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Stokvel Account terms and conditions
- Use of the Stokvel Account
- The Stokvel Account is an interest-bearing savings account.
- The Stokvel Account is available only to properly constituted stokvels.
- You must supply us with the details of the signing arrangements (and any changes thereto) on the Stokvel Account.
- You must conduct the Stokvel Account in a manner acceptable to us.
- We reserve the right to monitor the use of the Stokvel Account to ensure compliance with the Product Specifications.
- You may not cede, assign or otherwise encumber any of your rights or obligations in and to the Stokvel Account (including the funds held in the Stokvel Account) without our prior written consent, which consent may be subject to any terms and conditions stipulated by us at our sole discretion.
- If the Burial Policy lapses or is cancelled for whatever reason, or if you no longer qualify for the Stokvel Account, we have the right to move you to an account for which you do meet the qualifying criteria, in which case you will not be eligible for the benefits of the Stokvel Account. Such migration will be communicated to you beforehand and the terms and conditions and Fees for that account will then apply.
- You authorise us to accept instructions by electronic means.
- Stokvel Burial Policy terms and conditions
- The terms and conditions of the Burial Policy issued to the stokvel are incorporated in these terms and conditions.
- What appears below is a summary of the Burial Policy and must be read together with the terms and conditions of the Burial Policy.
- Subject to the terms and conditions of the Burial Policy, the Burial Policy provides cover to all the members of the stokvel for as long as they are members of the stokvel.
- You must ensure there are enough funds in the Stokvel Account on the first working day of every month to cover the full Burial Policy premium.
- If there are not enough funds in the Stokvel Account on the first working day of the month to cover the full Burial Policy premium, the premium will not be debited.
- If the Burial Policy premium is not paid for two consecutive months, the Burial Policy will lapse. Once the Burial Policy has lapsed, none of the members will enjoy any benefits from the Burial Policy.
- If the Burial Policy lapses or is cancelled for whatever reason, provided the stokvel has an active Stokvel Account, the stokvel has the option to take out a new Burial Policy, but the six-month waiting period will apply again from the date the new Burial Policy is taken out.
- Any claim paid out under the Burial Policy will be paid into the Stokvel Account as soon as the necessary information and documentation are received and verified by us.
- Stokvel Discount Rewards
- You may qualify to earn certain Discount Rewards.
- To qualify for the Discount Rewards you must deposit a minimum of R1 000,00 into the account every month from January to October in any given year.
- Provided that you have met the condition in clause 3.2, the discount will be calculated on a sliding scale based on the balance on the Stokvel Account on 31 October in any given year. The current scale is:
- from R10,000 – R19,999.99 = up to 5%;
- from R20,000 – R29,999.99 = up to 8%; and
- from R30,000 onwards = up to 10%.
- We will negotiate certain discounts with various reward partners.
- The percentage of the discount as referred to above is the maximum that may be offered by a reward partner but may vary from partner to partner.
- The discount enjoyed by you will be calculated on the amount spent by you at the relevant reward partner, according to the percentage discount offered by that partner to us.
- The Discount Rewards and the method calculation are subject to change from time to time. Any changes will be published on www.nedbank.co.za.If you qualify for discount rewards, we will inform all the officials of the stokvel.
- The Discount Rewards will take the form of digital vouchers that will be sent to the main cellphone number we have on record for you. You must ensure that you keep us updated on any changes to your contact details. You may not hold us liable if your contact details have changed and we have not been informed.
- Deposits
- Subject to the Product Specifications, there is no limit to the number and size of deposits that can be made on the Stokvel Account after the opening deposit has been made.
- If illegal money (counterfeit banknotes or any other purported banknotes not accepted as legal tender in South Africa) or defective notes (dye-stained or mutilated banknotes where the serial number is illegible or defaced) are deposited into the Stokvel Account, the bank reserves the right to reverse any value given to the stokvel for such dye-stained notes.
