Private Bank Account Terms and Conditions
These terms and conditions and any Quotation or notices issued or to be issued by Investec in terms of the National Credit Act 34 of 2005 (to the extent that it applies) as well as product rules, constitutes the agreement between Investec and the cardholder ("agreement"). They explain Investec’s and the cardholder’s respective rights and obligations. The cardholder must take time to read and understand the agreement, 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 created entities. The following expressions have the following meanings:
1.1 "account" means the main account and any extra accounts, which Investec maintains for the main account holder and any extra account holder;
1.2 "account holder" means the main account holder and/or the extra account holder;
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 made to Investec for the account and for a card to be issued to the account holder and/or an extra cardholder nominated by the account holder in respect of the account;
1.6 "ATM" means an automated teller machine;
1.7 "business day" means any day other than a Saturday, Sunday or official public holiday in South Africa;
1.8 "card" means a card, issued by Investec to the cardholder, and includes, unless the context otherwise indicates, the Journey card;
1.9 "cardholder" means the account holder and any extra cardholder;
1.10 "cash transaction" means any cash withdrawal or deposit, whether at an ATM, over-the-counter or cash-back provided by a merchant when a purchase is made and any near-cash transaction which does not fall within the definition of "purchase" in clause 1.38, including without limitation, the purchase of travellers' cheques, a direct debit, any electronic account payment, a transfer of funds, the amount of any guaranteed cheque issued in terms of clause 8.8 or any purchase using the Journey card;
1.11 "Common Monetary Area" means the area consisting of South Africa, Lesotho, Namibia and Swaziland;
1.12 "credit facility" means the credit agreement entered into between the main account holder and Investec (if any), which is maintained in association with the account;
1.13 "credit limit" means the maximum amount (after deduction of the extra account credit limit) that may be outstanding at any time (including fees, interest and charges) on the account. This amount is made available by Investec to the main account holder and the extra cardholder(s) in the aggregate, determined by Investec in accordance with the NCA (if applicable) and notified to the main account holder and/or extra cardholder(s) from time to time through whatever medium Investec may deem fit, subject to clause 2.10;
1.14 "due date" means the date on which the payment of the minimum amount is due and payable by the account holder to Investec as reflected on the statement issued by Investec in relation to the account;
1.15 "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);
1.16 "ECT Act" means the Electronic Communications and Transactions Act 25 of 2002;
1.17 "eligible transaction" for purposes of the Rewards Programme, means any purchase as that term is defined in clause 1.38 of these terms and conditions, (excluding without limitation any cash transaction, advance, a direct debit, travellers cheques, any account payment, or a refund or reversal of payment, electronic transfers, insurance premiums, any finance or administration charges, government levies, taxes or other fees and charges levied by Investec in respect of products and/or services provided from time to time) which renders the account holder eligible for points in terms of the Rewards Programme;
1.18 "extra account" means the account which Investec maintains for the extra account holder;
1.19 "extra account credit limit" means the maximum amount that may be outstanding at any time (including fees, interest and charges) on the extra account. This amount will be apportioned by the main account holder to the extra account from the credit limit and notified in writing to Investec by the main account holder from time to time;
1.20 "extra account holder" means a person nominated by the main account holder as extra account holder and who is entitled to the rights and is subject to the obligations referred to in clause 12;
1.21 "extra cardholder" means an extra cardholder who is entitled to the rights and is subject to the obligations referred to in clause 11;
1.22 "immediate family" means a cardholder’s civil union or marital partner, parent, stepparent or child, including a stepchild and an adopted child;
1.23 "Investec" means Investec Bank Limited and/or any duly appointed agent of Investec;
1.24 "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;
1.25 "Journey card" means a card bearing the name "Investec Private Bank Journey", as issued by Investec to the cardholder, in respect of a motor vehicle whose registration number appears on that card;
1.26 "main account" means the account which Investec maintains for the main account holder;
1.27 "main account holder" means the party to whom the credit facility is granted (if any) and the holder of the main account;
1.28 "merchant" means any supplier of goods and/or services who is enabled and authorised to accept a card as a payment method;
1.29 "NCA" means the National Credit Act 34 of 2005;
1.30 "Online Banking Password" means the password chosen by the account holder in respect of 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;
1.31 "partners" means those merchants and/or suppliers and/or service providers approved and appointed by Investec, in its sole discretion from time to time, to participate in the Rewards Programme as points and/or redemption partners;
1.32 "personal information" means personal information as defined in POPI;
1.33 "POPI" means the Protection of Personal Information Act 4 of 2013;
1.34 "principal debt" means the amount deferred in terms of the credit facility;
1.35 "process/processing" has the same meaning assigned thereto in POPI when referred to in the context of personal information;
1.36 "product rules" means the specific conditions applicable to the use of an account, product or service offered by Investec;
1.37 "points" means the Rewards Programme "currency", being points earned and accumulated for eligible transactions;
1.38 "purchase" means any transaction, other than a cash transaction, which can be processed by a merchant in accordance with the Visa/MasterCard card programme rules in respect of the supply of goods and/or services by the merchant to the cardholder, including all fees and charges in connection with such transaction;
1.39 "Quotation" means the written quotation, provided by Investec to the main account holder in respect of the credit facility;
1.40 "redeem/redemption" means the action of exchanging accumulated points for reward in terms of the Rewards Programme;
1.41 "reward" means any bonus, goods, service or other incentive offered by partners and/or Investec for the redemption of points in terms of the Rewards Programme;
1.42 "Rewards Programme" means the rewards programme offered by Investec to the account holder, which entitles the account holder to earn points for eligible transactions and to redeem those points for rewards offered by partners, in accordance with clause 27 hereof and in accordance with Investec’s rules and procedures applicable from time to time in respect of the Rewards Programme;
1.43 "Sanctioned Country" means a country which is subject to Sanctions by a Sanctioning Body;
1.44 "Sanctioned Transaction" means either the use of the card or the account 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 cardholder 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;
1.45 "Sanctioning Body" means any one or a combination of the following entities:
1.45.1 the Office of Foreign Assets Control of the Department of Treasury of the United States of America;
1.45.2 the United Nations Security Council;
1.45.3 the European Union or any participating member state of the European Union; and
1.45.4 Her Majesty's Treasury of the United Kingdom.
1.46 "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;
1.47 "Sanctions" means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctioning Body;
1.48 "South Africa" means the Republic of South Africa;1.49 "spending limit" means the maximum aggregate value of transactions since the previous statement, which an extra cardholder may effect, determined by the main account holder and notified to Investec from time to time in writing;
1.50 "Transactional PIN" means a personal identification number allocated by Investec, or selected by the cardholder (if applicable) in respect of any card for ATM access to the Visa ATM network (and any other network that may become available) and which must be used for any purchase;
1.51 "transaction" means a transaction effected by the cardholder by using the card and/or the card number and/or the account and/or the account number, including, without limiting the generality of the aforegoing, a deposit, an account query, a purchase, cash transaction and refund or reversal of payment;
1.52 "verification mechanisms" means the Transactional PIN, the Online Banking Password, passwords utilised by Verified by Visa (where applicable), other passwords and any other form of verification mechanism implemented by Investec from time to time, in order to facilitate the use of the card and/or the account and matters ancillary thereto, including specifically any e-communication which Investec may send in relation to any transaction;
1.53 "Verified by Visa" means the on-line service offered by Investec, in conjunction with Visa, that uses personal passwords or identity information to help protect Visa card members against unauthorised use online, as more fully contemplated in clause 28 and as modified, augmented and/or enhanced from time to time;
1.54 "Verified by Visa Website" means the website related to Verified by Visa which may be accessed at the website;
1.55 "Visa" means Visa International services association, a corporation organised and existing under the laws of the State of Delaware, United States of America, having an office and principal place of business at 3125 Clearview Way, City of San Mateo, State of California, United States of America or any subsidiary of this corporation;
1.56 "voucher" means a reward certificate, whether generated electronically or otherwise, issued by Investec in terms of the Rewards Programme in favour of the account holder, to be presented to the relevant partner;
1.57 "website" means the Investec website being http://www.investecprivatebank.co.za (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.
