Stokvel savings account

Terms and conditions

1. Interpretation and definitions

In these terms and conditions:

1.1 clause headings are for convenience;

1.2 unless the context indicates a contrary intention:

1.2.1 the singular includes the plural and vice versa;

1.2.2 any gender includes the other genders;

1.2.3 a natural person includes a juristic person and vice versa; and

1.2.4 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.

1.3 Unless the context requires otherwise, the following words and expressions have the meanings set out hereunder:

2. Use of the Stokvel Account

2.1 The Stokvel Account is an interest-bearing savings account. 

2.2 The Stokvel Account is available only to properly constituted stokvels.

2.3 You must supply us with the details of the signing arrangements (and any changes thereto) on the Stokvel Account.

2.4 You must conduct the Stokvel Account in a manner acceptable to us.

2.5 We reserve the right to monitor the use of the Stokvel Account to ensure compliance with the Product Specifications.

2.6 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. 

2.7 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.

2.8 If held by a qualifying depositor, this Stokvel Account is a qualifying product and has depositor protection through CODI. 

2.9 A Qualifying deposit is covered under CODI up to the limit of cover specified in the Deposit Insurance Regulations in terms of the Financial Sector Regulation Act 9 of 2017. 

3. Stokvel Burial Policy terms and conditions

3.1 The terms and conditions of the Burial Policy issued to the stokvel are incorporated in these terms and conditions.  

3.2 What appears below is a summary of the Burial Policy and must be read together with the terms and conditions of the Burial Policy. 

3.3 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. 

3.4 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. 

3.5 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.

3.6 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.

3.7 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.

3.8 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.

4. Stokvel Rewards

4.1 You may qualify for certain Rewards.

4.2 To qualify for the Rewards, you must deposit a minimum of R1 000,00 into the account every month from January to October in any given year.

4.3 We may negotiate certain Rewards with various reward partners.  

4.4 The Rewards are subject to change from time to time.  Any changes will be published on www.nedbank.co.za.If you qualify for Rewards, we will inform all the officials of the stokvel.  

4.5 The Rewards may take the form of, but not limited to, digital vouchers or discount vouchers with various reward partners, and cash deposits into your account, 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.

5. Deposits 

5.1 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.

5.2 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.

6. Withdrawals 

Funds will be available on demand, subject to: 

6.1 withdrawal limits at teller terminals;

6.2 minimum-balance requirements; and

6.3 product-specific withdrawal limitations.

7. Account overdrawn

You are not entitled to overdraw the Stokvel Account. 

8. Freezing, suspension, modification, restriction, and termination

8.1 You may terminate this Agreement at any time without giving us notice.

8.2 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:  

8.2.1 We are compelled to do so by law.

8.2.2 We have reasonable suspicion that the Stokvel Account is being used for illegal or unlawful or fraudulent purposes. 

8.2.3 Your conduct resulting in a breach of our regulatory obligations. 

8.3 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:

8.3.1 If we are compelled to do so by law. 

8.3.2 If there are reputational risks.

8.3.3 For operational or business reasons.

8.3.4 You no longer qualify for the Stokvel Account according to the Product Specifications. 

8.3.5 You breach this Agreement. 

8.3.6 You breach any other agreement with us. 

8.4 We must comply with local and international laws, regulations, policies, and requirements with regard to anti-money-laundering, counter-terrorist 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.

8.5 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.

9. Product withdrawal/discontinuation

9.1 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 after giving you reasonable notice and information about comparable products.

9.2 If you do not select an alternative product or service, we will be entitled, after giving you reasonable notice, to move you to a product or service that we identify as suitable for your needs. 

9.3 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.

10. Privacy consent 

10.1 Subject to applicable laws, regulations, and our privacy policies, you give us permission to process your personal information as we see fit for both your and our legitimate interest. This includes your race, biometrics, and alleged criminal behaviour (if necessary) 

10.2 You consent to us accessing your credit bureau data, obtaining your bank statements from your bank, sharing your information with third parties sharing information about your application with third parties, collecting your personal information from third parties, sharing information about your application with the Southern African Fraud Prevention Services and processing your personal information outside South Africa.

10.3 Processing includes doing affordability assessments, credit scorings and profile building that may help us offer you a product or service that will suit your needs. You may ask for a description of your personal information that we have on record and for the details of third parties who have, or having had, access to your personal information. 

10.4 You may withdraw your consent by notifying us in writing. You may also ask that we correct or delete your information, object to us having had your information, and send a complaint to the Information Regulator.

11. Interest

11.1 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. 

11.2 No debit interest will accrue to the Stokvel Account if the end-of-day balance is a debit balance.

11.3 Where applicable, interest will be calculated on the end-of-day balance and will accrue and be capitalised every month.

11.4 Interest rates on credit balances will be tiered, which means the greater the balance, the higher the rate.

11.5 The current rates of interest are available on request at any or our branches, at NCC or at www.nedbank.co.za.

11.6 We are entitled to change the interest rate.

12. Fees and taxes

12.1 We will charge Fees in accordance with the prevailing Pricing Schedule. Such Fees will be debited in accordance with the prevailing Product Specifications. 

