Terms And Conditions - Transactional Banking Account
These terms and conditions comprise the agreement between the Bank and the Account holder with regards to the Al Baraka Transactional Banking Account.
DEFINITIONS
In these Terms and Conditions
“Account” or “Bank Account” means the Account in the name of the Accountholder/Customer held, with the Bank.
“Accountholder/Customer” means the individual, entity or business for whom the Account has been opened for the purposes herein.
“Agreement” means these terms and conditions, read together with the Account opening application forms, as amended from time to time.
“ATM” means an automated teller machine that is an electronic device enabling the Customer to perform financial and non-financial transactions.
“Authentication Measures” means the techniques, methods and processes used to positively verify the identity of the Accountholder before any information is provided, or any transaction requests are carried out and includes the following in respect of transactions at the Bank; the signature and identity document, Card and PIN, Profile ID, Password and Internet logon verification.
“Authorised Dealer” means an Authorised Dealer in foreign exchange as appointed by the Minister of Finance, that has a right to buy and sell foreign exchange subject to conditions and within limits prescribed by the Financial Surveillance Department.
“Available Balance” means the balance in the Account minus the value of any un-cleared deposits and funds reserved for any other purpose.
“Bank” means Albaraka Bank Limited (Registration Number: 1989/003295/06).
“Business” means a sole proprietor/company/ close corporation or any other legally created entity (whether incorporated or unincorporated) or the state.
“Card” means a debit Card issued by the Bank.
“Cardholder” means an authorised person/s to whom a debit Card has been issued to transact on the Account.
“Card Number” means the Card number which is imprinted on the front of the Card, which is linked or referenced to the Account held by the Accountholder.
“Card Transactions” means any permitted transaction made using a Card issued to the Cardholder by the Bank.
“Channel” means the Internet or mobile network used to access the Account.
“Chargeback” means a debit Card transaction initiated by the Bank on behalf of the Customer for the return of a disputed payment to the Customer.
“CMA” means the Common Monetary Area (CMA) that links South Africa, Namibia, Lesotho and Swaziland into a monetary union.
“CNP” means a “Card Not Present” transaction where the Cardholder processes a transaction online and the Card is not physically present for payment to be effected.
“CODI” means the Corporation for Deposit Insurance established by the Financial Sector Regulation Act 9 of 2017, which aims to safeguard persons who deposit funds with a qualifying bank and which offers qualifying depositors cover of up to a maximum amount of R100 000 in the unlikely event of a qualifying bank failing or experiencing unmitigated systematic disruptions.
“CPA” means the Consumer Protection Act, 68 of 2008.
“CVV” means the Card Verification Value and is a 3 digit code printed on the back of the Card.
“Device” means the equipment used to access Internet Banking and includes, without limiting the generality thereof, a computer, mobile phone, smartphone, tablet, telephone, ATM or similar enabling device.
“Dispute” means any transaction placed in issue by the Accountholder.
“EFT” means Electronic Funds Transfer.
“FICA” means The Financial Intelligence Centre Act 38 of 2001.
“Internet” means a global network accessible through an internet service provider, by any person or business possessing such an enabled device.
“Internet Banking” means an electronic system enabling the Accountholder to conduct a range of financial and non-financial transactions through the Bank’s website.
“Internet Logon Verification Code” means the 10 character verification code chosen by the Accountholder, which is used as a security authentication measure for Internet Banking.
“Limits” means daily, local and international, Internet Banking and Card transaction limits.
“Merchant” means any business that sells goods and/or services and is enabled by a certified Bank to accept Cards as a payment method and display the Visa acceptance logo as a method of payment including in store, online purchases and/ or services rendered.
“OTP” means a one-time password that is valid for only one login session or transaction being processed.
“Password” means the confidential combination of alphanumeric characters as selected by the Accountholder when registering for Internet Banking, which is used by the Accountholder as a security and authentication measure when accessing the Account.
“Permit” means an official document authorising a foreign national to take up residency within the Republic of South Africa.
“PIN” means the confidential four digit Personal Identification Number to be used by the Cardholder as a security and authentication measure when accessing the Account.
“POS” means the Point of Sale device that is enabled to accept Card transactions with a pin-pad for the Cardholder to authorise payments.
“Profile ID” means the unique code provided by the Bank to the Accountholder to access Internet Banking.
“Qard” means a loan that is repayable on demand, where repayment is equal to the initial amount advanced, with no profit or increase.
“Reserve Bank” means the South African Reserve Bank, duly constituted in terms of South African Law.
“RVN” means the Random Verification Number that is sent to the mobile number or email address of the Accountholder or the authorised user.
“Secondary Cardholder” means a debit Card issued to a person/s, nominated by the Accountholder with authority and access to transact on the Account.
“Contactless Payment” means the use of new advanced Card technology that enables the Cardholder to tap a contactless enabled Card against a contactless enabled device in order to facilitate payment.
“Tokenised Services” means any third party applications or services onto which your Card may be loaded and / or linked to enable you to perform cardless transactions or transact digitally through your device.
1. Contract Between Parties
The Customer agrees that funds deposited with the Bank will be on a Qard basis. The Customer further acknowledges and understands that no profits shall be earned on the Account, and the amount deposited with the Bank shall be repayable upon demand.
2. Deposits
2.1 The funds are accepted in terms of the laws and regulations of South Africa, and accordingly, a certain percentage of deposits is placed in reserve funds and treasury bills.