2.1 An agreement between Investec and the cardholder regulating, amongst other things, the operation of the account, the granting of the credit facility (where applicable), the issuance of a card to, and the utilisation thereof by, the cardholder shall come into effect, and all the provisions of the agreement will apply to Investec and the cardholder, by the earlier of:
2.1.1 Investec delivering or procuring, by courier or otherwise, the delivery of the card to the cardholder (or any person authorised by the cardholder in writing to accept the card on its behalf ("authorised acceptor")) in person at the address furnished by the cardholder or by the authorised acceptor; or
2.1.2 Investec handing the card, together with such documentation as may be deemed necessary by Investec, to the cardholder or the authorised acceptor in person at Investec; or
2.1.3 the use of the card number and/or the account and/or the account number by a cardholder or any person authorised by the cardholder to use the card number and/or the account and/or the account number.
2.2 The cardholder shall not be entitled to cede or assign to any other person any of the cardholder’s rights or obligations in respect of or arising out of the agreement or the use of any card or of the account.
2.3 Investec shall be entitled to cede and assign its rights and obligations in respect of or arising out of the agreement or the use of any card or the account without giving notice to the cardholder.
2.4 The card shall be valid for the period specified on it, unless the card and/or the account is revoked, cancelled, suspended, closed and/or terminated at an earlier date by either Investec or the cardholder, in accordance with the agreement. Immediately on receipt of the card, the cardholder must sign the card on the space provided with a ballpoint pen in order for the card to be valid.
2.5 The card shall entitle the cardholder, subject to the discretion of Investec, and subject to the agreement, to effect transactions within the credit limit and extra account credit limit only, and within any applicable spending limit.
2.6 The cardholder agrees 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. The cardholder acknowledges that failure to use and/or implement any verification mechanism may result in unauthorised use of the card and/or the account (or any other account held in the Investec Group) and losses, for which the cardholder will be liable. In the event that the cardholder forgets the Transactional PIN, the cardholder may request it via Investec’s online banking site or the Investec client support centre.
2.7 The cardholder undertakes not to effect transactions in excess of the credit limit and/or the extra account credit limit and/or the spending limit. Subject to clause 20, if the credit limit and/or the extra account credit limit and/or the spending limit has/have been exceeded or if the cardholder has defaulted under the agreement in any manner:
2.7.1 Investec shall be entitled to refuse to make any payment in respect of any transaction or process a transaction; and
2.7.2 Investec shall not be liable for any costs incurred or any loss or damage suffered by the cardholder in this regard, provided that Investec did not act with gross negligence or fraudulent intent.
2.8 The cardholder acknowledges that certain purchases are not processed on-line ("under floor limit purchases") and can therefore not be authorised by Investec. The cardholder understands that the credit limit/extra account limit/spending limit may be exceeded as a result of any under floor limit purchases and agrees to be liable for such under floor limit purchases.
2.9 Any acceptance by Investec of any transaction which results in the credit limit or extra account credit limit or spending limit being exceeded shall not render Investec liable for any such excess and shall not be construed as the exercise by Investec of its discretion to extend and/or increase the credit limit or extra account credit limit or spending limit and/or as a waiver of any of Investec’s rights.
2.10 If the agreement is subject to the NCA, the credit limit for the credit facility may be increased in the following instances:
2.10.1 temporarily where Investec accepts a transaction which results in the credit limit or extra account credit limit being exceeded or where Investec agrees to raise the credit limit or extra account credit limit in response to a request from the account holder in order to accommodate a particular transaction, on condition that the preceding credit limit or extra account credit limit will again apply within a specified period, or after a specified occurrence has taken place; or
2.10.2 by agreement with the main account holder in response to a written or oral request initiated by the main account holder at any time or with the written consent of the main account holder in response to a written proposal by Investec at any time;
2.10.3 unilaterally and in accordance with the NCA (if applicable), if the main account holder at the time of applying for the credit facility or at any later time, in writing has specifically requested the option of having the credit limit automatically increased from time to time.
2.11 If the NCA is applicable to the agreement, the main account holder may at any time, by written notice to Investec, require that the credit limit be reduced or stipulate the maximum credit limit that the main account holder will accept.
2.12 Investec may, by written notice to the main account holder, reduce the credit limit. The reduction will be effective upon delivery of the written notice.
3. Main account holder's right to terminate
The main account holder may terminate the agreement at any time by paying an amount equal to the aggregate of:
3.1 the unpaid balance on the account as at that date ("settlement date"); and
3.2 all unpaid interest and all other fees and charges due or payable by the main account holder to Investec in terms of the agreement up to and including the settlement date.
4. Use of the card and the account
4.1 Save in the case of the Journey card, only the cardholder in whose name the card is issued and whose name is embossed on the card shall be entitled to use the card. Any authority given in any form by the cardholder to any other person shall not entitle such person to use the card.
4.2 The cardholder acknowledges 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 at Visa’s prevailing wholesale market rate of exchange, subject to any applicable exchange control regulations, on the date of posting of any such transaction to the account and shall be shown on the cardholder’s statement in South African Rands. The cardholder acknowledges that there may be a delay before a transaction effected by the cardholder in a foreign country is debited or credited, as the case may be, to the account and the cardholder agrees to bear the foreign exchange risk in respect of any such delay. All transactions effected by the cardholder in a foreign country shall incur a commission fee to be determined by Investec from time to time. The fee will be included in the amount posted to the account in terms of the provisions of this clause.
4.3 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 cardholder - and related information and thereafter monitor all information, instructions and transactions by and on behalf of the cardholder 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 the cardholder. To the extent permitted, Investec shall advise the cardholder of any action it intends to take in terms hereof. The cardholder acknowledges and confirms that 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 may be suffered or incurred by the cardholder as a result of, arising from or relating to any such prohibition, limitation, delay, decline or termination due to the implementation of this clause.
4.4 The cardholder hereby undertakes and warrants that when using the card or the account:
4.4.1 the cardholder will comply with all applicable laws of South Africa and that the card and/or the account will not be used for any unlawful purposes including, for example, engaging in unlawful gambling via the internet;
4.4.2 the cardholder will comply with all applicable anti-corruption laws; and
4.4.3 the cardholder 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 card and/or the account are not used for a Sanctioned Transaction.
4.5 The cardholder shall be obliged and hereby agrees, to use the Transactional PIN for each transaction at an ATM or merchant Point-of-Sale terminal, where such terminal supports the use of the Transactional PIN.
4.6 The cardholder undertakes to use the card, card number and/or account only in a secured environment and acknowledges that any use of the card, card number and/or account in a public place or at a device or terminal which is accessible by the public generally, may result in the cardholder’s details being compromised and/or losses for which the cardholder may be held liable.
4.7 In circumstances where a card has been lost or stolen while a cardholder is outside of South Africa, Tourvest Financial Services (Pty) Limited ("Amex"), acting as agent on behalf of Investec, will facilitate transactions by way of money transfer services through designated branches of Western Union Holdings Incorporated. The cardholder must contact Investec in order to request the transfer of funds by way of the money transfer services. Prior to Investec arranging the transfer of the funds, Investec will obtain confirmation from the cardholder that the exchange rate and transaction fees are acceptable to the cardholder. Upon such confirmation, the cardholder shall be liable for any fees charged by Amex for the money transfer services and for any loss, liability, claim or expense which the cardholder may sustain or incur as a result of using the money transfer services, including without limitation exchange rate fluctuations.
