These terms and conditions apply to Online Electronic 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.

  • 1. Definitions

    The headings in these terms and conditions are for reference only. Words importing one gender include the other gender; words in the singular include the plural and vice versa; and natural persons include created 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 "account" means the account, which Investec maintains for you;

    1.3  "anti-corruption laws" means any bribery, fraud, kickback, or other similar anti-corruption law or regulation of any relevant country, including but not limited to the Prevention and Combating of Corrupt Activities Act 12  of 2004, the UK Bribery Act, 2010 and the US Foreign Corrupt Practices Act 1977;

    1.4 "applicable law" means any local, provincial, national or international statutes, regulations, regulatory guidelines, ruling or code and judicial, regulatory, industry or administrative interpretations or directives, or any rules or requirements established by Visa;

    1.5 "application" means the application you made to Investec for the account;

    1.6 "business day" means any day other than a Saturday, Sunday or official public holiday in South Africa;

    1.7 "Common Monetary Area" means the area consisting of South Africa, Lesotho, Namibia and Swaziland;

    1.8 "e-communication" means an electronic communication by means of a data message as defined in the ECT Act and includes communications exchanged by means of the website, email and mobile phone (e.g. WAP, WIG, SMS);

    1.9 "ECT Act" means the Electronic Communications and Transactions Act 25 of 2002;

    1.10 "instruction" means an instruction from you to Investec to perform a transaction;

    1.11 "Investec" means Investec Bank Limited and/or any duly appointed agent of Investec;

    1.12 "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;

    1.13 "Online Banking Password" means the password chosen by you for the account for access to the website which must be used, together with any other verification mechanism (where applicable), every time the website is accessed;

    1.14 "personal information" means personal information as defined in POPI;

    1.15 "POPI" means the Protection of Personal Information Act 4 of 2013;

    1.16 "process/processing" has the same meaning assigned thereto in POPI when referred to in the context of personal information;

    1.17 "product rules" means the specific conditions applicable to the use of an account, product or service offered by Investec;

    1.18 "sanctioned country" means a country which is subject to sanctions by a sanctioning body;

    1.19 "sanctioned transaction" means the use of the account for the purpose of financing directly or indirectly the activities of any person or entity which is on a sanctions list or who 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;

    1.20 "sanctioning body" means any one or a combination of the following entities:

    1.20.1 the Office of Foreign Assets Control of the Department of Treasury of the United States of America;

    1.20.2 the United Nations Security Council;

    1.20.3 the European Union or any participating member state of the European Union; and

    1.20.4 Her Majesty's Treasury of the United Kingdom.

    1.21 "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;

    1.22 "sanctions" means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any sanctioning body;

    1.23 "South Africa" means the Republic of South Africa;

    1.24 "transaction" means a transaction effected by you using the account and/or the account number, including, without limiting the generality of the aforegoing, a deposit or withdrawal, an account query, a purchase, cash transaction and refund or reversal of payment; 

    1.25 "website" means the Investec website being (including all its constituent web pages) on which Investec provides banking and financial services from time to time, including all pages over which Investec exercises control;

    1.26 "you" means the person or entity who applied for, and for whom Investec has approved an account and includes, where applicable, your representative.

  • 2. Agreement

    2.1 An agreement between you and Investec regulating, amongst other things, the operation of the account shall come into effect, and all the provisions of the agreement will apply, by the earlier of:

    2.1.1 Investec delivering or procuring the delivery of documentation confirming the opening of the account to you via e-communication; or

    2.1.2 Investec handing any documentation confirming the opening of the account to you; or

    2.1.3 the use by you of the account and/or the account number.

    2.2 You shall not be entitled to cede or assign to any other person any of your rights or obligations in respect of or arising out of the agreement or the use of the account.

    2.3 Investec shall be titled to cede and assign its rights and obligations in respect of or arising out of the agreement or the use of any the account without giving notice thereof to you.

    2.4 You agree to use and/or implement any verification mechanisms (where applicable) in accordance with the agreement and/or any other conditions or guidelines which Investec may impose from time to time, subject to the provisions of any applicable law. You acknowledge that failure to use and/or implement any verification mechanism may result in unauthorised use of the account (or any other account held in the Investec Group) and losses, for which you will be liable.

