond our control, including but not limited to updates, additions/deletions, changes, maintenance or inspection of our systems, equipment or network, or if there is a failure or stoppages due to power outages or natural disasters;
6.8.2 if we have reason to believe your contact details are no longer correct; or
6.8.3 if you give any information that is untrue or inaccurate, or we have reasonable grounds to suspect that the information is untrue or inaccurate.
6.9 We do not warrant that:
6.9.1 this service will meet your requirements;
6.9.2 this service will be uninterrupted, timely or secure;
6.9.3 we will send an SMS every time there is insufficient money in your account and/or any MyPocket to meet your obligations;
6.9.4 the SMS you receive will be accurate, correct or will arrive at the supplied cellphone number; and
6.9.5 the notifications you receive will be reconcilable with the activity on your account and/or any MyPocket.
6.10 We are not liable for any loss or damage resulting from:
6.10.1 failure to deliver the SMS for any reason;
6.10.2 any SMS sent to a cellphone number that is no longer yours and has not been changed on your profile;
6.10.3 any delays in SMS delivery;
6.10.4 the loss or destruction of SMS information;
6.10.5 the modification, suspension or discontinuation of this service;
6.10.6 your instruction to line-forward your SMSs (when you direct your SMSs to a different cellphone number);
6.10.7 any other cause beyond our control or the control of any other third party we use to provide this service;
6.10.8 any other matter relating to this service, unless the loss or damage arises directly or indirectly from our gross negligence or wilful misconduct (or that of any person acting for or us or that we control).
6.11 It is your responsibility to:
6.11.1 ensure that there is sufficient money in your Account and/or any MyPocket to meet your obligations;
6.11.2 arrange with your mobile network operator to enable you to receive SMSs when you are out of the country;
6.11.3 ensure that we have your correct cellphone number at all times;
6.11.4 ensure that your cellphone is not used to gain unauthorised access to your SMSs; and
6.11.5 where you have previously authorised the SMSs to be sent to an employee, let us know timely if the employee resigns or retires or is dismissed and let us know the details of any new employee to receive the SMSs.
7.1 We will not pay interest on any account, unless this is specifically agreed in writing or where this is part of the product specification.
7.2 Where applicable, interest will accrue to credit balances, calculated on the end-of-day balance, and capitalised monthly.
7.3 Interest rates on credit balances will be the rates specified on www.nedbank.co.za or will be available from the NCC or at any branch, levied in accordance with the type of account indicated by you or, if applicable, the rates as subsequently agreed with you.
7.4 If the end-of-day balance is a debit balance, debit interest at the maximum interest rate for credit facilities, as prescribed from time to time in the regulations promulgated in terms of the NCA, or, if applicable, the rate subsequently agreed with you will accrue to the account.
7.5 We may change the interest rates on credit balances at our discretion.
7.6 Interest on debit balances will be calculated daily from the date on which the account goes into debit on the basis of a year of 365 days, whether or not the year is a leap year, and is debited monthly in arrears. Any interest not paid on or before the due date for the payment thereof will bear further interest at the rate applicable to this agreement.
8.1 Funds are available on demand, subject to:
8.1.1 daily withdrawal limits at ATMs;
8.1.2 withdrawal limits at teller terminals; and
8.1.3 cheque deposits having been cleared.
There is no limit on the number and size of deposits that can be made on the account.
10 No right to overdraw the account
10.1 You must ensure that there are sufficient funds in the account to pay for any debits against the account.
10.2 The account must always have a zero or credit balance. We will grant you credit only if you apply for a credit facility and it is approved by us, subject to separate terms and conditions applicable to the credit facility.
10.3 If we have not granted you a credit facility but the account has a debit balance, the full debit balance will be payable immediately. In such instance we will charge our standard fees to the account and interest will be levied on the debit balance in terms of clause 7.6 above.
11 Fees and taxes
11.1 We will charge fees in accordance with the prevailing pricing schedule, or as agreed with you. Such fees will be debited in accordance with the prevailing product specifications.