5. Authority to debit the account
5.1 Subject to applicable law, the cardholder shall reimburse Investec for all payments which Investec has made, or is required to make, for and on behalf of the cardholder in respect of any transaction.
5.2 The account holder acknowledges and agrees that when cash or cheque deposits are made at any other bank:
5.2.1 cheque deposits will only be available as cash after the cheques have been paid;
5.2.2 Investec may at its discretion effect a hold against a cheque or other payment until such is cleared by the issuing or paying bank;
5.2.3 cheque deposits which are dishonoured, i.e. not paid, will be debited to the account accordingly;
5.2.4 Investec shall not be liable for errors resulting from incorrect information furnished by the account holder or on the account holder's behalf; and
5.2.5 Investec shall be entitled to reverse any amount incorrectly credited to the account.
5.3 Notwithstanding anything expressed or implied in the agreement, Investec shall not be liable to the account holder 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 the account holder of such dishonour.
6. Repayment and charges
The cardholder must pay, at least, the minimum amount payable as indicated on monthly statements rendered by Investec from time to time, by the due date reflected in such statements.
6.1 Where a variable interest rate is charged, the amount of the total interest as well as the amount of the repayments as specified in the Quotation may change if the reference rate changes.
6.2 The cardholder shall not be entitled to deduct any amount which Investec may owe to the cardholder from any amount owing or which may become owing by the cardholder to Investec.
6.3 Investec shall be entitled to charge transactional fees for all financial services unrelated to the credit facility at Investec's standard rate for fees. These fees include, without limitation, ATM fees, monthly charges, account dormancy fees, transaction charges, card replacement fees and delivery costs. These fees may be amended from time to time upon prior written notice to the cardholder. Monthly charges for the account that are due to Investec shall be payable whether or not the card is used by the cardholder.
6.4 Subject to any applicable law, any applicable duties, fees, interest, commissions, charges and taxes payable by the cardholder 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 the cardholder has accepted the amount or not.
7. Dormant account and unclaimed funds
7.1 Investec reserves the right to classify any account as a dormant account, if the account or the card or any facility or service linked to the account, has not been used for a period of 3 months
.7.2 When an account is classified as dormant, the cardholder will not be able to transact on the account, or use the card, credit facility or service linked to the account. When the main account is classified as dormant, the extra account will also be regarded dormant and extra cardholders will not be able to transact on the account or use the cards.
7.3 Investec will notify the main account holder at the main account holder's current address or contact details, before an account is classified as dormant. If the main account holder does not respond to such a notice within 3 months, Investec reserves the right to close the account. Investec will also notify the main account holder before Investec closes the dormant account
.7.4 The main account holder will remain entitled to unclaimed funds from the closed account, provided that the main account holder is able to provide Investec with proof of identity and entitlement to the funds.
8. Statements and payments
8.1 Investec shall provide monthly statements to the account holder, which will, amongst others:
8.1.1 show all transactions relating to the account;
8.1.2 show all interest and other charges debited or credited to the account; and
8.1.3 inform the account holder of the minimum amount which is payable to Investec on or before the due date stated on the statement.
8.2 No amount less than the minimum amount due may be paid to Investec and such amount shall be paid by no later than the due date reflected on the statement. Non-availability of a statement shall not be cause to withhold or reduce any payment due and payable to Investec.
8.3 The account holder may at any time prepay any amount due to Investec.
8.4 If the NCA applies to the agreement, Investec shall credit each payment made by the account holder as of the date of the receipt of the payment as follows:
8.4.1 firstly, to satisfy any due or unpaid interest;8.4.2 secondly, to satisfy any due or unpaid fees or charges (if applicable); and
8.4.3 thirdly, to reduce the amount of the principal debt.
8.5 If the account holder has not denied liability regarding a debt 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, the account holder 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 the contrary is proved by the account holder.
8.6 Any record of deposit to the account is subject to verification by Investec and should there be a discrepancy between the account holder’s 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 the account holder to prove otherwise.
8.7 The account holder acknowledges that any refund, reversal or credit by any merchant pursuant to any transaction shall not constitute payment by the account holder of any amount due to Investec in respect of the account or any card.
8.8 Investec agrees to issue cheques to third parties on receipt of written instructions from the account holder, provided no breach under the agreement has occurred or is continuing, subject to any applicable credit limit or extra account credit limit. The account holder acknowledges and agrees that any cheque issued by Investec in terms hereof shall be guaranteed and accordingly the amount reflected thereon shall be debited to the relevant account (and shall bear interest) from the date upon which the cheque is issued, notwithstanding the date of presentment thereof.
9.1 Interest on all amounts due to Investec in respect of the account shall be calculated daily and capitalised monthly in arrears and shall be included in the minimum payment due by the account holder. Interest shall accrue until such time as the full amount of any transaction or any outstanding balance is paid to Investec by the account holder
.9.2 Interest will accrue daily on credit balances (after deduction of purchases made with the card and cash transactions) at the rate determined by Investec from time to time and advised by Investec in writing to the account holder. Such interest will be credited to the account monthly on the date on which a statement is issued by Investec.
9.3 A purchase made with the card will be eligible for an interest-free period, provided that the outstanding balance is paid in full on or before the due date as reflected in the monthly statement provided to the cardholder.
9.4 Interest will be payable:
9.4.1 if the account holder does not pay the full outstanding balance on the due date;
9.4.2 on the amount of each cash transaction, if the cash transaction results in a debit balance on the account. Interest is calculated from the date of the cash transaction until the amount is paid in full.
9.5 The rate of interest charged in respect of transactions shall be determined by Investec (which rate shall not exceed the maximum permissible interest rate prescribed under any applicable law) and shall be notified to the account holder from time to time. In the event that the rate of interest is linked to a reference rate, then Investec shall notify the account holder of any change in the reference rate not later than 30 business days after the day on which any such change takes effect. If the rate is not linked to a reference rate then Investec shall give written notice of at least 5 business days of any change in the rate of interest. Within 14 days of receipt of notice from Investec that the rate of interest charged by Investec will be varied, the main account holder shall be entitled on 60 days' written notice to Investec to terminate the main account and the extra account and to repay in full all amounts outstanding in terms of the agreement, as contemplated in clause 3 of these terms and conditions.
10. Budget facility
The account holder shall be entitled to repay an amount due pursuant to any transaction over an extended period ("budget facility"), subject to the following terms:
10.1 the account holder shall inform Investec if any transaction is to be repaid by way of the budget facility;
10.2 Investec shall stipulate the maximum extended credit period and the amount of the monthly payments whereby the capital plus interest (as determined in accordance with the provisions of clause 9) and other charges that may be payable in terms of clause 6 must be repaid;
10.3 the interest payable in respect of any transaction effected by the cardholder using the budget facility shall accrue in respect of such transaction, from the date on which the transaction is effected by the cardholder;
10.4 failure by the account holder to pay any instalment in respect of the budget facility on the due date shall render the whole amount subject to such budget facility immediately due and payable to Investec;
10.5 the account holder may at any date earlier than that stipulated, repay the whole or any portion of the outstanding balance of the capital, interest and other charges, and must contact Investec to facilitate this payment;
10.6 the budget facility shall not be available in respect of any transaction effected using the Journey card.
11. Extra card(s)
11.1 On written application by the main account holder ("extra cardholder application"), Investec shall be entitled, but not obliged, in its sole discretion, to issue extra card/s to extra cardholder/s nominated by the main account holder. On acceptance by Investec of the extra cardholder application in accordance with the provisions of clause 2.1 (with the necessary changes), the agreement shall apply to the extra cardholder.
11.2 The account holder and the extra cardholder must sign the relevant application form. The extra cardholder is authorised to operate the account within the credit limit or extra account credit limit, as applicable, and subject to any applicable spending limits. Investec shall be entitled to assume that instructions given by the extra cardholder regarding the account are authorised by the main account holder.
