Investec Online Banking: Terms and Conditions

Unless the context indicates otherwise, the following terms shall have the following meanings:

1.1 "account" means any account at Investec, held in the name of the client and in respect of which online banking can be performed;

1.2 "agreement" means these terms and conditions, including any notices sent by Investec, as may be amended from time to time;

1.3 "client" means the person who has registered for online banking;

1.4 "device(s)" include mobile phones or smartphones, tablets, computers, laptops and notebooks and SIM cards;

1.5 "Investec" means Investec Bank Limited;

1.6 "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;

1.7 "mobile authentication message" means a message, sent by Investec to the user via a device, which serves as authentication of the user and includes the one-time password which Investec may send to a user’s device to provide additional validation following use of the online banking password;

1.8 "mobile banking" includes all the services and facilities provided by Investec from time to time via a mobile device such as a mobile phone or tablet;

1.9 "notification" means a real time SMS notification which Investec sends to the user;

1.10 "online banking" means the services and facilities provided by Investec from time to time via the website and includes for purposes of this agreement, mobile banking;

1.11 "online banking password" means the password chosen by the user in respect of an account for access to online banking which must be used, together with any other verification mechanism, every time online banking is used;

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

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

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

1.15 "product agreement/s" means the various terms and conditions and/or agreements governing services, accounts and/or facilities offered by Investec;

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

1.17 "sanctioned transaction" means the use of online banking for the purpose of financing directly or indirectly the activities of any person or entity which is on a sanctions list or for the purpose of financing directly or indirectly the activities of any person in a sanctioned country, and/or the contribution or making available of amounts to any person or entity, if the user has actual knowledge, without having made enquiry, 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;

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

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

1.18.2 the United Nations Security Council;

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

1.18.4 Her Majesty's Treasury of the United Kingdom;

1.19 "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;

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

1.21 "user" means the client, including any person authorised or deemed to be authorised by the client to use online banking;

1.22 "value added services" means the facilitation by Investec of the sale of mobile phone airtime, SMS - and data bundles by suppliers thereof;

1.23 "verification mechanism" means any mechanism, device or process used by Investec to verify the identity of a user, including the online banking password and mobile authentication message;

1.24 "website" means the Investec website (including all its constituent web pages) including all pages in respect of whose content Investec exercises control.

2.1 The user understands and agrees that access to and the use of online banking is provided subject to this agreement.

2.2 The user must take time to read and understand this agreement and pay special attention to all terms printed in bold.

2.3 The terms and conditions contained in this agreement are referred to in the product agreement/s as "ancillary conditions" or "terms and conditions for use of electronic banking", as the case may be.

2.4 The rules of interpretation and guidelines on how to read this agreement with the product agreement/s are provided for in the product agreement/s.

3.1 Online banking will only be available to the user, once the user has completed the requisite application forms, questionnaires, mandates and other documents provided or specified by Investec from time to time, or as required under any applicable law, and the user's application has been accepted by Investec.

3.2 In order to access online banking, the user must be registered for online banking and must ensure that all devices used for this purpose meet Investec's requirements.

3.3 The user shall, at his own cost and expense be responsible for -

3.3.1 the acquisition, installation and maintenance of all devices, hardware or software for purposes of access to online banking;

3.3.2 ensuring the security of any devices, hardware or software;

3.4 The user agrees to implement and abide by all security measures, including the verification mechanisms, Investec may notify or prescribe to the user from time to time.

3.5 The user undertakes to logoff from online banking in the prescribed manner. Failure to logoff could result in unauthorised transactions for which Investec will not be liable.

3.6 The user acknowledges and agrees that –

3.6.1 online banking may be unavailable from time to time due to interruptions caused by or maintenance conducted by external service providers which is not within the control of Investec. Investec hereby provides notice to the user of such unavoidable delays or interruptions in providing any of the services available through online banking; and

3.6.2 Investec does not act as the agent of the user when receiving or paying any amount.

4.1 The user agrees that Investec may make enquiries to confirm and verify any information provided by the user in any application form.

