Termination of the Relationship Between You and Us

 

At Albaraka Bank, we are dedicated to building long-term relationships with you based on mutual trust, transparency, and accountability. However, there may be instances where our banking relationship comes to an end. This termination can be initiated either by you or by us, depending on specific circumstances.

 

1.

Termination by You

You may choose to terminate your relationship with Albaraka Bank at any time, subject to compliance with the applicable terms and conditions governing your accounts, products, or services.

 

How to Close Your Account or Cancel a Product:

    • Submit a written request to close your account or cancel a product or service.

    • Settle all outstanding amounts due to Albaraka Bank, including fees, charges, or balances.

    • Return any Bank-owned items, such as debit or credit cards, or other instruments.

    • Ensure that no transactions are pending or in process on the account being closed.

    • Comply with any specific closure processes outlined in the relevant product or service terms and conditions.

If you have questions or require assistance with closing your account, please contact our Customer Services team or visit your nearest Albaraka Bank branch.

 

2.

Termination by Us

We may under certain conditions, decide to close your account, cancel a product or service, or terminate our banking relationship with you. Where possible, reasonable prior written notice will be provided using the latest contact information on record. An account will be deemed closed once all pending amounts due to us, including fees, charges, or balances are settled. In certain cases, we may act immediately and without notice if required by law or for regulatory or risk-related reasons.

 

We may terminate the relationship for the following reasons:

    • Legal or Regulatory Requirement

We may be required to act upon instructions from legal or regulatory authorities. This includes court orders, enforcement notices, or regulatory directives requiring account closure or the termination of services. In such instances, we may act without providing prior notice.

    • Breach of Agreement

If you breach the terms and conditions of any agreement with us and do not remedy the breach within the time allowed, we may terminate the relationship. This includes missed payments, misuse of services, or violations of specific product terms.

    • Reputational or Operational Risk

Where your relationship exposes us to reputational harm or operational disruption due to involvement in illegal activities, criminal convictions or negative media publicity, we may decide to end the relationship after giving reasonable notice. This action is taken to protect our integrity and business continuity.

    • Inappropriate Conduct

We may terminate the relationship if you, or someone acting on your behalf, behaves in a manner that conflicts with our values. This includes:

      • Abusive, vulgar, racist, or discriminatory behaviour,

      • Defamatory or hostile conduct, whether in person, online, or in writing,

      • Threatening language or intimidation, or

      • General misconduct considered unacceptable by us.

    • Engagement in Prohibited Activities

We reserve the right to immediately terminate the relationship if we have reason to believe that you are engaged in illegal or unethical activities, including:

      • Money laundering or terrorism financing,

      • Bribery, corruption, fraud, or tax evasion,

      • Transactions that contravene local or international laws, or

      • Any financial activity intended to improperly advantage any individual or entity. 

    • Non-Compliance with Laws and Regulations

If you provide false, misleading, or incomplete information, or fail to provide documents required for compliance with legislation such as the Financial Intelligence Centre Act 38 of 2001 (FICA), we may end the relationship. Continued compliance with legal obligations is a condition of all customer relationships.

    • Dormant Accounts

If your account becomes dormant and we are unable to contact you after reasonable efforts, the account may be closed. In the case of investment accounts, if the balance falls below the minimum required and remains unrectified, we may terminate the service in accordance with the product terms.

    • No Longer Qualifying for a Product or Service

We may end the relationship if you no longer qualify for a specific account, product, or service — for example, due to age, change in residency, or no longer meeting our eligibility criteria.

    • Immediate Termination Without Notice

In exceptional cases, we may act immediately and without prior notice. This may occur when:

      • There is a reasonable suspicion that the account is being used for illegal or fraudulent activity

      • Your actions are causing us to breach our regulatory obligations, or

      • A legal requirement demands immediate account closure or service termination

Need Help?

If you are unsure about the status of your relationship with us, or if you require clarification regarding account closure or service termination, we encourage you to contact our Customer Services team or visit your nearest Albaraka Bank branch. We are here to support you with the information and assistance you need.