Savings account product disclosures

Transcription

1 Savings account product disclosures NEDBANK TRANSACTOR ACCOUNT NEDBANK SAVINGS DEPOSIT NEDBANK 4ME DEZIGN SAVE ACCOUNT MARKET TRADER Page 1 of 6 OPTIMUM SAVINGS ACCOUNT CLUB ACCOUNT JUSTSAVE SAVE4ME MYPOCKET Product type Transmission Savings deposit. Savings deposit. Savings deposit. Savings deposit Savings deposit. Savings deposit Notice deposit Notice deposit Savings deposit General features A Nedbank Transactor Account offers clients full capability on the account. Funds can A savings deposit account offers clients a secure, saving funds at marketrelated interest rates, while providing full and A Nedbank4Me Deposit Account offers minors a secure, attractive method of saving funds at marketrelated interest rates, while providing full and A Dezign Save Account offers young adults a secure, attractive method of saving funds at market-related interest rates, while A Market Trader Account offers clients wishing to make a larger deposit, a secure, saving funds at marketrelated An Optimum Savings Deposit Account offers senior clients a secure, saving funds at marketrelated interest rates, A Nedbank Club Account is designed to cater for a widely practised group savings concept,eg the stokvel. The Nedbank JustSave Account is a one-day term deposit that offers a competitive interest rate and short-term A Nedbank4Me Deposit Account offers minors a secure, attractive method of saving funds at market- MyPocket offers clients a secure, saving funds at market-related interest rates, while interest rates, while providing full and The Nedbank Club flexibility. This related interest providing full and be accessed ir ir providing full and conveniently and funds. funds, as well as while providing full and ir Account offers product provides an rates, This product easily via the various channels. Debit cards (Visa/ Maestro) to be used as ATM cards and for payment at POS. There are pricing benefits to the client, provided the stipulated minimum monthly balance is maintained. conveniently accessed via exemption from most account maintenance and transaction fees. conveniently accessed via various electronic channels. their funds, as well as exemption from most account maintenance and transaction fees. conveniently accessed via various digital their funds. conveniently accessed using a savings book only. There are pricing funds, as well as exemption from most account maintenance and transaction fees. conveniently accessed via various electronic groups of club members a secure, saving funds at market-related interest rates, while providing full and indefinite period enabling a client to withdraw at any time. provides an indefinite period enabling a client to withdraw at any time. funds, while no monthly fee is being charged. MyPocket can be conveniently accessed through various electronic channels. paid on the Nedbank various electronic channels. benefits to the client (in channels. Transactor Account. channels. terms of account their funds. maintenance fees), provided the stipulated minimum monthly balance is maintained. conveniently accessed using a savings book only. The Nedbank Club Account offers pricing benefits. Key features Lowest fees. paid. the funds. Available to Individuals of 18 years and older. Minimum opening investment/deposit and minimum balance to be maintained Fully employed and Self employed people. Minimum opening deposit of R50 is A minimum balance Interest rates are tiered so that larger credit balances minimum) attract higher rates. Individuals of 25 years and older Also available to companies, CCs, trusts and partnerships. If a client maintains R5000 in their account they will benefit from zero monthly maintenance fees opening deposit is A R30 minimum monthly balance to be maintained Interest rates are tiered so that larger credit balances minimum) attract higher rates. Youth from birth up to and including the age of 18 years. A R10 minimum opening deposit is R10 minimum monthly balance to be maintained. Interest rates are tiered so that larger credit balances (exceeding a set minimum) attract higher rates. Clients aged 18 to 24. A R30 minimum opening deposit is R30 minimum monthly balance to be High-entry-level savings Interest rates are tiered so that larger credit balances (exceeding a set minimum) attract higher rates. maintenance of a Individuals of 19 years and older. Although salary is not a requirement to open, a minimum deposit is A R minimum required and R minimum monthly balance has to be Interest rates are tiered so that larger credit balances minimum) attract higher rates. Senior clients of 55 years of age and older and If the client holds a minimum investment of R in a Nedbank fixed- or notice deposit. they will benefit from certain free/ discounted banking fees No minimum opening deposit No minimum balance required however If the client holds a minimum investment of Low-entry-level savings Interest rates are tiered so that larger credit balances minimum) attract higher rates. the funds, subject to the maintenance of a (low) minimum balance. All informal groups who have a common interest of saving together. These range from stokvels to burial societies to women s clubs. There is no limit to the number of club members; however, at least three of the members must be nominated as signatories when opening the account. Minimum one day's notice required for full or partial withdrawal (subject to a specified minimum). Funds may remain invested indefinitely. Capital is secure. Interest rates are tiered so that larger credit balances attract higher rates. Interest rate increases and decreases are immediately applied. May be linked to an electronic profile for capability (within product rules). Individuals of 18 years and older. Minimum one day's notice required for full or partial withdrawal (subject to a specified minimum). Funds may remain invested indefinitely. Capital is secure. Interest rate increases and decreases are immediately applied. Youth from birth up to and including the age of 18 years. No monthly fee. No minimum balance Funds are available immediately. Capital is secure. Interest rates are flat, therefore the same rate is applied to all credit balances. MyPocket is linked to an electronic profile for capability (within product rules). Individuals of 18 years and older. No minimum opening deposit No minimum

