Legal

Terms & Conditions

DEFINITIONS

1.1.

"Account", "Bank Account", "Resident Foreign Currency Account" means the Account in the name of the Accountholder/Customer held, with the Bank, which includes the Multi-Currency Account.

1.2.

"Accountholder", "Customer", "you", "your" means the individual for whom the Account has been opened for the purposes herein.

1.3.

"Agreement" means these and other terms and conditions, read together with the Account opening application forms, as amended from time to time.

1.4.

"ATM" means an automated teller machine that is an electronic device enabling the Customer to perform financial and non- financial transactions.

1.5.

"Authentication Measures" means the techniques, methods and processes used to positively verify the identity of the Accountholder before any information is provided, or any transaction requests are carried out and includes the following in respect of transactions at the Bank, the signature and identity document, Card and PIN, Profile ID, Password and Internet logon verification.

1.6.

"Authorised Dealer" means an Authorised Dealer in foreign exchange as appointed by the Minister of Finance, that has a right to buy and sell foreign exchange subject to conditions and within limits prescribed by the Financial Surveillance Department.

1.7.

"Available Balance" means the balance in the Account minus the value of any un-cleared deposits and funds reserved for any other purpose.

1.8.

"Bank" means Albaraka Bank Limited (Registration Number: 1989/003295/06).

1.9.

"Card" means a debit/ digital/ Virtual Card issued by the Bank and/ or requested by the account holder.

1.10.

"Cardholder" means an authorised person/s to whom a debit Card has been issued to transact on the Account.

1.11.

"Card Number" means the Card number which is imprinted on the front of the Card, which is linked or referenced to the Account held by the Accountholder.

1.12.

"Card Transactions" means any permitted transaction made using a Card issued to the Cardholder by the Bank.

1.13.

"Channel" means the Internet or mobile network used to access the Account.

1.14.

"Chargeback" means a debit Card transaction initiated by the Bank on behalf of the Customer for the return of a disputed payment to the Customer.

1.15.

"CMA" means the Common Monetary Area (CMA) that links South Africa, Namibia, Lesotho and Swaziland into a monetary union.

1.16.

"CODI" means the Corporation for Deposit Insurance established by the Financial Sector Regulations Act which aims to safeguard persons who deposit funds with a qualifying bank and which offers qualifying depositors cover of up to a maximum amount of R100 000 in the unlikely event of a qualifying bank failing or experiencing unmitigated systematic disruptions.

1.17.

"Contactless Payment" means the use of new advanced Card technology that enables the Cardholder to tap a contactless enabled Card against a contactless enabled device in order to facilitate payment.

1.18.

"CPA" means the Consumer Protection Act, 68 of 2008.

1.19.

"CVV" means the Card Verification Value and is a 3 digit code printed on the back of the Card.

1.20.

"Deposit Insurance Regulations" means the Deposit Insurance Regulations enacted in terms of the Financial Sector Regulation Act.

1.21.

"Device" means the equipment used to access Internet Banking and includes, without limiting the generality thereof, a computer, mobile phone, smartphone, tablet, telephone, ATM or similar enabling device.

1.22.

"Dispute" means any transaction placed in issue by the Accountholder.

1.23.

"Digital Card" – Is a digital representation of a physical card issued by the bank

1.24.

"EFT" means Electronic Funds Transfer.

1.25.

"FICA" means The Financial Intelligence Centre Act 38 of 2001.

1.26.

"Financial Sector Regulations Act" means the Financial Sector Regulation Act 9 of 2017.

1.27.

"Internet" means a global network accessible through an internet service provider, by any person or business possessing such an enabled device.

1.28.

"Hunting" –refers to the functionality on the Account which will enable the Account to search available currencies in the wallets of the Account should the wallet being transacted on have insufficient funds, which hunting functionality may be activated by the Customer on his or her Account.

1.29.

"Internet Banking" means an electronic system enabling the Accountholder to conduct a range of financial and non-financial transactions through the Bank's website.

1.30.

"Limits" means daily, local and international, web portal, mobile application Internet Banking and Card transaction limits.

1.31.

"Merchant" means any business that sells goods and/or services on in-store, e-commerce (online) or other platforms, and is enabled by a certified Bank to accept Cards as a payment method and display the Visa acceptance logo as a method of payment for in-store and online purchases and/or services rendered by such Merchant,

1.32.

"OTP" means a one-time password that is valid for only one login session or transaction being processed.

1.33.

"Password" means the confidential combination of alphanumeric characters as selected by the Accountholder when registering for Internet Banking, which is used by the Accountholder as a security and authentication measure when accessing the Account.

1.34.

"Permit" means an official document authorising a foreign national to take up residency within the Republic of South Africa.

1.35.

"PIN" means the confidential five digit Personal Identification Number to be used by the Cardholder as a security and authentication measure when accessing the Account.

1.36.

"POS" means the Point of Sale device that is enabled to accept Card transactions with a pin-pad for the Cardholder to authorise payments.

1.37.

"Product" means the resident foreign currency account in the form of the Account being offered by the Bank on the terms and conditions contained herein.

1.38.

"Profile ID" means the unique code provided by the Bank to the Accountholder to access Internet Banking.

1.39.

"Qard" means a loan that is repayable on demand, where repayment is equal to the initial amount advanced, with no profit or increase.

1.40.

"Qualifying Depositor" has the meaning given to it in the Deposit Insurance Regulations.

1.41.

"Qualifying Product" has the meaning given to it in the Deposit Insurance Regulations.

1.42.

"Reserve Bank" means the South African Reserve Bank, duly constituted in terms of South African Law.

1.43.

"RVN" means the Random Verification Number that is sent to the mobile number or email address of the Accountholder or the authorised user.

1.44.

"Secondary Cardholder" means a debit Card issued to a person/s, nominated by the Accountholder with authority and access to transact on the Account.

1.45.

"Tokenized Services" means any third-party applications or services onto which your Card may be loaded and / or linked to enable you to perform cardless transactions or transact digitally through your Device.

1.46.

