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AccessFinance is a facility which links a Standard Bank Vehicle and Asset Finance credit agreement (Instalment sale and Financial Lease) to a current account. This account has no chequebook or overdraft facility, is
non-interest bearing and customers are able to deposit any surplus funds they may have into this
account. The customer derives benefit when these funds are used to calculate the earnings reduction on their Standard Bank Vehicle and Asset Finance credit agreement. The earnings reduction is the amount by which the
finance charges are reduced on the customer’s credit agreement, taking into account the balance
on the AccessFinance transaction account. In order to derive the earnings reduction, a minimum average daily balance of R500 is required to be in the account. It is often thought that the Earnings reduction reduces the capital outstanding – this is not so as it reduces the interest charged on the Standard Bank Vehicle and Asset Finance agreement.
Customers can deposit, transfer or withdraw funds to and from the SAF transaction account, using any of the following facilities: AutoBank, AutoPlus, Telephone Banking, Standard Bank Branch Facilities, Internet Banking and Business Online.
You are always free to withdraw the surplus money that you have deposited into your Standard Bank Vehicle and Asset Finance AccessFinance transaction account whenever it is required, without notice. Simply use any ATM.
AccessFinance examples
AccessFinance FAQs
Should you require more information on any of the above options, please contact:
| Product Manager |
Andrea Forder |
| Business number |
0860 000 000 |
| Email |
VAF@standardbank.co.za |
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