11.3 The main account holder will be responsible and liable for all transactions effected by the extra cardholder and for any amount owing to Investec by the extra cardholder.
11.4 At the main account holder's or extra account holder's or extra cardholder's written instruction or request, Investec will cancel the extra card. The main account holder must ensure that the extra card is destroyed or returned to Investec. Failure to destroy the extra card or to return the card to Investec can result in further transactions effected by the extra cardholder and the main account holder will remain liable for payment thereof.
11.5 The liability of the main account holder will continue until the extra cardholder’s card is returned to Investec or the card is destroyed or expires and/or the account is settled in full.
11.6 Investec shall be entitled to revoke any card and terminate the account in accordance with the provisions of clause 16.
12. Extra account
The extra account shall be used by the extra account holder on the following terms and conditions:
12.1 the agreement shall apply to the extra account holder;
12.2 the main account holder is and will remain liable for any outstanding balance (including interest, charges and costs) on the extra account from time to time;
12.3 the account holder and the extra account holder must sign the relevant application form. On acceptance by Investec of the application form in accordance with clause 2.1 (with the necessary changes) the extra account holder will be entitled to use the extra account; and
12.4 Investec shall, on request of the main account holder or the extra account holder and on the return of the card to Investec and repayment of all amounts owing to Investec in respect of the extra account, cancel the card and/or the extra account.
13. Unauthorised use of the card, the account and lost cards
13.1 The cardholder undertakes to take all reasonable precautions to prevent unauthorised use of the account or the card. These include (without limiting the generality of the foregoing):
13.1.1 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 the card or any device or terminal;
13.1.2 not allowing any other person to use any device or terminal on which any verification mechanism is received or stored, or to use the card, the card number and/or the account number or to by-pass or tamper with any of the verification mechanisms, whether electronically or otherwise;
13.1.3 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;
13.1.4 not using the card, card number and/or the 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;
13.1.5 not opening or responding to any unsolicited e-communication or e-communication relating to the account where the originator is not known to the cardholder and not accessing or using links to websites, web pages or other internet based content or services not owned, administered or offered by Investec;
13.1.6 not divulging any information to any third party which is personal, confidential or proprietary to the cardholder, except as required under any applicable law;
13.1.7 immediately reporting the theft or misappropriation of the card or any device or terminal used by the cardholder 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;
13.1.8 acknowledging receipt of and signing the card; and
13.1.9 not leaving the Journey card in a motor vehicle or unsecured environment.
13.2 Investec shall not be liable in any way if the cardholder does not take reasonable precautions to prevent unauthorised use of the account or the card. Specifically but without limitation, Investec shall not be liable in any way if the cardholder uses 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 the cardholder does not make use of or does not implement or does not respond to any verification mechanism or if the cardholder stores or records any verification mechanism on a computer, phone or network.
13.3 If the card, or any device or terminal used by the cardholder for transactions, is lost, stolen, misappropriated or if someone other than the cardholder uses the device or terminal or the card and/or the card number and/or the account and/or the account number or has knowledge of the verification mechanisms (the "card events"), or the cardholder has reason to believe that any of the card events has occurred, the cardholder shall be obliged immediately to notify Investec telephonically on its 24-hour telephone number which appears on the Quotation and on each statement and on the reverse of the card. Any delay in providing the notification to Investec shall be presumed to be sufficient proof of negligence on the part of the cardholder and the cardholder shall bear the onus of proving the contrary.
13.4 If any of the card events occur, the account holder and the cardholder shall jointly and severally be liable for any payments made by Investec in respect of any transaction prior to the notification to Investec in accordance with clause 13.3.
13.5 If the cardholder has been negligent in any way regarding the use or handling of the card, the card number, the account and/or the account number or the verification mechanisms, or any device or terminal used in relation to the account or the card, or if the cardholder has breached the agreement, the account holder and the cardholder shall jointly and severally 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. The cardholder shall be liable for the replacement cost of any lost, stolen or misappropriated card, even if such a loss was not due to negligence on the part of the cardholder.
13.6 Notwithstanding the provisions of clause 13.4, the account holder 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 card events have occurred, where the main account holder proves that the loss cannot be attributed to the fact that the cardholder intentionally or negligently caused the verification mechanisms to be disclosed to someone else or that the cardholder did not use or implement the verification mechanisms or did not take reasonable precautions to prevent unauthorised use of the account or the card or did not otherwise comply with the agreement.
13.7 Notwithstanding the provisions of this clause 13, the account holder acknowledges and agrees that since Visa Paywave transactions do not require any verification mechanisms, the account holder shall be liable for any loss due to payments made by Investec in respect of any transaction done or entered into regardless of whether any of the card events have occurred.
14. Dispute and claims
14.1 Investec shall not in any way be liable to the cardholder if the card is not acceptable to, or is dishonoured by, any merchant and/or any other party for any reason or if Investec declines to approve any transaction.
14.2 Any claims or disputes between the cardholder and any merchant regarding the nature, quality or quantity of any goods acquired or services rendered from or by the merchant or on the merchant’s behalf or any other matter or thing, shall in no way limit or affect Investec’s rights to receive payment or give rise to any rights of set-off or counterclaim against Investec.
14.3 Where the cardholder is obliged to sign a sales or cash transaction voucher, the signature of any such voucher shall be deemed to be sufficient (prima facie) proof of the particulars contained in the voucher. Failure to sign any such voucher, including mail orders or written authorities, shall not release the cardholder from liability to Investec.
14.4 The cardholder acknowledges that no merchant is an agent of Investec or otherwise acts on Investec’s behalf. Any refund to the cardholder by a merchant shall be credited to the cardholder’s account on Investec receiving the appropriate electronic credit transaction from Visa.
14.5 The cardholder shall not be entitled to countermand any payment made, or to be made, by Investec in respect of any transaction effected by using the card.
14.6 If any transaction is incorrectly queried or disputed by the cardholder, interest will accrue in the normal course in respect of that transaction and Investec shall be entitled to charge a fee.
15. 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 card. Investec will not be liable to make good or compensate the cardholder for any damages, losses, claims or expenses resulting, and the cardholder indemnifies Investec accordingly.
16. Suspension or cancellation of the card and termination of the credit facility or account
16.1 The card will always remain the property of Investec, and, without Investec losing any right to any claim which it may have against the cardholder, if the cardholder is in default under the agreement as contemplated in clause 19 or if Investec reasonably suspects that the cardholder has committed fraud or any criminal act, including a Sanctioned Transaction, Investec shall have the right to suspend the card at any time or demand the return of the card and cancel the card.
16.2 Investec may:
16.2.1 subject to clause 20, suspend or cancel the credit facility and suspend or close the account at any time if the cardholder is in default under the agreement as contemplated in clause 19; or
16.2.2 close the credit facility by giving written notice to the account holder at least 10 business days before the credit facility will be closed.
16.3 If the card or the credit facility has been suspended or cancelled in terms of clauses 16.1 or 16.2 or if the cardholder dies,
16.3.1 the card may no longer be used for any purpose; and
16.3.2 Investec may notify any merchant or any person who Investec thinks should know of the cancellation without incurring any liability.
16.4 Notwithstanding the provisions of this clause 16, the agreement shall remain in effect until the main account holder has repaid all amounts charged to the account.
16.5 A card which has been cancelled, suspended or revoked or is no longer required by the cardholder must be destroyed and returned to Investec. The cardholder undertakes to destroy the card by cutting the card vertically across its mag-strip and the integrated circuit chip in order to prevent unauthorised use in the event that the card is intercepted. Failure to do so will result in the cardholder being liable for any unauthorised use of the card and the cardholder indemnifies Investec accordingly.
