(sum)1 > Terms and conditions

find:

Terms and conditions

What we mean
Your (sum)¹ account
Using your card
Withdrawals and debits
Fees, interest, limits and pricing
Terminating of your relationship with us
Addresses for notices
Breach
Repayable on demand
General

Your application and use for the (sum)¹ card shall be subject to these terms and conditions. Please ensure you read, know and understand these terms and conditions. You must understand each clause of the terms and conditions set out here.

Remember that you must always keep to all of the terms and conditions as they are a binding agreement between you and us.

What we mean

"Account" means the account issued by us to you.
"Account holder" means the person to whom an account is granted and who will use the account for its intended purpose.
"Additional cardholder" means the person to whom an additional card, which is linked to your account, is issued at your request,.
"Agreement" means the application and all applicable terms and conditions read together with all payment instructions, letters and notices given by us to you and vice versa.
"ATM" means an automated teller machine.
"Bank", 'we", "us", "STANDARD BANK" or "Standard Bank" means The Standard Bank of South Africa Limited (Registration number 1962/000738/06) its successors or assigns.
"Card" means the relevant STANDARD BANK card that we issue to you after we approve your application and includes any additional card.
"Cleared funds" mean funds that are available for use once a deposit is processed.
"Debt'" is the total balance outstanding on your account plus any interest, fees and costs which is owed by you to us from time to time.
"Merchant" is the supplier of goods and/or services and includes an ATM owner.
"PIN" means the confidential personal identification number that you use to transact on your account.
"Singular" includes the plural and vice versa.
"Transaction" includes, but is not limited to, any transaction on your account with or without a card, card number and/or PIN to pay for any goods and/or services, or to withdraw cash or to transact using any electronic or other device.
"You" or "your" means the person who applies for an account or to whom an account is granted and includes any additional cardholders.
Common Monetary Area means Swaziland, Namibia, Lesotho and South Africa.

To qualify for the account, you must be under 21 years of age;
You must keep at least R20 in your account at all times to avoid paying monthly management fees.
We can/may close your account if:

If you do not keep at least R20 in your account and you do not operate your account for 3 consecutive months, and/or
it has a balance of less than R200.00 and you do not operate on your account for 60 consecutive months. If there is a balance on the account when it is closed, you can claim this money by providing us with proof of your account.

Interest is only earned on balances in the savings pocket. Interest is calculated daily and credited to your account at the end of each month. You earn bonus interest when you keep a minimum balance of R250 or more in your account for six months in a row. The interest is paid into your account at the end of each six month period.
Your (sum)¹ account will be automatically converted to an E Plan account when you turn 19 (or 21 if you opened your account after the age of 18) or as soon as you are employed on a full-time basis. You will be required to maintain the minimum balance on the account.
Your account is non-transferable to another person or legal entity.
All transactions done on your account should appear on your account statement. We shall not send you a monthly account statement but you can get a provisional statement on your account at any Standard Bank AutoPlus machine. You can also get mini statements and balances from any ATM.
If you believe your statement or balance is wrong, you must let us know in writing or by visiting your branch within 30 days of the date you received it. After the expiry of these 30 days, you agree that the statement or balance is a true reflection of your account at the time.
You cannot draw money from your account unless the bank has cleared your funds. Cash deposited at a Standard Bank ATM will be cleared for withdrawals after 36 hours. Cash deposited on week-ends will only be cleared for withdrawals by the following Tuesday.
The value of a cheque you deposit into your account will immediately be added to your total balance, but you may only draw that amount when we have received the money for the cheque, that is, when it has been honoured. This usually takes seven business days.
Any withdrawal by you against uncleared cheques is at your own risk and we may debit your account with the amount of the cheque if it is not honoured by the person who issued it to you.

You are required to sign, in ink, all cards issued to you as soon as you receive them. Use the space provided on the back of the card.
Additional cards linked to your account may be issued to other persons if you authorise us to do so. You will be liable for all amounts owing on your account, including through the use of additional cards by additional cardholders, whether the transactions on those cards were authorised by you or not.
The additional cardholder agrees to be held jointly and severally liable as a co-principal debtor for all amounts owing on the account through the use of the additional card.
If you ask us to issue an additional card linked to your account, we reserve the right to conduct credit checks on the additional cardholder.
The cards may not be used for any unlawful purposes, including the purchase of goods and/or services prohibited by South African law.
We will always be the owner of the cards.
If you lose your card you will have to pay for a new one.
Only you may use your card.
We will give you a PIN, which will enable you to pay for purchases, and draw, deposit and transfer money, where applicable.
You must comply with exchange control regulations when using the cards outside the Common Monetary Area.
You are responsible for the safekeeping and proper use of your cards. You must either memorise your PIN, or keep any record of it separate from your card and in a safe place. You may not allow any other person to use your card.
You must notify us immediately you realise you have lost your card or it has been stolen or your PIN has become known to any other person. We will stop the card as soon as reasonably possible after being notified by you. Until you notify us, you will be responsible for all transactions on the card, including all cash transactions.
Any delay in notifying us will be considered as negligence on your part. You will be responsible for all cash drawn from your account and payments made by using the card before we stopped the card. You cannot claim any of this money back from us.
Any transaction requiring the use of your card and your PIN is considered by us to have been authorized by you, whether a transaction slip was signed or not.
We will charge any payments we make on your behalf for purchases or cash withdrawals which you or the additional cardholder make using the cards to your account regardless of whether slips or vouchers were signed.
The bank's right to receive payment from you will not be affected by any dispute between you and a merchant. You must resolve any such dispute directly with the merchant. We will not be drawn into any dispute between you and a merchant where you used your card, and will not be held liable for any aspect of such a dispute.
You will not be allowed to stop a payment to any merchant where you used your card. You can dispute a transaction, but you will have to prove that you did not authorise it, whether or not the slip or voucher was signed.