  • 3. Use of the account

    3.1  You acknowledge that Investec is obliged to report transactions occurring outside the Common Monetary Area to the South African Reserve Bank. Any transaction in a currency which is not that of the account will be converted into the currency in which the account is denominated, subject to any applicable exchange control regulations, on the date of posting of any such transaction to the account and shall be shown on your statement in South African Rands. You acknowledge that there may be a delay before a transaction you effected in a foreign country is debited or credited, as the case may be, to the account and you agree to bear the foreign exchange risk in respect of any such delay. You further agree to ensure that there are at all times sufficient funds available in the account to settle such foreign exchange transaction taking into account any delay which may occur.

    3.2 Investec, as part of the Investec Group, is obliged to comply with laws and policies relating to international and local anti-money laundering and sanctions. Investec will therefore screen, verify and process all its account holders, and related information, and thereafter monitor all information, instructions and transactions by you and the business relationship on a continuous basis. This may result in the prohibition, limitation or delay in the execution of instructions or transactions and even in the suspension of the account and the declining or terminating of any transaction or the business relationship with you. To the extent permitted, Investec shall advise you of any action it intends to take in terms hereof. You acknowledge and confirm that neither the Investec Group, nor its employees, officers, or directors, shall be liable for any direct, indirect or consequential loss, damage, cost or expense whatsoever that you may suffer or incur  as a result of, arising from or relating to any such prohibition, limitation, delay, decline or termination due to the implementation of this clause.

    3.3  You hereby undertake and warrant that when using the account:

    3.3.1 you will comply with all applicable laws of South Africa and that you will not use the account for any unlawful purposes including, for example, engaging in unlawful gambling via the internet;

    3.3.2 you will comply with all applicable anti-corruption laws; and

    3.3.3 you will not conclude any transaction with a person on the sanctions list or a person located in any sanctioned country, and will ensure that the account is not used for a sanctioned transaction.

    3.4 You undertake to use the account and/or account number only in a secured environment and acknowledge that any use of the account and/or account number in a public place or at a device or terminal which is accessible by the public generally, may result in your details being compromised and/or losses for which you may be held liable. 

  • 4. Authority to debit the account

    4.1 Subject to applicable law, you shall reimburse Investec for all payments which Investec has made, or is required to make, for and on your behalf in respect of any transaction.

    4.2 You acknowledge and agree that when cash or cheque deposits are made at any other bank:

    4.2.1 cheque deposits will only be available as cash after the cheques have been paid;

    4.2.2 Investec may at its discretion effect a hold against a cheque or other payment until such is cleared by the issuing or paying bank;

    4.2.3 cheque deposits which are dishonoured, i.e. not paid, will be debited to the account accordingly;

    4.2.4 Investec shall not be liable for errors resulting from incorrect information you furnish; and

    4.2.5 Investec shall be entitled to reverse any amount incorrectly credited to the account.

    4.3 Notwithstanding anything expressed or implied in the agreement, Investec shall not be liable to you or to any third party for any claim, loss, damages, cost or expense directly or indirectly resulting from or connected with any cheque that has been deposited into and credited to the account but which has subsequently been dishonoured for whatever reason, whether or not Investec has notified you of such dishonour. 

  • 5. Charges

    5.1 Investec shall be entitled to charge transactional fees for all financial services at Investec's standard rate of fees. These fees include, without limitation, monthly charges, account dormancy fees, and transaction charges. These fees may be amended from time to time upon prior written notice to you.

    5.2 Subject to any applicable law, any applicable duties, fees, interest, commissions, charges and taxes payable by you to third parties shall be charged by Investec or paid over to the relevant authorities or third parties by Investec and debited to the account regardless of whether you have accepted the amount or not.

  • 6. Dormant account and unclaimed funds

    6.1 Investec reserves the right to classify any account as a dormant account, if the account or any facility or service linked to the account, has not been used for a period of 6 months.

    6.2 When an account is classified as dormant, you will not be able to transact on the account, or access any service linked to the account.

    6.3 Investec will notify you at your current address or contact details, before an account is classified as dormant. If you do not respond to such a notice within 3 months, Investec reserves the right to close the account. Investec will also notify you before Investec closes the dormant account.

