Investec Cash Investment Account
Terms and conditions
These terms and conditions apply to investment accounts. They explain your and Investec’s rights and obligations.
You must take time to read and understand this document, and pay special attention to all text in bold.
The headings in these terms and conditions are for reference only. Words importing one gender include the other genders; words in the singular include the plural and vice versa; and natural persons include entities. The following expressions have the following meanings:
1.1 "agreement" means these terms and conditions as well as the product rules, all as amended from time to time, including all notices and correspondence that Investec may send to you;
1.2 "applicable law" means any local, provincial, national or international statutes, regulations, regulatory guidelines, ruling or Code and judicial, regulatory, industry or administrative interpretations or directive;
1.3 "breakage costs" means all costs, losses, liabilities, damages, charges or expenses as determined by Investec together with an amount equal to any VAT (if applicable) and any other applicable taxes thereon which Investec incurs or suffers as a result of any early withdrawal from or closure of the investment account (including, but not limited to, the unwind, termination or modification, in whole or in part, of any funding or hedge position in relation thereto);
1.4 "business day" means any day other than a Saturday, Sunday or official public holiday in South Africa;
1.5 "instruction" means an instruction from you to Investec to perform a transaction;
1.6 "Investec" means Investec Bank Limited and/or any duly appointed agent of Investec;
1.7 "Investec Group" means Investec Bank plc, Investec plc and Investec Limited together with the holding companies (and other subsidiaries of those holding companies) and any direct or indirect subsidiaries of those three companies and includes Investec;
1.8 "investment account" means a deposit account opened for you by Investec;
1.9 "online" means via the Investec online banking website or via the Investec mobile application;
1.10 "penalty fee" means a fee in respect of any early withdrawal from or closure of the investment account, in an amount equal to a percentage per annum of the sum withdrawn calculated over the remainder of the fixed or notice period, subject to a minimum fee, all as set out in the product rules relating to the investment account;
1.11 "personal information" means personal information as defined in POPI;
1.12 "POPI" means the Protection of Personal Information Act 4 of 2013;
1.13 "process/processing" has the same meaning assigned thereto in POPI;
1.14 "product rules" means the specific conditions applicable to an investment account;
1.15 "sanctioned country" means a country which is subject to sanctions by a sanctioning body;
1.16 "sanctioned transaction" means either the use of the investment account for the purpose of financing directly or indirectly the activities of any person or entity which is on a sanctions list or which is in a sanctioned country, and/or the contribution or making available of amounts to any person or entity, if you have actual knowledge that such person or entity intends to use such funds for the purpose of financing the activities of any person or entity which is in a sanctioned country and/or is on a sanction list, in each case to the extent that such financing or provision of funds would be prohibited by sanctions;
1.17 "sanctioning body" means any one or a combination of the following entities:
1.17.1 the Office of Foreign Assets Control of the Department of Treasury of the United States of America;
1.17.2 the United Nations Security Council;
1.17.3 the European Union or any participating member state of the European Union; and
1.17.4 Her Majesty's Treasury of the United Kingdom;
1.18 "sanction list" means any of the lists of specially designated national or designated persons or entities (or equivalent) held by a sanctioning body, each as amended, supplemented or substituted from time to time and/or any other sanctions lists that Investec may from time to time deem necessary or be required to screen, verify and process transactions against;
1.19 "sanctions" means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any sanctioning body;
1.20 "transaction" means any transaction effected by you or by Investec on your behalf, relating to an investment account;
1.21 "verification mechanisms" means any personal identification number ("PIN"), password or other form of verification implemented by Investec from time to time, in order to facilitate the use of the investment account and matters ancillary thereto;
1.22 "VAT" means value added tax payable or levied in terms of the Value-Added Tax Act 89 of 1991;
1.23 "you" means the holder of an investment account and includes, where applicable, your representative.
2. Application and agreement
2.1 Investec will not open an investment account for you and shall not be bound in any manner to do so, until you have duly completed, signed and submitted an application form and supporting documentation and everything contained therein has been verified and accepted by Investec. Investec may refuse to open an investment account or to accept a deposit at its discretion.
2.2 You undertake to furnish Investec with all information and/or documentation required in terms of the Financial Intelligence Centre Act 38 of 2001 and any other applicable law.
2.3 The investment account and any and all transactions shall be subject to the conditions contained in the application form, the agreement and applicable laws, all as amended from time to time.
2.4 You will be advised of the product rules when the investment account is opened. If the product rules are inconsistent with these terms and conditions, the product rules will apply.
