The Banking Association of South Africa - Code of Banking Practice

6.2 Our undertaking in terms of vulnerable customers

We:

recognise vulnerabilities and, if necessary, will prioritise and provide timely service and detailed explanations of banking products and services to help you understand and make informed financial decisions;
recognise that vulnerability is not static – your vulnerability can change as your circumstances change;
will consider initiatives to make sure that you know how to use our banking products and services appropriately, and how to protect your finances, where needed;
will take reasonable measures to accommodate your physical needs if you have a disability;
will make reasonable efforts to make sure that banking products and ser vices are sufficiently flexible and accessible to accommodate your vulnerability; and
will ensure that our processes provide for you to inform us if there is a change in your circumstances that makes you vulnerable in terms of the Code.

Term	Explanation
Promotional offer	An offer we make you of a prize, a reward, gift, free goods or services, a price reduction or other benefit, such as a voucher entitling you to a price reduction or other benefit. Take note Your bank will apply the principles in this Code to a promotional offer where you are a: natural person; OR juristic persons; trust or partnership; your asset value or annual turnover is less than R2 million. AND Where the Consumer Protection Act 68 of 2008 applies.
Reasonable	Justifiable and comparable to the service provided.
Sanctions	Restrictions on activities that relate to particular countries, goods and services, or persons and entities. Take note South Africa implements the targeted financial sanctions (TFS) that originate from the United Nations Security Council resolutions under Chapter VII of the Charter of the United Nations (UNSCR). For these sanctions to be given effect FICA requires accountable institutions to freeze property and transactions pursuant to financial sanctions imposed in the UNSCR.
Security	Items of value, such as a mortgage bond registered over a property, share certificates and life policies, which represent assets used as support for a loan or other credit facilities. Take note If you do not repay the loan for which you have provided security, we have the right to dispose of the security.