"SDA Limit" – Refers to the annual single discretionary allowance limit allocated to each individual in South Africa per year in accordingly with the relevant Exchange Control Regulations.

1.47.

"Multi-Currency Account" – Refers to an Account with wallets in USD, EUR, GBP, SAR, TRY and AED wallets attached to this Product.

1.48.

"Vivere" means the company that provides the technology used to enable the resident foreign currency account offering for the bank.

1.49.

"Virtual Card" means a digital card with a unique card number that is not in a physical plastic form.

CONTRACTING PARTIES

2.1.

The Customer agrees that funds deposited with the Bank will be on a Qard basis.

2.2.

The Customer further acknowledges and understands that no profits shall be earned from the Account, and the amount deposited with the Bank shall be repayable to the Customer upon demand.

DEPOSITS/FUNDING ACCOUNT

3.1.

The funds are accepted in terms of the laws and regulations of South Africa, and accordingly, a certain percentage of deposits is placed in reserve funds and treasury bills.

3.2.

This Product is a Qualifying Product, and the Account Holder is a Qualifying Depositor for the purposes of CODI. As such, this Product is covered by CODI up to the limit specified in the Deposit Insurance Regulations (the limit currently being R100 000).

3.3.

Only EFT payments in South African Rands will be accepted as a deposit into this account.

3.4.

Payments can be made from any financial institution.

3.5.

No cash deposits will be allowed into this account.

CASHING OUT/ZAR WITHDRAWALS

4.1.

Funds can only be "cashed out" by first transferring/converting their foreign currency back to South African rand and thereafter processing an EFT from the Vivere application to their nominated account.

4.2.

Customers will be responsible for ensuring the accuracy of the account used for the cash out process.

FOREIGN CURRENCY ATM WITHDRAWALS

5.1.

All ATM withdrawals processed against any wallet in the account will be done issuing a VISA issued physical, digital or virtual card.

5.2.

Any amount not exceeding the specified limits may be withdrawn on demand at any ATM not located within South Africa.

5.3.

No cash withdrawals will be allowed in South Africa.

5.4.

No withdrawals will be allowed in South African Rands

5.5.

Any withdrawals in a currency not part of the wallets held by the Customer will incur a currency conversion charge as stipulated in the Bank's latest pricing guide (available at any branch of the Bank and the Bank's website).

5.6.

Any withdrawal in a currency not part of the wallets held by the Customer will need to ensure that sufficient funds are held in their USD wallet to facilitate such withdrawal.

5.7.

ATM withdrawals from the relevant currency will only check for available balances for the FULL transaction value in that currency unless currency hunting is switched on.

FOREIGN CURRENCY POS PAYMENTS

6.1.

All POS transactions process against any wallet in the account will be done issuing a VISA issued physical, digital or virtual card.

6.2.

POS transactions not exceeding the specified limits may be done at any merchant not located within South Africa

6.3.

POS transactions done in a currency not part of the wallets held by the Customer will incur a currency conversion charge as stipulated in the Bank's latest pricing guide (available at any branch of the Bank and the Bank's website).

6.4.

POS transactions done in a currency not part of the wallets held by the Customer will need to ensure sufficient funds are held in their USD wallet to facilitate this transaction.

6.5.

POS transactions from the relevant currency will only check for available balances for the full transaction value in that currency unless Hunting is activated.

LOCAL ATM WITHDRAWALS

7.1.

Will not be allowed on this Product.

LOCAL POS TRANSACTIONS

8.1.

Will not be allowed on this Product.

PURCHASING OF FOREIGN CURRENCY

9.1.

Purchasing of foreign currency will only be permitted through the use of a ZAR wallet.

9.2.

Clients will first transfer funds into their ZAR wallets and from there will be allowed to purchase any one of the 6 available currencies at the applicable rate during the time of the transaction.

9.3.

Clients will be able to use foreign currency balances to purchase/move funds between foreign currency wallets.

10.

AVAILABLE BALANCE IN THE ACCOUNT

10.1.

The Bank shall not pay or process any payment instructions if this will exceed the available balance held by the Accountholder in the Account.

10.2.

Any transactions processed by the Customer including but not limited to POS and ATM withdrawals exceeding available balances or limits will not be processed.

11.

USE OF THE ACCOUNT

11.1.

The opening and operation of an Account shall be subject to the following terms and conditions, and the Bank is hereby authorised to:-

11.1.1.

Hold the Accountholder liable for all transactions processed against this account notwithstanding any delays encountered in clearing any transactions against this account.

11.1.2.

Debit the Account from time to time with the prevailing fees and charges in accordance with the Bank's latest pricing guide (available at any branch of the Bank and the Bank's website).

11.1.3.

The Bank requires that a minimum amount, as determined by the Bank from time to time, to always be available in the Account. The Customer may withdraw funds from the Account at any time, so long as the minimum balance is maintained in the Account to keep the Account active, unless the Customer wishes to close the Account.

11.1.4.

The Customer acknowledges and understands that there are no overdraft facilities available on this Account.

12.

INFORMATION SUPPLIED BY THE CUSTOMER

12.1.

The Bank may use various methods to establish and verify the identity and other particulars of the Customer, and any other person authorised to operate on the Account, and for these purposes, establish and verify the authenticity of any documentation supplied.

12.2.

The Customer warrants that all information which the Customer submits to the Bank from time to time shall to the best of the Customer's knowledge and belief, be complete and correct.

12.3.

The Customer shall notify the Bank immediately in the event of any material change in any information submitted to the Bank.

13.

CUSTOMER CONSENT

13.1.

The Customer agrees that:-

13.1.1.

Any charges incurred related to this Account will be for the account of the Customer. The Customer shall be obliged upon demand to deposit funds into the Account to offset any debit balance/s.

13.1.2.

The Bank may make any enquiries that it deems necessary to confirm any information provided by the Customer to the bank.

13.1.3.

The Bank may seek information from any credit bureau when assessing the Customer's application and at any time during the existence of the Customer's Account;

13.1.4.