16.6 The cardholder shall not be entitled to use the card, the card number, the account or the account number after it has been cancelled, suspended, closed or revoked or the time period stipulated on any card has expired.
17. Travel insurance
Travel insurance benefits shall be provided to cardholders and their immediate family (or where the cardholder is an entity, its directors, employees, contractors or associates travelling for business purposes), without any cost to the cardholder, where the cardholder has used the card to purchase public conveyance travel tickets, if required. The terms, conditions exceptions and exclusions pertaining to such travel insurance benefits shall be determined in accordance with the provisions of the master insurance policy then in force. This policy shall be made available to each individual covered under the policy, on request.
18. Personal Information
18.1 The cardholder undertakes to furnish Investec with all information and/or documentation required by Investec in terms of the Financial Intelligence Centre Act 38 of 2001.
18.2 The account holder acknowledges that Investec may transmit to (a) registered credit bureau(x) information concerning:
18.2.1 the account holder's application for a credit facility, the agreement and the termination thereof as well as the information about the account;
18.2.2 any non-compliance by the account holder with the terms of the agreement.
18.3 The cardholder acknowledges that such credit bureau will provide a credit profile and possibly a credit score on the creditworthiness of the cardholder. The cardholder has the right to contact such credit bureau(x), to have the credit record(s) disclosed and to correct any inaccurate information.
18.4 The cardholder agrees that Investec may:
18.4.1 make enquiries to confirm and verify any information provided by the cardholder in the application form;
18.4.2 seek information from any credit bureau when assessing the cardholder's application and at any time during the existence of the account.
18.5 The cardholder acknowledges and expressly consents thereto that Investec may:
18.5.1 verify information provided by the cardholder to Investec and generally making whatever enquiries it deems necessary from any source whatsoever;
18.5.2 process the personal information of the cardholder to conclude the agreement and for purposes of maintaining the account, providing services to the cardholder, including any benefits attached to the account and complying with the instructions of the cardholder;
18.5.3 disclose the personal information of the cardholder to entities involved in providing any benefits attached to the account (such as travel insurance or airport lounge access) as well as partners;
18.5.4 disclose the personal information of the cardholder contained in the application form, and any other documentation in relation to any of the cardholder's accounts to other entities in the Investec Group, if the cardholder has applied for further accounts, products or services at any other entity within the Investec Group in order for such entities to assess and monitor the cardholder's application and in order to comply with "know your customer" legislation in that jurisdiction;18.5.5 process and disclose the cardholder's 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;
18.5.6 process and report on the personal information of the cardholder to comply with an obligation imposed by applicable laws on Investec and any other entity within the Investec Group;
18.5.7 provide the cardholder's financial information to any person who has agreed to provide security for the indebtedness of the cardholder.
18.6 The cardholder has the right to access the cardholder’s personal information held by Investec. Investec shall grant the cardholder such access during office hours within a reasonable time after receiving a written request for access.
18.7 The cardholder agrees to Investec's Data Protection Statement from time to time, which the cardholder can access at www.investec.co.za/legal.html.
Default in terms of the agreement will occur if:
19.1 any amount payable to Investec under the agreement is not made on the due date; or
19.2 there is a material deterioration, in Investec's reasonable opinion, in the financial position of the main account holder; or
19.3 the cardholder breaches any of the terms and conditions of the agreement or any other agreement with Investec, and the cardholder fails to remedy the breach within the timeframe provided for in the written notice to do so; or
19.4 the cardholder, being a natural person, publishes a notice of the voluntary surrender of the cardholder's estate or dies; is placed under administration or debt review or commits an act of insolvency as defined in the Insolvency Act 24 of 1936; or an application or other proceedings have been brought against the cardholder or in respect of the cardholder, in terms of which the cardholder is sought to be sequestrated or placed under curatorship, in any such event whether provisionally or finally, whether voluntarily or compulsory; or
19.5 the cardholder, not being a natural person, is dissolved, deregistered, wound up or liquidated, in any event whether provisionally or finally and whether voluntarily or compulsorily, or passes a resolution providing for any such event; or is deemed to be unable to pay its debts; or resolves that the cardholder voluntarily begins business rescue proceedings or has any business rescue proceedings commenced against it; or
19.6 the cardholder compromises or attempts to compromise with the cardholder's creditors generally or defers payment of debts owing to the cardholder's creditors; or
19.7 any representation, warranty or assurance made or given by the main account holder in connection with the application for the credit facility or any information or documentation supplied by the main account holder or cardholder is, in Investec's opinion, materially incorrect; or
19.8 the cardholder generally does or omits to do anything which may affect Investec's rights in terms of the agreement; or
19.9 judgment of a competent court against the cardholder for the attachment of assets or for payment of any amount remains unsatisfied for more than 7 days after the date on which it is issued; or
19.10 the cardholder, in the reasonable opinion of Investec, commits a breach of applicable laws or does or omits to do anything which may cause harm to Investec's reputation.
20. Implications of default and process to be followed
20.1 If default in terms of the agreement has occurred, as contemplated in clause 19, and the agreement is subject to the NCA, Investec may:
20.1.1 give the main account holder written notice of such default and may propose that the main account holder refer the agreement to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction, with the intent that the parties resolve any dispute under the agreement or develop and agree on a plan to bring repayments up to date;
20.1.2 commence legal proceedings to enforce the agreement if:
18.104.22.168 Investec has given the main account holder notice as referred to in clause 20.1.1 above or it has given notice to terminate any debt review process under section 86 of the NCA which may then be underway in respect of the agreement; and
22.214.171.124 the main account holder has been in default under the agreement for at least 20 business days; and
126.96.36.199 at least 10 business days have elapsed since Investec delivered the notice contemplated in clause 20.1.1; and
188.8.131.52 in the case of a notice in terms of clause 20.1.1, the main account holder has not responded to that notice; or responded to the notice by rejecting Investec's proposal;
20.1.3 recover collection costs and default administration charges from the main account holder.
20.2 If default in terms of the agreement has occurred, as contemplated in clause 19, and the agreement is not subject to the NCA, Investec may exercise its rights, as may be permissible in law and without prejudice to any of Investec's other rights, which include any one or more of the following:
20.2.1 closing or suspending the account and the credit facility;
20.2.2 demanding immediate payment of overdue amounts;
20.2.3 terminating the agreement; and
20.2.4 enforcing any security furnished in respect of the Agreement.
20.3 The cardholder will be liable for all legal costs, as may be permissible in law, in recovering any amount that the cardholder owes Investec.
21. Dispute Resolution
If the agreement is subject to the NCA, the cardholder may resolve a complaint by alternative dispute resolution, file a complaint concerning an alleged contravention of the NCA by Investec with the National Credit regulator or may an application to the National Consumer Tribunal or the Ombudsman for Banking Services and the Consumer Court.
22. Default Administration Charges
If the agreement is subject to the NCA and the account holder defaults on any obligation under the agreement, Investec may levy default administration charges in respect of each letter Investec needs to write to the account holder. Such charges will be equal to that payable in respect of a registered letter of demand in an undefended action in terms of the Magistrates' Court Act together with necessary expenses incurred in delivering the letter.
23. Collection Costs
If the agreement is subject to the NCA, Investec will charge in respect of enforcement by Investec of any payment obligation under the agreement, all costs incurred by Investec in collecting (as contemplated in the NCA) any amount due and /or payable, in terms of:
23.1 the Supreme Court Act, 1959;
23.2 the Magistrates' Court Act, 1944;
23.3 the Attorneys Act, 1979;
23.4 the Debt Collector's Act, 1998,as the case may be, but excluding any default administration charges contemplated in clause 22 above.