4.2 The user acknowledges and expressly consents thereto that Investec may -

4.2.1 process the personal information of the user for purposes of providing online banking to the user and complying with the instructions of the user;

4.2.2 disclose the personal information of the user contained in any application form, and any other documentation in relation to any of the user's accounts to other entities in the Investec Group, if the user has applied for further accounts at any other entity within the Investec Group;

4.2.3 process the user's personal information for purposes of the prevention and detection of fraud and criminal activities, the identification of the proceeds of unlawful activities and the combating of money laundering activities;

4.2.4 process and report on the personal information of the user to comply with an obligation imposed by applicable laws on the Investec Group.

4.3 Subject to some exceptions, the user has the right to request access to personal information Investec holds in terms of the Promotion of Access to Information Act 2 of 2000.

4.4 In the event of a change in the user’s personal information (including but not limited to the user’s name, identity number, passport number, address and contact numbers), the user must notify Investec of such changes as soon as is reasonably possible.

5.1 Investec may specify the verification mechanisms required to obtain access to online banking from time to time.

5.2 Investec shall be entitled to refuse to give effect to an instruction from a user and/or refuse a user access to online banking if the user does not comply with or satisfy the verification mechanisms.

5.3 It is the client's duty to ensure that only duly authorised users have access to the verification mechanisms. Any person using the verification mechanisms shall be deemed to be a user authorised by the client to gain access to the account and to online banking. The client acknowledges that the verification mechanisms may enable the user to access all online services of the Investec Group and, accordingly, unauthorised use of the verification mechanism could expose the client to fraudulent transactions on any of the client's and the user’s accounts held in the Investec Group.

5.4 The user undertakes to change the online banking password when using online banking for the first time and on a regular basis thereafter.

5.5 Investec may, in its sole discretion and for whatever reason, require the user to change his verification mechanism or parts thereof from time to time, and the user undertakes to comply with such requirement unconditionally.

5.6 The user undertakes to ensure the confidentiality of the verification mechanisms at all times, and shall without limitation, ensure that the verification mechanisms are neither easily accessible nor disclosed to anyone else.

5.7 Where a user reasonably suspects that a verification mechanism has been or will soon be compromised, the user must notify Investec immediately by phoning the client support centre on (+2711) 286 9663 or 0860 110 161. On receipt of the user’s notification, Investec shall be entitled to -

5.7.1 reject all instructions received after the user’s notification; and/or

5.7.2 suspend the processing of all instructions not yet executed; and/or

5.7.3 deactivate access to online banking without further notice to the user.

6.1 The user hereby authorises Investec to effect transactions in accordance with the user's instructions issued via online banking.

6.2 The user understands and agrees that –

6.2.1 information or instructions transmitted when using online banking is susceptible to unlawful access, distortion and monitoring and that the user uses online banking at his own risk;

6.2.2 as soon as the user has submitted an instruction to Investec and complied with the required verification mechanisms, Investec shall be entitled to, but not obliged, to carry out the instruction. Once the instruction has been carried out by Investec, it may not be possible to reverse any transaction resulting from the instruction and the user shall not be entitled to countermand the instruction;

6.2.3 if the user issues instructions for more than one transaction, Investec shall be entitled to determine the order in which the transactions are executed.

6.3 Investec shall not be obliged to verify the information provided by the user for any transaction, including but not limited to, the account numbers, branch name, branch numbers, account holder names or amounts involved in any instruction.

6.4 The user must –

6.4.1 not use online banking in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with this agreement, or act fraudulently or maliciously;

6.4.2 not use online banking to collect debts of any nature from other parties;

6.4.3 not attempt to derive income from the use of online banking, whether for direct commercial or monetary gain or otherwise;

6.4.4 not collect or harvest any information or data from Investec or Investec's systems or attempt to decipher any transmission to or from Investec's servers;

6.4.5 not upload, store or share inappropriate or illegal images or content that breaches the right of others;

6.4.6 comply with all applicable laws when issuing an instruction or making a payment;

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

6.5 Investec reserves the right to reject or suspend the execution of an instruction at any time should the value or frequency of the instruction appear suspicious or out of the ordinary to Investec or should the transaction breach sanctions. On so rejecting or suspending an instruction, Investec undertakes to contact the user within a reasonable period of time and to verify the instruction by such means as Investec may determine.