2 of R30 must be kept in the account at all times. at all times or an amount to cover accumulated charges, whichever is the greater. maintained. maintained. R in a Nedbank fixed- or notice deposit. they will benefit from certain free/ discounted banking fees monthly balance has to be maintained at all times, or an amount to cover the accumulated charges, whichever is the greater. Full withdrawals are however permitted once a year the account need not be closed when full withdrawals are processed. Term (minimum one day's notice) (minimum one day's notice) Maturity options Terms and conditions subject to change Withdrawals Withdrawals are permitted as long as the minimum required balance is maintained in the account and there are cleared funds available. Cash withdrawals may be made through an ATM or at a branch using a PIN-encoded Maestro or Visa Electron debit card that is linked to the account. These debit cards allow purchases to be made at stores worldwide displaying the Maestro or Visa Electron sign. Funds may be transferred from one account to another electronically through the activation of an electronic profile. This allows access though a variety of channels, including ATMs, self-service terminals (SSTs), point-ofsale devices and telephone and internet banking. Withdrawals may be made electronically at any time, subject to the limits referred to above. Additional deposits Unlimited. Unlimited. Unlimited. Unlimited. Unlimited a minimum of R100 is required for subsequent deposits. Fees and charges Please refer to the pricing schedule for a detailed breakdown of charges. This may be obtained from a banker at any branch. Fees and charges are not negotiable. Where applicable, transaction charges and account maintenance fees are levied regardless of the balance held in the account, or the value and type of transaction. Transaction charges are based on the minimum monthly balance over the previous month s charges cycle, but maintenance fees are based on the minimum monthly balance over the current month s charges cycle. Fees are debited after each transaction and will reflect on the following day. Withdrawals are permitted as long as the minimum required balance is maintained in the account and there are cleared funds available. Full withdrawals are permitted once a year. Cash withdrawals may be made at any Nedbank branch teller, by using a savings book only. At least two of the three signatories appointed by the club will be required to produce positive identification when withdrawing funds. Withdrawals can be made only if there are sufficient funds in the account to cover the transaction. Interaccount transfers can be performed at any Nedbank branch teller. Partial withdrawals are permitted as long as a minimum balance of R50 is maintained in the account, and subject to a R 50 minimum withdrawal amount. A minimum of one day's notice will only be permitted where funds are available, i.e. all cheque deposits are subject to a clearance period of seven business days. Withdrawn funds may not be paid out as cash, but have to be paid into any account of the client's choice. The required minimum notice period of one day must be given at a branch. Unlimited. Unlimited. Unlimited, with a minimum of R50 per additional deposit. However, Nedbank reserves the right to limit cash deposits. While the first four cash deposits per month collectively not exceeding R5 000 will be free, any cash deposits over and above that and any cash deposit in excess of R5 000 will attract a fee. No transaction charges or account maintenance fees are applicable. No service, maintenance or annual fees apply. Cash deposit fees apply as above. balance has to be maintained. No cards are issued with MyPocket, therefore withdrawals are not made directly from MyPocket. Funds may be transferred between the account and MyPocket. Funds transferred (interaccount transfer) from MyPocket to the account will be immediately available for withdrawal. Unlimited. No transaction charges or account maintenance fees are applicable. Additional charges or interest on early withdrawal or cancellation If the balance drops below R10 000, interest rates applicable to the Ordinary Savings Account will apply. Page 2 of 6

