This Code deals with our relationship with you, our personal and small business customers in South Africa
This Code deals with our relationship with you, our personal and small business customers in South Africa. All banks which are members of the Banking Council are committed to maintain the standards of fairness set out in this Code. We have accepted the jurisdiction of the Banking Adjudicator to make binding rulings based on the law where that is appropriate and recommendations based on this Code. If we refuse to abide by a recommendation of the Adjudicator, we have agreed that the Adjudicator may publish his or her recommendation and that the relevant bank has refused to accept and act on that recommendation.
None of the provisions of this Code:
This Code is based, to an extent, on the Banking Code 3rd Edition, March 1997 of the British Bankers' Association. Their support is gratefully appreciated.
We, the members of the Banking Council undertake that we will:
When you become a customer and at any reasonable time you ask, we will give you:
We will notify you of changes to ATM charges with ATM messages and/or advertisements in the media. Details of these charges can be obtained from your bank.
Overdrafts and fixed term products
We will inform you of any additional charges and interest you may have to pay when:
When you apply for a mortgage loan, and at any reasonable time you ask, we will explain to you the operation and repayment of your mortgage, including all the charges and costs, the benefits of payment acceleration and additional interest costs payable should you fall into arrears, and the steps required in law should we have to act to repossess it if you are unable to meet your repayment obligations.
We will inform you of the charges (and the applicable amount where possible) for any other service or product before or when it is provided to you or at any reasonable time you ask while you are a customer.
Terms and Conditions
Keeping you informed of changes
Marketing of services
We may bring to your attention details of our other services and products, which may be of benefit to you.
However, when you become a customer, we will give you the opportunity in writing to say that you do not wish to receive this information.
Savings & investment accounts
Closure of Bank Branches and ATM Centres:
We will give reasonable prior notice of our intention to close any of our bank branches or ATM centres.
Running your account
Foreign exchange services
We will give you an explanation of the service, details of the exchange rate and an explanation of the charges which apply to any foreign exchange transactions which you are about to make. Where this is not possible, we will inform you of the basis on which these will be worked out.
We will treat all your personal information as private and confidential (even when you are no longer a customer). Nothing about your accounts nor your name and address will be disclosed to anyone, including other companies in our group, other than in four exceptional cases permitted by law. These are:
Credit reference agencies
Information about your personal debts owed to us may be disclosed to credit reference agencies where:
Where the amount owed or arrears amount is in dispute, the fact (but not the amount) of this dispute will also be disclosed.
We will not give any other information about you to credit reference agencies without your prior written consent.
We will inform you of your rights to access your personal information held by us.
Protecting your accounts
Loss - what to do:
When you report a lost or stolen cheque book, savings account book, card or electronic purse, please ensure that we give you a code or other reference to confirm that you have reported it. Once you have advised us that a cheque book, savings account book, card or electronic purse has been lost or stolen or that someone else knows your PIN, password or selected personal information, we will take immediate steps to prevent these from being used to access your account.
Responsibility for losses:
We will refund you the amount of any transaction together with any interest and charges:
We will take care to understand your financial difficulties provided you approach us in good time. Should your account go into default, our first step will be to try to contact you to discuss the matter and it is imperative that you inform us at all times of any changes in your address and contact numbers.
How we can help
If you find yourself in financial difficulties, you should let us know and in particular respond to communications we send to you as soon as possible. The sooner we discuss your problems, the easier it will be for both of us to find a solution. The more you tell us about your full financial circumstances, the more we may be able to help.
With your co-operation, we will take reasonable steps to develop a plan with you for dealing with your financial difficulties, consistent with both our interests and yours.
These definitions explain the meaning of some of the words and terms used in the Code.
They are not precise, legal or technical definitions.
Please take a moment to give us your suggestions