The Bank may disclose the existence of the Customer's Account to any credit bureau, and share information about the Customer's Account to such credit bureaus.

13.1.5.

The Bank may disclose the existence of the Customer's Account and a reference thereof by means of a numerical code which is the standard reference used in the banking industry.

14.

COMPLIANCE WITH FICA

14.1.

The Accountholder agrees to provide the Bank with all documentation and information required in terms of FICA.

14.2.

The Accountholder acknowledges and understands that the Bank is prohibited from processing any transaction on its behalf until all such documentation and information has been provided.

14.3.

The Accountholder further acknowledges the bank can exercise its rights to refuse to open an Account, close or suspend an Account or refuse the acceptance of a deposit should the Accountholder fail to provide the required documentation and information.

15.

SCREENING OF APPLICATIONS, INSTRUCTIONS AND UNDERTAKINGS

15.1.

The Bank must comply with national and international laws, regulations, policies and requirements with regard to anti-money-laundering, counter-terrorist financing and sanctions. We may therefore continuously screen, verify, process and monitor all your, and any related, information, instructions and transactions effected by you or on your behalf. This may also result in your transactions, or the use of your account being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated by a regulatory or other law-enforcement authority, or our relationship being terminated.

15.2.

The Bank shall not be responsible for any losses or damages you may suffer because of our screening, verification, processing and monitoring of any information; your funds being confiscated by a regulatory or other law-enforcement authority; restriction or termination of the Account; cancellation of the Product or the termination of our relationship with you.

15.3.

The Bank must therefore check all information from and about the Customer and related parties and monitor, verify, process and screen the Customer and related party information, instructions and undertakings on an ongoing basis. This may cause some delays or the limitation or the prohibition of undertakings.

15.4.

The Bank may also have to terminate its relationship with the Customer without warning in these circumstances. The Bank shall not be responsible for any losses or damages that the Customer may suffer because of these checks and/or due to the Bank terminating the relationship.

16.

ISSUING OF CARDS

16.1.

The Bank shall only issue a VISA Card (either physical, digital or virtual) once all fees relating to the card ordering have been funding to the USD wallet. This includes replacing or renewing a Cards issued.

16.2.

The Bank may charge card ordering fees for all types of cards ordered by the client on the Vivere application.

16.3.

If the Accountholder requests the Bank to issue a Card to any other party to enable them to also operate on the Account (Secondary Cardholder), then the Bank may do so in its sole and absolute discretion and in accordance with the Bank's latest pricing guide (available at any branch of the Bank and the Bank's website).

16.4.

The Accountholder agrees that once any person/s has/have been issued with a secondary card and PIN that the Secondary Cardholder shall have unlimited access to funds in the Account/s linked to the additional Card.

16.5.

The Bank shall replace or cancel a Card upon receipt of a written request of the Accountholder/Cardholder and upon return of the Card/s to the Bank.

16.6.

A Customer can stop or cancel or deactivate their card through the Vivere Application.

16.7.

All the terms and conditions shall equally apply to any Secondary Cardholder/s who shall be jointly and severally liable with the Accountholder to the Bank for any amount owing to the Bank. The Bank shall not be responsible for any failure, malfunction or delay of any electronic terminal, or its supporting network, or for any loss or damage including consequential loss which an Accountholder/Secondary Cardholder may suffer in consequence thereof.

16.8.

The fraudulent, incorrect, unauthorized or illegal use of the Card or the Authentication Measures by the Secondary Cardholder or any other party, shall not relieve the Accountholder of his/her/its liabilities to the Bank in respect thereof.

16.9.

The Accountholder acknowledges and understands that the use of the Card/s and the Authentication Measures gives access to the Account and waives any claim/s which the Accountholder may have against the Bank for any damages, loss or liability that the Accountholder may suffer as a result of such access and/or use howsoever caused. The Accountholder hereby indemnifies the Bank against any claims for damages, loss or liability, which the Accountholder and/or Bank may suffer as a result of such access and/or use.

17.

USE OF THE CARD AND TOKENIZED SERVICES

17.1.

The Card may be used by the Customer to withdraw cash and obtain balances from an ATM and selected point of sale (POS) devices, perform purchase transactions at selected ATM's, purchase goods and services from Merchants displaying the VISA logo and purchase fuel as per the retailer's discretion. All transactions for purchases, services or cash withdrawals shall be charged to the Accountholder's Account. The Bank can refuse to authorize a transaction if there are insufficient funds in the Account. All transactions will only be allowed outside of South Africa. This account is not meant to be used as a transactional banking account for local use.

17.2.

The Card issued by the bank can also be used for making payment for goods and services using third party applications (tokenized services).

17.3.

The Customer acknowledges that in order to activate the Tokenized Services the Customer shall be responsible to register and link the card on any third party applications being Apple, Google or Samsung Pay.

17.4.

By linking the card onto the third party application, the Customer consents to payments being processed via tokenized means

17.5.

The Customer acknowledges that it shall be liable for any transactions made on third party applications with Customer devices even when the Customer is not in possession of the device, whether or not such transaction/s where made with or without the Customers authorization by any person known to the Customer or any other person having possession of the Customers device.

17.6.

The Customer acknowledges that usage of a third party application means acceptance of the banks terms and conditions for tokenized services and any third party terms and conditions.

17.7.

The Customer alone is responsible for obtaining and understanding the terms and conditions or rules that apply to the Customer and the products or services offered by the third party before engaging in any transactions.

17.8.

The bank has no control over third party products and services and will not be a party to any disputes that may arise between the Customer and the third party

17.9.

The Bank reserves the right to cease supporting any third party application without notice to you

17.10.

The Customer hereby indemnifies the bank against any claims for damages, loss or liability which the Customer and/or bank may suffer as a result of the use of the tokenized service.

17.11.

The Bank is not liable for any direct or indirect loss suffered by you arising from any malfunctions, failure, delay or service channel and shared network that may occur in relation to the use of the Virtual Card.

18.

VALIDITY OF CARD & USE OF PIN

18.1.

