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7

Design of banking products and services for customers

What we will do

We will:

take your needs, interests and reasonable expectations into account when designing our banking products and services; and
make sure that our banking products and services are appropriate and perform as we have guided you to expect.

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.

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.

Term	Explanation
Fixed interest rate	An interest rate that remains unchanged and not affected by market rate fluctuations for the specified period of the loan or credit agreement or other product.
Integrity	To be accurate, consistent, and reliable.
Interest	The amount we charge you in respect of the amount you owe us; or the amount we pay you in respect of for example, your savings or investment account, usually expressed as a percentage with reference to a period, such as per annum.
Internet banking	An internet-based system that is provided by us and allows you to transfer money between your accounts, pay bills, see statements, and perform other transactions.
Juristic person	Includes a trust, partnership, association, body of persons, body corporate, company or close corporation or similar entities with legal rights and duties either incorporated in or outside the Republic of South Africa, which has legal personality or enjoys a similar status in terms of which it may enter into contractual relations and legal proceedings. Take note Where parts of this Code apply only to juristic persons and the pronoun ‘you’ is used it means juristic persons in that part.
Loyalty credit or award	Any benefit or a right to goods, services, or other benefits (including points, credits, tokens, devices or other intangible or tangible things that can accrue to you) that you can accumulate and entitles you to certain goods, services or benefits that are part of a loyalty programme.