    6.4 You will remain entitled to unclaimed funds from the closed account, provided that you are able to provide Investec with proof of identity and entitlement to the funds.

  • 7. Statements and payments

    7.1 Investec shall provide monthly statements to you, which will, amongst others:

    7.1.1 show all transactions relating to the account; and

    7.1.2 show all interest and other charges debited or credited to the account.

    7.2 If you have not denied liability regarding a debit on the account and/or raised a query regarding the correctness of any statement by delivering written notice to Investec within 45 days of the day indicated on the statement as the date of issue of such statement, you shall be deemed to have admitted liability to Investec in respect of such debit and/or to have accepted that statement as true and correct, unless you prove the contrary.

    7.3 Any record of deposit to the 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.

  • 8. Interest

    Interest will accrue daily on credit balances at the rate determined by Investec from time to time and advised by Investec in writing to you. Such interest will be credited to the account monthly on the date on which a statement is issued by Investec. 

  • 9. Unauthorised use of the account

    9.1 You undertake to take all reasonable precautions to prevent unauthorised use of the account. These include (without limiting the generality of the foregoing):

    9.1.1 memorising the verification mechanisms and destroying any physical record of these mechanisms (which includes deleting any Online Banking Password or Transactional PIN sent by e-communication) and/or keeping such physical record in a safe location away from any device or terminal;

    9.1.2 not allowing any other person to use any device or terminal on which any verification mechanism is received or stored, and/or the account number or to by-pass or tamper with any of the verification mechanisms, whether electronically or otherwise;

    9.1.3 making use of and/or implementing or procuring implementation of any verification mechanism for each transaction and in particular checking and responding immediately to any e-communication sent by Investec concerning any transaction;

    9.1.4 not using the account and/or account number in an unsecured environment or at a public device or terminal or at a device or terminal which is accessible by the public generally;

    9.1.5 not opening or responding to any unsolicited e-communication or e-communication relating to the account where you don't know the originator and not accessing or using links to websites, web pages or other internet based content or services not owned, administered or offered by Investec;

    9.1.6 not divulging any information to any third party which is personal, confidential or proprietary, except as required under any applicable law;

    9.1.7 immediately reporting the theft of any device or terminal you use for transactions, to Investec and notifying Investec immediately should any device or terminal cease to operate for no apparent reason or in circumstances which may be suspicious.

    9.2 Investec shall not be liable in any way if you do not take reasonable precautions to prevent unauthorised use of the account and/or account number. Specifically but without limitation, Investec shall not be liable in any way if you use any verification mechanism in a public place or in any other unsecured environment in such a manner that the confidentiality and secrecy of the verification mechanisms is compromised. Similarly, Investec will not be liable in any way if you do not make use of or do not implement or does not respond to any verification mechanism or if you store or record any verification mechanism on a computer, phone or network.

    9.3 If any device or terminal you use for transactions, is lost, stolen, misappropriated or if someone other than you uses the device or terminal and the account and/or the account number or has knowledge of the verification mechanisms (the "transaction events"), or you have reason to believe that any of the transaction events has occurred, you shall be obliged immediately to notify Investec telephonically on its 24-hour telephone number which appears on each statement. Any delay in providing the notification to Investec shall be presumed to be sufficient proof of negligence on your part and you shall bear the onus of proving the contrary.

    9.4 If any of the transaction events occur, you shall be liable for any payments made by Investec in respect of any transaction prior to the notification to Investec in accordance with clause 9.3.

    9.5 If you have been negligent in any way regarding the use the account and/or the account number or the verification mechanisms, or any device or terminal used in relation to the account, or if you have breached the agreement, you will be liable for all payments which Investec has made or is bound to make arising from any unauthorised transaction concluded prior to Investec being reasonably able to act in order to prevent any such unauthorised transaction.

    9.6 Notwithstanding the provisions of clause 9.4, you shall not be liable for any loss due to payments made by Investec in respect of any transaction done or entered into where any of the transaction events have occurred, where you prove that the loss cannot be attributed to the fact that you intentionally or negligently caused the verification mechanisms to be disclosed to someone else or that you did not use or implement the verification mechanisms or did not take reasonable precautions to prevent unauthorised use of the account or did not otherwise comply with the agreement.