- Withdrawals Funds will be available on demand, subject to:
- withdrawal limits at teller terminals;
- minimum-balance requirements; and
- product-specific withdrawal limitations.
- Account overdrawn
You are not entitled to overdraw the Stokvel Account.
- Freezing, suspension, modification, restriction and termination
- You may terminate this Agreement at any time without giving us notice.
- We may freeze, suspend, modify or restrict the Stokvel Account or terminate this Agreement immediately at any time without prior notice to you due to, including but not limited to the following circumstances:
- Our being compelled to do so by law.
- Our having reasonable suspicion that the Stokvel Account is being used for illegal or unlawful or fraudulent purposes.
- Your conduct resulting in a breach of our regulatory obligations.
- We will give you reasonable notice if we want to freeze or suspend, modify or restrict the Stokvel Account or terminate this Agreement due to, including but not limited to the following circumstances, as determined at our sole discretion:
- Our being compelled to do so by law.
- Reputational risks or operational or business reasons.
- Your no longer qualifying for the Stokvel Account according to the Product Specifications.
- Your breaching this Agreement.
- Your breaching any other agreement with us.
- 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 also result in your transactions or your use of the Stokvel Account being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated and/or our relationship being terminated.
- If the Stokvel Account is frozen, suspended, modified or terminated, you will need to make alternative arrangements for any monthly debit and stop orders on the Stokvel Account.
- Product withdrawal/discontinuation
- If it becomes uneconomical or commercially impractical for us to provide the product or service offered in terms of this Agreement or we are unable to continue to provide the product or service, for whatever reason, we may terminate the product or service on reasonable notice to you.
- We will give you information of comparable products.
- If you do not select an alternative product or service, we will be entitled to move you to a product or service that we identify as suitable for your needs.
- If the Stokvel Account is closed for whatever reason, the Burial Policy will be cancelled immediately and all other benefits of the Stokvel Account will be terminated at the same time.
- Privacy consent
- You give us consent to process your personal information in relation to your applications for financial products and/or services from us, subject to our privacy policies and within the parameters of applicable laws. The processing will include without limitation conducting affordability assessments, credit scorings and any other profile building, that can help us appropriately allocate a product or service offering that is suited to your needs. The consent will also extend to us processing your personal information as we may deem fit for your and/or our legitimate interest.
- You also give us the right to:
- collect your personal information from a third parties when reasonably necessary and/or if it is impractical to collect the data directly from you;
- share your personal information with a third party if necessary, to provide financial products or services to you;
- process your personal information for purposes of complying with any legislative or regulatory requirements;
- transfer and/or process your personal information outside the Republic of South Africa, where necessary, on condition that such transfer and/or processing is subject to applicable laws binding corporate rules or binding agreement; and
- process your special personal information (such as race, ethnic origin, biometric information or alleged criminal behaviour), only where necessary and subject to our Privacy Policy and applicable laws.
- You have the right to:
- request confirmation from us, free of charge, whether or not we hold your personal information;
- request the record or a description of your personal information held by us;
- request information about all third parties who have, or have had, access to your personal information;
- to correct or delete your personal information;
- withdraw your consent at any time by providing notice to us;
- object to your personal information to be held by us; and
- lay a complaint at the Information Regulator regarding your personal information in terms of the Promotion of Access to Information Act, 2 of 2000.
- Interest
- Subject to the Product Specifications, interest will accrue to the balance in the Stokvel Account if the Stokvel Account has an end-of-day credit balance.
- No debit interest will accrue to the Stokvel Account if the end-of-day balance is a debit balance.
- Where applicable, interest will be calculated on the end-of-day balance and will accrue and be capitalised every month.
- Interest rates on credit balances will be tiered, which means the greater the balance, the higher the rate.
- The current rates of interest are available on request at any or our branches, at NCC or at www.nedbank.co.za.
- We are entitled to change the interest rate.