Any Card issued by the Bank or any authorised employee of the Bank belongs to the Bank. Any employee or agent of the Bank may retain the Card or require the Cardholder to return the Card/s or suspend the use of the Card/s at any time in the Bank's absolute discretion and the Bank shall not be liable for any loss suffered by the Cardholder as a result thereof.

18.2.

The Card shall not become valid or operational until the Cardholder has acknowledged receipt of the Card, agreed to the terms and conditions of the use pertaining to the Card, has registered a PIN with the Bank and has signed the signature panel on the Card.

18.3.

The Cardholder must keep his/her PIN secret. The Cardholder shall not disclose the PIN, thereby giving access to any unauthorised person.

18.4.

If the Cardholder suspects that the PIN has become known to someone else, the Cardholder must immediately change the PIN or stop the Card via the Customer Service Centre, or contact the branch, or logon to the Vivere application.

18.5.

The Accountholder and any Secondary Cardholder shall be the only person/s who may use the Card/s and may not transfer the Card to any other person, and must not allow any other person to use the Card.

18.6.

The Card shall be valid from the issuing date until the last day of the month of the expiry date shown on the Card or, notice from the Bank that the use of the Card has been terminated, or the Account is closed, whichever occurs earlier.

18.7.

The Cardholder can request the Bank to issue a new Card, if the Card is lost, stolen, damaged or has expired.

19.

AUTHORISED USERS/SIGNATORIES

19.1.

The Accountholder may nominate authorised users signatories by completing the standard mandate forms provided by the Bank, that may operate the Account and the Accountholder agrees that these persons will have unlimited access to the Account.

19.2.

The Accountholder shall be liable for all debts incurred by such authorised users/signatories including the Bank's fees and charges, and the Accountholder shall be liable for any actions or omissions on the part of the authorised user/signatory.

19.3.

Transactions made by the authorised user/signatory, shall be debited to the Account and the Accountholder shall be liable for all amounts so debited.

19.4.

The Accountholder shall be able to cancel the authority at any time by completing notification to the Bank and completing the Bank's required forms.

19.5.

The Accountholder undertakes to notify the Bank in writing of any changes in signing arrangements from time to time. The Accountholder shall be liable for all transactions made before the authority was cancelled. All access and authority provided to the authorised users/signatories shall cease when the Accountholder terminates the authority or by operation of law.

20.

NOTIFICATION SERVICES

20.1.

The Bank recommends that the Accountholder make use of the sms/email notification service. This is a notification service offered with the Account, intended to alert the Accountholder when there is any activity on the Account shortly after it happens.

20.2.

The Customer shall confirm if the activation of transaction notification service is not required on the Account. The Customer accepts that failure to activate the transaction notification service shall result in the Customer not being able to monitor transactions on the Account and accepts the risks associated therein nor shall the Bank be liable for the materialisation of such risks

21.

USING THE CARD AND INTERNET BANKING

21.1.

The Accountholder shall operate the Account in a satisfactory manner, as required from time to time by the Bank. Any decision as to whether the Account is being satisfactorily operated rests with the Bank and shall be binding on the Accountholder.

21.2.

In order to make use of Vivere application, the Accountholder must obtain access to the Internet and download the application from the Apple app store or the Google play store.

21.3.

The Accountholder shall be solely responsible for the acquisition, installation and maintenance of any connection to the internet and any related costs shall be borne by the Accountholder.

21.4.

The Bank shall not be a party to any dispute between the Accountholder and any service provider appointed by the Accountholder to establish his/her/its internet infrastructure.

21.5.

The Bank shall not be liable for any damages the Accountholder and any service provider may suffer as a result of a network breakdown, system failure, equipment malfunction, defects or malfunction of the Accountholder's computer hardware/software or internet infrastructure or resulting from any events beyond the Bank's control.

21.6.

The Bank is authorised to debit or credit, as the case may be, the Accountholder's Account with all transactions effected by means of its Authentication Measures.

21.7.

Although the Accountholder may request the Bank to increase or decrease the daily transaction limits, the Accountholder acknowledges that the Bank shall within its discretion also impose limits on daily withdrawals, transfers between Accounts and POS transactions at Merchants and/or Online Merchants.

21.8.

The Accountholder is also solely responsible to ensure their SDA limits are managed appropriately and any transactions performed on the account is with said limits.

21.9.

The Accountholder shall only use the Card and Vivere application within the limits as agreed between the Accountholder and the Bank, and in accordance with these terms and conditions. In the event that a transaction is not effected as aforesaid, authorisation of the transaction may be denied by the Bank and/or the Account cancelled by the Bank without prejudice to its rights.

21.10.

Any Card issued by the Bank shall not entitle the Cardholder to exceed limits as agreed by the Accountholder or overdraw on the Account.

21.11.

The Bank may debit (charge) the Account with the transaction amount even if no transaction slip or cash withdrawal voucher has been signed. If there are insufficient funds in the Account, the Bank may decline a request to authorise or process a transaction.

21.12.

The Accountholder shall not use the card or Vivere application to participate in online gambling activities or for the purchase of foreign lottery tickets.

21.13.

The Bank will decline any debit card transactions in South Africa.

21.14.

The Cardholder shall take all necessary precautions to prevent unauthorised use of the Card and unauthorised access to the Account.

21.15.

The Accountholder shall not circumvent the overall item limit for a single invoice/payment by splitting the payments since financial transactions are subject to an overall item limit as set down from time to time by the Payments Association of South Africa.

21.16.

The Cardholder agrees, accepts and acknowledges that use of the Contactless Payment feature shall be voluntary by the Cardholder and the Card can be enabled for contactless payments at selected merchants that have a contactless enabled POS or a reader capable of processing a contactless transaction.

21.17.

The Bank shall not be liable for any conditions that the merchant may impose on the acceptance/non-acceptance of the contactless mode of payment.

21.18.

Use of the Contactless Payment functionality must be enabled by the cardholder by visiting any branch of the Bank or logging in to the Vivere application to activate use of this functionality as well as setting a limit for contactless payments.