2.2 Funds accepted and accumulated in the Account qualify for cover by CODI up to the limit of cover specified in the Deposit Insurance Regulations made in terms of the Financial Sector Regulations Act 9 of 2017 (currently R 100 000.00). However, other funds accepted and accumulated in the Account (other than funds covered by CODI) are not covered by any other governmental, public or private indemnity or insurance.
2.3 Negotiable instruments permissible at the time, shall be accepted for deposit, subject to a clearance period imposed by the Bank. The negotiable instrument shall only be available as cash after the instrument has been honoured. If the negotiable instrument is dishonoured or unpaid, the Bank shall debit the Customer’s Account with the amount of the unpaid or dishonoured instrument, and the Bank shall send the instrument to the Customer at the Customer’s own risk.
2.4 The Bank does not accept any responsibility for ensuring that the Customer has lawful title to a negotiable instrument delivered for collection. The Bank shall not be responsible for any errors or mistakes resulting from incorrect information provided by the Customer or on the Customer’s behalf.
2.5 When a Customer deposits a negotiable instrument, the Bank usually acts as a collection agent on the Customer’s behalf. The Bank may, at its discretion, credit the value of the negotiable instrument deposit to the Customer’s Account and determine if the value of a portion thereof may be accessed before the Bank receives value. If the Bank does not receive value for any reason, the Bank shall reverse the credit and the Customer shall be liable for all applicable fees and related costs.
2.6 Similarly, any uncleared deposits debited to the Account shall incur charges related thereto, for which the Customer shall be held liable. The Customer shall be obliged upon demand to deposit funds into the Account to offset any debit balance/s.
3. Withdrawals
With the exception of the Social Responsibility Account, any cash amount not exceeding the specified limit may be withdrawn on demand. Withdrawal of amounts exceeding the agreed limit is subject to a notice period of two (2) working days.
4. Available Balance in the Account
The Bank shall not pay or process any payment instructions (such as debit orders or scheduled payments to another person) if this will exceed the available balance held by the Accountholder in the Account.
5. Use of the Account
5.1 The opening and operation of a Transactional Banking Account at the Bank shall be subject to the following terms and conditions, and the Bank is hereby authorized to:-
5.1.1 Pay and hold the Accountholder liable for all promissory notes, bills of exchange and other negotiable instruments payable at the Bank, purporting to be drawn, made or accepted on behalf of the Customer, provided that such promissory notes, bills of exchange and other negotiable instruments purporting to have been signed by the authorized signatories of the Customer;
5.1.2 Debit the above instruments and/or amounts to the said Account;
5.1.3 Debit the Account from time to time with the prevailing fees and charges in accordance with the Bank’s latest pricing guide (available at any branch of the Bank and the Bank’s website).
5.2 The Bank requires that a minimum amount as determined by the Bank from time to time shall be available in the Account at all times. The Customer may withdraw funds from the Account at any time, so long as the minimum balance is maintained in the Account to keep the Account active, unless the Customer wishes to close the Account.
5.3 The Customer acknowledges and understands that there are no overdraft facilities available on this Account.
6. Foreign National Accountholders
6.1. Persons whom are deemed foreign nationals are persons that are not South African citizens. Such foreign national/s may be entitled to open an Account with the Bank. The Account shall be valid from the date that it is opened until the permit expiry date.
6.2. On the permit expiry date, the Account shall be frozen, preventing the Accountholder from accessing any funds or transacting on the Account. To avoid the Account from being frozen, the Accountholder must provide the Bank with the Accountholder’s updated permit details at least 30 days prior to the permit expiry date. Any delays in providing the updated details may result in the Bank freezing the Account on the permit expiry date until such time as the necessary documents have been provided to the Bank.
6.3. Foreign nationals are required to declare that they have not applied for similar facilities through another Authorised Dealer.
7. Information supplied by the Customer
7.1 The Bank may use various methods to establish and verify the identity and other particulars of the Customer, and any other person authorised to operate on the Account, and establish and verify the authenticity of any documentation supplied, and the Customer agrees to comply therewith and be bound thereby.
7.2 The Customer warrants that all information which the Customer submits to the Bank from time to time shall to the best of the Customer’s knowledge and belief, be complete and correct. The Customer shall notify the Bank immediately in the event of any material change in any information submitted to the Bank.
8. Credit Information
8.1 The Customer agrees that:-
8.1.1 The Bank may make any enquiries that it deems necessary to confirm any information provided by the Customer in the Accountholder’s application form;
8.1.2 The Bank may seek information from any credit bureau when assessing the Customer’s application and at any time during the existence of the Customer’s Account;
8.1.3 The Bank may disclose the existence of the Customer’s Account to any credit bureau, sharing positive and negative information about the Customer’s Account.
8.1.4 The Bank may disclose the existence of the Customer’s Account and a reference thereof by means of a Bank Code which is the standard reference used in the Banking Industry.
9. Compliance with FICA
The Accountholder agrees to provide the Bank with all documentation and information required in terms of FICA. The Accountholder acknowledges and understands that the Bank is prohibited from processing any transaction on its behalf until all such documentation and information has been provided. The Accountholder further acknowledges that the Bank is entitled to exercise its rights to either close or suspend the Account should the Accountholder fail to provide the required documentation and information. The Bank has the right to refuse to open an Account or to accept a deposit in its sole and absolute discretion.