7.1 Unless the user has opted out of such function, Investec will automatically send a notification to the user’s mobile phone in respect of certain activities performed during an online banking session, including the setting up or amending of beneficiaries and the making of ad hoc or beneficiary payments.

7.2 Unless the contrary is proven, the user will be deemed to have received the notification within 10 seconds of the time indicated on the applicable transmission logs as being the time at which the notification was sent.

7.3 Unless the user informs Investec immediately after receipt of the notification that the applicable transaction was unauthorised, the transaction shall be deemed to have been performed or authorised by the user.

7.4 In the event that a user performs a transaction for which he should have received a notification but has not received one within 10 minutes of having completed the transaction, the user must inform Investec without delay in order to determine and rectify the cause of such failure.

7.5 Where applicable, the user must inform Investec of his new mobile phone number without delay.

7.6 The provisions of this clause shall apply irrespective of the fact that the user’s mobile phone malfunctions or is disabled, lost or stolen.

7.7 In the event that the user opts out of the notification function or fails to inform Investec of his new mobile phone number, all transactions will be deemed to have been authorised by the user.

8.1 Investec may charge the user for use of online banking. If fees are charged, Investec will inform the user of such fees and the fees charged will be debited to an account nominated by the user.

8.2 If fees are charged, Investec shall, after giving the user reasonable notice, be entitled to vary the fees from time to time.

9.1 The user authorises Investec to make his account statements and IT3b tax certificates available on the website.

9.2 The user acknowledges that account statements will be downloadable from the website on a monthly basis and that Investec is not required to notify the user of such fact each month.

9.3 Should the user wish to retain account statements for longer than 3 months, the user must save and record a copy in a format and manner acceptable to the user or as may be required by auditors or the South African Revenue Services. Investec shall not be obliged to retain account statements on the website for longer than 3 months after the date of each statement.

10.1 Investec may provide account balance notification:

10.1.1 by SMS and/or email; and/or

10.1.2 on request from the user, via the client support centre or via online banking from time to time.

10.2 An account balance notification is provided for convenience only and cannot be used, or relied upon, as proof of any amount. The user acknowledges that account balance notification may be delayed and therefore outdated for various reasons, including backlogs on the email or SMS server as a result of high volumes. The user also acknowledges that any account balance notification provided by Investec on request from the user is not provided real time, and will not necessarily be an accurate representation of the account.

10.3 The user may not act or rely on the accuracy of an account balance notification in terms of 10.1 unless the user has verified the actual account balance by contacting Investec.

10.4 The ability to receive or request account balance notifications may be suspended or withdrawn by Investec at any time without notice to the user.

11.1 Investec may publish notices to a user by way of "pop-up" windows on the device browser.

11.2 Pop-up notices shall be deemed to be have been read and accepted irrespective of whether the user has read the notice.

11.3 The user must ensure that his device browsers permit pop-up notices from Investec to be displayed. Failure to do so shall not entitle the user to claim non-receipt of a pop-up notification.

Copyright in all materials made available through online banking is owned by Investec and protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation or exploitation of any such material will constitute an infringement of that copyright. The trademarks, logos and service marks displayed are registered and unregistered trademarks of Investec. Nothing contained in online banking should be construed as granting any licence or right to use any trademark, logos or service marks without the written permission of Investec.

13.1 The user is alerted to the possibility that all information submitted or transmitted via online banking is susceptible to monitoring and interception.

13.2 The user is therefore discouraged from transmitting to Investec any information which may be confidential, proprietary or sensitive unless adequate security arrangements are agreed with Investec.

13.3 The user shall bear all risk of transmitting such information in this manner and, unless Investec acted fraudulently or with gross negligence, Investec shall not be liable for any loss, harm or damage suffered by the user as a result thereof.

13.4 Investec reserves the right to request independent verification of any information transmitted via email and the user consents to such verification from whatsoever source should Investec deem it necessary.

14.1 In the event that the user forgets or misplaces his verification mechanism or part thereof, Investec will provide the user with a temporary verification mechanism, subject to 14.2 and 14.3 below and any other conditions Investec may impose ("disclosure").