You can choose your daily and monthly withdrawal limits up to a maximum set by us.
You can only withdraw cash or debit your account when there is enough available money in your account.
You can use your account to make electronic account payments and for debit and stop orders. You can only stop a debit order on your account with a written stop payment instruction to us
You must always keep enough cleared money in your account to pay for any debit or stop orders you have signed.

We will be entitled to recover any taxes and duties, and to charge for the services we provide as and when used, and we may vary these charges from time to time.
We will be entitled to automatically debit your account with all fees due to us as well as levies, taxes, duties or other charges you have to pay by law for transactions on your account.
Your interest rate will never exceed the maximum permissible rate in terms of the Usury Act No. 73 of 1968, as amended or enacted from time to time.
All interest rates are quoted as "per annum" rates.
We may change the interest rates, product features and charges from time to time, upon notice to you.
You will be charged service and other account fees as set out in the pricing brochure, as amended from time to time. The pricing brochure is available from any of our branches.

Should you decide to terminate your relationship with us, you must inform your branch in writing. You must cut your card into pieces so that it cannot be used again. If you do not cut your card up and it is used without your authority, you will be held responsible for all transactions.
We can close your account, restrict activity or suspend access to your account if we in any way know or suspect your account is being used fraudulently, negligently or for illegal activities or if we must do so to comply with the law, without notice to you.

The street address you provide on your application form will be regarded as your chosen address where notices and documents in legal proceedings may be served. You must notify us in writing immediately if your chosen address changes.
Once we have sent a notice we will take it that you received it within seven days after posting or on the same day if delivered by hand, or at the time it was sent by fax or email.
We may, but are not obliged to, send any notice to the email address (if any) you supplied on your application form. Such email communication will be regarded as having been received by you, unless the contrary is proved.
You have to send any legal notice to us at the branch where you opened your account or any other Standard Bank branch.

We may exercise our rights, and/or revise any of the terms and conditions and/or increase the interest rate charged, if any of the following events occur:
- if you breach any of the terms and conditions or any other agreement between us, and you fail to remedy the breach within 7 (seven) days of receiving written notice to do so;
- any representation or warranty made in connection with the overdraft facility or any documents supplied by you are, in our opinion, materially incorrect;
- any surety commits any breach of their obligations to us, whether as surety or otherwise;
a provisional or final order is passed placing you or any surety:
- under sequestration or any other legal disability; or
- in liquidation or under judicial management;
- any compromise or arrangement between you and your creditors or any surety and their creditors is sanctioned or otherwise becomes effective;
a writ of execution issued by any competent court attaching any of your assets or any surety's assets remains unsatisfied for more than 7 (seven) days after the date on which it was issued; or
If the value of any collateral held by us to secure your facilities is no longer adequate.

We may terminate any account/ facility, which may have been extended to you for any reason and claim repayment of any outstanding balance by giving you written notice. Termination may be effective immediately or from a date stated in the notice. Any amounts owing to us become payable on the date stated in the notice.

We will not be responsible to you for any direct, indirect, consequential or special damages arising from any act or omission by us or any third party for whom we are responsible, whether arising in contract, delict or statute, if we close or suspend access to your account or for any other reason.
We may at any time amend these terms and conditions by giving you written notice. Any amendment will not cancel this agreement.
These terms and conditions form a binding agreement between you and us
South African law will govern these terms and conditions.
You agree that we may sue you in the magistrate's court, even if our claim against you exceeds its jurisdiction.
A favour or concession we may give you will not affect any of our rights against you.
You must notify us immediately if you are placed under an administration order, become insolvent or have any other form of legal disability.
You consent to us:
- Providing details of this account to Bankserv, who will use the information to maintain a register for record keeping purposes;
- Carrying out identity and fraud prevention checks and sharing information relating to this application with the South African Fraud Prevention Service;
- Providing details to the South African Fraud Prevention Service of any conduct on your account that gives us reasonable cause to suspect that the account is being used for improper purposes. You understand and agree that the record of this suspicion will then be available to other member of the South African Fraud Prevention Service should they carry out credit or other checks on your name.
No relaxation or indulgence we grant you is a waiver of any of our rights, nor a novation of any of these terms and conditions.
We reserve the right to reverse transactions on your account on reasonable grounds.
We are not responsible for any loss arising from any failure, malfunction or delay in any electronic data capture terminal or ATM, or our supporting or shared networks, where applicable, resulting from circumstances beyond our reasonable control.
When using Internet or telephone banking additional terms and conditions relating to these apply. You agree that you will be bound by them.
We are not responsible for any loss arising from any failure, malfunction or delay in any electronic data capture terminal or ATM, or our supporting or shared networks, where applicable, resulting from circumstances beyond our reasonable control.
We are not responsible if a merchant refuses to accept or honour the card or if we do not authorise a transaction.
You must pay all our expenses and other costs in recovering any outstanding amounts you owe us, including but not limited to legal fees on an attorney-and-client scale, collection, commission and tracing fees.
A certificate signed by any of our managers (whose appointment need not be provide) as to the amount you owe us will, in legal proceedings, be sufficient proof of the facts.

| the lawyers made us put this here |