11.2 The pricing schedule that contains information regarding the fees is available at any branch and at www.nedbank.co.za.
11.3 You confirm that you have read and understood the fees for your account.
11.4 You must pay all fees when due to us.
11.5 We are entitled at our reasonable discretion to vary any fees, or the items attracting fees, provided that if the NCA applies to this agreement, no fees will exceed the maximum amount or no items attracting fees will exceed the stipulations of the NCA, as prescribed from time to time.
11.6 We will give you reasonable notification before fees or items that attract fees change.
11.7 Fees that attract value-added tax will include value-added tax.
11.8 Interest at the interest rate applicable to this agreement from time to time will be charged in respect of any fees not paid on or before the due date for payment thereof and this will not prejudice, restrict or in any manner detract from our rights pursuant to an act of default.
11.9 In addition, and to the extent permitted by the NCA (where applicable), all amounts that we may pay or incur pursuant to this agreement due to your default, including any amount actually disbursed by us, either when collecting any payment owing by you or when exercising any of our rights arising from any breach of your obligations in terms of this agreement, as well as legal costs on the attorney-and-client scale (including tracing fees and any collection commission), will be payable by you to us on demand.
11.10 All applicable government levies in respect of the use of the account will be debited to your account monthly and paid over to the relevant government body.
12.1 We will at our discretion issue regular statements relating to your account, subject to relevant product specifications.
12.2 You elect to receive electronic statements.
12.3 At our sole discretion an additional cost may be levied against your account for paper-based statements, whether posted or obtained at any branch or through any self-service or digital channel.
12.4 It is your responsibility to check your account regularly and report any discrepancies to us within 30 days of the date of your detection of the discrepancy.
12.5 If there is a dispute regarding the items appearing on the statement, our records will be prima facie (on the face of it) proof.
13 Income and tax certificates
13.1 After February each year, we will generate:
13.1.1 an IT3(b) certificate only if the amount of interest earned on an account is equal to or more than the minimum amount prescribed by SARS from time to time; and
13.1.2 an IT3(s) income tax certificate where applicable.
13.2 These certificates will be made available to you on request once they have been generated.
13.3 The certificates indicate the amount of interest accrued and interest paid in the particular tax year, irrespective of whether the interest is paid out in the same tax year.
13.4 These certificates will be sent to SARS regardless of whether the interest paid or earned is equal to or more than the minimum amount of interest prescribed by SARS from time to time.
14.1 Depending on the product specifications of your account, you may have a MyPocket savings pocket linked to your account, in which case the following rules apply:
14.1.1 Your account automatically comes with one MyPocket and you may open another nine MyPockets.
14.1.2 You can choose a name for each MyPocket and can rename each as many times as you like.
14.1.3 Funds can be transferred to or from a MyPocket to or from your account through Nedbank’s digital channels only. Funds cannot be deposited directly into a MyPocket by cash or cheque deposit.
14.1.4 Funds in a MyPocket are always available and you will have immediate access to funds when they are transferred into your account.
14.1.5 You cannot use a MyPocket at an ATM or point-of-sale device, and no cards or chequebooks are issued for a MyPocket.
14.1.6 You can, however, make third-party payments directly from a MyPocket.
14.1.7 A MyPocket cannot be overdrawn.
14.1.8 Because a MyPocket is linked to your account, your linked MyPocket(s) will also become dormant or will be closed if your account becomes dormant or is closed. Any funds in any dormant or closed MyPocket(s) will then be transferred to your account.
14.1.9 A MyPocket cannot be converted into another type of account.
14.1.10 You may close any MyPocket at any time.
14.1.11 eNotes and No-funds Alerts are not issued on a MyPocket and a MyPocket is not linked to Nedbank Greenbacks or Nedbank Affinity Programmes.
14.1.12 Interest will accrue on the credit balance in MyPocket, calculated on the end-of-day balance and capitalised monthly.
14.1.13 Depending on the balance in a MyPocket, you will earn interest on an escalating basis up to the maximum prescribed by us from time to time. Once this maximum has been reached, interest will accrue on a descending basis.