- Fees and taxes
- We will charge Fees in accordance with the prevailing Pricing Schedule. Such Fees will be debited in accordance with the prevailing Product Specifications.
- The Pricing Schedule that contains information regarding the Fees, is available at any branch or at www.nedbank.co.za.
- You confirm that you have read and understood the Fees for your Account.
- You must pay all Fees when due to us.
- We are entitled, at our reasonable discretion to vary any Fees, or the items attracting Fees.
- We will give you reasonable notification before Fees or items that attract Fees change.
- Fees that attract value-added tax will include value-added tax, which will be indicated on your Account statement.
- 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.
- In addition 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.
- 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.
- Income tax certificates
- After February each year, we will generate:
- an IT3(b) certificate only if the amount of interest earned on the Stokvel Account is equal to or more than the minimum amount prescribed by SARS from time to time; and
- an IT3(s) income tax certificate where applicable.
- These certificates will be made available to you on request once they have been generated.
- 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.
- 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.
- After February each year, we will generate:
- Statements
- We will, at our discretion, make regular statements relating to your Stokvel Account available to you, subject to relevant Product Specifications.
- You elect to receive electronic statements.
- At our sole discretion an additional cost may be levied against your Stokvel Account for paper-based statements, whether posted or obtained at any branch or through any self-service or digital channel.
- It is your responsibility to check your Stokvel Account regularly and report any discrepancies to us within 30 days of the date of your detection of the discrepancy.
- If there is a dispute regarding the items appearing on the statement, our records will be prima facie (on the face of it) proof.
- Legal notices
- 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; and You: the last known physical address supplied by you.
- Any legal notice to be served on any Party may be served at the address specified for such Party in this clause.
- Legal notices will be valid and effective only if given in writing and delivered by hand or prepaid registered post.
- If delivered by hand, the notice will be deemed to have been received on the date of delivery, provided it was delivered to a responsible person during ordinary business hours.
- If delivered by prepaid registered post, the notice will be deemed to have been received within seven days of the posting date, unless the contrary is proved.
- Notwithstanding anything to the contrary in this clause, a written notice or other communication actually received by any Party will be adequate written notice or communication to such Party even if the notice was not sent to or delivered at the Party's chosen address.
- A Party may by written notice to the other Party change its address for the purpose of this clause to any other address (other than a post office box number), provided that the change will become effective on the seventh business day after receipt of the notice.
- It is your responsibility to ensure that we are kept informed of any changes to your personal information, including address and contact details.
- Liability
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 are not liable to you for any damage or loss that you may suffer because of:- any person gaining unauthorised access to any information or data;
- incorrect information is given to any person, including any credit bureau;
- any action taken in terms of clauses 7 or 8;
- your use of electronic means to communicate with us; and
- a delay, failure or malfunction of any ATM, SSK or other device (electronic or manual) or digital channel that you use to carry out transactions on the Stokvel Account.
- Jurisdiction
At our option, any claim arising hereunder may be recovered in any magistrate’s court having jurisdiction, irrespective of the amount of the claim, and you hereby consent to the jurisdiction of that court.
- Dormant accounts
- We are still entitled to charge Fees on a Dormant Account.
- Once a Stokvel Account is dormant, you will be able to perform only credit transactions on the account and not debit transactions.
- To lift the dormant status on the Stokvel Account, you will have to contact the NCC.
- We may, after notification to you, at our sole discretion close a Stokvel Account that has been dormant for such a period as we may determine from time to time.
- We will give you 60 days' notice that the Dormant Account will be closed.
- Once the Dormant Account has been closed, no interest will accrue to the Stokvel Account.
- 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
- General terms
- Before opening a Stokvel Account, we are entitled to satisfy ourselves of your suitability as an accountholder.
- We are entitled to refuse to open a Stokvel Account or accept a deposit.
- You agree that we may combine any or all accounts you may have with us, without notifying you thereof. However, if we combine only some of these accounts, we will still have the right to claim from you any amount in respect of an account that is not part of the combined accounts.