21.19.

The Cardholder acknowledges that even though the Contactless Payment mode is enabled on the card, certain merchants may still require a PIN to be inserted where the card has been tapped.

21.20.

The Cardholder will also be required to enter a PIN to complete a Contactless Payment where the card has been tapped for a number of prior contactless transactions.

22.

SECURITY

22.1.

The Bank shall not be liable to the Cardholder in the following instances, including but not limited to:-

22.1.1.

any Merchant refusing to accept the Cardholder's Card as payment; or

22.1.2.

any goods purchased or services obtained with the Cardholder's Card. The Cardholder shall not have the right to claim from the Bank or to institute any counterclaim against or to apply a set-off against the Bank on this basis.

22.2.

Any payment made by you to a Merchant or supplier is final and irreversible and no dispute between the Merchant and the Cardholder shall give the Accountholder the right to:-

22.2.1.

Be exempted from the Cardholder's obligation for payment made by the Bank to the Merchant; or

22.2.2.

Instruct the Bank to refuse to pay the Merchant; or

22.2.3.

Instruct the Bank to do a charge-back of payment already made to the Merchant, for goods purchased or services obtained with the Card or through the use of the Card.

23.

DUTY WHEN CARD IS LOST, STOLEN OR MISUSED

23.1.

If the Cardholder has reason to think that:-

23.1.1.

the Card is lost, stolen, being misused, used by any other person without authority or retained by an ATM;

23.1.2.

another person has obtained the Cardholder's confidential Authentication Measures, then the Cardholder shall notify the Bank immediately thereof by contacting the Bank's Customer Services Centre, or by reporting the loss/incident at any branch of the Bank, or stop the Card, using the Vivere application.

23.2.

The Cardholder must obtain a reference number from the Bank confirming the report. Written confirmation of any telephonic notice, with the reference number must be supplied to the Bank, not later than 7 (seven) days after such telephonic report.

23.3.

The Cardholder shall co-operate with any officers, employees or agents of the Bank and/or law enforcement agencies in any efforts to recover a Card if it is lost or stolen. The Bank may disclose information about the Cardholder if the Bank believes that it will assist in avoiding or recovering any loss to the Cardholder or the Bank resulting from the theft, misuse, loss or unauthorised use of the Card.

23.4.

If the Card is found after the Bank has been given notice of its loss or theft then the Cardholder may not use it again. The Card must be cut in half through the magnetic strip and destroyed immediately and a new card can then be issued.

24.

LIABILITY IF CARD LOST, STOLEN, MISUSED OR RETAINED BY AN ATM

24.1.

You will be liable for any loss as a result of any use of a Card, without the Accountholder's/Cardholder's authority in circumstances where the Card is used after its loss/misuse or the compromise of the PIN unless the loss of the Card has been reported to the Bank in accordance with the provisions of this agreement and a reference provided and you have reported the matter to the relevant law enforcement agency for investigation.

25.

LIABILITY FOR LOSS OR DAMAGE

25.1.

The Accountholder acknowledges that the use of the Account is at the Accountholder's own risk and except where damage or loss arises directly from the Bank's wilful misconduct or gross negligence, the Bank shall not be liable for any losses or damages of whatsoever nature, howsoever arising, as a result of the Accountholders use of the Account.

25.2.

The Accountholder further acknowledges that the Bank relies solely on the account number and the branch code of a beneficiary provided by the Accountholder, when receiving any instructions from the Accountholder to make a payment, to pay Accounts or to transfer funds. The Bank shall not be under any obligation to determine whether the name of the beneficiary and the account number and branch clearing code of such a beneficiary refer to one and the same person.

25.3.

The Bank shall not be liable or responsible for any damages, loss or consequential damage which the Accountholder may suffer as a result of the following circumstances, which includes, but is not limited to any of following:-

25.3.1.

Any malfunction or defect in the software or hardware of any Device used by the Accountholder to access the Account;

25.3.2.

Any act or omission by the internet service provider or mobile phone network or any defect in the Channel or any other medium by which access is gained to use the Account;

25.3.3.

The Account being off-line or unavailable;

25.3.4.

Any industrial action by the Bank's staff;

25.3.5.

Erroneous or unlawful instructions from the Accountholder;

25.3.6.

Unlawful access by person/s not authorised to use the Account;

25.3.7.

Incorrect or late execution or non-payment of any instruction given by the Accountholder, due to the circumstances set out in this clause;

25.3.8.

because of a failure, temporary breakdown or malfunction of any ATM, POS or any other form of card payment device, or any interruption to online or digital banking channels resulting from circumstances beyond our reasonable controls; and

25.3.9.

Any other circumstances not within the Bank's contemplation and/or control.

25.4.

The Bank shall not be held responsible for any breach of confidentiality if information or documents sent to the Customer's nominated phone number or email address comes to the attention of any other person.

25.5.

The Bank will not be liable for errors or delays in transmission, non-arrival as a result of telecommunication errors, misinterpretation when receiving instructions, failure to identify a stated beneficiary, currency holidays or settlement procedures. You hereby indemnify us against, and hold it harmless from, any claims, liabilities, loss or damage that you may incur, whether directly or indirectly and howsoever arising, as a consequence of such delays.

25.6.

You acknowledge and agree that certain payments may, through the operation of international law and regulations, international or governmental practice, whether or not having the force of law, be prohibited, confiscated, embargoed, withheld or otherwise prevented from being made as soon as we become aware of it.

26.

SPECIAL PROVISIONS RELATING TO ATM'S, POS AND BRANCH TRANSACTIONS

26.1.

The ATM, POS and Teller records shall be sufficient proof of the amounts withdrawn or paid to the Accountholder/ Cardholder through the use of the Card by them entitling the Bank to debit same to the Account, unless the Accountholder or the Cardholder can prove otherwise.

26.2.

The Card shall immediately be destroyed when retained by the ATM. The Cardholder may request a replacement Card at any branch of the Bank or via the Vivere application.

26.3.