24. Debt counsellor
If the main account holder experiences difficulty in meeting repayments, Investec invites the main account holder to contact Investec without delay. If the main account holder is an individual and the credit facility is subject to the NCA, the main account holder has the right to apply to a debt counsellor to be considered for an order to be declared over-indebted in terms of section 86 of the NCA in accordance with the process set out in that section. The main account holder should inform Investec immediately of such application.
25. Notices and domicilium
25.1 The residential address given by the cardholder on the application form will be the cardholder’s chosen domicilium citandi et executandi ("domicilium") (i.e. the address where at which all notices for purposes of legal process in terms of the agreement may be served on or delivered to the cardholder).
25.2 The cardholder may, by written notice to Investec, change his/her/its 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.
25.3 Any notice to the cardholder by Investec may be addressed to the cardholder at his/her/its chosen domicilium and will be deemed (unless the contrary be proved) to have been received by the cardholder on the 4th day after posting.
25.4 Any notice delivered by hand to the cardholder or a responsible person by Investec during ordinary business hours at the cardholder’s domicilium shall be deemed to have been received on the day of delivery.
25.5 All and any notices or communications by the cardholder 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.
25.6 All and any notices or communication by Investec to the cardholder shall be in the manner selected by the cardholder in the application form.
26. Investec Select card
These product rules form part of, and are deemed to be incorporated in, the terms and conditions applicable to Investec Private Bank Account (terms and conditions).
Words and expressions used in these product rules will have the meaning ascribed in the terms and conditions. If there is any conflict between the terms and conditions and these product rules, these product rules will apply.
The Investec Select card is provided to the account holder for the sole purpose of purchasing petrol, diesel, lubricating and/or transmission oil or brake fluid from merchants. It can also be used for the purchase of goods at convenience stores situated at merchants and for toll road levies in South Africa.
The card is issued to a specific vehicle and the vehicle's registration number will be embossed on the card. The card is linked to the account holder's Private Banking Account.
The account holder may provide the card to a nominated card holder of his/her choice, however the account holder will remain liable for all transactions done by the nominated cardholder.The card can be used outside South Africa.
The card contains a default expenditure limit. This limit can be amended by the account holder by calling Investec 24/7 global Client Support Centre.
- Interest is calculated daily and capitalised monthly in arrears on the outstanding account balance.
- Purchases are eligible for an interest-free period, provided the outstanding balance is paid in full on or before the due date, as reflected in the monthly statement provided to the account holder.
- A monthly card fee
- A fee per transaction
- Issue of any replacement cards
Please refer to www.investec.com for the applicable transaction fees.
- No Investec Rewards will be earned for purchases made with this card.
- Mileage tracking reports will not be provided to the account holder.
- The card cannot be linked to an Investec Youth Account or Electronic Only accounts.
Online banking functionality
On Investec Online, the card holder will be able to view statements and transactional history.
- Investec is entitled to amend these product rules and/or to withdraw the product at any time, in accordance with the terms and conditions.
- These product rules (as amended from time to time) apply to the Investec Select card when issued by Investec. It is your responsibility to ensure that you have read and understood the terms and conditions, the product rules and any amendments.
- Please refer to www.investec.com for additional information on the product or to review the Private Bank Account terms and conditions.
27. Rewards Programme
27.1 Participation in the Rewards Programme
27.1.1 Investec shall be entitled to determine eligibility for the Rewards Programme. To be eligible for the Rewards Programme, each account must be registered separately.
27.1.2 Only an account holder whose account is open and in good standing (and not in arrears or in excess of any applicable credit limit or otherwise in breach of the agreement) shall be entitled to participate in the Rewards Programme.
27.1.3 Any extra cards issued in respect of an account will be included in the Rewards Programme and all points earned for eligible transactions effected on the extra card/s accrue to the account holder and shall be automatically deemed to have been earned by the account holder and allocated accordingly.
27.1.4 Investec may, in its sole discretion without affecting any rights it may have, cancel, revoke or suspend the participation in the Rewards Programme if the account is closed, cancelled, revoked or suspended by Investec or the account holder for any reason whatsoever, or if the account is in arrears or if the account holder is in breach of the provisions of the agreement.
27.1.5 Investec reserves the right to cancel the Rewards Programme in its entirety upon 3 months’ notice to the account holder. Investec shall give the account holder notification of such cancellation by any means of communication, including mail, statement, facsimile, e-communication or through any other medium that Investec may deem fit. All points earned by the account holder up until the date of cancellation will be redeemable for a period of 3 years thereafter. Alternatively, at Investec's election, the cash value of such points may be paid to the account holder.
27.1.6 Investec shall not act nor shall it be deemed to be acting as the account holder’s agent nor as the agent of any partner.
27.1.7 Copyright in all materials made available through the Rewards Programme is owned either by Investec and/or the partners 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 relating to the Rewards Programme are registered and unregistered trademarks of Investec and/or the partners. Nothing contained in the Rewards Programme should be construed as granting any license or right to use any trademark, logos or service marks without the written permission of Investec and/or the partners.
27.1.8 Otherwise than as required by applicable law, Investec shall not be responsible for issuing any tax or other certification, clarification or directive to the account holder or the partner or any third party or be responsible for any tax liability or other Government charge arising from the Rewards Programme. Should the account holder donate points to any partner which is a charitable or other institution, the account holder acknowledges that taxable benefit will not necessarily be derived in making such donation.
27.1.9 If there is any conflict between these terms and conditions and any other terms, rules, regulations or procedures applicable to the Rewards Programme, these terms and conditions shall prevail.
27.1.10 The account holder waives any rights against Investec arising directly or indirectly from any loss or damage of whatsoever nature, which may be suffered as a result of the Rewards Programme, the redemption of points, any reward or voucher or matter incidental thereto or the acts or omissions of any partner and agrees that Investec is not responsible for any death or injury or direct or consequential loss or damage (including loss of profits or data) arising from the Rewards Programme.
27.1.11 The account holder accepts that Investec may in its sole and absolute discretion from time to time amend, replace or substitute the Rewards Programme, or suspend any of the partners or any aspect thereof or the terms and conditions relating thereto despite such action affecting points already accumulated. Investec shall give notification of such amendment by any means of communication, including mail, statement, facsimile, e-communication or through any other medium that Investec may deem fit.
27.1.12 The cardholder agrees and consents thereto that by participating in the Rewards Programme, Investec or its partners in the Rewards Programme may in its sole discretion send marketing and promotional information relating to the Rewards Programme to the cardholder and such information shall not be considered unsolicited. The cardholder has the right to request that Investec not send any such information.
27.1.13 Any communication contained on the website will be deemed to be sufficient communication or notice relating to the Rewards Programme and shall be binding on the cardholder.
27.2 Earning points
27.2.1 Points may only be earned and accumulated with effect from the date the accountholder registers for the Rewards Programme in respect of a particular account ("effective date"). Investec will not be obliged to award points for eligible transactions effected prior to the effective date.
27.2.2 The account holder will earn point/s for every eligible transaction, at a rate determined by Investec and notified to the account holder on the website, subject to 27.2.3 below.
27.2.3 Investec reserves the right at its election to refuse to record or honour and to cancel or reverse any points earned or accumulated if:
184.108.40.206 the points were awarded in error and/or accumulated as a result of fraud or pursuant to any illegal, ineligible or unauthorized transaction;
220.127.116.11 an eligible transaction has not been fully settled or if an eligible transaction has been reversed or refunded;
18.104.22.168 the account is not in good standing as contemplated in 27.1.2 above;
22.214.171.124 participation in the Rewards Programme is cancelled, revoked or suspended in terms of 27.1.4 above.
27.2.4 If points are cancelled, reversed or for any reason become void, the account holder shall not be compensated therefor and such points shall not be redeemed.
27.2.5 Points reflected on the account holder statement shall be valid for a period of 3 years from the date of such statement, subject to 27.1.5 above.
