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Family Banking

Terms and conditions

 

1. Definitions

Family Banking is a client value proposition that enables families to create family groups

Family Group is a group of family members

Family Member/s means the Main Member, Spouse and or Child/children under the age of 27 years of the Main Member and who will be nominated by the Main Member to participate in Family Banking, offered by Nedbank

Main Member is defined as the individual who initiated and created the Family Group and must already be a client of Nedbank with a qualifying Transactional Account.

Child/Children is defined as the child/children under the age of 27 years of the Main Member and Spouse.

Spouse of the main member is the partner in terms of a civil or customary union recognised under the laws of South Africa

Rebate means a partial refund of monthly account maintenance fees.

Good Standing means that your Transactional Account should not be overdrawn, or be in arrears, or be in default, or be subject to any legal process with Nedbank

 

2. General

The Terms and Conditions applies to the ‘Family Banking' offer.

 

3. Family Banking Offers

3.1  A Spouse will get a rebate of up to 50% of their monthly account maintenance fee each month, paid into their qualifying Transactional Bank account.

 

4. Qualifying Criteria for Rebates

4.1  The Main Member and Spouse must both be members of the same Family Group

4.2  The Main Member and Spouse must both have one of the following qualifying transactional accounts

  • Savvy Plus
  • Savvy Bundle
  • MiGoals Plus
  • MiGoals Premium
  • Private Pay As You Use
  • Private One Bundle
  • Private Bundle

4.3  The Main member and Spouse’s qualifying transactional accounts must be in good standing

4.4  The Spouse must ensure that a minimum monthly deposit or more is deposited into their Transactional Account every month as follows-

  • R5 000 for Savvy Plus, Savvy Bundle and MiGoals Plus products, and
  • R15 000 for MiGoals Premium.
  • Nedbank Private Clients with Private Pay As You Use, Private One Bundle and Private Bundle products are excluded from this requirement.

4.5  The Spouse must be between the ages of 27 and 54 years old

 

5. Qualifying Criteria for Family Banking

5.1  Only Nedbank clients who are 21 years and older on the following transactional products can create a family group:

  • Savvy Bundle
  • Savvy Plus
  • Nedbank Pay As You Use
  • MiGoals Premium
  • MiGoals Plus
  • MiGoals
  • Private Bundle
  • Private One Bundle
  • Private Pay As You Use
  • Young Private Bundle
  • Young Private One Bundle

5.2  The Main Member can only create one Family Group.

5.3  The Main Member must create the Family Group on the Nedbank Money app, Online Banking, Nedbank branch or Nedbank Contact Centre (NCC).

5.4  The Main Member must invite the Spouse and or Child/Children to join the Family Group. A SMS and an In App notification will be sent to the Family Members to accept or decline the invite. The invite expires after 85 days from the date it is sent.

5.5  The Main Member may nominate one Spouse and all their children

5.6  The Main Member can automatically add children under the age of 16 years if the Child’s/Children’s MiGoals bank account is linked to their banking profile.

 

6. Qualifying Criteria for a Spouse

6.1   If the Main Member and the Spouse does not confirm their relationship via the Nedbank Money App and or Online Banking, the Spouse cannot qualify for Family Banking.

 

7. Removing Family Members

7.1  The Main Member can remove any Family Member from the Family Group.

7.2  Once removed, Family Members cannot re-join the Family Group unless they are re-invited or re-added by the Main Member.

 

8. Termination of or Withdrawal from the Family Group

8.1  If the Main Member terminates/closes the Family Group, all Family Members will be automatically removed from the Family Group and no longer receive any benefits.

 

9. Termination of or Withdrawal of the Spousal Rebate

9.1  Should the Main Member and the Spouse divorce, the Spouse will no longer qualify for the Spousal rebate.

9.2  The Main Member and Spouse agree to notify Nedbank should they become divorced.

9.3  If the Main Member and/or Spouse Transactional Accounts are not in Good Standing, the Spouse will cease to qualify for the Spousal rebate.

9.4  If the Main Member no longer holds the qualifying Transactional Account, the Spouse will cease to qualify for the rebate.