NetBank Business Banking and Send-iMali

Terms and conditions

A.    NetBank Business Banking

The following NBB terms and conditions must be read with the Master Electronic Banking Agreement (MEBA), as well as the NBB operations Manual (collectively the Agreement). Capitalised terms in these NBB terms and conditions (part A) and the Send-iMali terms and conditions (part B) are defined in the glossary at the end of these terms.

1.    Subject to relevant and approved authorisations, NBB gives the Client access to their bank accounts and/or third-party accounts electronically through the Nedbank website and enables them to, among others:

1.1    perform certain banking functions, including accepting third-party payments, making money transfers and payment collections; and

1.2    view account statements and balances.

2.    Clause 2.2 of MEBA will apply to NBB only 24 months after the Client has started using NBB as determined by Nedbank ('Initial Period'), unless the Agreement is regulated by the Consumer Protection Act ('CPA'), 68 of 2008, in which case NBB may be terminated according to the provisions of the CPA.

3.    If NBB is terminated during the Initial Period, the Clients must pay cancellation fees, as well as outstanding fees and charges regarding the Initial Period, unless the Agreement is regulated by the CPA, in which case Nedbank will be entitled to charge reasonable cancellation fees in accordance with the CPA.

4.    Nedbank will, where applicable, give the Client Authentication Mechanisms, as well as any replacement of that, in terms of the Agreement. The Client acknowledges that they must:

4.1    comply with all instructions from Nedbank regarding the use of Authentication Mechanisms;

4.2    remove all Authentication Mechanisms from any personal computers and close all banking applications while it is not transacting;

4.3    ensure they always keep Authentication Mechanisms, safe; and

4.4    have sole responsibility for and retain all risk regarding all Authentication Mechanisms, as well as any replacements of that.

5.    In the unlikely event of conflict between these terms and conditions and those of the MEBA, the MEBA terms will prevail.

B.    Send-iMali 

1.    Getting started

Nedbank will provide Send-iMali to the Client on these Send-iMali terms and conditions and on the Agreement.

2.    Use and rules of Send-iMali

2.1    Send-iMali enables the Client to send money from their Nedbank transactional accounts to a Recipient, using Cellphone Banking, Online Banking, the Nedbank Money app, CPS or NBB.

2.2    To use Send-iMali, the Client must:

2.2.1    have a Nedbank account; and

2.2.2    have NBB or CPS.

2.3    Send-iMali terms and conditions will bind the Client when they apply for Send-iMali and after that they may access and use Send-iMali.

2.4    Nedbank reserves the right to decline to grant the Client access to Send-iMali.

2.5    Send-iMali will remain available unless terminated in terms of the Agreement.

2.6    Nedbank will prescribe the minimum and maximum Send-iMali payment limits from time to time.

2.7    Where the Client must nominate a user(s) for Send-iMali, the user(s) may use Send-iMali once Nedbank has processed the nomination.

2.8    Nedbank will send the Recipient an SMS, including a PIN to tell them about the payment and a second SMS on how to set up a Nedbank MobiMoney Account if they do not want to withdraw all the money at once.

2.9    The Recipient must start the withdrawal process within 30 days of receiving the SMS.

2.10    If the Recipient deletes the SMS by mistake before the 30 days expire, the Recipient can dial *120*002# to retrieve the original PIN. The original PIN will be valid only for the remainder of the 30 days since it was first issued.

2.11    The Recipient must keep this PIN safe, as anyone can withdraw the money if they know the PIN.

2.12    The Recipient must dial *120*001# from their cellphone to start the withdrawal process after receiving the PIN.

2.13    The Recipient must withdraw the full amount from a Nedbank ATM or participating retail partners. No partial withdrawals are allowed, unless the Recipient has set up a Nedbank MobiMoney Account.

2.14    If the Recipient does not start the withdrawal process within 30 days of receiving the SMS, Nedbank will cancel the instruction and return the money to the Client’s account, unless the Recipient has set up a Nedbank MobiMoney Account, in which case the money will be allocated automatically to that Nedbank MobiMoney Account and will belong to the Recipient. No part of the payment can be recalled.