14.2 The disclosure is subject to the user being verified to the satisfaction of Investec.

14.3 After the user has been provided with a temporary verification mechanism, the user is obliged to access the website and to change the verification mechanism within the time period determined by Investec, failing which the user shall be held liable for any loss, claim, damage or expense which he may suffer or incur as a result of his failure to change the online banking password timeously in accordance with this clause.

15.1 The user acknowledges and agrees that:

15.1.1 Investec is not a party to any agreement in terms of which value added services is obtained by the user. Whilst Investec will assist as far as possible with the resolution of any queries, the user has contracted directly with the supplier of cellular airtime, SMS - and data packages and the purchase thereof is subject to the terms and conditions of sale of the supplier;

15.1.2 certain airtime, SMS and data packages are subject to expiry dates determined by the supplier;

15.1.3 the correct mobile phone number must at all times be entered on the website to ensure a successful transaction and no refunds will be made in the event that an incorrect mobile phone number is entered.

16.1 Investec shall be entitled to amend this agreement and any aspect of online banking from time to time by giving the user reasonable prior notice of any such change.

16.2 The user agrees to implement and adhere to any procedures and/or restrictions imposed by Investec from time to time in respect of online banking.

17.1 The user may terminate online banking by giving Investec notice.

17.2 Investec is entitled, at its discretion to terminate its online banking service to clients at any time Investec deems it necessary.

17.3 In order to protect the user and Investec, Investec is entitled to immediately suspend, withdraw or terminate all or part of online banking if –

17.3.1 online banking is being used contrary to this agreement;

17.3.2 Investec has reasonable grounds to believe that online banking is being or may be used negligently, illegally or fraudulently;

17.3.3 Investec believes that the security of online banking may be compromised.

17.4 The user shall be liable for all transactions and/or obligations and related charges which are incurred up to and including the date of suspension, withdrawal or termination.

18.1 Except to the extent that Investec acted fraudulently or with gross negligence, and to the extent permissible in law, Investec shall not be liable for direct, indirect, special, incidental or consequential loss or damage which the user may suffer or incur as a result of –

18.1.1 any malfunction or defect in the hardware, software or device used by the user in connection with online banking;

18.1.2 non-delivery or delayed delivery of notifications;

18.1.3 unlawful or unauthorised access to online banking by third parties;

18.1.4 failures or delays caused by third party service providers;

18.1.5 malfunctioning of any system or network which is beyond the reasonable control of Investec;

18.1.6 online banking being temporarily unavailable;

18.1.7 erroneous, unauthorised or unlawful instructions provided or deemed to have been provided by the user;

18.1.8 any other circumstance not reasonably within Investec's control.

18.2 The user hereby indemnifies Investec against any damage, loss and/or consequential loss that Investec may suffer as a result of a breach by the user of this agreement, or as a result of incorrect, unauthorised and/or unlawful instructions or information given by the user, provided that Investec did not act fraudulently or with gross negligence.

19.1 The residential address provided by the client in respect of the account (or, if the client has more than one account, the residential address provided in respect of any one of them, at Investec's election) will be the client's chosen domicilium citandi et executandi ("domicilium") (i.e. the address at which all notices for purposes of legal process in terms of the agreement may be served on or delivered to the client.

19.2 The client may, by written notice to Investec, change his domicilium to any other physical address in South Africa. Any such change of domicilium will only be effective 14 days after the date on which Investec receives the notice.

19.3 Any notice to the client by Investec may be addressed to the client at his chosen domicilium and will be deemed (unless the contrary be proved) to have been received by the client on the 4th day after posting.

19.4 Any notice delivered by hand to the client or a responsible person by Investec during ordinary business hours at the client's domicilium shall be deemed to have been received on the day of delivery.

20.1 The user may not cede, assign, make over or transfer any of the user’s rights or obligations in terms of this agreement, without Investec’s prior written consent. Investec may cede, assign, make over or transfer any of its rights and obligations in terms of this agreement, without notice to the user.

20.2 A certificate signed by any authorised signatory of Investec specifying the amount owing by the user to Investec and further stating that such amount is due, owing and payable by the user to Investec, shall be sufficient (prima facie) 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.

20.3 This agreement shall in all respects be governed by the laws of the Republic of South Africa.

20.4 In terms of section 45 of the Magistrates' Court Act 32 of 1944, the user consents and submits (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.