The Bank shall not be liable for any loss or damages including consequential loss suffered by the Accountholder/Cardholder arising out of an interruption or failure of power supply to an ATM, POS or Branch Teller or; any ATM, POS or Branch Teller failure, malfunction of the Accountholder/Cardholder's general use of an ATM, POS or Teller whatsoever which may result in the retention of the Card or it being defaced, torn, destroyed or rendered unusable.

27.

FEES AND CHARGES

27.1.

All fees and charges levied shall be in accordance with the Bank's agreements and latest pricing guide, (which is available at any branch of the Bank or the Bank's website)

27.2.

The Accountholder may at the Bank's discretion, be charged an annual or monthly Account related fee.

27.3.

The Accountholder shall be charged a fee for certain transactions made through the use of the Account, as advised by the Bank from time to time and in terms of any Government levy where applicable. There shall be a charge levied if the Card is swiped/used or tendered and rejected due to insufficient funds.

27.4.

The Accountholder shall be charged a replacement card fee if the Card is lost or stolen or if the PIN has been compromised.

27.5.

The Accountholder shall be responsible for all expenses that the Bank may incur in recovering any monies that the Accountholder may be liable to the Bank for, including all legal fees on an attorney and own client scale, tracing fees and collection charges.

27.6.

Any fees and charges in respect of the Account shall be due and payable immediately when they arise and shall be debited to the Accountholder's Account.

27.7.

The Bank shall be entitled to change or increase any fees, and charges in respect of the Account and the pricing structure or the method of calculation thereof from time to time. In addition, if there is any change in taxation, or legislation or any significant change in market conditions, which may give rise to an increase in the Bank's cost in making the Account available to the Accountholder, the Bank shall give the Accountholder reasonable notice of any such changes prior to the changes taking effect.

27.8.

All fees and charges will be charged the USD wallet. Where there are insufficient funds in the Customer's USD wallet, such fees will be charged to the funds in a wallet that has available funds irrespective of whether the Hunting functionality is activated or not.

28.

STATEMENTS

28.1.

Monthly statements shall be emailed to an Accountholder on request. Such statements may also be viewed using the Vivere application or may be obtained from any branch of the Bank or Bank ATM at a nominal cost;

28.2.

The Accountholder shall be obliged to check the Bank statements and notify the Bank of any errors or to dispute any transaction or charge, within 30 (thirty) days of the date of such statement. Should the Bank not receive any notification from the Accountholder advising the Bank of any error or dispute then the Bank shall assume that the entries and transactions shown on the statement are correct and/or done with the requisite authority from the Accountholder.

29.

ADDRESS FOR SENDING CORRESPONDENCE AND LEGAL NOTICES

29.1.

The Customer and Bank choose as their respective domicilium citandi et executandi addresses for all purposes in their dealings:

29.1.1.

The Bank: Albaraka Bank Limited, 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street, Durban, 4001.

29.1.2.

The Customer: The last known physical address supplied by the Accountholder to the Bank.

29.2.

Any correspondence that the Bank sends to the Customer will be sent to the Customer's postal/residential address, electronic address or mobile telephone number, as advised by the Customer.

29.3.

It is the Customer's duty to advise the Bank, in writing, of any change to the Customer's address/es.

29.4.

When the Customer changes residential address, the Customer must provide the Bank with proof of the new address. The Bank will consider any correspondence that was sent to the Customer to have been received by the Customer within 14 (fourteen) days of it being posted.

29.5.

Any correspondence sent electronically will be considered received on the day it was sent, provided it is within business hours and received before 16h00. Even if the agreement is terminated, the clause remains valid for the purpose of any legal proceedings pertaining to this agreement.

30.

DORMANT ACCOUNT

30.1.

The Bank reserves the right to close, freeze or suspend any Accounts that are inactive for a period of 12 months or more.

30.2.

A Customer will need to provide updated FICA documentation, and comply with any other requirement of the Bank, in order to reactivate the account.

30.3.

If the Bank exercises its rights to close any Account pursuant to this clause, any unclaimed credit balance on the Account shall be transferred to an account of the Bank. You will not be entitled to earn any profits or accruals on such balance but the Bank will however remain liable to the Accountholder for the repayment of such balance on request by the Accountholder or its successors in title or executor/s.

31.

ACCOUNT CLOSURE AND TERMINATION OF THE AGREEMENT

31.1.

The Customer may terminate the Account and/or services by giving the Bank 2 (two) working days' notice.

31.2.

We may freeze, suspend, modify, restrict or close your Account, cancel the Product, or terminate our relationship with you by giving you reasonable prior notice in writing using the last contact details we have on record. The reasons we give you for any actions we take will be in our sole discretion, and may include:

31.2.1.

we being compelled to do so by law or by a regulatory authority or we have the right to do so as agreed with you contractually in terms this Agreement;

31.2.2.

you are in breach of this Agreement with us and have not remedied a default under this Agreement;

31.2.3.

if, our continued relationship with you will expose the Bank to reputational or operational risks;

31.2.4.

if it becomes uneconomical or commercially impractical for us to provide the Product offered in terms of this Agreement or if we are unable to continue to provide the product or service;

31.2.5.

your conduct or the conduct of any person who transacts with the bank on your behalf, does not in the sole opinion of the Bank, align to the Bank's values. This includes inappropriate conduct such as abusive, vulgar or racist conduct; conduct that is defamatory or perceived to be defamatory and generally, misconduct of any nature whatsoever;

31.2.6.

we know or reasonably suspect that you are engaging in prohibited activities. Prohibited activities include any activities that do not comply with applicable laws; illegal or terrorist activities, or the financing of these activities, and financial crimes such as money laundering, bribery, tax evasion, corruption or fraud, including a payment that improperly advantages any person (prohibited activities);

31.2.7.

you are in breach of applicable laws, or you give us false or misleading information, or you do not give us all the information we need from you to comply with applicable laws including, but not limited to, the Financial Intelligence Centre Act 38 of 2001 and all regulations, directives and notices promulgated thereunder, as may be amended from time to time; or

31.2.8.

your account has become dormant and was subsequently closed by the Bank following the Bank taking reasonable steps to contact you in accordance with the terms of the product or service governing the Bank's relationship with you, or in the event of an investment account held with us, the investment account balance falls below the minimum required balance as set out in the terms of the investment account.

