The following terms and conditions must be read together with the Master Electronic Banking Agreement (‘Agreement‘) and the Manual(s) pertaining to the Account Verification service (‘this Service‘).
The Account Verification Service is a service through which banking-related information of Bank Clients is verified.
For the purposes of these terms and conditions, the following words have the meanings set out below:
‘Bank Account Data’, with respect to a Bank Client and a client of any Commercial Bank, means the account number(s), name(s) of the accountholder(s), identity number(s) and/or passport number(s) and/or registration number(s) of the accountholder(s), active or inactive status of the Bank Account(s), acceptance of debits and/or credits into the Bank Account(s), dormancy status of the Bank Account(s) and/or number(s) of the branch/branches where the Bank Account(s) is/are held, account type and/or the South African Revenue Service reference number(s) relating to the Bank Account(s).
‘Bank Account(s)’ means a bank account(s) held at the Bank or at any Commercial Bank.
‘Bank Client’ means any client of the Bank.
‘Commercial Bank(s)’ means any bank(s), other than the Bank, that is/are registered as such in terms of the Banks Act, 94 of 1990.
This Service entails the electronic account verification of Bank Account Data submitted electronically to the Bank by the Client against Bank Account details held in the current records of the Bank or the Commercial Banks.
The Client acknowledges that the Account Verification Service will not always be available for use due to maintenance and necessary updates.
The Bank will be obliged to verify only the Bank Account Data submitted.
The Client may select to receive Bank Account Data on a real-time basis.
The Client specifically indemnifies the Bank against and holds it harmless from all demands, claims, actions, losses and damage that may be brought against the Bank or that the Bank or the Bank Client may suffer or incur arising from:
any incorrect verification of information by the Bank or a Commercial Bank;
any system glitches, bugs or defects; and
any lack of or defect in authority by the Client or its employees.