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6

Vulnerable customers

For your information

Vulnerability depends on your personal circumstances. This part 6 of the Code applies only to vulnerable customers as defined and the pronoun ‘you’ used in this part has a corresponding meaning.

What we will do

We will provide a reasonable level of care and understanding to you and your needs so that you are treated fairly when engaging with us.

6.1 Identifying vulnerable customers

Your role

You:

must provide as much information as you are comfortable to disclose to help us understand your vulnerability and enable us to provide you with the appropriate level of service; and
can refuse to respond to our questions or to reveal such information if you are uncomfortable to disclose and record your vulnerability.

Our role

We will:

engage with you to understand your financial needs and to identify any vulnerabilities, if not obvious, so that we can:
determine the effect it would have on your ability to make sound financial decisions, and
identify the most suitable bank products and services for you; and
take reasonable note of your vulnerabilities and reasonable steps to consider these vulnerabilities when we interact with you.

Take note

Not disclosing your vulnerability can affect the level of service we provide you with.

Term	Explanation
Demand guarantee (or on-demand guarantee)	An undertaking (promise) that someone (or an entity), called the guarantor, gives the beneficiary of the guarantee that the guarantor will satisfy (pay) on demand the agreed amount of money (which often relates to the debts of another, called the principal debtor). Take note A demand guarantee is a primary obligation and is not dependent on the existence of any other debt or agreement. Any disputes between the parties about the underlying debt or agreement do not impact this obligation – the guarantee must be paid on demand.
Device	A tablet, cellphone and wearable or similar technology.
Device credentials	Includes but is not limited to: a password, passcode, unlock pattern and login details used as a method of accessing a device or authorising a transaction through a device.
Digital banking	Cellphone banking, internet banking and a banking app or other digital means.
Direct marketing	Us approaching you in person or by mail or by electronic communication, including email, SMS, and automatic calling machines, for the direct or indirect purpose of promoting or offering to supply, in the ordinary course of business, any goods or services to you; or requesting you to make a donation of any kind for any reason. Take note An automatic calling machine makes automated calls without human intervention.
Dormant account	An account on which you have initiated no activity for a period that we have established in advance and in accordance with the rules relating to the specific type of account.

Term	Explanation
Access credentials	The way you access your digital banking services, including your access code, password, or other unique means of personal identification.
Agent	A third party, either a company or a person, that your bank appoints to render a service. This can include third-party debt collection agencies that collect debts on behalf of your bank.
Applicable laws	Any laws in force from time to time; and any applicable industry code, guidance, policy, or standard enforceable by law; or any order that is set out by a regulator.
ATM (automated teller machine)	A machine that you use to withdraw cash and to access other banking services, including balance enquiries and prepaid purchases.
Banking app	An application on your device that allows you to transfer money from one of your accounts to another, pay bills, see statements and perform other transactions.
Basic banking services	The opening, operation, and maintenance of transactional accounts.

Term	Explanation
Vulnerable customer	A natural person, who because of personal circumstances, is especially susceptible to harm, particularly when a bank does not act with appropriate levels of care. Take note Where parts of this Code apply only to vulnerable customers and the term ‘you’ is used, it means vulnerable customers in that part. Vulnerable customers can include customers who: have a physical disability; have psychological problems and/or mental health problems; have a debilitating illness; have limited financial literacy; experience changed or changing financial circumstances; experience adverse life events; are susceptible because of: their age (the youth, due to a lack of experience, or the elderly, in other words people of 65 and older), language barriers, loss (such as of a job, a family member through death, because of divorce or an illness), or geographical location (which can lead to customers not being able to access certain banking products and services); and is at a higher risk of experiencing unfair treatment because of » a limited ability to maintain or develop their wellbeing, difficulty in obtaining or understanding information, or being unable to access, choose or buy suitable products (and services).
We, our, us	Your bank
Written	Something in writing, including electronic representations of information, such as an SMS or email, that is stored, sent, or received by electronic means.

Term	Explanation
Loyalty programme	Any arrangement or scheme where a supplier of goods or services or a similar entity offers or grants any loyalty credit or award in connection with a transaction or agreement to you. Take note Your bank will apply the principles in this Code to a loyalty programme where you are a: natural person. OR juristic person; partnership or trust; and your asset value or annual turnover is less than R2 million. AND Where the Consumer Protection Act 68 of 2008 applies.
Money laundering (ML)	Any activity that has or is likely to have the effect of concealing or disguising the nature, source, location, disposition, or movement of the proceeds of unlawful activities, or any interest that anyone has in such proceeds.
Natural person	An individual and sole proprietor. Take note Where parts of this Code apply only to a natural person and the pronoun ‘you’ is used, it means a natural person in that part.
NCA	The National Credit Act, 34 of 2005, that aims to regulate the business of credit providers and places a variety of obligations on credit providers (mainly aimed at protecting credit consumers), including the prevention of reckless lending practices and measures to enhance disclosure of information to credit consumers.