- The Agreement constitutes the whole agreement between the Parties in connection with the Stokvel Account.
- We may amend the Agreement and we will give you notice of any such amendments.
- Any latitude, indulgence or extension of time granted by us to you will not constitute a novation or waiver of our rights in terms of the Agreement. The failure by any Party to enforce any provision of this Agreement will not in any way affect that Party's right to require performance of the provision at any time in the future.
- Any amendment of the Agreement will not constitute a novation of the Agreement or of any of your previous obligations to us.
- Should any competent court find any provision of this Agreement defective or unenforceable, the remaining provisions of this Agreement will continue to be of full force and effect.
- The Agreement will be governed in accordance with the laws of the Republic of South Africa.
- Alternative dispute resolution
- We have a complaint process that is available through the NCC, any Nedbank branch or at www.nedbank.co.za.
- If you have a dispute or a complaint regarding the Stokvel Account, you will need to send us a written statement setting out the dispute or the complaint. We undertake to investigate the dispute or complaint within a reasonable time; keep you informed during the investigation and provide you with a final written response.
- Should you not be satisfied with the response referred to above, you have the right to contact the Ombud for Banking Services and/or the Financial Sector Conduct Authority and/or the National Consumer Tribunal using the details below:
Ombud for Banking Services
Tel: 0860 800 900
+27 (0)11 712 1800
Email: info@obssa.co.za
Physical address:
Ground Floor,
34 Fricker Road,
Illovo, Johannesburg
Financial Sector Conduct Authority
Tel: 012 428 8000
012 428 8012 080
020 2087 080
011 0443
Fax: 012 347 0221
Email: info@fsca.co.za
Physical address:
Block B, Riverwalk Office Park,
41 Matroosberg Road,
Ashlea Gardens, Pretoria, 0081
Postal address:
PO Box 35655, Menlo Park, 0102
National Consumer Tribunal
Tel: 010 006 0484
Fax: +27 (0)12 663 5693
Email: registry@nct.org.za
Physical address:
Ground Floor, Block B,
Lakefield Office Park,
272 West Avenue,
corner West Avenue and
Lenchen Avenue North,
Centurion
- Acknowledgement
- You warrant that you have fully and truthfully answered all questions and responded to requests for information by us relating to this Agreement.
- You confirm that you understand and appreciate the risks and costs inherent in this Agreement, as well as your rights and obligations under this Agreement.
- Interpretation and definitions In these terms and conditions:
- clause headings are for convenience;
- unless the context indicates a contrary intention:
- the singular includes the plural and vice versa;
- any gender includes the other genders;
- a natural person includes a juristic person and vice versa; and
- 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.
- Unless the context requires otherwise, the following words and expressions have the meanings set out hereunder:
| Agreement |
The agreement between the Parties as constituted by these terms and conditions, read together with the application, the terms and conditions of the Burial Policy referred to herein, 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). |
| ATM |
Automated teller machine. |
| Burial Policy |
The rewards described in clause 3 above. |
| Discount Rewards |
An account on which no credit transactions were performed for a period we specified. |
| Dormant Account |
An account on which no credit transactions were performed for a period we specified. |
| Fees |
Charges, costs, service, transaction and administration fees, and any other amount payable by you to us in consideration for the Stokvel Account. |
| NCC |
The Nedbank Contact Centre, number 0860 555 111. |
| Party |
You and/or us. |
| Party |
You and/or us. |
| Pricing Schedule |
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. |
| Product Specifications |
Specific features of and products disclosures relating to products offered by us, including minimum deposits, minimum balances, interest rates, costs, charges, fees and service fees. |
| Stokvel Account |
A bundled account comprising a savings account, Burial Policy and Discount Rewards, regulated by the Agreement. |
| SSK |
Self-service kiosk. |
| we/us/our |
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. |
| you/your |
The stokvel applicant whose details are set out in the application. |