10. Screening of applications, instructions and undertakings
The Bank must comply with national and international laws, regulations, policies, rules, and requirements to prevent criminal activities, money laundering, terrorist financing, sanctions, and/or prohibited business activity laws and rules violations. The Bank must therefore check all information from and about the Customer and related parties and monitor, verify, process and screen the Customer and related party information, instructions and undertakings on an ongoing basis. This may cause some delays or the limitation or the prohibition of undertakings. The Bank may also have to terminate its relationship with the Customer without warning in these circumstances. The Bank shall not be responsible for any losses or damages that the Customer may suffer because of these checks and/or due to the Bank terminating the relationship.
11. Issuing of Cards
11.1 The Bank shall only issue a Card if it has received a properly completed application form/s which have been accepted by the Bank, or if it is exercising its discretion and is replacing or renewing a Card.
11.2 With the exception of the Social Responsibility Account, if the Accountholder requests the Bank to issue a Card to any other party to enable them to also operate on the Account (Secondary Cardholder), then the Bank may do so in its sole and absolute discretion.
11.3 With the exception of the Social Responsibility Account, the Accountholder agrees that once any person/s has/have been issued with a secondary card and PIN that the Secondary Cardholder shall have unlimited access to funds in the Account/s linked to the additional Card.
11.4 In the event of the Accountholder being an entity, the entity shall be required to nominate the Cardholder/s and recording, amongst other things, the limits and any restrictions pertaining to each Cardholder.
11.5 The Bank shall replace or cancel a Card upon receipt of a written request of the Accountholder/Cardholder and upon return of the Card/s to the Bank.
11.6 All the terms and conditions shall equally apply to any Secondary Cardholder/s who shall be jointly and severally liable with the Accountholder to the Bank for any amount owing to the Bank.
11.7 The Bank shall not be responsible for any failure, malfunction or delay of any electronic terminal, or its supporting network, or for any loss or damage including consequential loss which an Accountholder/Secondary Cardholder may suffer in consequence thereof.
11.8 The fraudulent, incorrect, unauthorised or illegal use of the Card or the Authentication Measures by the Secondary Cardholder or any other party, shall not relieve the Accountholder of his/her/its liabilities to the Bank in respect thereof.
11.9 The Accountholder acknowledges and understands that the use of the Card/s and the Authentication Measures gives access to the Account and waives any claim/s which the Accountholder may have against the Bank for any damages, loss or liability that the Accountholder may suffer as a result of such access and/or use howsoever caused. The Accountholder hereby indemnifies the Bank against any claims for damages, loss or liability, which the Accountholder and/or Bank may suffer as a result of such access and/or use.
12. Use of the Card
12.1 With the exception of the Social Responsibility Account, the Card shall be used by the Customer to withdraw cash and obtain balances from an ATM and selected point of sale (POS) devices, perform purchase transactions at selected ATM’s, purchase goods and services from merchants displaying the VISA logo and purchase fuel as per the retailer’s discretion. All transactions for purchases, services or cash withdrawals shall be charged to the Accountholder’s Account. The Bank can refuse to authorise a transaction if there is insufficient funds in the Account.
12.2 The Card issued by the Bank can also be used to make payment for goods and services using third party applications (“tokenised services”).
12.3 The Customer acknowledges that in order to activate the tokenised services, the Customer shall be responsible to register and link the Card on any third party application on the Customer’s device.
12.4 By linking the Card onto the third party application the Customer consents to payments being processed via tokenised means.
12.5 The Customer acknowledges that it shall be liable for any transaction/s made on third party applications with the Customer's device even when the Customer is not in possession of the device, whether or not such transaction/s were made with or without the Customers authorisation, by any person known to the Customer or any other person having possession of the Customer's device.
12.6 The Customer acknowledges that usage of a third party application means acceptance of the Bank’s terms and conditions for tokenised services and any third party terms and conditions.
12.7 The Customer alone is responsible for obtaining and understanding the terms and conditions or rules that apply to the Customer and the products or services offered by the third party, before engaging in any transactions.
12.8 The Bank has no control over third party products and services and will not be a party to any disputes that may arise between the Customer and the third party.
12.9 The Bank reserves the right to cease supporting any third party application without notice to you.
12.10 The Customer hereby indemnifies the Bank against any claims for damages, loss or liability, which the Customer and/or Bank may suffer as a result of the use of any tokenised service.
13. Validity of Card & Use of PIN
13.1 Any Card issued by the Bank or any authorised employee of the Bank belongs to the Bank. Any employee or agent of the Bank may retain the Card or require the Cardholder to return the Card/s or suspend the use of the Card/s at any time in the Bank’s absolute discretion and the Bank shall not be liable for any loss suffered by the Cardholder as a result thereof.
13.2 The Card shall not become valid or operational until the Cardholder has acknowledged receipt of the Card, agreed to the terms and conditions of the use pertaining to the Card, has registered a PIN with the Bank and has signed the signature panel on the Card.
13.3 The Cardholder must keep his/her PIN secret. The Cardholder shall not disclose the PIN, thereby giving access to any unauthorised person.
13.4 If the Cardholder suspects that the PIN has become known to someone else, the Cardholder must immediately change the PIN or stop the Card via the Customer Service Centre, or contact the branch, or logon to Internet Banking.
13.5 The Accountholder and any Secondary Cardholder shall be the only person/s who may use the Card/s and may not transfer the Card to any other person, and must not allow any other person to use the Card.
13.6 The Card shall be valid from the issuing date until the last day of the month of the expiry date shown on the Card or, notice from the Bank that the use of the Card has been terminated, or the Account is closed, whichever occurs earlier.
13.7 The Cardholder can request the Bank to issue a new Card, if the Card is lost, stolen, damaged or has expired.
14. Authorised Users/Signatories
The Accountholder may nominate authorised users signatories by completing the standard mandate forms provided by the Bank, that may operate the Account and the Accountholder agrees that these persons will have unlimited access to the Account. The Accountholder shall be liable for all debts incurred by such authorised users/signatories including the Bank’s fees and charges, and the Accountholder shall be liable for any actions or omissions on the part of the authorised user/signatory. Transactions made by the authorised user/signatory, shall be debited to the Account and the Accountholder shall be liable for all amounts so debited. The Accountholder undertakes to notify the Bank in writing of any changes in signing arrangements from time to time. The Accountholder shall be liable for all transactions made before the authority was cancelled. All access and authority provided to the authorised users/signatories shall cease when the Accountholder terminates the authority or by operation of law. The Accountholder shall be able to cancel the authority at any time by completing notification to the Bank, and completing the Bank’s required forms.
15. Notification Services
The Bank recommends that the Accountholder make use of the sms/email notification service. This is a notification service offered with the Account, intended to alert the Accountholder when there is any activity on the Account shortly after it happens. The Customer shall confirm if the activation of transaction notification service is not required on the Account. The Customer accepts that failure to activate the transaction notification service shall result in the Customer not being able to monitor transactions on the Account and accepts the risks associated therein.
16. Using the Card and Internet Banking
16.1 The Accountholder shall operate the Account in a satisfactory manner, as required from time to time by the Bank. Any decision as to whether the Account is being satisfactorily operated rests with the Bank and shall be binding on the Accountholder.
16.2 With the exception of the Social Responsibility Account, transacting on the Account by way of Internet Banking shall only be available to those Accountholders whose registrations for Internet Banking have been successful.
16.3 With the exception of the Social Responsibility Account, in order to make use of Internet Banking, the Accountholder must obtain access to the Internet. The Accountholder shall be solely responsible for the acquisition, installation and maintenance of any connection to the internet and any related costs shall be borne by the Accountholder.
16.4 The Bank shall not be a party to any dispute between the Accountholder and any service provider appointed by the Accountholder to establish his/her/its internet infrastructure.
16.5 The Bank shall not be liable for any damages the Accountholder and any service provider may suffer as a result of a network breakdown, system failure, equipment malfunction, defects or malfunction of the Accountholder’s computer hardware/software or internet infrastructure, or resulting from any events beyond the Bank’s control.
16.6 The Bank is authorised to debit or credit, as the case may be, the Accountholder’s Account with all transactions effected by means of its Authentication Measures.
16.7 Although the Accountholder may request the Bank to increase or decrease the daily transaction limits, the Accountholder acknowledges that the Bank shall within its discretion also impose limits on daily withdrawals, transfers between Accounts and POS transactions at Merchants and/or Online Merchants.
16.8 The Accountholder shall only use the Card and Internet Banking within the limits as agreed between the Accountholder and the Bank, and in accordance with these terms and conditions. In the event that a transaction is not effected as aforesaid, authorisation of the transaction may be denied by the Bank and/or the Account cancelled by the Bank without prejudice to its rights.
16.9 Any Card issued by the Bank shall not entitle the Cardholder to exceed limits as agreed by the Accountholder or overdraw on the Account.
16.10 The Bank may debit (charge) the Account with the transaction amount even if no transaction slip or cash withdrawal voucher has been signed. If there are insufficient funds in the Account, the Bank may decline a request to authorise a transaction.
16.11 The Accountholder shall not use internet banking to participate in online gambling activities or for the purchase of foreign lottery tickets. The Bank is required to decline any debit card transactions in South Africa that relates to foreign lotteries or any online gambling activities.
16.12 The Accountholder shall be liable for all his/her/its actions and those of any Secondary Cardholder/s with regard to the use, or misuse, or fraudulent use of the Card or internet banking, until such time as the Card has been returned to the Bank, or the Card expires, or the Card has been dealt with as set out in this clause, or the Account is closed, whichever occurs first.
16.13 The Cardholder shall take all necessary precautions to prevent unauthorised use of the Card and unauthorised access to the Account.
16.14 The Accountholder shall not circumvent the overall item limit for a single invoice/payment by splitting the payments since financial transactions are subject to an overall item limit as set down from time to time by the Payments Association of South Africa.
16.15 The Cardholder agrees, accepts and acknowledges that use of the contactless payment feature shall be voluntary by the Cardholder and the Card can be enabled for contactless payments at selected merchants that have a contactless enabled POS or a reader capable of processing a contactless transaction.
16.16 The Bank shall not be liable for any conditions that the merchant may impose on the acceptance/non-acceptance of the contactless mode of payment.
16.17 Use of the contactless functionality must be enabled by the cardholder by visiting any branch of the Bank or logging in to Internet Banking to activate use of this functionality as well as setting a limit for contactless payments.
16.18 The Cardholder acknowledges that even though the contactless payment mode is enabled on the card, certain merchants may still require a PIN to be inserted where the card has been tapped.
16.19 The Cardholder will also be required to enter a PIN to complete a contactless payment where the card has been tapped for a number of prior contactless transactions.
17. Security
The Customer shall at all times observe security notices published by the Bank. Furthermore, the Customer undertakes to take reasonable measures to protect his/her/its computer systems by acquiring licensed software and/or appliances and/or applications and or system updates that will reduce the risk of security vulnerabilities and internet security threats. The Bank shall not be held liable for any claims or losses arising from these precautions or the lack thereof, whilst utilizing or operating on the account.
18. Disputes with Merchants/Online Merchants
18.1 The Bank shall not be liable to the Cardholder in the instances referred to below but not limited to:-
18.1.1 Should any Merchant/Online Merchant refuse to accept the Cardholder’s Card as payment; or
18.1.2 For any goods purchased or services obtained with the Cardholder’s Card. The Cardholder shall not have the right to claim from the Bank or to institute any counterclaim against or to apply set-off against the Bank on this basis.
18.2 No dispute between the Merchant/Online Merchant and the Cardholder shall give the Accountholder the right to:-
18.2.1 Be exempted from the Cardholder’s obligation for payment made by the Bank to the Merchant/Online Merchant; or
18.2.2 Instruct the Bank to refuse to pay the Merchant/Online Merchant; or
18.2.3 Instruct the Bank to do a charge-back of payment already made to the Merchant/Online Merchant, for goods purchased or services obtained with the Card or through the use of the Card.
19. Duty when Card is lost, stolen or misused
19.1 If the Cardholder has reason to think that:-
19.1.1 The Card is lost, stolen, being misused, used by any other person without authority or retained by an ATM;
19.1.2 Another person has obtained the Cardholder’s confidential Authentication Measures then the Cardholder, shall notify the Bank immediately thereof by contacting the Bank’s Customer Services Centre, or by reporting the loss/incident at any branch of the Bank, or stop the Card, using internet banking.
19.2 The Cardholder must obtain a reference number from the Bank confirming the report. Written confirmation of any telephonic notice, with the reference number must be supplied to the Bank, not later than 7 (seven) days after such telephonic report.
19.3 The Cardholder shall co-operate with any officers, employees or agents of the Bank and/or law enforcement agencies in any efforts to recover a Card if it is lost or stolen. The Bank may disclose information about the Cardholder if the Bank believes that it will assist in avoiding or recovering any loss to the Cardholder or the Bank resulting from the theft, misuse, loss or unauthorised use of the Card.
19.4 If the Card is found after the Bank has been given notice of its loss or theft then the Cardholder may not use it again. The Card must be cut in half through the magnetic strip and destroyed immediately.
20. Liability if Card lost, stolen, misused or retained by an ATM
The Bank may only be liable for any loss as a result of any use of a Card, without the Accountholder’s/Cardholder’s authority in circumstances where the Card is used after its loss/misuse or the compromise of the PIN has been reported to the Bank in accordance with the provisions of this agreement, a reference provided and the matter has also been reported to the relevant law enforcement agency for investigation.
21. Liability for Loss or damage
21.1 The Accountholder acknowledges that the use of the Account is at the Accountholder’s own risk.
21.2 The Accountholder further acknowledges that the Bank relies solely on the account number and the branch code of a beneficiary provided by the Accountholder, when receiving any instructions from the Accountholder to make a payment, to pay Accounts or to transfer funds. The Bank shall not be under any obligation to determine whether the name of the beneficiary and the account number and branch clearing code of such a beneficiary refer to one and the same person.
21.3 The Bank shall not be liable or responsible for any damages, loss or consequential damage which the Accountholder may suffer as a result of accessing his/her Account through the Channels available to use the Account either electronically or by any other means, which includes and is not limited to the following:-
21.3.1 Any malfunction or defect in the software or hardware of any device used by the Accountholder to access the Account;
21.3.2 Any act or omission by the internet service provider or mobile phone network or any defect in the Channel or any other medium by which access is gained to use the Account;
21.3.3 The Account being off-line or unavailable;
21.3.4 Any industrial action;
21.3.5 Any other circumstances not reasonably within the Bank’s contemplation and/or control;
21.3.6 Erroneous, unauthorised or unlawful instructions from the Accountholder;
21.3.7 Unlawful or unauthorised access by another person/s; and,
21.3.8 Incorrect or late execution or non-payment of any instruction given by the Accountholder, due to the circumstances set out above.
21.4 The Bank shall not be held responsible for the confidentiality of information contained in documents that are sent by the Bank to the Customer’s selected email address, or for documents that do not reach the selected email address.
22. Special Provisions Relating To ATM’s, POS and Branch transactions
22.1 The ATM, POS and Teller records shall be sufficient proof of the amounts withdrawn or paid to the Accountholder/ Cardholder through the use of the Card by them entitling the Bank to debit same to the Account, unless the Accountholder or the Cardholder can prove otherwise.
22.2 The Card shall immediately be destroyed when retained by the ATM. The Cardholder may request a replacement Card at any branch of the Bank.
22.3 The Bank shall not be liable for any loss or damages including consequential loss suffered by the Accountholder/Cardholder, arising out of an interruption or failure of power supply to an ATM, POS or Branch Teller or; any ATM, POS or Branch Teller failure, malfunction of the Accountholder/Cardholder’s general use of an ATM, POS or Teller whatsoever which may result in the retention of the Card or it being defaced, torn, destroyed or rendered unusable.
23. Fees and Charges
23.1 All fees and charges levied shall be in accordance with the Bank’s latest pricing guide, (which is available at any branch of the Bank or the Bank’s website)
23.2 The Accountholder may at the Bank’s discretion, be charged an annual or monthly Account related fee.
23.3 The Accountholder shall be charged a fee for certain transactions made through the use of the Account, as advised by the Bank from time to time and in terms of any Government levy where applicable. There shall be a charge levied if the Card is swiped/used or tendered and rejected due to insufficient funds.
23.4 The Accountholder shall be charged a replacement card fee if the Card is lost or stolen or if the PIN has been compromised.
23.5 The Accountholder shall be responsible for all expenses that the Bank may incur in recovering any monies that the Accountholder may be liable to the Bank for, including all legal fees on an attorney and own client scale, tracing fees and collection charges.
23.6 Any fees, and charges in respect of the Account shall be due and payable immediately when they arise and shall be debited to the Accountholder’s Account.
23.7 The Bank shall be entitled to change or increase any fees, and charges in respect of the Account and the pricing structure or the method of calculation thereof from time to time. In addition if there is any change in taxation, or legislation or any significant change in market conditions, which may give rise to an increase in the Bank’s cost in making the Account available to the Accountholder, the Bank shall give the Accountholder reasonable notice of any such changes prior to the changes taking effect.
24. Statements
24.1 Monthly statements shall be emailed to an Accountholder on request. Such statements may also be viewed using internet banking or may be obtained from any branch of the Bank or Bank ATM at a nominal cost.
24.2 The Accountholder shall be obliged to check the Bank statements and notify the Bank of any errors or to dispute any transaction or charge, within 30 (thirty) days of the date of such statement. Should the Bank not receive any notification from the Accountholder advising the Bank of any error or dispute then the Bank shall assume that the entries and transactions shown on the statement are correct and/or done with the requisite authority from the Accountholder.
25. Rules that Apply to Negotiable Instruments
The Bank shall honour (pay) all promissory notes, bills of exchange or other negotiable instruments that appear to have been drawn, made or accepted and signed by the Accountholder.
26. Address for sending correspondence and Legal Notices
26.1 The Customer and Bank choose as their respective domicilium citandi et executandi addresses for all purposes in their dealings:
The Bank: Albaraka Bank Limited, 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street, Durban, 4001.
The Customer: The last known physical address supplied by the Accountholder to the Bank.
26.2 Any correspondence that the Bank sends to the Customer will be sent to the Customer’s postal/residential address, electronic address or mobile telephone number, as advised by the Customer. It is the Customer’s duty to advise the Bank, in writing, of any change to the Customer’s address/es. When the Customer changes residential address, the Customer must provide the Bank with proof of the new address. The Bank will consider any correspondence that was sent to the Customer to have been received by the Customer within 14 (fourteen) days of it being posted. Any correspondence sent electronically will be considered received on the day it was sent, provided it is within business hours and received before 16h00. Even if the agreement is terminated, the clause remains valid for the purpose of any legal proceedings pertaining to this agreement.
27. Dormant Account
27.1 An Account on which there have been no Accountholder transactions for at least 6 (six) months shall be classified as dormant and frozen to prevent the Account being used in an unauthorised manner;
27.2 The Accountholder shall not be able to transact on a dormant account unless he/she/it provides proof of identity/authority, in which event the Account may be reactivated;
27.3 The Bank shall endeavour to contact Accountholders of dormant accounts. The costs associated with such steps may be recovered from any credit balance on the dormant account.
27.4 If any Account remains dormant for an extended period of time and reasonable steps have been taken to contact the Accountholder, without success then the Account may be closed. Any unclaimed credit balance on the Account when it is closed shall be transferred to the Account of the Bank. The Bank however remains liable to the Accountholder or the successors in title for this balance (without profit or accruals) should it ever be claimed.
28. Termination of account, product, services or agreement with the Bank
28.1 We may freeze, suspend, modify, restrict or close your account, cancel any product or services, or terminate our relationship with you by giving you reasonable prior notice in writing using the last contact details we have on record. The reasons we give you for any actions we take will be in our sole discretion, and may include:
28.1.1 we being compelled to do so by law or by a regulatory authority or we have the right to do so as agreed with you contractually in terms of a particular agreement;
28.1.2 you are in breach of an agreement with us and have not remedied a default under such agreement;
28.1.3 if, in the sole opinion of the Bank, our continued relationship with you will expose the Bank to reputational or operational risks;
28.1.4 your conduct or the conduct of any person you are related to does not, in the sole opinion of the Bank, align to the Bank’s values. This includes inappropriate conduct such as abusive, vulgar or racist conduct; conduct that is defamatory or perceived to be defamatory and generally, misconduct of any nature whatsoever;
28.1.5 we know or reasonably suspect that you are engaging in prohibited activities. Prohibited activities include any activities that do not comply with applicable laws; illegal or terrorist activities, or the financing of these activities, and financial crimes such as money laundering, bribery, tax evasion, corruption or fraud, including a payment that improperly advantages any person (prohibited activities);
28.1.6 you are in breach of applicable laws, or you give us false or misleading information, or you do not give us all the information we need from you to comply with applicable laws including, but not limited to, the Financial Intelligence Centre Act 38 of 2001 and all regulations, directives and notices promulgated thereunder, as may be amended from time to time;
28.1.7 we advise you in writing that you are no longer using an account, product or service and after giving you a reasonable opportunity to start using the account, product or service again, you fail to do so; or
28.1.8 you no longer qualify for an account, product or service according to the Bank’s specifications and the applicable terms and conditions.
28.2 We may, in the following circumstances, exercise our right to freeze, suspend, modify, restrict or cancel any of your accounts, cancel any product or services, or terminate our relationship with you immediately, without giving you prior notice, if:
28.2.1 we believe or have a reasonable suspicion that your account or a product or service is being used for illegal or unlawful or fraudulent purposes or for any prohibited activities;
28.2.2 we are compelled to do so by law; or
28.2.3 your conduct is resulting in a breach of our regulatory obligations, including but not limited to obligations arising out of the Financial Intelligence Centre Act 38 of 2001 and all regulations, directives and notices promulgated thereunder, as may be amended from time to time.
28.3 The Bank must comply with national 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 or on your behalf. This may also result in your transactions, or the use of your account being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated by a regulatory or other law- enforcement authority, or our relationship being terminated.
28.4 The Bank shall not be responsible for any losses or damages you may suffer because of our screening, verification, processing and monitoring of any information; your funds being confiscated by a regulatory or other law- enforcement authority; restriction or termination of any account; cancellation of any product or services or the termination of our relationship with you.
29 Default of the Agreement
29.1 The Bank may exercise its rights, which include demanding immediate payment of overdue amounts and terminating this agreement, without prejudice to any of the Bank’s other rights if any of the following occur:-
29.1.1 The Accountholder does not comply with any provision of this agreement, all of which are material (including failure to pay any amount on the due date) and the Accountholder fails to remedy this breach within 10 (ten) days of receiving written notice from the Bank, asking the Accountholder to do so; or,
29.1.2 It transpires that any representation or warranty made in connection with this agreement or any documents supplied by the Accountholder to the Bank in connection with this agreement is/are incorrect or false and a misrepresentation of the actual position.
29.2 The Accountholder undertakes to inform the Bank of the following to avoid being in default of this agreement:
29.2.1 The Accountholder agrees to immediately inform the Bank should the Accountholder be placed under an administration order, debt counselling or sequestration (in the case of an individual) or under business rescue or liquidation (in the case for an entity).
29.2.2 The Accountholder warrants to the Bank that no litigation, arbitration, business rescue, debt counselling or administrative proceeding is in progress or, to the Accountholder’s knowledge pending or threatened against the Accountholder, or any of the Accountholder’s assets, and which could materially or adversely affect the Accountholder’s financial position. The Accountholder further warrants to the Bank that the Accountholder is not in liquidation, sequestrated, under debt relief, under curatorship or under business rescue (provisional or final) or other legal disability, or that such process or proceeding is in progress, pending or threatened.
29.2.3 If the Accountholder’s estate is provisionally or finally sequestrated or if the Accountholder passes away, or becomes legally incompetent then the full amount that the Accountholder owes the Bank shall become immediately due and payable and access to the money in the Accountholders Account shall be restricted.
29.2.4 The Accountholder undertakes to immediately notify the Bank if he/she/it is sequestrated/liquidated (including provisionally or finally) or placed in business rescue or under any other legal disability. Corporate and business Customers agree that they shall immediately inform the Bank in writing of any changes to their status or ownership structure.
30. Applicable Law & Jurisdiction
30.1 The entire provisions of this Agreement and the non-contractual obligations arising from this Agreement shall be governed by and construed in accordance with the laws of South Africa provided that a dispute concerning a question of compliance with Shariah, will be subject to Shariah.
30.2 The Customer consents to the jurisdiction of the Magistrate’s Court irrespective of the amount in dispute. Either party to this agreement may nevertheless institute action in any other court, tribunal or forum having jurisdiction. In the event that the Bank takes legal action against the Customer, the Customer agrees to pay the Bank’s legal costs on an attorney and own client scale.
31. Amendments
The Bank shall be entitled to change, repeal, replace or add to any of these terms and conditions of this agreement. The Bank shall endeavour to notify the Customer before any changes become effective. If the Customer continues using the Account after such notice or change, then the new conditions of use shall apply. If the Customer is not happy with any changes, the Customer may terminate the arrangement with the Bank by giving written notice to this effect.
32. Waiver
A favour or concession or any indulgence that the Bank may give the Customer shall not affect any of the Bank’s rights under these terms and conditions.
33. Partial Invalidity (Severability)
Should any provision in this agreement become illegal, invalid or unenforceable in any respect, such invalid provision shall be severed from the agreement and the remaining provisions shall not be affected or impaired thereby and shall continue to apply.
34. Cession and Delegation
The Customer may not cede or assign or otherwise make over or dispose of any of the Customer’s rights, title, interest or obligations in and to the Account, without the prior written consent of the Bank.
35. Additional provisions applicable to the Transactional Banking Account
35.1 The Bank shall not be liable for any direct, indirect, consequential or special damages no matter how they are caused. If the Bank closes or suspends access to the Account for any reason, the Bank shall not be responsible for any loss resulting from any act or omission by itself or any third party. This includes claims arising in contract, delict or statute for direct, indirect, consequential or special damages.
35.2 The Bank shall not be responsible for any loss, service interruption or delay resulting from circumstances beyond its reasonable control, such as power cuts or a failure, malfunction or delay in any electronic data terminal, network or other system. The Customer thus confirms that the Customer indemnifies the Bank and holds it free and harmless from any and all losses, expenses, costs, damages, demands and claims arising out of or in connection with the opening and operation of the Account.
35.3. Data Protection
35.3.1 For purposes of this Agreement, ‘POPIA’ means the Protection of Personal Information Act, No. 4 of 2013 (“POPIA”), and the words ‘personal information’ and ‘processing’ have the meanings as given to them in POPIA.
35.3.2 The Customer consents to the Bank collecting personal information from the Customer and where lawful and reasonable, from public sources for the purposes of performing the Bank’s obligations in terms of this Agreement, for compliance purposes, or for any other lawful purpose.
35.3.3 The Customer further consents to the Bank processing the Customer’s personal information in accordance with POPIA and/or furnishing such personal information and/or documentation in relation to any accounts, to any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.
35.3.4 The Customer consents to the further processing of personal information by any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.
35.3.5 The Customer authorises the Bank to process, disclose, collect, access, retain, store, reproduce, distribute, destroy, display, and use in any way and in any media, personal data related to the Customer for the purposes of the Bank carrying out its services.
35.3.6 The Bank shall maintain the confidentiality of, and will implement security safeguards to secure the Customer’s personal information in accordance with the Bank’s Privacy Policy set out on the Bank’s website at https://www.albaraka.co.za/policies/privacy-policy. It is the Customer’s responsibility to read and understand the Privacy Policy.
35.3.7 In accordance with the Bank’s Privacy Policy, personal information shall only be disclosed by the Bank, if required by law, if such disclosure is in the public interest, if such disclosure is to protect the Bank’s interests or in instances where written consent has been provided by the Customer to the Bank.
36. Cyber Security Breaches
The Customer shall not have any claim of any nature whatsoever against the Bank, its ‘related’ or ‘inter related persons’ (as referred to in the Companies Act 71 of 2008), any of its directors, officers, employees, agents, invitees or contractors, arising from or in connection with:
36.1 a security breach or other compromise of, or relating to, any of the Bank’s information technology and computer systems, networks, hardware, software, data, equipment, websites, applications, databases or technology used in the operation of the Bank (collectively IT Systems and Data);
36.2 the unauthorised use, access, misappropriation or modification of the IT Systems and Data and ‘cybercrimes’ (as referred to in Part 1 of Chapter 2 of the Cyber Crimes Act 19 of 2020) committed in respect of the IT Systems or Data; and
36.3 the theft and loss of the Bank’s physical hardcopy data and any material bugs, errors, defects, Trojan horse malware, time bombs, malware and other IT Corruptants which may affect the Bank’s IT Systems and Data,
except to the extent that such claim arises directly and solely from the intentional and unlawful, or grossly negligent acts of the Bank or any of its directors, officers, employees, agents, invitees or contractors.
37. Set-off and Realisation of Security
37.1 The Bank may without notice to the Customer, set-off any amount owed by the Customer to the Bank against any credit balance on any Account held by the Customer in the Bank’s books.
37.2 The Bank may realise any security which the Bank holds for the Customer’s indebtedness towards the Bank and apply the proceeds thereof to pay such indebtedness.
38. The Accountholder must comply with the Exchange Control Regulations if he/she/it transacts outside the Common Monetary Area
38.1. If the Accountholder/Cardholder transacts outside of the Common Monetary Area (“CMA”) the Accountholder must comply with the applicable Exchange Control regulations which the Customer shall become conversant with, in order to comply.
38.2. Any transaction or payment made in a currency other than South African Rand (“Rand”) shall be converted to South African Rand at the rate of exchange that applies or as agreed by the Bank and Customer, when booking an exchange rate on the date of processing the transaction to the Account. The transaction shall be shown on the Accountholder’s statement in South African Rand.
38.3. The Accountholder understands that merchants may not process the transaction on the date of the transaction, which may result in exchange rate differences, which the Accountholder will be responsible for.
38.4. The Bank may be required to report any transaction that occurs outside the Common Monetary Area to the South African Reserve Bank, the South African Revenue Services and/or the Financial Intelligence Centre.
38.5. The Customer acknowledges and accepts that:-
38.5.1. due to exchange rate fluctuations, the exchange rates communicated at the time of enquiry may be subject to change without notice and the Customer agrees to be bound thereby; and,
38.5.2. the Bank shall not be held liable for any loss, incurred as a result of such exchange rate fluctuations or due to exchange control procedures causing delays, as such is beyond the control of the Bank.
39. General
39.1 Should the Customer be under the age of 16 then these terms and conditions shall also apply to such minor’s parent or legal guardian.
39.2 If a Customer’s Account is credited with an amount that is not due to the Customer then the Customer agrees to:-
39.2.1 Inform the Bank immediately;
39.2.2 Not withdraw or deal with the funds, and that if the Accountholder does, the Accountholder shall have to pay the amount back to the Bank on request; and,
39.2.3 The Bank debiting the Customer’s Account with the amount incorrectly credited regardless of whether the Customer has spent or withdrawn the amount or not.
By signature hereof the Accountholder agrees to be bound by and subject to all of the Bank’s Terms and Conditions contained herein and declares that he/she/it shall comply with all the applicable legislation.