27.2.6 Points earned will be reflected in the account holder’s statement within 3 months from the date upon which any eligible transaction is effected. In the event that points are not reflected within this period, the account holder is obliged to contact Investec to request that points are credited. If Investec receives no written objection concerning the allocation of points within 90 days of the date of a statement, any eligible transaction and allocation of points reflected in such statement shall be deemed to have been approved and ratified by the account holder.
27.3 Redeeming points
27.3.1 Points earned and accumulated in respect of eligible transactions may be redeemed for rewards, provided the account is in good standing as contemplated in 27.1.2 above.
27.3.2 The account holder shall not be entitled to countermand, cancel or amend any redemption request once received and/or effected by Investec (whichever event is the earlier), without Investec’s prior written consent and assistance.
27.3.3 The account holder shall not be entitled to reverse, exchange, barter, sell or claim any refund, reward or voucher, nor shall the account holder be entitled to convert any reward or voucher back into points for any reason whatsoever, regardless of whether the reward and/or voucher has not been used or has expired.
27.3.4 The account holder shall bear all risk and liability for any reward or voucher received in terms of the Rewards Programme and to the extent that there is any dispute regarding any reward or voucher, such dispute must be settled between the relevant partner and the account holder directly.
27.3.5 Rewards are subject to availability and in accordance with such restrictions, limitations, rules, procedures, charges or exclusions as may be applicable in respect thereof from time to time. All reservations and/or other arrangements relating to the reward must be confirmed directly with the partner and the account holder shall be obliged to comply with the partner’s reward terms and conditions with effect from the redemption date. The account holder shall be solely responsible to ensure that he or she is familiar with the reward terms and conditions of all partners and for any cost, charge or expense incurred pursuant to the redemption of points in terms of the Rewards Programme.
27.3.6 The number of points required for a reward may be varied from time to time by Investec in its sole discretion by reasonable prior notice.
27.3.7 The account holder accepts that Investec will not be obliged to redeem any points that have been earned or accumulated in respect of any eligible transaction, if the redemption request is made after revocation, termination, closure, suspension or cancellation in terms of clause 16.
27.4 Transferring points
27.4.1 The account holder may transfer points at Investec's discretion to such third parties as Investec may determine from time to time.
27.5 Subject to the provisions of any applicable law, Investec shall be entitled to charge and recover a fee to participate in the Rewards Programme. In such event, the account holder hereby authorises Investec, at its discretion, to debit the account with the fee (including any value-added tax) applicable from time to time. Investec shall, after giving the account holder reasonable notice by letter, statement, publication on the website and/or advertisement in the media (except where legislation requires an immediate change in the fee), be entitled to vary the fee from time to time. If any such fee variation is published on the website it shall be binding from the date of such publication. The account holder may be charged for individual services, on an ad hoc basis per service. Investec shall also be entitled to charge and recover an administration fee in relation to a particular service provided within the Rewards Programme. Such administration fee will be communicated to the account holder prior to the service being provided. In such event, Investec is hereby authorised, at its discretion, to debit the account with the fee (including any value-added tax) applicable from time to time.
28. Verified by Visa
In order to reduce the possibility of fraud and to increase the security of online transactions conducted by the cardholder using the card, the cardholder shall conduct the account in accordance with and subject to the terms and conditions relating to Verified by Visa set out in this clause 28.
28.1 Acceptance of terms
28.1.1 The cardholder agrees that the use of any verification mechanism by the cardholder represents acceptance by the cardholder of all the terms and conditions applicable to the Verified by Visa service, provided that Investec may require the cardholder to sign a non-electronic version of these terms and conditions.
28.1.2 Investec reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, Verified by Visa (or any part thereof).
28.1.3 Unless explicitly stated otherwise, any new features that augment or enhance Verified by Visa shall be subject to these terms and conditions.
28.1.4 The cardholder understands and agrees that except as otherwise required by any applicable law, neither Investec nor Visa makes any representations or warranties of any kind, express or implied, including any warranties as to merchantability or fitness of Verified by Visa for a particular purpose.
28.2.1 The cardholder’s data will not be shared with online retail merchants.
28.2.2 The cardholder acknowledges and agrees that Investec and Visa may keep the cardholder’s data and also may disclose the cardholder’s data if required to do so by any applicable law, or as reasonably necessary to (a) comply with legal process or (b) to enforce the agreement.
28.3 SecurityThe cardholder is solely responsible for maintaining the confidentiality of the Online Banking Password and Transactional PIN, the cardholder’s data and other verification information established by the cardholder with or in relation to Verified by Visa, all activities that occur using a verification mechanism, the cardholder’s data or other verification information supplied to or established by the cardholder with Investec. The cardholder agrees not to transfer or sell the cardholder’s use of, or access to Verified by Visa to any third party. The cardholder agrees to immediately notify Investec of any unauthorised use of the Online Banking Password or Transactional PIN or other verification information, or any other breach of security. The cardholder acknowledges and agrees that, except as otherwise provided by any applicable law neither Visa nor Investec shall be liable for any loss or damage arising from the cardholder’s failure to comply with these terms and conditions.
28.4 The cardholder’s conduct
28.4.1 The cardholder agrees not to:
126.96.36.199 impersonate any person or entity using Verified by Visa;
188.8.131.52 upload, post, e-mail or otherwise transmit any material that contains software viruses or any other computer code, files or programmes designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment used by Verified by Visa;
184.108.40.206 spam or flood the Verified by Visa Website or service;
220.127.116.11 modify, adapt, sub-license, translate, sell, reverse engineer, decompile or disassemble any portion of the Verified by Visa Website or service or the Software (as defined in clause 28.8.1);
18.104.22.168 remove any copyright, trademark, or other proprietary rights notices contained in Verified by Visa;
22.214.171.124 "frame" or "mirror" any part of the Verified by Visa Website or service without Investec’s prior written authorisation;
126.96.36.199 use any robot, spider, site search/retrieval application, or other manual or automatic device or process to retrieve, index, "data mine", or in any way reproduce or circumvent the navigational structure or presentation of the Verified by Visa Website or service or its contents, displayed on www.investecprivatebank.co.za;
188.8.131.52 otherwise interfere with, or disrupt, Verified by Visa or servers or networks connected to Verified by Visa, or violate these terms and conditions or any requirements, procedures, policies or regulations of Verified by Visa or of any networks connected to Verified by Visa; or
184.108.40.206 intentionally or unintentionally violate any applicable law in connection with the cardholder’s use of Verified by Visa.
28.5.1 The cardholder agrees that neither Visa nor Investec shall be liable to the cardholder or to any third party for any modification, suspension or discontinuance of Verified by Visa.
28.5.2 Under no circumstances will Investec or Visa be liable for consequential, incidental, special or indirect losses or other damages, such as any damage to the cardholder’s computer or telephone service, resulting from the cardholder’s use of the Verified by Visa service.
28.5.3 Neither Investec nor Visa assumes any responsibility for, and will not be liable for, any damages to, or any viruses which may affect, the cardholder’s computer equipment or other property on account of the cardholder’s access to use, use of, or downloading from, the Verified by Visa Website.
28.6 TerminationInvestec may temporarily or permanently deactivate the cardholder’s ability to use Verified by Visa and terminate the cardholder’s relationship with Investec at any time, with or without fault on the cardholder’s part. For the cardholder’s protection, Investec will automatically deactivate the cardholder’s ability to use Verified by Visa if it is not used at least one time during any 12-month period. If Investec deactivates the cardholder’s ability to use Verified by Visa, Investec will promptly give the cardholder notice at the most current e-mail address, telephone number or telefax number the cardholder has provided to Investec in accordance with the terms and conditions as reflected in Investec’s records.
