TymeBank terms apply to all visitors browsing the site, as well as registered members of the site.
1.1. You are reading this document because you are interested in establishing a relationship with TymeBank (‘Tyme’). This relationship will mean Tyme is able to provide you with a set of bank accounts (‘Accounts’) and/or other products and services (‘Products’). The words ‘we’, ‘us’ and ‘our’ mean Tyme. The words ‘you’ and ‘your’ mean you, the person interested in opening Accounts with us or using our Products.
1.2. When you apply to open your Accounts or use any of our Products you are agreeing to start a legal relationship with us. This document is the agreement between you and us (‘Agreement’) and it sets out the terms and conditions (‘Terms’) that will apply to your legal relationship with us.
1.3. The Agreement contains a lot of information. We will send the full Agreement to the email address you give us during your Application. The Agreement is also available on our website at www.tymebank.co.za.
1.4. It is important that you read and understand everything in this document before you agree to these Terms. Any term that is in bold print is very important. You must read the bold print very carefully.
1.5. If you agree to these Terms and use our Products, it means that you understand and accept everything in the Terms, including the important terms in bold print.
1.6. If there is anything in these Terms that you do not understand, please call us on 0860 999 119 as soon as possible to ask for more information. It is important that you do this before using our Products.
1.7. The Consumer Protection Act, 2005 (‘CPA’) controls these Terms. If anything in these Terms conflicts with what the CPA says, the CPA will apply.
2.1. If you want to enter into this Agreement:
2.2. When you send your Application to us, and every time you give us any instruction about your Accounts, you confirm to us that the following information is true and correct, and that we can rely on this information:
2.3. If any of the information in 2.2 above is not true and correct, we will not enter into the Agreement with you, or open Accounts for you, or provide you with our Products.
2.4. If we find out later that any of the information above was not true and correct, we have the right to close your Accounts, or stop you from accessing your Accounts or using our Products until you confirm to us that the information is true and correct. If any of the information you have given us changes, you agree to tell us about the changes as soon as possible using any of our Channels, that are available to you.
2.5. We will give you reasonable notice before closing your Accounts, or before stopping you from accessing your Accounts or using our Products, unless the law forces us to act immediately. ‘Reasonable notice’ means we will tell you before we do anything if this is possible in the situation.
2.6. If we decide not to open Accounts for you or not to let you use our Products, we will give you the reasons for our decision if you ask us for them. If you are unhappy with the reasons we give you, you can lay a complaint against us using the information we give you in the Complaints section.
3.1. We will always explain any changes to these Terms to you.
3.2. If we change these Terms in a way that benefits you and does not change any of your obligations, we will explain the changes to you when we make them.
3.3. If we need to change these Terms in a way that limits your rights or increases your obligations, we will explain the changes to you 30 days before they happen. You must review the changes and call us on 0860 999 119 immediately if you do not understand anything.
3.4. If you do not agree to the changes, you can close your Accounts or stop using our Products at any time. You will have to pay any amounts you owe on your Accounts when you close them.
3.5. If you continue to use Accounts or Products after we make the changes it means that you agree to the changes.
4.1. When you send your Application to us, and every time you use our Products, you will use one or more of our platforms (‘Channels’). The Agreement between you and us includes the terms and conditions (‘Channel Terms’) for the Channels you use.
4.2. In the future, you may start to use Products and Channels that were not part of your first agreement with us. If you choose to use additional Products or Channels, the Agreement between you and us will automatically include the terms and conditions for the additional Products or Channels.
4.3. If the additional terms and conditions conflict or clash with any of these Terms, the additional terms and conditions will apply to any Products or Channels you use.
5.1. You agree to pay the fees and charges (‘Fees’) for the Accounts or Products we provide to you, including monthly fees, and transaction fees. You also agree to pay any costs which we must pay when we perform our obligations under these Terms, including administration fees, commissions, and taxes. You can find information about our Fees and additional costs (‘pricing guides’) on our website at www.tymebank.co.za or by calling 0860 999 119.
5.2. You agree that we can charge any Fees and additional costs to you either immediately when you use a product or service, or once a month for the Products you used during the month.
5.3. You agree that we can take (‘deduct’) any Fees and additional costs you owe us directly from any Accounts you have with us.