2.5 You are responsible for ensuring that you have read and understood the product rules.
2.6 You acknowledge that when further investment accounts are opened for you, those investment accounts will be subject to these terms and conditions, as well as the relevant product rules, whether or not you completed another application form.
2.7 Investec is not obliged to make available to you all investment accounts, products, facilities or services offered generally by Investec. Availability of or access to any such investment account, product, facility or service is at Investec's discretion. You acknowledge and agree that Investec is entitled in its sole discretion from time to time to replace, substitute or withdraw any investment account, product, facility or service. Investec will comply with the provisions of clause 4 below in doing so.
3. Operation of the investment account
Authority to operate
3.1. You warrant that you have the necessary authority to open and operate the investment account and undertake to furnish Investec with all documents, information, authorisations, approvals and the like to prove such authority.
3.2 Investec shall be entitled to rely on, and act in accordance with, instructions received from any person authorised or purportedly authorised to access or use the investment account by virtue of any authority, resolution, mandate or power of attorney ("authority") provided by you or your nominee to Investec. You can however cancel such authority in writing, but Investec must have acknowledged such cancellation before it will take effect.
3.3 With the exception of online instructions, instructions must be received by Investec before 12h00 on any business day in order for a transaction to be processed on the same day. You are responsible for ensuring that Investec is in receipt of any instruction and that instructions are clear and intelligible. Except to the extent that Investec acted with gross negligence or with fraudulent intent, Investec will not be liable for your failure to comply with this clause.
3.4 You agree that Investec shall be entitled, but is not obliged, in its discretion to confirm or authenticate any instruction which is not given online prior to effecting any transaction. Investec shall not be liable for any delay in giving effect to any instruction as a result of exercising its right to confirm or authenticate an instruction, provided that Investec did not act with gross negligence or fraudulently.
3.5 Investec will not effect any payments from the investment account other than to your designated bank account as specified on the application form, or otherwise as notified to Investec in writing and signed by you or your duly authorised signatory/ies. Provided that Investec did not act with gross negligence or fraudulently, Investec shall not be liable should it refuse to effect a payment otherwise than in accordance with this clause.
3.6 Notwithstanding clause 3.7, Investec may in its discretion permit payment to a third party, subject to you waiving any claim you may have or acquire against Investec as a result and indemnifying Investec against any loss which Investec or any person may suffer or sustain in connection with such third party payment.
3.7 You warrant that the designated bank account details supplied to Investec from time to time are true and correct. You acknowledge that Investec is not able, nor is it obliged, to verify or authenticate any bank account details supplied by you or your duly authorised signatory/ies. Except to the extent that Investec acted with gross negligence or fraudulently, you indemnify and hold Investec harmless against any loss, damage, expense or claim which you or Investec may sustain or incur as a result of a payment/s made in circumstances where the bank account details are not correct.
3.8 Investec shall provide periodic statements to you, which will, amongst others:
3.8.1 show all transactions relating to the investment account; and
3.8.2 show all interest credited, and charges debited, to the investment account.
3.9 Investec shall provide tax certificates to you annually.
3.10 You undertake to monitor and verify the correctness of your investment account details on a regular basis and to inform Investec immediately of any errors or inconsistencies in the details or arising from the details.Unless you notify Investec of any error or inconsistency on any statement issued in respect of the investment account within 60 days of the date of issue of the statement, such statement shall be deemed to be an accurate and correct record of your activity on the investment account.
3.11 Any record of deposit to the investment account is subject to verification by Investec and should there be a discrepancy between your records and Investec's records, Investec's records shall constitute sufficient proof of the correctness of Investec's contentions and the onus shall be on you to prove otherwise.
3.12 It is your responsibility to ensure that the investment account is not overdrawn at any time. If the investment account is overdrawn, or will become overdrawn once a transaction is processed, Investec shall be entitled at its sole discretion to cancel, withdraw or override any transaction or to refuse to process any transaction or to give effect to any instruction, for so long as the investment account is overdrawn and you indemnify Investec accordingly. The full debit balance on the investment account will immediately be payable in full. Investec shall further be entitled to levy interest on any overdrawn amount and a fee, in terms of clause 9.4.4 below. You must make sure that there is enough money in the account to cover any withdrawals made. Verification mechanisms
3.13 You agree to use and/or implement verification mechanisms in accordance with the agreement, subject to the provision of any applicable law. You acknowledge that failure to use and/or implement any verification mechanism may result in unauthorised use of the investment account (or any other account held in the Investec Group) and losses, for which you will be liable. You are responsible for ensuring that the verification mechanisms are kept secret and physically secure.