3 Special senior citizen rates Interest rate fixed/variable Interest received by client Interest payable by client How interest is calculated Interest payment frequency Possible changes to interest rate Yes If the client holds a minimum investment of R in a Nedbank fixed- or notice deposit they will benefit from free/ discounted banking fees Variable, depending on market rates. The interest rate will generally fluctuate Variable, depending according to changes in market rates. No on market rates. rate protection period exists in the case of falling interest rates. The rate may be increased at the bank s discretion when market rates rise. Rate increases are applied immediately. payable on a Nedbank Transactor Account. Current rates are available from any Nedbank banker and are only valid for the business day on which the rate is quoted. Although no authorised overdraft facilities are permitted on savings deposit accounts, it is possible for an account to go into unauthorized overdraft due to an electronic debit(s) and/or charges not catered for. If an account does go into unauthorised overdraft, no debit interest amount will be payable. payable on a Nedbank Transactor Account. The interest earned is calculated on the daily balance in the account based on a 365-day year. Interest earned is capitalised to the account, generally on the 16 th day of the month or the following business day. Rates are subject to change depending on changes in market rates and at the discretion of the bank. Page 3 of 6 Rate to be confirmed at time of investment. Current rates are available from any Nedbank banker and are valid only for the business day on which the rate is quoted. The interest earned is calculated on the daily balance in the account, based on a 365-day year. The interest earned may be paid out monthly on a date of the client s choice or capitalised to earn interest on interest. Rates are subject to change depending on changes in market rates and are at the discretion of the bank. Current rates are available from any Nedbank banker and are only valid for the business day on which the rate is quoted. The interest earned is calculated on the daily balance in MyPocket, based on a 365-day year. Interest earned is capitalised to MyPocket, generally on the 16th day of the month or the following business day. Rates are subject to change depending on changes in market rates and are at the discretion of the bank. Electronic access Full. Full. Full. Full. Full. Full. No. Full. Full. Full. Limited to internal transfers between the account and MyPocket. Dormancy Policy The account will become dormant if the client has not initiated any debit or credit transactions on his account for a number of days as specified below. The client will not be able to transact on a dormant account without reactivating the account at the branch and providing proof of his identity. If no such reactivation occurs, dormant accounts will be closed after a number of days, depending on the balance in the account, as specified below.. 60 days prior to closing the dormant account the bank shall send a letter to the client s address, informing the client that the account shall be closed. Once the dormant account is closed, no interest shall accrue to the account and any remaining credit balance will be paid to the bank s unclaimed balance account. Dormancy Period 180 days 180 days 180 days 180 days 180 days 180 days 365 days 180 days Auto-Closure Period 640 days 550 days 550 days 550 days 365 days 550 days Credit Balances Auto-Closure Period Debit Balances 90 days 90 days 90 days 90 days 90 days 90 days 90 days 90 days Safety measures/tips and phone/electronic banking safety Account numbers, profiles, card numbers, PINs and passwords to be kept secret. The PIN is a secret number that is selected by the client and which only the client knows. The client must take reasonable steps to keep the PIN secret and the respective linked card safe at all times. The bank must encode all cards with a PIN, which is used as a means of user identification. The card has to be encoded with a PIN before the client will be able to perform transactions at such compatible ATMs, SSTs, point-of-sale terminals and other electronic devices as the bank may advise from time to time. By keeping and/or using the card the client accepts all terms and conditions in respect of the use of the card. Please refer to the card terms and conditions brochure. Account number to be kept secret. The savings book should be kept in a safe place at all times. The book should never be left at the branch for any reason. Always question any handwritten entries in a book. If your book is lost or stolen, inform the bank immediately. Account numbers, profiles, PINs and passwords to be kept secret. Account numbers, profiles, PINs and passwords to be kept secret. Account numbers, profiles, PINs and passwords to be kept secret. Debit cards Yes a debit card Yes, debit cards may be Yes, debit cards may be Yes, debit cards may be Yes, debit cards may be Yes, debit cards may be Not available. Not available. Not available. Not available.