5.4. We can change the Fees and additional costs we charge for your Accounts and Products. If we need to change or add any Fees or additional costs for your Accounts or Products, we will tell you about these 30 days before the changes happen, using the contact details you have given us. You must review the changes and contact us on 0860 999 119 immediately if you do not understand anything.
5.5. If you do not agree to the changes, you can close your Accounts or stop using our Products at any time. You will have to pay any amounts you owe on your Accounts when you close them.
5.6. If you continue to use our Products after we make the changes it means that you agree to the changes.
5.7. If you think the changes are unfair to you, you can lay a complaint against us using the information we give you in the Complaints section.
6.1. You agree that we can use your photograph and fingerprints (‘biometric information’) to check your identity using information from the Department of Home Affairs (‘DHA’). We will use a database called the Home Affairs National Identification System (‘HANIS’). We will only use the biometric information that you have given us.
6.2. You agree that we can use the information you have given us to check your identity and your credit rating by contacting your employer, other banks, or credit bureaus.
7.1. You accept that we must follow local and international laws to prevent money laundering, terrorism, and other organised crime.
7.2. You agree to give us any documents we might need to follow these laws and check the information you give us about yourself. If you do not give us these documents, we can refuse to open Accounts for you or let you use our Products.
7.3. You agree that we can report information about your Accounts to local and international regulators without telling you, if the law forces us to do this.
7.4. You agree that we can close your Accounts or stop you from using your Accounts and/or Products without telling you why, if we have reason to think that your Accounts are being used illegally or if you cannot give us all documents we need to check your information.
8.1. Events out of our control could cause a service interruption that stops you from accessing our Products or Channels for some time. Service interruptions can be caused by things like power failures or blackouts, system or network failures, wars, strikes, or natural disasters.
8.2. We do not have to let you know about service interruptions before they happen if we do not have enough time, but we will try to let you know before a service interruption happens if this is possible in the situation.
8.3. If a service interruption happens because of an event out of our control, our obligations to you will be suspended and we will not be responsible if we do not perform any of our obligations to you, for as long as any interruptions last.
8.4. You agree that we will not be legally responsible to you in any way because of any interruptions which were beyond our reasonable control.
9.1. When you submit your Application to us, you agree that you will give us instructions about your Accounts using electronic channels like telephone, email, apps, or our kiosk (‘Electronic Instructions’).
9.2. You agree that we do not need to contact you when we receive your Electronic Instructions.
10.1. You are responsible for paying all taxes that we charge you for using your Accounts or other Products we provide to you. This includes value-added tax (‘VAT’), which we must add to any Fees or additional costs we charge you. We are not responsible for letting you know about any changes in the law which affect the taxes that you pay or are due to pay.
10.2. You are responsible for paying any taxes that you owe to the South African Revenue Services (‘SARS’) because of any law. If law requires us to process any of these payments for you, you agree that we can make the payment from your Accounts. If your balance is not enough to cover this payment, you agree that you will pay back any amount which we pay to SARS for you.
10.3. You understand and accept that we may provide or disclose any of your tax information that we may have in our possession, to any relevant tax authorities or any party authorised to audit or conduct a similar control over us for tax purposes. You acknowledge that this tax information and information about your income paid or credited to you or for the benefit of your Account(s) may be reported to the tax authorities of the country where the income comes from. Those tax authorities may provide the information to the countries where you are resident for tax purposes subject to the relevant tax regulations.
10.4. If you need more information about taxes, you can contact SARS on 0800 00 7277.
11.1. If you breach any of these Terms, you agree to pay our legal costs on the scale as between attorney and client. This means that you will pay us the full amount that we must pay our attorneys. This amount can include any costs we suffer when we try to enforce our legal rights without going to court. The amount also includes the costs of taking you to court, settling our dispute with you, and enforcing a judgment awarded in our favour.
12.1. It is important that we can contact you about your Accounts or your use of our Products. When you submit your Application, you may give us information like your telephone number, email address, or postal address (‘contact details’).
12.2. You agree that we can communicate with you using any of the contact details you have given us. If any of your contact details change, you must tell us. You can tell us using any of our Channels that are available to you.
12.3. You agree that we will contact you using the latest contact details you have given us. If you do not tell us that your contact details have changed, we will not be responsible for information being sent to the wrong person.
12.4. If your contact details are not correct and we need to contact you, you agree that we can charge you for any costs we pay to find you.