12.2 The Pricing Schedule that contains information regarding the Fees, is available at any branch or at www.nedbank.co.za.

12.3 You confirm that you have read and understood the Fees for your Account and if you do not understand anything, you must contact us immediately. 

12.4 You must pay all Fees when due to us. 

12.5 We are entitled, at our reasonable discretion to vary any Fees, or the items attracting Fees. 

12.6 We will give you reasonable notification before Fees or items that attract Fees change.

12.7 Fees that attract value-added tax will include value-added tax, which will be indicated on your Account statement.  

12.8 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.

12.9 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.

13. Income 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 the Stokvel 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. Statements

14.1 We will, at our discretion, make regular statements relating to your Stokvel Account available to you, subject to relevant Product Specifications and Pricing Schedule 

14.2 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.

14.3 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.

14.4 If there is a dispute regarding the items appearing on the statement, our records will be prima facie (on the face of it) proof.

15. Digital Interaction

15.1 You accept all risks of Digital Interaction with us. These risks include the following:

15.1.1 It may not be the safest way to give us instructions, as Digital Interaction may be tampered with before, during or after transmission and can be manipulated fraudulently.

15.1.2 Receipt or execution of Digital Interaction may be delayed because Systems and Devices failed, malfunctioned or were unavailable. 

15.1.3 Digital Interaction may be illegible or inaudible, which may lead to instructions not being executed as intended.

15.1.4 We cannot verify email addresses, fax numbers and signatures.

15.1.5 We cannot establish the identity or designation of the sender of the Digital Interaction.

15.1.6 We may not be able to confirm receipt of Digital Interaction instructions.

15.2 You must make sure that your Systems and Devices can communicate with ours. You must meet our specifications for the installation and configuration of your Systems and Devices.

15.3 You must do whatever is necessary to access and use your Account. This includes maintaining software licences, paying licence fees, and getting the necessary telecommunications lines, hardware, software, and consumable materials (and any updates or upgrades).

15.4 You must adhere to our operating, maintenance and security requirements and procedures (including encryption standards) and make sure that there are no destructive programs, for example viruses, worms, and spyware, on your Systems and Devices. 

15.5 You must make sure of the integrity, safekeeping and confidentiality of all communication lines, data, confidential information, Systems and Devices and Authentication Mechanisms.

16. Address for notices

16.1 The physical or email address that you gave us in the application for the Stokvel Account, or the most recent address given to us, is the address you choose as your domicilium citandi et executandi where we can deliver legal notices, orders, or other documents to you.

16.2 Either party may change their physical or email address by notifying the other party via email. The email address to which you may send a change of address notification can be obtained from a branch or NCC. The change of address will be effective on the 5th Business Day after receipt of the email.

16.3 A legal notice, order or other document will have been properly served when it has been sent by email or 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 your email or physical address, we will continue to use the last address given, even though the information may be incorrect.

16.4 You may send any legal notices, orders, or other documents to our domicilium citandi et executandi:

Group Legal Counsel

Nedbank Group Legal

Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196

16.5 Unless the contrary is proved, any legal notice, order, or other document:

16.5.1 sent by email to the chosen email address will be considered received on the date it was sent. 

16.5.2 delivered by registered mail, will be considered received within seven Business Days of the posting date.

16.5.3 delivered by hand will be considered received on the date of delivery, provided it was delivered to a responsible person during ordinary business hours.

16.6 If the date of delivery falls on a weekend or public holiday, the legal notice, order, or other document will be considered received on the next Business Day.

16.7 Any legal notice, order or other 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. 

16.8 It is your responsibility to notify us of any changes to your address and contact details.

17. 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:

17.1 any person gaining unauthorised access to any information or data;

17.2 incorrect information is given to any person, including any credit bureau;

17.3 any action taken in terms of clauses 8 or 9;

17.4 your use of electronic means to communicate with us; and

17.5 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.

18. 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.

19. Dormant accounts

19.1 Once a Stokvel Account is dormant, you will be able to perform only credit transactions on the account and not debit transactions. 

19.2 To lift the dormant status on the Stokvel Account, you will have to contact the NCC.

19.3 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 or where the account has reached a zero balance.

19.4 We will give you 60 days' notice that the Dormant Account will be closed.

19.5 Once the Dormant Account has been closed, no interest will accrue to the Stokvel Account.

19.6 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.

20. General terms

20.1 Before opening a Stokvel Account, we are entitled to satisfy ourselves of your suitability as an accountholder. 

20.2 We are entitled to refuse to open a Stokvel Account or accept a deposit.

20.3 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.

20.4 The Agreement constitutes the whole agreement between the Parties in connection with the Stokvel Account.

20.5 We may amend the Agreement and we will give you notice of any such amendments.

20.6 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.

20.7 Any amendment of the Agreement will not constitute a novation of the Agreement or of any of your previous obligations to us.

20.8 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.

20.9 The Agreement will be governed in accordance with the laws of the Republic of South Africa.

21. Complaints process and alternative dispute resolution

21.1 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.

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

21.3 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:

22. Acknowledgement

22.1 You warrant that you have fully and truthfully answered all questions and responded to requests for information by us relating to this Agreement.

22.2 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.