  • 10. Failure/malfunction of networks and devices

    Investec will not be responsible for any failure, malfunction or delay of any networks or electronic or mechanical device or terminal used in the acceptance and processing of transactions and any other use of the account and/or account number. Investec will not be liable to make good or compensate you for any damages, losses, claims or expenses resulting from such failure, malfunction or delay and you indemnify Investec accordingly. 

  • 11. Suspension or cancellation of the account

    11.1 Investec may suspend or close the account at any time if you are in default under the agreement as contemplated in clause 13.

    11.2 Notwithstanding the aforesaid, Investec may suspend or close the account at any time, by giving you at least 10 Business Days' notice.

    11.3 The agreement shall remain in effect until you have paid all amounts charged to the account.

    11.4 You shall not be entitled to use the account or the account number after it has been cancelled, suspended, closed or revoked. 

  • 12. Personal Information

    12.1 You undertake to furnish Investec with all information and/or documentation required by Investec in terms of the Financial Intelligence Centre Act 38 of 2001 and any other applicable law.

    12.2 You agree that Investec may:

    12.2.1 make enquiries to confirm and verify any information you provided in the application form;

    12.2.2 seek information from any credit bureau when assessing your application and at any time during the existence of the account.

    12.3 You acknowledge and expressly consent that Investec may:

    12.3.1 verify information you provided to Investec and generally making whatever enquiries it deems necessary from any source whatsoever;

    12.3.2 process your personal information to conclude the agreement and for purposes of maintaining the account, providing services to you, including any benefits attached to the account and complying with your instructions;

    12.3.3 disclose your personal information contained in the application form, and any other documentation in relation to any of your 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;

    12.3.4 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;

    12.3.5 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.

    12.4 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.

    12.5 You agree to Investec's Data Protection Statement from time to time, which you can access at

  • 13. Default

    Default in terms of the agreement will occur if:

    13.1 any amount payable to Investec under the agreement is not made on the due date; or

    13.2 you breach any of the terms and conditions of the agreement or any other agreement with Investec, and you fail to remedy the breach within the timeframe provided for in the written notice to do so; or

    13.3 any representation, warranty or assurance you made or gave in connection with the application for the account or any information or documentation you supplied is, in Investec's opinion, materially incorrect; or

    13.4 you generally do or omit to do anything which may affect Investec's rights in terms of the agreement.

  • 14. Notices and Addresses

    14.1 The address you gave on the application form will be your chosen address at which all notices for purposes of legal process in terms of the agreement may be served on or delivered to you ("domicile address").

    14.2 You may, by written notice to Investec, change your domicile address to any other physical address in South Africa. Any such change of your domicile address will only be effective 14 days after the date on which Investec receives the notice.

    14.3 Any notice to you by Investec may be addressed to you at your domicile address and will be deemed (unless the contrary be proved) to have been received by you on the 4th day after posting.

    14.4 Any notice delivered by hand to you or a responsible person by Investec during ordinary business hours at your domicile address shall be deemed to have been received on the day of delivery.

    14.5 All and any notices or communications by you to Investec must be in writing and sent by prepaid registered post or by hand to Investec’s head office at 100 Grayston Drive, Sandown, Sandton. 

  • 15. Transmission of information

    15.1 You undertake to sign or execute any documentation as may from time to time be required by Investec arising from any telephonic, internet or mobile banking you conduct with Investec. You consent to Investec taking whatever security precautions it may consider for such purposes, (including the recording of telephone conversations between you and employees of Investec). Investec’s recordings shall be and remain the sole property of Investec and will be sufficient evidence of the instructions or conversations so recorded, unless you prove the contrary. You agree that Investec may deliver copies or transcripts of such recordings to any court or regulatory authority. Investec is not required to maintain copies of such recordings and transcripts.

    15.2 With regard to instructions given or received by electronic medium, you request and authorise Investec to rely on and act in accordance with any instruction 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 electronic medium, you acknowledge that electronic medium is an inherently unreliable medium of communication and that such unreliability is beyond the control of Investec. You acknowledge 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 electronic medium, and you indemnify Investec from any loss, penalties or fines which it may incur as a result of such delay. You further acknowledge and agree that generally it will not be possible to cancel or revise an electronic instruction after it has been given.