31.3.

We may, in the following circumstances, exercise our right to freeze, suspend, modify, restrict or cancel any of this Account, cancel the Product or terminate our relationship with you immediately, without giving you prior notice, if:

31.3.1.

we believe or have a reasonable suspicion that your Account or a product or service is being used for illegal or unlawful or fraudulent purposes or for any prohibited activities;

31.3.2.

we are compelled to do so by law; or

31.3.3.

your conduct is resulting in a breach of our regulatory obligations, including but not limited to obligations arising out of the Financial Intelligence Centre Act 38 of 2001 and all regulations, directives and notices promulgated thereunder, as may be amended from time to time.

32.

DEFAULT OF THE AGREEMENT

32.1.

The Bank may exercise its rights, which include demanding immediate payment of overdue amounts and terminating this Agreement, without prejudice to any of the Bank's other rights if any of the following occur:-

32.1.1.

The Accountholder does not comply with any provision of this Agreement, all of which are material (including failure to pay any amount on the due date) and the Accountholder fails to remedy this breach within 10 (ten) days of receiving written notice from the Bank, asking the Accountholder to do so; or,

32.1.2.

It transpires that any representation or warranty made in connection with this agreement or any documents supplied by the Accountholder to the Bank in connection with this agreement is/are incorrect or false and a misrepresentation of the actual position.

32.2.

The Accountholder undertakes to inform the Bank should any of the following events occur:

32.2.1.

the Accountholder is placed under an administration order, debt counselling or sequestration (in the case of an individual) or under business rescue or liquidation (in the case for an entity).

32.2.2.

the Accountholder is sequestrated/liquidated (including provisionally or finally) or placed in business rescue or under any other legal disability.

32.2.3.

in the event of a company, close corporation or other entity, there are any changes to their status or ownership structure.

32.3.

If the Accountholder's estate is provisionally or finally sequestrated or if the Accountholder passes away or become legally incompetent, then the full amount that the Accountholder owes the Bank shall become immediately due and payable and access to the money in the Accountholders Account shall be restricted.

32.4.

The Accountholder warrants to the Bank that no litigation, arbitration, business rescue, debt counselling or administrative proceeding is in progress or, to the Accountholder's knowledge pending or threatened against the Accountholder, or any of the Accountholder's assets, and which could materially or adversely affect the Accountholder's financial position. The Accountholder further warrants to the Bank that the Accountholder is not in liquidation, sequestrated, under debt relief, under curatorship or under business rescue (provisional or final) or other legal disability, or that such process or proceeding is in progress, pending or threatened.

33.

APPLICABLE LAW & JURISDICTION

33.1.

The entire provisions of this Agreement and the non-contractual obligations arising from this Agreement shall be governed by and construed in accordance with the laws of South Africa provided that a dispute concerning a question of compliance with Shariah, will be subject to Shariah.

33.2.

The Customer consents to the jurisdiction of the Magistrate's Court irrespective of the amount in dispute. Either party to this agreement may nevertheless institute action in any other court, tribunal or forum having jurisdiction. In the event that the Bank takes legal action against the Customer, the Customer agrees to pay the Bank's legal costs on an attorney and own client scale.

34.

FAIR USE POLICY

34.1.

This account is meant for transacting in a personal capacity only and must not be used for any other purpose.

34.2.

Customer will be responsible for ensuring compliance with relevant Exchange control limits and regulations in place.

35.

AMENDMENTS

35.1.

The Bank shall be entitled to change, repeal, replace or add to any of these terms and conditions of this agreement.

35.2.

The Bank shall endeavour to notify the Customer before any changes become effective. If the Customer continues using the Account after such notice or change, then the new conditions of use shall apply. If the Customer is not happy with any changes, the Customer may terminate the arrangement with the Bank by giving written notice to this effect.

36.

WAIVER

36.1.

A favour or concession or any indulgence that the Bank may give the Customer shall not affect any of the Bank's rights under these terms and conditions.

37.

PARTIAL INVALIDITY (SEVERABILITY)

37.1.

Should any provision in this agreement become illegal, invalid or unenforceable in any respect, such invalid provision shall be severed from the agreement and the remaining provisions shall not be affected or impaired thereby and shall continue to apply.

38.

CESSION AND DELEGATION

38.1.

The Customer may not cede or assign or otherwise make over or dispose of any of the Customer's rights, title, interest or obligations in and to the Account, without the prior written consent of the Bank.

39.

ADDITIONAL PROVISIONS AND APPLICABLE TO ACCOUNTS

39.1.

If the Bank closes or suspends access to the Account for any reason, the Bank shall not be responsible for any loss resulting from any act or omission by itself or any third party. This includes claims arising in contract, delict or statute for direct, indirect, consequential or special damages. The Bank shall not be responsible for any loss, service interruption or delay resulting from circumstances beyond its reasonable control, such as power cuts or a failure, malfunction or delay in any electronic data terminal, network or other system.

39.2.

The Customer thus confirms that the Customer indemnifies the Bank and holds it free and harmless from any and all losses, expenses, costs, damages, demands and claims arising out of or in connection with the opening and operation of the Account.

39.3.

The Customer confirms that he/she/it is aware that the provisions of the Electronic Communications and Transactions Act 25 of 2002 ("ECTA") governs this agreement, as documents relating hereto may be signed electronically. As a result, electronically signed documents shall be valid and binding and of the same legal force and effect, as a paper document which may have been signed physically by hand in the traditional way.

39.4.

For security reasons all telephonic conversations between the Accountholder or any representative and the Bank may be recorded.

39.5.

Any person signing this agreement, in a representative capacity, warrants their authority to do so.

39.6.

