Instant payment service

Terms and conditions 

1. The instant payment service enables Nedbank (we, us, our) to process payments to your beneficiaries who bank with banks that are able to do instant payment clearances.

2. Our Online Banking and Money app allow you to make instant payments 24/7, including on Sundays and public holidays. Go to  https://personal.nedbank.co.za/bank/digital-banking/needs/payments/instant-pay.html for more information. 

3. An instant payment made to your existing, amended or new beneficiaries will have access to the money after 30 minutes. 

4. The instant payment service limit is subject to the limits you have set for your profile. 

5. You can increase your limit through our digital channels, by calling the Nedbank Contact Centre, or by visiting a branch.

6. It is your responsibility to make sure that all the beneficiary details are correct. 

7. You cannot cancel or reverse any payments made via the instant payment service. 

8. We charge premium fees for instant payments. For a detailed breakdown of our fees, go to https://personal.nedbank.co.za/bank/digital-banking/needs/payments/instant-pay.html

    

   Indemnity 

9. By using the instant payment service, you acknowledge that you have read and understand these terms and conditions for instant payments, and that the terms and conditions for all digital channels will also apply to the instant payment service. 
10. You understand and agree that you use this service at your own risk. 
11. You indemnify Nedbank against and hold it harmless from all loss or damage as well as demands, claims or actions that may be made, instituted or brought against Nedbank or that Nedbank or you may incur, sustain or suffer because:

11.1 you used the instant payment service; 

11.2  you or any other person acting on your behalf gave Nedbank an instant payment instruction; 

11.3 beneficiaries did not receive their money within 30 minutes of the instant payment; or 

11.4 there was an error in the instant payment instruction, for example an incorrect account number or amount. 

Complaints and alternative dispute resolution

12. If you have a dispute or complaint regarding your account, you can call our Client Complaints Helpline on 0860 444 000 or email us at clientfeedback@nedbank.co.za. You will need to give us a written statement setting out the dispute or complaint. We will investigate your dispute or complaint within a reasonable time, keep you informed during the investigation, and give you a final written response.

13. If your dispute or complaint remains unresolved or you are dissatisfied with the outcome, please email us at complaintappeals@nedbank.co.za.

14. You also have the right to contact the National Financial Ombudsman and/or the Financial Sector Conduct Authority and/or the National Consumer Tribunal at any time using the details below: