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ABSA Terms-And-Conditions PDF
ABSA Terms-And-Conditions PDF
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InTrodUCTIon
2.1 You acknowledge and agree that:
2.1.1 your agreement with us for your savings and investment
product are made up of your application form, these
general terms and conditions, the specific product
feature schedule and any written notices that we give to
you in terms of applicable legislation;
2.1.2 if any of these general terms and conditions are in
conflict with those of a specific savings and investment
product feature schedule, the latter will apply;
2.1.3 we have given you an adequate opportunity to read and
understand all of these terms and conditions and the
product feature schedule and you do understand these;
2.1.4 we have made you aware of all terms and conditions
printed in bold.
2.1.5 if your savings and investment product was not taken
for a fixed term and subject to clause 4, we may
change, repeal, replace or add to any of these terms
and conditions and/or the product feature schedule at
any time on reasonable written notice to you.
2.1.6 our notice will at least provide you the opportunity to
withdraw your money without penalty before the new
terms and conditions begin to apply. If you continue to
use your account after the new terms and conditions
begin to apply, the amended terms and conditions will
apply to your account.
InTereST rATeS
4.1 Unless these terms and conditions, your product feature
schedule or another notice or receipt given to you states that a
specific interest rate applies or states otherwise:
4.1.1 the interest rates that we offer on savings and investment
products are not directly linked to our prime rate or any
other rate or in a specific ratio (e.g. prime 1%), but are
determined by many factors and may change daily,
weekly, monthly or at other intervals. Accordingly the
interest rate that will apply to your savings and
investment product will change from time to time;
4.1.2 the interest rates that we offer are annual interest rates;
4.1.3 where applicable, you will earn compounded interest on
products (i.e. interest upon interest) provided you do not
withdraw the available interest from your account;
4.1.4 we calculate the applicable interest rate that we offer on
our savings and investment products on a daily basis and
capitalise it (credit it to your account) monthly; and
4.1.5 in addition to 4.1.1, if we stop to make the same savings
and investment product that you have now available to
new clients, we may reduce the interest rate that
applies to your product.
Absa 2207 EX (T&C) (CPA) (10/04/2014)
4.2 If the interest rate of your savings and investment product has
an interest rate that is linked to a specific rate (such as our prime
rate), even if in no specific ratio, then the interest rate on your
product will change (i.e. increase or decrease) whenever that
specific rate changes and with the same percentage points.
4.3 The details of the interest we pay on each savings and
investment product are available at any of our branches and on
Absas website (www.absa.co.za).
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FeeS
5.1 The amount of fees which you must pay to us for this savings
and investment product and account are available at any of our
branches and on our website (www.absa.co.za).
5.2 Any fees in respect of your account are payable immediately
when they are charged and will be debited to your account.
5.3 We are entitled to change or increase the fees or the method we
use to calculate these fees from time to time. We will give you
reasonable written notice of any such changes.
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YoUr InFormATIon
12.1 You warrant that all information (including personal information
and contact details), which you submit to us from time to time,
is complete, accurate and correct at all times. You must notify us
immediately if there is any change in the information you
submitted to us (a warranty for purposes of these terms and
conditions refers to an express confirmation on your part that
something is or will be as you have represented to us or
promised us that it is or will be).
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BAnk STATemenTS
13.1 In respect of all other savings and investment products, we will
provide you with bank statements on your request and at any of
our branches.
13.2 We may charge fees for providing bank statements.
13.3 It is your responsibility to check your bank statements. You must
let us know in writing within 30 (thirty) days of the date of the
bank statement if there is something you do not agree with. If
you do not let us know within this time, we are entitled to treat
the bank statement as correct. You will then have to prove that
the bank statement is not correct.
SeT-oFF And reAlISATIon oF SeCUrITY
14.1 We may set-off any amounts which you owe us against any
credit balance on any account held by you in our books, as may
be permissible in law.
14.2 We may realise any security which we hold for any amounts that
you owe us and apply the proceeds thereof to pay such debts as
the law allows us to do.
delIVerY oF goodS, STArT oF SerVICeS And delAYS
AFFeCTIng oUr SerVICeS
15.1 We will be able to commence with our services once we have
approved your application, and any further conditions imposed
by law have been complied with.
15.2 You may choose to accept delivery of goods, for example, a
bank account card, at your branch or at your chosen address.
You may also specify the date and time of delivery.
15.3 If you need to use the goods to access our services, we will only
be able to start the services after you have accepted delivery of
the goods.
15.4 If we are unable to provide the services or the goods, we will
inform you immediately and refund any payment made within
30 (thirty) days of this notice.
15.5 You acknowledge that our services may be unavailable due to
interruptions to our electronic communications network or
power outages which are not within our control. We give you
notice under this clause of these unavoidable interruptions and
delays in providing the services. We will give you notice if
scheduled maintenance will cause an interruption or delay in the
provision of services.
reTUrn And reFUnd polICY
Our refund policy applies to all goods that we supply. This policy is
available at any of our branches and on our website (www.absa.co.za).
CommUnICATIon BeTween US
18.1 If we send a notice to you:
18.1.1 by prepaid registered post to your chosen address, we
will treat it as if you have received it 7 (seven) days after
we posted it;
18.1.2 by hand to your chosen address, we will treat it as if
you have received it on the date on which we delivered
it;
18.1.3 by fax at the fax number you gave us, we will treat it as
if you have received it at the time of the transmission;
18.1.4 by email at the email address you gave us, we will treat
it as if you have received it at the time we receive a
delivery receipt.
legAl CoSTS
either party will be liable to pay to the other party legal costs in
connection with this agreement on the attorney and client scale,
provided it is so awarded.
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CerTIFICATe
20.1 A certificate signed by one of our managers is sufficient evidence
of any amount (including interest) that you owe and that is due to
us under these terms and conditions, as well as any rate of
interest and whether or not any transaction required you to
present a card or a personal identification number (pIn) or both.
20.2 Unless you can prove the contrary, we may use this certificate to
obtain provisional sentence, default judgment or summary
judgment or to commence with any other legal proceedings.
You agree that we do not have to prove the appointment of the
manager who signs the certificate.
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generAl deClArATIonS
31.1 You understand the risks and costs of applying for an account.
31.2 You understand and agree that we may disclose information
about your account and your conduct of your account to other
banks and credit bureaus when asked for such information.
31.3 You understand your rights and duties under these terms
and conditions.
31.4 You have received a copy of these terms and conditions.
31.5 You have the legal capacity (and where relevant authority) to
open your account on these terms and conditions. This means,
in the context of these terms and conditions, that the law
regards you as competent and qualified to open your account
on these terms and conditions, considering, if you are an
individual, factors such as your age, marital status and mental
state or, if you are a juristic entity, factors such as the relevant
provisions of your founding documents and whether the
person who signs this agreement on your behalf is authorised
to do so.
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Signed at
on
WITNESSES
1
(Signature)
(Full names)
2
(Signature)
(Full names)