2.15    If the Recipient does not open a Nedbank MobiMoney Account:

2.15.1    any money the Client sends to the Recipients will remain the money of the Client and will belong to the Recipient only once they have withdrawn the money as set out above; and

2.15.2    the Client can instruct Nedbank to recall the money at any time before the Recipients withdraws the money, as long as this is possible and in line with Nedbank’s normal recall processes.

2.16    Neither the Client nor the Recipient will earn any interest on the payment value from the time the Client sends the payment to the Recipient.

2.17    If the Client has any monthly and/or daily profile payment and account limits, they will also apply to Send-iMali payments.

2.18    The Client can make same-day and future-dated payments, up to 40 days in advance, using CPS and NBB, in line with the existing CPS or NBB future-dated payment rules.

2.19    The Client can make only same-day payments using Cellphone Banking, Online Banking or the Nedbank Money app.

2.20    One-day or two-day payments are not possible on any of the digital channels referred to in this clause 2.

2.21    The payments above made through Send-iMali are subject to applicable cut-off times.

2.22    Nedbank will not transfer the money to a new cellphone number if the Recipients cellphone number changes or if the Client enters the wrong number. Nedbank will not check the identity of the Recipient when the money is sent or withdrawn.

2.23    Nedbank cannot reverse, repeat or correct a payment that was made to the wrong Recipient.

2.24    Nedbank will not get involved in any dispute between you and a Recipient resulting from a payment or the use of Send-iMali.

2.25    Once the Client has sent the payment and the Recipient has withdrawn the money, the transaction cannot be cancelled or reversed.

2.26    Once the Client has accessed Send-iMali with the Client’s Authentication Mechanisms, Nedbank will accept and process all instructions, even if the Client’s Authentication Mechanisms may have been used fraudulently or without the Client’s authority.

2.27    A payment to a Recipient using Send-iMali will not be completed:

2.27.1    if the Client has insufficient money in their account to cover the value of the payment and the fees;

2.27.2    if it is more or less than the Send-iMali limits Nedbank prescribes;

2.27.3    if Send-iMali is experiencing a temporary delay or outage;

2.27.4    if Send-iMali has been temporarily suspended or terminated on valid grounds;

2.27.5    if the payment would be illegal;

2.27.6    if the payment would breach any laws or regulations governing sanctions or money laundering; or

2.27.7    for any other reason, at Nedbank’s discretion.

3.    Nedbank’s mandate

3.1    The Client instruct Nedbank to:

3.1.1    allow the Recipient to withdraw an amount equal to the Client’s Send-iMali payment from any Nedbank ATM or participating retail partner. Participating retail partners may change from time to time;

3.1.2    inform the Recipient about the withdrawal process; and

3.1.3    debit any fees, in line with the Pricing Schedule, against the Client’s account from which the Client sent the payment each time the Client uses Send-iMali.

3.2    Nedbank will not refund any fee if the Recipient does not withdraw the money in time or if the Client requests a reversal.

3.3    Nedbank acts only on the Client’s behalf and on their instruction. No relationship is formed between Nedbank and any Recipient.

3.4    Nedbank may monitor and intercept the Client’s use of or access to Send-iMali and information they give to Nedbank, at its discretion

4.    The Client’s obligations

4.1    The Client must ensure the correctness of the Recipient’s cellphone number and the amount they want to pay before confirming the payment. Nedbank is not liable for payments made to the wrong cellphone number or for the wrong amount.

4.2    The Client must notify Nedbank immediately if they become aware of or suspect any unauthorised access to or use of their Authentication Mechanisms.

4.3    The Client must not respond to any unsolicited communications that request the Client’s access Authentication Mechanisms and/or that tries to compromise them.

4.4    The Client must comply with any instructions that Nedbank may issue about the use of Send-iMali.

Glossary