12.5. We will communicate with you using the SmartApp wherever possible. There are times when we will send you messages by push notification, SMS, telephone, email, social media, messaging apps (including WhatsApp), or third-party websites – we will stick to your preference whenever we can.
12.6. If you don’t want to receive direct marketing messages from us, you can update your marketing preferences using the SmartApp, SMS, email, or Kiosk, depending on what Products you have with us.
13.1. If we need to send you any communication about these Terms (‘Notice’), including notices, consents, or approvals, you agree that we can use the latest contact details you have given us. You agree that we can give you any Notice by writing to you or speaking to you.
13.2. If you need to send us any Notice, you must use one of the following contact details:
13.3. If we want to change any of these contact details, we are allowed to do this if we first write to you to tell you about the change. If any of your contact details change, you must tell us. You can tell us using any of our Channels that are available to you.
13.4. Any Notice sent by you or us will take effect when the other person (‘recipient’) receives it, or on the date specified in the Notice.
13.5. Unless you can prove that you did not receive the Notice, a Notice will be considered to be received by you in the following situations:
14.1. You agree that we are not liable to you for any loss or damage you may suffer as a result of using any of our Products or Channels.
14.2. Tyme, our directors, employees, representatives, or agents will not be liable for any loss or damage caused to you or any other person because of something we do or do not do. This includes indirect, incidental, and consequential loss or damage.
14.3. We cannot list all the situations, but we will not be liable for any loss or damage as a result of (i) the consequences of an instruction; (ii) the proper completion of an obligation under these Terms; (iii) theft of any kind (including robbery, break-in or fraud); (iv) any deficient or forged documents; (v) not discovering any forgery or from any act associated with instructions provided by you; and (vi) the use of electronic equipment, fax or the postal service as a result of delay, theft, fraud, mistake, distortion, or duplication, or (vi) closure of your Account in any of the circumstances permitted in these Terms.
14.4. You agree that you will not hold us accountable for any loss you suffer in the situations listed in this paragraph.
14.5. You also agree to pay us for any damage, loss, costs, or expenses which we may suffer or incur as a result of you breaching any of these Terms, including (i) not having the required funds to complete any payment instructions; (ii) not providing the necessary funds following an instruction effected by you; or (iii) us receiving incorrect or unauthorised instructions from you and acting on such incorrect or unauthorised instructions, except where we have acted fraudulently or in bad faith in completing such instruction, in which case, our liability shall be restricted to any loss of interest.
15.1. When you complete your Application, and when you use our Accounts or Products, you accept that you will be giving us some of your personal information. Personal information is protected by law, including the Protection of Personal Information Act, 2013 (‘POPIA’).
15.2. We will keep any personal information you give us in a safe environment and take all reasonable steps to protect it. We have security procedures to make sure that:
15.3. These security measures are detailed in our ‘Channel T&Cs’ which are available on our website www.tymebank.co.za.
15.4. When you complete your Application, you give us permission to use your personal information in the following ways:
15.5. When you complete your Application, you give us permission to share your personal information in the following ways:
• with regulators, law enforcement agencies, and government bodies when required by law
• with credit bureaus
• with fraud prevention agencies if you have given us false or incorrect information
15.6. We are required to share your personal information to SARS, the Financial Intelligence Centre (FIC), and to other regulatory bodies. To enable us to meet our obligations, you commit to inform us in writing:
15.7. To help make sure that your personal information is safe and secure, you must keep your passwords and pins safe and secret.
15.8. When you send us any personal information and when we store your information, we encrypt it using appropriate security technologies and procedures. Encrypting makes it difficult for your personal information to be viewed or used without permission.
15.9. You have the right to ask us for details of the information we keep about you (‘data subject access request’) by emailing firstname.lastname@example.org or calling 0860 999 119. We will give you these details as quickly as possibly but always within 40 days.
16.1. If you start legal proceedings against us, we choose the following address for service of process, notice, or other documents:
Physical address: TymeBank Legal Department, 30 Jellicoe Avenue, Rosebank, 2196
16.2. If we want to change this address, we will give you reasonable notice.
16.3. You agree that if we start legal proceedings against you, we can use the latest address you have given us for service of process, notice, or other documents. If you want to change this address, you must give us reasonable notice.
16.4. Any address for service of process must be a physical address in South Africa.
17.1. We have the right to end this Agreement, close your Accounts, or stop you from using our Products or Channels at any time after we give you reasonable notice.
