Definitions


These definitions explain the meaning of some of the words and terms used in the Code. They are not precise, legal or technical definitions.

  • ATM (Automated Teller Machine):
    A cash machine or freestanding electronic banking device dispensing cash which may also provide other information or services to clients who have a card and a PIN, password or other means of unique identification.
  • Bank:
    Includes wholly owned subsidiaries of the Bank where they are engaged in providing banking services.
  • Basic banking service:
    The opening, maintenance and operation of accounts for transmission of money by means of cheque, other payment instruments, savings accounts, current accounts, call, notice and fixed deposits.
  • Cards:
    A general term for any plastic card used to pay for goods and services and to withdraw cash. For purposes of this Code, it excludes electronic purses.
  • Credit risk management services:
    Organisations which hold information which is of relevance to lenders, for example relating to credit risk, fraud, identity and address or credit repayment profile. Banks may refer to them to assist with various decisions, e.g. whether or not to open an account or provide loans or grant credit. Banks may give information to or seek information from these service providers.
  • Credit scoring:
    A system which banks use to assist in making decisions about granting consumer credit. Credit scoring uses statistical techniques to measure the likelihood that an application for credit (a loan) will be a good credit risk.
  • Debit Order:
    An agreement between you and a company or a third party in which you authorise the company or third party to take money out of your banking account for services that entity provides to you. Debit orders may be for fixed or variable amounts.
  • Electronic purses:
    Any card or function of a card which contains real value in the form of electronic money which someone has paid for in advance, some of which can be reloaded with further funds and which can be used for a range of purposes. Some purses may also have an "e-cash" facility for small value transactions, which are not recorded in an audit trail.
  • Financial difficulties:
    Any circumstances which might have an adverse effect on a client's financial ability to fulfil contractual obligations.
  • Group:
    A group means a holding company and its subsidiaries as defined in the Companies Act 61 of 1973.
  • Password:
    A word or an access code a client selects to permit them access to a telephone or home banking service and which is also used for identification. A client may occasionally be supplied with a temporary password which must be changed by the client to a password unique to them. Temporary passwords may be less secure than other passwords and failure to immediately change this temporary password may be construed by the bank as negligence on the part of the client.
  • Personal client:
    A natural person, whether carrying on business or not, who maintains an account or who receives other services from a bank.
  • PIN (Personal Identification Number):
    A number provided by the bank to a card holder or chosen by a cardholder/client, on a strictly confidential basis. Use of this number by the client will enable the client to withdraw cash and access other services from an ATM or point of sale device and can be used as an authentication mechanism on many other delivery channels.
  • Security/collateral:
    Words used to describe items of value such as a mortgage bond registered over a property, share certificates, life policies, etc, which represent assets used as support for a loan or other credit facilities. For example under a secured loan the lender has the right to sell the security if the loan is not repaid.
  • Set-off:
    When available funds in one account of an account holder are used by the bank to settle a debt or part of a debt in another account of the same account holder.
  • Small business:
    An association of natural or legal persons incorporated in or outside the Republic of South Africa, which has legal personality or enjoys a similar status in terms of which it may enter into contractual relations and legal proceedings in its own name and whose turnover for the last financial year was less than R5 million.
  • Suretyship:
    An undertaking given by a person called the surety, to pay the debts of another person (known as the principal debtor),if that person fails to pay.
  • Stale cheque:
    A cheque which has not been paid because its date is too old. There may be different time limits applicable and clients should verify these with their banks.
  • Stop order:
    An instruction given to your bank to pay funds across to a third party, at a fixed amount on a regular basis. The bank acts on your instructions and the third party is not given authority to debit your account as is the case with a debit order.
  • Unique means of personal identification:
    A selection of memorable facts and information of a private and personal nature chosen by the client (the sequence of which is known only to the client) which can be used for identification and to verify identification when accessing accounts.
  • Unpaid cheque:
    This is a cheque, which, after being deposited into the account of the person to whom it is payable, is unpaid for whatever reason and subsequently returned to the account holder by the bank. This leaves the person to whom the cheque is payable without the money in their account. A replacement cheque needs to be obtained by the owner of the account (the 'payee').

 

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