3.14 In the event that monies are credited to the investment account incorrectly as a result of an error on the part of Investec, you authorise Investec to do all such things as Investec may deem necessary in order to reverse the erroneous transaction.Sanctions
3.15 You undertake not to conclude any transaction with a person Erroron the sanctions list or a person located in any sanctioned country, and will ensure that the investment account is not used for a sanctioned transaction. Applicable law
3.16 Investec shall not be required to do anything or to refrain from doing anything which would in its opinion infringe applicable law and Investec may at any time and without notice, do whatever it considers necessary to comply with applicable law and whatever Investec does or does not do in order to comply with applicable law shall be binding on you.
4.1. Investec may from time to time amend or substitute these agreement. Where this happens, Investec shall give you at least 20 business days' notification by any means of either mail, telefax, electronic mail, Short Message System (SMS), message on your statement, announcements on the Investec website or otherwise. Where the amendment is an amendment to the relevant interest rate applicable to an investment account (other than an automatic variation in interest rate in accordance with the product rules) Investec shall give you 5 business days' notification. Fluctuations in the interest rate applicable to an investment account which take place in accordance with the product rules will take place without prior notice to you.
4.2. Investec shall not be liable for any loss occasioned by you if you do not receive notification of any amendment. Should you not accept the amendment, you are entitled to close the investment account, subject to the product rules and the provisions of clauses 9 and 11 below.
4.3 You must immediately inform Investec in writing of any change of name, status or other details provided by you, in particular if you are about to or have emigrated or if you are working or are about to work abroad. Investec shall be entitled but not obliged to refuse to act on instructions given by you using a different name or in circumstances where Investec is aware of any change in detail or status, until Investec is provided with the necessary documentary proof to its satisfaction.
4.4 Any variation of the investment account by you or your authorised representative shall only bind Investec if reduced to writing, or if given by such means of communication as may be acceptable to Investec and if given in accordance with the agreement.
5. Electronic Banking and Instructions
5.1 With regard to instructions given or received by data message as defined in the Electronic Communications and Transactions Act 25 of 2002 (“e-communication”), you request and authorise Investec to rely on and act in accordance with any instruction which you may from time to time give, or which appears to be given in your name. In authorising Investec to rely on and act in accordance with any instruction given by e-communication, you acknowledge that e-communication is an inherently unreliable medium of communication and that such unreliability is beyond the control of Investec. You acknowledge further that as a result of such unreliability there may be delays in the transmission and receipt of instructions or other information and that this may result in delays in the execution of instructions sent by e-communication. You further acknowledge and agree that it may not be possible to cancel or revise an online instruction after it has been given.
5.2 You acknowledge that information and instructions transmitted by e-communication is susceptible to monitoring and interception. You acknowledge that it is not practical or reasonable for Investec to establish the authenticity of all e-communication which purport to be from you and accordingly you must bear all risk of transmitting information which may be confidential, proprietary or secret by e-communication and under no circumstances will Investec be liable for any loss, harm or damage suffered by you as a result thereof, unless Investec acted with gross negligence or fraudulent intent. Investec reserves the right to request independent verification of any information transmitted by e-communication and you consent to such verification from whatsoever source should Investec deem it necessary.
5.3 You agree that all instructions, mandates, consents, commitments and the like sent electronically which purport to be from you shall be deemed to have been given in the form actually received by Investec and that you shall be bound thereby.
5.4 Your attention is drawn to the fact that any e-communication sent by Investec to you will not be encrypted and Investec is not liable for any loss suffered by you resulting from any e-communication Investec sends to you, unless the loss is caused by Investec's gross negligence or fraud.
5.5 Any access to and use of Investec's online banking and/or mobile banking services is subject to and governed by the terms and conditions applicable thereto ("ancillary conditions"). You acknowledge that in order to access and use such online banking and/or mobile banking services, you will be obliged to comply with such ancillary conditions. Investec shall be entitled, but not obliged, to refuse to process any transaction or to act on any of your instructions until you have complied with the ancillary conditions. Except to the extent that Investec acted with gross negligence or with fraudulent intent, Investec shall not be liable for any loss suffered or expense incurred by you as a result of any such refusal.