28.7 Dealings with merchantsThe cardholder’s correspondence or business dealings with, or participation in promotions of, online retail merchants on or through Verified by Visa, including payment and delivery of related goods or services, and any other terms, conditions, warranties or representations associated with such dealings, are solely between the cardholder and such merchant. The cardholder agrees that neither Visa nor Investec shall be responsible or liable for any loss or damage of any sort incurred as a result of any such dealings. The cardholder understands that use of Verified by Visa does not, in any way, indicate that either Investec or Visa recommends or endorses any merchant, regardless of whether the merchant participates in the Verified by Visa service. Accordingly, Verified by Visa does not, inter alia, verify, recommend or endorse the identity of the merchant or the quality of the merchant’s goods and/or services.
28.8 Verified by Visa’s proprietary rights
28.8.1 The cardholder acknowledges and agrees that Verified by Visa and any necessary software used in connection with Verified by Visa ("Software") contains proprietary and confidential information that is protected by applicable intellectual property and other applicable law. The cardholder acknowledges and agrees that the cardholder does not acquire any ownership rights by using the Software and that Investec retains all rights, title and interest in, and to, the Software and all intellectual property rights to the Software. The cardholder agrees not to modify, rent, lease, loan, sell, distribute or create derivative works based on Verified by Visa or the Software, in whole or in part.
28.8.2 Investec is providing the cardholder a non-exclusive license to use the Verified by Visa services and any related software, and any future upgrades Investec elects to provide, in accordance with these terms and conditions.
28.8.3 Investec is a trademark of Investec. The cardholder agrees not to display, alter or use in any manner, the trademark of Investec, without Investec’s prior written permission. Verified by Visa is a trademark of Visa. Verified by Visa and other Verified by Visa logos, products and names are trademarks of Visa (the "marks"). The cardholder agrees not to display, alter or use in any manner the marks, without prior written permission from Visa.
28.9 DisclaimerThe cardholder expressly understands and agrees that any Software obtained through the use of Verified by Visa is downloaded and used at the cardholder’s own discretion and risk and that, except as otherwise provided in the terms and conditions, the cardholder will be solely responsible for any damage to the cardholder’s computer system or loss of data that results from the download or use of any such Software or other materials through Verified by Visa.
28.10 IndemnityThe cardholder agrees to indemnify and hold harmless Investec, Visa, and their respective subsidiaries, affiliates, officers, agents, co-branders or other partners, and employees, from any claim or demand, including reasonable attorney’s fees, made by any third party against Visa or Investec due to, or arising out of, the cardholder’s data that the cardholder submits, posts to or transmits through Verified by Visa, the cardholder’s use of Verified by Visa, the cardholder’s connection to Verified by Visa, or the cardholder’s violation of these terms and conditions or applicable law.
28.11 Age and responsibilityThe cardholder represents that the cardholder is of sufficient legal age to use Verified by Visa and to create binding legal obligations for any liability the cardholder may incur as a result of the use of Verified by Visa. The cardholder understands that it is financially responsible for all uses of Verified by Visa by the cardholder and those authorised by the cardholder to use the cardholder’s data, the cardholder’s password or other verification information.
28.12 Conflicts of interpretationTo the extent that any provision contained in this clause 28 conflicts with any of the other provisions contained in the agreement ("Remaining Provisions"), the relevant provision contained in the Remaining Provisions shall prevail.
29. Transmission of information
29.1 The cardholder undertakes to sign or execute any documentation as may from time be required by Investec arising from any telephonic, internet or mobile banking conducted by the cardholder with Investec. The cardholder consents to Investec taking whatever security precautions it may consider for such purposes, (including the recording of telephone conversations between the cardholder and employees of Investec), with or without use of an automatic tone warning device. Investec’s recordings shall be and remain the sole property of Investec and will be accepted by the cardholder as sufficient evidence of the instructions or conversations so recorded. The cardholder agrees 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.
29.2 With regard to instructions given or received by electronic medium, the cardholder requests and authorises Investec to rely on and act in accordance with any instruction which may from time to time be, or purport to be, given by the cardholder in its name. In authorising Investec to rely on and act in accordance with any instruction given by electronic medium, the cardholder acknowledges that electronic medium is an inherently unreliable medium of communication and that such unreliability is beyond the control of Investec. The cardholder acknowledges 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. The cardholder further acknowledges and agrees that generally it will not be possible to cancel or revise an electronic instruction after it has been given.
29.3 Without prejudice to the above, the cardholder agrees that Investec may deem any such instruction purported to be given by the cardholder as authentic, valid and properly executed on the cardholder’s behalf and that it will be binding on the cardholder notwithstanding that such instruction may have been made without or in excess of authority from the cardholder and/or any error, misunderstanding, fault, forgery or lack of clarity may have been made or contained in the terms of such instruction. 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 and/or the card number, by virtue of any authority, resolution, mandate or power of attorney ("authority") provided by the cardholder or nominee to Investec, unless such authority has been specifically cancelled by the cardholder in writing and Investec has acknowledged such cancellation in writing or otherwise.
29.4 The cardholder acknowledges that information transmitted by electronic medium is susceptible to monitoring and interception. The cardholder is therefore discouraged from transmitting to Investec any information which may be confidential, proprietary or secret. The cardholder 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 suffered by the cardholder as a result thereof. Investec reserves the right to request independent verification of any information transmitted by electronic medium and the cardholder consents to such verification from whatsoever source should Investec deem it necessary.
29.5 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. Notwithstanding the aforegoing and subject to the agreement, Investec will not send or forward any personal cardholder information to any party, unless obliged to do so by law. The cardholder’s attention is drawn to the fact that any e-mail sent by Investec to the cardholder will not be encrypted and Investec is not liable for any loss suffered by the cardholder resulting from any e-mail Investec sends to the cardholder, unless the loss is caused by Investec’s gross negligence or fraud.
In terms of section 45 of the Magistrates' Court Act 32 of 1944, the cardholder 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.
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).
32.1 A certificate signed by any manager of Investec specifying the amount owing by the cardholder to Investec and further stating that such amount is due, owing and payable by the cardholder 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.
32.2 Notwithstanding anything to the contrary in the agreement, Investec shall be entitled to amend the terms and conditions from time to time by giving the account holder reasonable prior notice of any such change.
32.3 The notice referred to in clause 32.2 shall give the account holder an opportunity to terminate the agreement in accordance with the provisions of clause 3 before the new terms and conditions apply. If the main account holder continues to use the account after the new terms and conditions begin to apply, the amended terms and conditions will apply to the account.
32.4 No amendment or consensual cancellation of the agreement by the cardholder 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 Investec and the cardholder. 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.
32.5 No party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded in the agreement. The cardholder shall immediately inform Investec of any change of name, status or other details provided by the cardholder, in particular if he or she has applied for debt review, is under an administration order, business rescue proceedings, liquidation, sequestration or any other form of insolvency (whether provisional or final) or is about to or has emigrated. Investec shall be entitled but not obliged to refuse to act on instructions given by the cardholder 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.
32.6 The cardholder warrants that all information given to Investec by the cardholder, 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 32 and shall not be liable howsoever in the event that it relies on or uses such information.
32.7 The agreement is confined to the use of the card and 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"). The cardholder acknowledges that in order to access and use such other products and services, the cardholder 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 instructions given by the cardholder until the cardholder has complied with the ancillary conditions. Investec shall not be liable for any loss suffered or expense incurred by the cardholder as a result of any such refusal.
32.8 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.
32.9 For the purposes of the agreement no electronic signature or advanced electronic signature, as defined in the ECT Act, shall constitute a signature.
Investec does not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.
Investec, a division of Investec Bank Limited registration number 1969/004763/06. Investec is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman's details are available on request or visit www.investec.co.za. A registered credit provider registration number NCRCP9.