    15.3 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 account, the account number, by virtue of any authority, resolution, mandate or power of attorney ("authority") provided by you or your nominee to Investec, unless you have specifically cancelled such authority in writing and Investec has acknowledged such cancellation in writing or otherwise.

    15.4 You acknowledge that information transmitted by electronic medium is susceptible to monitoring and interception. You are therefore discouraged from transmitting to Investec any information which may be confidential, proprietary or secret. You shall bear all risk of transmitting such information in this manner and under no circumstances will Investec be liable for any loss, harm or damage you suffer  as a result thereof. Investec reserves the right to request independent verification of any information transmitted by electronic medium and you consent to such verification from whatsoever source should Investec deem it necessary.

    15.5 Investec requests that no unsolicited confidential or proprietary information be sent to Investec. Any such unsolicited information or material sent to Investec shall be deemed not to be confidential, unless otherwise agreed in writing by Investec. Your attention is drawn to the fact that any e-mail sent by Investec to you will not be encrypted and Investec is not liable for any loss you suffer resulting from any e-mail Investec sends to you, unless the loss is caused by Investec’s gross negligence or fraud. 

  • 16. Jurisdiction

    In terms of section 45 of the Magistrates' Court Act 32 of 1944, you consent and submit for purposes of Investec taking legal steps to enforce any of its rights in terms of the agreement, to the jurisdiction of any Magistrate's Court notwithstanding the amount involved. This does not prevent Investec from bringing legal proceedings in a High Court that has jurisdiction.

  • 17. Severability

    The parties agree that the setting aside or suspension of any provision contained in the agreement shall not render the agreement void but such provision shall be severed from the agreement or altered by a court or tribunal of competent jurisdiction (if it is reasonable to do so having regard to the agreement as a whole).

  • 18. General

    18.1 A certificate signed by any manager of Investec specifying the amount owing by you to Investec and further stating that such amount is due, owing and payable by you to Investec, shall be sufficient proof of the amount thereof and of the fact that such amount is so due, owing and payable for the purpose of obtaining provisional sentence or other judgment in any competent court. It shall not be necessary to prove the appointment of the person signing any such certificate.

    18.2 Investec may from time to time amend or substitute the 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 the account, Investec shall give you 5 business days’ notification.

    18.3 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 account, subject to the provisions of the agreement. If you continue to use the account after the amended agreement begins to apply, the amended agreement will apply to the account.

    18.4 No amendment or consensual cancellation of the agreement by you and no settlement of any dispute arising under the agreement and no extension of time, waiver or relaxation or suspension of any of the terms and conditions of the agreement or any estoppel against Investec shall be binding on Investec, unless recorded in a written document signed by you and Investec. Any such extension, waiver, relaxation, suspension or estoppel which is so given or made shall be strictly construed as relating only to the matter in respect whereof it was made or given.

    18.5 No party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded in the agreement. You shall immediately inform Investec of any change of name, status or other details provided by you, in particular if you have applied for liquidation or any other form of insolvency (whether provisional or final) or are about to or have emigrated. 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.

    18.6 You warrant that all information given to Investec, whether in terms of any application form, authority or payment instruction or via any service provided by Investec, or otherwise, shall be accurate and correct and shall constitute sufficient proof of the facts contained therein. Investec shall be entitled to rely on any such information given as contemplated in this clause 18.6 and shall not be liable howsoever in the event that it relies on or uses such information.

    18.7 The agreement is confined to the use of the account. Any access to and use of any other product or service provided or offered by Investec or the Investec Group through whatever medium of access available (including without limitation Investec’s Online Banking and Mobile Banking services) is subject to and governed by whatever terms and conditions apply to such products, services and access media ("ancillary conditions"). You acknowledge that in order to access and use such other products and services, you shall be obliged to comply with the 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. Investec shall not be liable for any loss you suffer or expense you incur as a result of any such refusal.

    18.8 The existence of a link or reference from the website to any other website, web pages or other content or service does not constitute Investec’s recommendation or approval thereof.

    18.9 For the purposes of the agreement no electronic signature or advanced electronic signature, as defined in the ECT Act, shall constitute a signature, save for your signature on the application form.