6. Personal Information
6.1 You acknowledge and expressly consent that Investec may:
6.1.1 verify information provided by you to Investec in the application form or in any other documentation and generally making whatever enquiries it deems necessary from any source whatsoever;
6.1.2 process your personal information to conclude the agreement and for purposes of maintaining the investment account, providing services to you and complying with your instructions;
6.1.3 disclose your personal information contained in the application form, and any other documentation in relation to any of your investment accounts to other entities in the Investec Group, if you have applied for further accounts, products or services at any other entity within the Investec Group in order for such entities to assess and monitor your application and in order to comply with "know your customer" legislation in that jurisdiction;
6.1.4 process and disclose your personal information for purposes of the prevention, detection and reporting of fraud and criminal activities, the identification of the proceeds of unlawful activities and the combating of money laundering activities;
6.1.5 process and report on your personal information to comply with an obligation imposed by applicable laws on Investec and any other entity within the Investec Group.
6.2 You have the right to access your personal information held by Investec. Investec shall grant you such access during office hours within a reasonable time after receiving a written request for access.
6.3 You agree to Investec's Data Protection Statement from time to time, which you can access at www.investec.co.za/legal.html.
7.1 The information provided by Investec in respect of the investment account are provided in good faith. You accept that the information may change from time to time and no representation, warranty, undertaking or guarantee of whatsoever nature is made or given by Investec concerning the accuracy and/or completeness of such information.
7.2 You are responsible for the investment decisions. None of your decisions must be taken in isolation, but should be based on your entire investment portfolio, taking into account future liabilities, liquidity requirements, time horizon, risk tolerance and specific legal constraints. If you are in need of financial planning assistance, you should contact a financial advisor.
7.3 Except to the extent that Investec acted with gross negligence or fraudulent intent, Investec shall not be responsible, or liable for, any loss, damage or expense of any nature whatsoever which you or a third party may suffer as a result of or occasioned by the failure of Investec to perform or process a transaction as a result of acts, events or circumstances beyond Investec's control, including among other things, failure, unavailability or malfunction of any networks or third party systems and power failures.
7.4 You warrant to Investec that you are acting for your own account and that you have made your own independent decision to open the investment account and as to whether the investment is appropriate or proper for you based upon your own judgement and upon advice from such advisors as you have deemed necessary. You are not relying on any recommendation, guidance or proposal (written or oral) of Investec as investment advice to open the investment account and factual information and explanations relating to the terms and conditions of the investment account shall not be considered investment advice.
8. Breach and closure of the investment account
8.1. Investec is at all times entitled to close an investment account, but will not close the investment account without giving you reasonable prior notice at your last contact details.
8.2. Notwithstanding clause 8.1, you acknowledge that Investec shall be entitled to close the investment account without notice to you if:
8.2.1 it is compelled to do so under applicable law; or
8.2.2 Investec has reasons to believe that the investment account is being used for fraudulent or criminal purposes, including a sanctioned transaction; or
8.2.3 the investment account does not contain any funds and you have not initiated any transactions on the investment account for a period of at least three months.
8.3. Investec shall be entitled, after written notice to you of at least 30 days, to close an investment account which has not been used for a significant period of time and which has a balance of less than R100. Investec shall be entitled, but not obliged, to transfer the funds in that investment account into any of your other investment accounts, or any other account with Investec. If you do not have any other account with Investec, the credit balance shall be transferred to Investec's
unclaimed balance account until claimed by you in accordance with such procedures as may be determined by Investec from time to time.
8.4 Any closure of the investment account shall be without prejudice to any rights Investec may have to recover any amounts due to it or any losses or damages suffered by it. Under such circumstances Investec shall be entitled forthwith to cancel any instructions received from you.
8.5 Once the investment account is closed, no interest shall accrue thereon.
8.6 You further acknowledge that Investec may be obliged under applicable law or pursuant to a court order to suspend the investment account and/or to effect payment of any funds standing to the credit of the investment account to any third party as may be directed under applicable law and you shall have no claim against Investec for any loss suffered by you as a result.
8.7 Should you commit a breach of any obligation contained in these terms and conditions, you undertake to pay all legal costs incurred by Investec in recovering any amount due to it on an attorney and own client scale.
8.8 Subject to clause 9, you are entitled to withdraw all funds standing to the credit of the investment account and/or to close the investment account in accordance with the notice periods relating to the specific investment account and subject to the product rules, which you confirm you are familiar with. You are responsible for arranging for the cancellation of any debit orders, stop orders, payment instructions and the like, where applicable. Notice of cancellation shall be given to Investec in writing.
9. Interest, fees and charges
9.1. Interest rates applicable to investment accounts are generally quoted by Investec on an annual basis and are specified in the statement/s issued. Interest at the applicable rate for the investment account shall be calculated on the daily credit balance on the investment account and compounded on the last day of every month, subject to any product rule. You acknowledge that applicable interest rates may be reduced in accordance with the product rules in the event that you don't comply with the product rules.