A Certificate of Balance signed by any manager of the Bank shall be sufficient to confirm the debit or credit balance in any Account on the date indicated on the Certificate.

40.

SET-OFF AND REALISATION OF SECURITY

40.1.

To the extent permissible by law:

40.1.1.

the Bank may, without notice to the Customer, set-off any amount owed by the Customer to the Bank against any credit balance on any Account held by the Customer in the Bank's books.

40.1.2.

The Bank may realise any security which the Bank holds for the Customer's indebtedness towards the Bank and apply the proceeds thereof to pay such indebtedness.

41.

THE ACCOUNTHOLDER MUST COMPLY WITH THE EXCHANGE CONTROL REGULATIONS FOR TRANSACTIONS OUTSIDE OF SOUTH AFRICA

41.1.

You warrant that the use of the Account and Card will not in any way contravene the Exchange Control Regulations or any similar laws that apply from time to time and that you will comply with all relevant Exchange Control Regulations or requirements. In addition, you are liable for any taxes and/or customs duties for the value of any goods you may purchase and/or import arising out of transactions which give rise to such taxes and/or customs duties.

41.2.

The Accountholder understands that merchants may not process the transaction on the date of the transaction, which may result in exchange rate differences if transaction takes place in a currency not part of the available wallets, which the Accountholder will be responsible for.

41.3.

The Bank is required to report any transaction that take place outsider South Africa to the South African Reserve Bank, the South African Revenue Services and/or the Financial Intelligence Centre

41.4.

The Customer acknowledges and accepts that:-

41.4.1.

due to exchange rate fluctuations, the exchange rates communicated at the time of enquiry may be subject to change without notice and the Customer agrees to be bound thereby; and,

41.4.2.

the Bank shall not be held liable for any loss, incurred as a result of such exchange rate fluctuations or due to exchange control procedures causing delays, as such is beyond the control of the Bank.

42.

INTERNATIONAL LOUNGE ACCESS

42.1.

For every USD 4000 spent per year on transactions using the card, a Customer will be entitled to one international lounge visit.

42.2.

Customers will also have the option to pay for lounge visits at USD30 per visit if they have not qualified for the benefit above.

43.

DATA PROTECTION

43.1.

For purposes of this Agreement, 'POPIA' means the Protection of Personal Information Act, No. 4 of 2013 ("POPIA"), and the words 'personal information' and 'processing' have the meanings as given to them in POPIA.

43.2.

The Customer consents to the Bank collecting personal information from the Customer and where lawful and reasonable, from public sources for the purposes of performing the Bank's obligations in terms of this Agreement, for compliance purposes, or for any other lawful purpose.

43.3.

The Customer further consents to the Bank processing the Customer's personal information in accordance with POPIA and/or furnishing such personal information and/or documentation in relation to any accounts, to any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.

43.4.

The Customer consents to the further processing of personal information by any entity within the Al Baraka Bank Banking Group for the purposes of providing products and services to the Customer in terms of this Agreement, and for any other products and services for which the Customer may apply.

43.5.

The Customer authorises the Bank to process, disclose, collect, access, retain, store, reproduce, distribute, destroy, display, and use in any way and in any media, personal data related to the Customer for the purposes of the Bank carrying out its services.

43.6.

The Bank shall maintain the confidentiality of, and will implement security safeguards to secure the Customer's personal information in accordance with the Bank's Privacy Policy set out on the Bank's website at https://www.albaraka.co.za/policies/privacy-policy. It is the Customer's responsibility to read and understand the Privacy Policy.

43.7.

In accordance which the Bank's Privacy Policy, personal information shall only be disclosed by the Bank, if required by law, if such disclosure is in the public interest, if such disclosure is to protect the Bank's interests or in instances where written consent has been provided by the Customer to the Bank.

44.

CYBER SECURITY BREACHES

44.1.

The Customer shall not have any claim of any nature whatsoever against the Bank, its 'related' or 'inter-related persons' (as referred to in the Companies Act 71 of 2008), any of its directors, officers, employees, agents, invitees or contractors, arising from or in connection with: a security breach or other compromise of, or relating to, any of the Bank's information technology and computer systems, networks, hardware, software, data, equipment, websites, applications, databases or technology used in the operation of the Bank (collectively IT Systems and Data); the unauthorised use, access, misappropriation or modification of the IT Systems and Data and 'cybercrimes' (as referred to in Part 1 of Chapter 2 of the Cyber Crimes Act 19 of 2020) committed in respect of the IT Systems or Data; and the theft and loss of the Bank's physical hardcopy data and any material bugs, errors, defects, Trojan horse malware, time bombs, malware and other IT Corruptants which may affect the Bank's IT Systems and Data, except to the extent that such claim arises directly and solely from the intentional and unlawful, or grossly negligent acts of the Bank or any of its directors, officers, employees, agents, invitees or contractors.

45.

GENERAL

45.1.

If a Customer's Account is credited with an amount that is not due to the Customer then the Customer agrees to:-

45.1.1.

Inform the Bank immediately;

45.1.2.

Not withdraw or deal with the funds, and that if the Accountholder does, the Accountholder shall have to pay the amount back to the Bank on request; and,

45.1.3.

The Bank debiting the Customer's Account with the amount incorrectly credited regardless of whether the Customer has spent or withdrawn the amount or not.

45.2.

Under FICA, we may not establish a relationship with you unless you have provided us with acceptable documents to prove your identity and residential address. An account is considered to not be in compliance with FICA if any of the required Know Your Customer (KYC) documentation (Identity document, proof of address or other documentation) is not on record or invalid. Under FICA and industry practice, all FICA non-compliant accounts will be frozen (you will not be able to transact). Before freezing an account, we will try to contact you.

45.3.

While we may give you extra time to comply with your obligations or decide not to exercise some of our rights, you must not assume that this means that our agreement with you has been changed or that it no longer applies to you. We can still insist on the strict application of any or all of our rights at a later stage.

46.

ACCEPTANCE

46.1.

By accepting these terms and conditions, you agree to be bound by and comply with such terms and conditions.