4 will be linked to this linked to the account. linked to the account. linked to the account. linked to the account. linked to the account. account. Garage cards Not available. Not available. Not available. Not available. Not available. Not available. Not available. Not available. Not available. Not available. Stop orders Yes, subject to a minimum amount. Yes, subject to the minimum amount. A stop order is defined as an instruction by the client to the bank to debit a specified account with an amount to be credited to another account (in the name of the client or a third party). Debit orders Yes. A debit order is defined as an authority provided by the client to a third party to debit the client s specified account with an amount to be paid to the third party. Statements provided The client must notify the banker whether he/she requires a monthly statement to be mailed. The client can choose the statement date. In addition, a a branch when Statements are also available from the Nedbank Client Call Centre and via electronic channels. Statement charges The first per monthly charges cycle is free of charge. For each statement thereafter a charge is imposed. Please refer to the pricing schedule for applicable charges (available at any branch). No monthly mailed statements are provided. A a branch on request. Monthly statements are produced free of charge where the balance exceeds a minimum amount of R The client may choose any statement day. In addition, a free a branch when Monthly statements are produced free of charge where the balance exceeds a minimum amount of R The client may choose any statement day. In addition, a free a branch when No monthly mailed statements are provided. A a branch on request or viewed via an electronic banking channel. The first statement printout per monthly charges cycle is free of charge. For each statement thereafter a charge is imposed. Please refer to the pricing schedule for applicable charges (available at any branch). Statement errors Errors on statements to be reported within the period indicated on the statement, otherwise the statement will be deemed to be correct. Errors on statements to be reported within the period indicated on the statement, otherwise the statement will be deemed to be correct. Cooling-off period A 5 day cooling-off period applies when product is sold via telemarketing. A 5 day cooling-off period applies when product is sold via telemarketing. Credit check Other means by which depositrelated Information on these deposits any branch or through the website Accounts may, however, only be opened at a branch. products or services are offered Information on these deposits may be obtained at any branch or through the website at Accounts may be opened via the following channels: - A Nedbank branch - online at - the Nedbank Contact Centre - (for existing clients who have an internet banking profile). Errors on statements to be reported within the period indicated on the statement, otherwise the statement will be deemed to be correct. A five-day coolingoff period applies when the product is sold via telemarketing. Information on deposits can be accessed via any electronic channel, internet banking, SMS banking, cellphone banking, etc. Client identification The following information is required from a South African citizen or resident when opening an account: full names, date of birth and identification number, verified by a green bar-coded identification document. residential address verified by a recent billing document. Your banker will be able to provide you with further details in this regard, and to inform you what documents are required for all other types of client. You must notify Nedbank in writing or in person of any changes in your identification details and/or address and must provide the required supporting documentation at your nearest branch. Confidentiality The client s personal information, account details, name and address will be held confidential (even when no longer a client) and will not be disclosed to anyone, subject to the following exceptions: where the bank is legally compelled to do so. where it is in the public interest to disclose. where Nedbank s interests require disclosure; however, the client s account details, name or address will not be disclosed to anyone else, including other companies in the group, for marketing purposes. where disclosure is made at the client s request or with the client s written consent. Access to information In addition to your right to query/access information relating to your deposit/account, the Promotion of Access to Information Act, 2 of, governs your right to access information held by Nedbank that you might require to promote/protect your rights. Nedbank published a manual detailing how you may request access to these records, and this is available at Setoff Setoff may be applied where the bank deems it necessary. This means that a credit balance in any or all of your accounts may be used to settle any amount/debt you owe to the bank. Commission / Incentives For selling products representatives / consultants earn commission and / or are incentivised (in cash and otherwise), based on team and individual performance. Commissions / Incentives are not included in the product pricing and are paid by the bank and not by the client. Page 4 of 6

5 Name Nedbank Limited Registration number 1951/000009/06 Authorised financial services provider license number 9363 Physical address Nedbank Sandton 135 Rivonia Road Sandown 2196 Postal address PO Box 1144 Telephone number PRODUCT SUPPLIER DETAILS Contractual relationship with financial services provider Client s duty to provide all material information Complaints resolution (Retail and Corporate clients) Postal address Telephone number Fax number Website Complaints resolution (Business Banking clients) Contact name and postal address Telephone number A contractual relationship exists between the product supplier (Nedgroup Life Assurance Company Ltd, Registration number 1993/001022/06) and the financial services provider The onus shall be on the client properly and accurately to disclose and complete all material facts and information required by the bank. Client Complaint Helpline Nedbank Limited PO Box clientfeedback@nedbank.co.za Client Complaints Helpline Kobus le Roux Business Banking Complaints Resolution Desk PO Box Compliance Department FAIS Ombudsman contact details Retail Transactional and Investment Products Compliance Department PO Box 1144 Postal Address: P O Box 74751, Lynnwood Ridge, 0400 Telephone: (012) info@faisombud.co.za Website: Page 5 of 6

6 Disclaimer These products and their features are current at the time of printing these disclosures, and are subject to change without prior notice. We advise that you discuss these product options with your banker to obtain more details. This table is not intended to give advice, but merely sets out the various deposit options available. There could be other investment options that may better suit your needs, but which are not contained in the table above. Nedbank shall not be liable to anyone for any loss pursuant to any reliance being placed on the contents of this site. It is your duty to obtain the necessary independent financial and legal advice prior to taking any action. Client declarations as per financial needs analysis: The client is to ensure that all matters are considered, inclusive of but not limited to the product features, incentives and cautionary disclaimers in the terms and conditions. We are an authorised financial services provider Page 6 of 6