14.1.14 Information on the interest rates and the maximum balance are available on www.nedbank.co.za or from the NCC or at any branch.
14.1.15 We may change the interest rates on credit balances at our discretion.
14.1.16 An IT3(b) certificate will be issued only if the amount of interest earned on a MyPocket(s), is equal to or more than the minimum amount prescribed by SARS from time to time.
14.1.17 The account statement referred to in clause 12 above will not include the balances on MyPocket(s). Statements for MyPocket(s) can be obtained at any Nedbank branch or can be viewed on Nedbank digital channels.
14.1.18 The pricing schedule that contains information regarding the fees applicable to MyPocket, is available at any branch or at www.nedbank.co.za.
14.1.19 You confirm that you have read and understood the fees for your MyPocket.
14.2 You do not have to use the MyPocket automatically opened with your account if you do not want to. If you do not use the MyPocket, you will not pay any fees and it will not affect your account at all.
15 Confidentiality and disclosure of information
15.1 Your personal information will be treated as confidential and will not be disclosed, except in the following circumstances:
15.1.1 when we are legally compelled to do so;
15.1.2 when it is in the public interest to do so; and
15.1.3 when our interests require us to do so; or
15.1.4 when doing so is at your request or with your written consent.
15.2 We may disclose information to credit reference agencies relating to your personal debts owed to us:
15.2.1 if you have fallen behind with the repayment of your debt and have not made alternative satisfactory arrangements with us (if the amount owed or in arrears is in dispute, this fact will also be disclosed but not the amount itself); or
15.2.2 if you have given your written consent.
16.1 Except where damage or loss arises directly or indirectly from our wilful misconduct or gross negligence (or any person acting for or controlled by us), we will not be liable to you for any damage or loss that you may suffer because of:
16.1.1 any action taken in terms of clause 3.17 above;
16.1.2 your use of electronic means to communicate with us;
16.1.3 any person having gained unauthorised access to any information or data;
16.1.4 incorrect information having been given to us or to any person, including any credit bureau; and
16.1.5 a delay, failure or malfunction of any ATM, SSK or other device (electronic or manual) that you use to carry out transactions on the account.
17 Dormant accounts
17.1 We are still entitled to charge fees on a dormant account.
17.2 Once an account has become dormant, you will be able to perform only credit transactions on the account and not debit transactions.
17.3 To lift the dormant status on the account, you will have to contact the NCC.
17.4 We may, after notification to you, at our sole discretion close an account that has been dormant for such a period as we may determine from time to time.
17.5 We will give you 60 days' notice that the dormant account will be closed.
17.6 Once the dormant account has been closed, no interest will accrue to the account.
17.7 Should you wish to claim any credit balance from a closed dormant account, you will have to call the NCC or any of our branches for guidance on the process to be followed.
18 Events of demand
18.1 The following will be events of demand, each of which will be severable and distinct from the others:
18.1.1 If you fail to conduct the account in a manner acceptable to us.
18.1.2 If you allow the account to become overdrawn and fail to rectify such excess on demand.
18.1.3 If you breach any condition contained in this agreement, or a condition of any other agreement with us (which breach will constitute a breach of this agreement).
18.1.4 If you commit an act of insolvency, or an act similar to an act of insolvency, as defined in the Insolvency Act, 24 of 1936 (as amended), or an act defined in terms of section 344 of the Companies Act, 61 of 1973 (as amended), if applicable.
18.1.5 If you are unable or cease to conduct the business carried on by you in an ordinary and regular manner if applicable.
18.1.6 If any of your material assets are attached under writ of execution.
18.1.7 If you are voluntarily or compulsorily sequestrated or have your estate wound up, or enter into any compromise, composition or arrangement with any of your creditors.
18.2 Where an event of demand occurs, we may (without limiting any other right we may have) claim immediate repayment of all amounts owing under this agreement or arising in connection therewith, and all such amounts will immediately become due and payable, together with interest calculated at the applicable rate and levied as agreed in terms hereof.