9.2. If the investment account is subject to a fixed rate of interest you agree that Investec will only fix the rate on the date upon which Investec receives confirmation from you.
9.3. You can elect to have accrued interest paid to you on a monthly basis in accordance with the product rules. You acknowledge that payment of interest shall only be effected on a business day.
9.4. Subject to applicable laws, Investec is entitled to charge and recover from you the following:
9.4.1 a penalty fee;
9.4.2 breakage costs;
9.4.3 a fee (plus VAT) for the issue of any guarantee on your behalf against funds standing to the credit of the investment account, in such amount as Investec may determine and as agreed with you. You undertake to sign such documentation as Investec may require for the authorisation of any guarantee;
9.4.4 a fee in circumstances where the investment account is overdrawn together with interest at the maximum rate permissible by applicable law on the amount by which the investment account is overdrawn;
9.4.5 fees, charges and/or levies in respect of transactions, set out in more detail at www.investec.co.za/ci-fees
9.5 If you default in paying any amount when it is due in terms of these terms and conditions, Investec may charge interest thereon which will accrue daily at the maximum rate permissible by applicable law.
9.6 Any fee or costs payable under this clause 9 may be debited against the investment account balance or charged to any of your other accounts with Investec and you authorise Investec to do so.
To the extent permissible in law, Investec shall be entitled to set off any amount which you owe to Investec from whatsoever cause, against any funds standing to the credit of any of your accounts with Investec. Investec will inform you promptly after Investec has effected set-off in respect of any of your accounts.
11. Notices and correspondence
11.1 Notices or other correspondence may be given to you by hand, post, telefax or e-communication to the address, telephone number or electronic mail address specified in the application form or as notified by you in writing from time to time.
11.2 Correspondence sent to you by Investec:
11.2.1 by post, will be deemed to be received on the 10th business day after the date of posting;
11.2.2 by telefax, will be deemed to be received at the time when your telefax machine acknowledges receipt thereof; and
11.2.3 by e-communication, will be deemed to be received by you on the next business day after sending.
11.3 Correspondence given by you to Investec by post, telefax or e-communication will be deemed to be received by Investec only when Investec acknowledges receipt thereof.
12.1 You grant Investec (including its agents and contractors) authority to monitor, intercept, record and use as evidence all forms of correspondence or communications received by or sent from Investec or any of its employees, agents or contractors. Specifically, Investec may record telephone conversations with you. Investec’s recordings of telephone conversations shall be and remain the sole property of Investec and shall be evidence of the instructions or conversations so recorded, unless you prove otherwise. You agree that Investec may deliver copies or transcripts of recordings to any court or regulatory authority. Investec is not required to maintain copies of such recordings and transcripts.
12.2 In effecting any transaction, Investec shall not act, nor shall it be deemed to be acting, as your agent nor as the agent of any payee.
12.3 You shall not cede, delegate, make over or transfer any of your rights or obligations in respect of, or arising out of, these terms and conditions without Investec’s prior written consent. Investec may cede, delegate, make over or transfer any of its rights or both its rights and obligations under these terms and conditions and/or in respect of the investment account to any person.
12.4 Your domicile address for all notices and processes to be given and served in terms hereof is the physical address detailed on the application form or as notified in writing to Investec.
12.5 This agreement is subject to the laws of the Republic of South Africa. You hereby consent and submit to the jurisdiction of the High Court of South Africa in respect of any disputes arising in connection with the investment account, or these terms and conditions or any matter related to or in connection therewith. Investec may however institute action in any Magistrates' Court that has jurisdiction.
12.6 Except to the extent that Investec acted with gross negligence or fraudulent intent, Investec shall not be liable for any consequential damages you suffer, howsoever arising, as a result of your failure to comply with your obligations in accordance with these terms and conditions and Investec’s total liability shall, in no circumstances, exceed the actual amount of the transaction or transactions in dispute.
12.7 If any provision of these terms and conditions is or becomes invalid, illegal or unenforceable under applicable law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way.
12.8 A certificate signed by any officer in the service of Investec (whose appointment it shall not be necessary to prove) shall constitute sufficient evidence of the facts contained therein for any purpose whatsoever, unless you prove the contrary.
12.9 Subject to applicable law, where the investment account is in both your and another person's name, your’ liabilities under or in connection with these terms and conditions are joint and several and on the death of one of you, Investec may treat the survivor as the only person entitled to the investment account.
12.10 You undertake to sign or execute any documentation required by Investec arising from any telephonic or electronic banking conducted by you.