18.3 No indulgence or extension of time granted by us to you may be deemed to be a waiver of any of our rights.
19.1 This agreement may be terminated unilaterally by either party.
19.2 You may cancel this agreement without prior notice to us, but we will, subject to clause 17, give reasonable prior notice of our intention to close the account, except where fraud or suspected fraud is occurring or has occurred on the account, in which event we may close the account without prior notice.
19.3 On termination of this agreement your right to use any card that has been issued to you in respect of the account will terminate. You must immediately return the card to us at the address set out in clause 20.1 or destroy the card to prevent further use.
20 Legal notices
20.1 For all purposes under this agreement, the parties choose the following addresses as their respective domicilia citandi et executandi:
Us: Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton.
You: the last known physical address you gave us.
20.2 Any legal notice to be served on any party must be served at the address specified for each party in this clause.
20.3 Legal notices will be valid and effective only if given in writing and delivered by hand or prepaid registered post.
20.4 The parties accept that if you send a notice:
20.5 by hand, it is received on the date of delivery, on condition that it was delivered to a responsible person during ordinary business hours.
20.6 by prepaid registered post, it is received within seven days of the posting date, unless the contrary is proved.
20.7 Despite anything to the contrary in this clause, a written notice or other communication that any party receives will be adequate written notice to the party, even if the notice was not sent to or delivered at the party's chosen address.
20.8 A party may change its address (but not to a post office box number) by giving the other party written notice, on condition that the change will be effective on the seventh business day after the notice has been received.
20.9 It is your responsibility to let us know if your personal information, including your address and contact details, change.
To the extent that the NCA allows, the nature and amount of your obligation towards us and the applicable interest rate will be determined and proved by a certificate or any other written evidence (certificate) appearing to have been signed by a Nedbank manager whose capacity or authority does not have to be proved. Unless the contrary is proved, the certificate will be binding and prima facie proof of the content of the certificate and the fact that you owe us the amount. The certificate will be valid as a liquid document (or proof of a liquidated amount) in any competent court or for any other purpose.
22 Allocation of payments
Each payment that you make in terms of this agreement will be allocated firstly to any due or unpaid interest charges, secondly to any due or unpaid fees, and lastly to reduce the capital amount outstanding.
Any claim as a result of this agreement, despite the amount of the claim, may be recovered in any magistrate's court with jurisdiction, and you consent to the jurisdiction of that court.
24 General terms
24.1 Before you open an account, we are entitled to satisfy ourselves of your suitability as an accountholder.
24.2 We may refuse to open an account or accept a deposit.
24.3 You agree that we may combine any or all accounts you have with us without letting you know. If we combine only some of your accounts, we may still claim from you any amount for an account that is not part of your combined accounts.
24.4 The agreement is the whole agreement with you.
24.5 We will let you know if there are any changes to the agreement.
24.6 Any latitude, indulgence or extended time that we grant you will not mean we give up any of our rights in terms of this agreement. If any party fails to enforce any provision of this agreement, it will not in any way affect that party's right to performance of the provision in future.
24.7 Changes to this agreement will not be a novation of the agreement (new agreement) and will not change your previous obligations to us.
24.8 If any court find any provision of this agreement defective or unenforceable, the remaining provisions of this agreement will still apply.
24.9 The agreement will be governed in accordance with the laws of South Africa.
25 Alternative dispute resolution
25.1 You may dispute all or part of any credit or debit on the account in terms of this agreement by giving us written notice. We will then give you written notice, either explaining the entry or changing the entry.
25.2 If you are not satisfied with our response, you may contact the Ombudsman for Banking Services at:
Tel: 0860 800 900/+27 (0)11 712 1800
Fax: +27 (0)11 483 3212
Physical address: First Floor, Houghton Place, 51 West Street, Houghton
Postal address: PO Box 87056, Houghton, 2041
26.1 You warrant that you have fully and truthfully answered all questions and responded to our requests for information for this agreement.
26.2 You confirm that you know of and understand the risks and costs of this agreement, as well as your rights and obligations.