17.2. You have the right to end this Agreement by giving us notice in writing.
17.3. If you have Accounts with us and there is money in the Accounts when this Agreement ends, or if we are closing your Accounts, you will first be given the opportunity to clear the money from your Accounts. If you do not clear the money before the Account is closed, we will take the required steps to ensure it is made available to you by other means.
17.4. If there is an outstanding balance on your Account, we will request full payment for all transactions subject to any arrangements you have with us on your Account.
17.5. If this Agreement ends and/or we close your Accounts, you will not be able to use any bank cards we have given you. You must cut up your card so that nobody else can use it.
17.6. We have the right to end this Agreement, close your Accounts, or stop you from using our Products or Channels immediately in any of the following situations:
18.1. This Agreement is governed by South African law.
18.2. We and you agree to the non-exclusive jurisdiction of a South African Magistrate’s Court for any legal proceedings about this Agreement. This means that you or we can go to that Court even if the amount claimed is higher than the Court’s jurisdiction.
18.3. These Terms and any additional Product and Channel Terms are the whole Agreement between us.
18.4. If you or we do not always use all the rights we get from this Agreement, it does not mean that you or we have given up any rights. Not using a right cannot stop (‘estop’) you or us from claiming that right later if we go to court.
18.5. If any Term in this Agreement is illegal or unenforceable, that Term can be cancelled, but the other Terms will still apply.
18.6. We are allowed to cede any of the rights we get from this Agreement without your consent. This means we are allowed to transfer any of these rights to someone who is not us (‘a third party’) without getting your permission. You will then have to perform your obligations to the third party.
18.7. We are allowed to delegate any of our obligations under this Agreement without your consent. This means we are allowed to transfer any of our obligations to you to a third party without getting your permission. The third party will then perform our obligations to you.
18.8. You agree that you cannot cede any of your rights or delegate any of your obligations without first getting our permission in writing.
18.9. If we cede our rights to more than one other person, this could mean that more than one person will have a legal claim against you (‘splitting of claims’). You agree to this splitting of claims.
19.1. If you are not happy with our service, you can contact us to complain. You can make a complaint using any of the Channels available to you; our website or SmartApp, or you can call us on 0860 999 119. We will try to solve your complaint as quickly as possible.
19.2. If after 20 days we do not solve your complaint, or if you are not happy with the way we solve your complaint, you can make a complaint about us with the Ombudsman for Banking Services (‘OBS’). Making a complaint with the OBS is free.
19.3. For more information, please contact the OBS.
20.1. The following terms and conditions (‘Banking Terms’) apply to the banking Products we provide to you.
20.2. You need to agree to these Banking Terms before you can use any of our banking Accounts or Products.
20.3. If there is anything in these Banking Terms that you do not understand, please call us on 0860 999 119 as soon as possible to ask for more information. It is important that you do this before using our banking Accounts or Products.
21.1. You can introduce yourself as a customer to Tyme through either our Web or Kiosk channels. The better we get to know each other, the more you will be able to do with your Tyme accounts.
21.2. We gather and confirm information when you start a relationship with us. Depending on how much we know about you, you will be given a relationship profile that restrict what you are able to do with your accounts. The relationship profile created for you will have personalised account limits and access mechanisms.
21.3. All our relationship profiles offer an EveryDay transactional account and a GoalSave savings account:
• EveryDay transactional account: this account has no monthly fees and allows you to do all card-less and electronic transactional services (electronic payments, card-less cash deposits, value added service purchases - electricity, mobile voice & data, SMS bundles, SendMoney and card-less cash withdrawal requests).
• GoalSave savings: this account allows you to have 10 different savings goals. Each goal has an interest reward rate that gets better the longer you save.
21.4. We are required by the FIC to perform ongoing risk ratings on all our customers and may therefore change these limits or contact you to conduct an enhanced due diligence investigation.
21.5.  “Just met” relationship profile
|Daily Spend||R20 000|
|Monthly Spend||R40 000|
|Profile Balance||R40 000|
21.6.  “Getting to know you” relationship profile
|Daily Spend||R200 000|
|Monthly Spend||R1 400 000|
|Profile Balance||R700 000|
21.7.  “Good friends” relationship profile
|Daily Spend||R200 000|
|Monthly Spend||R1 400 000|
|Profile Balance||R700 000|
22.1. If we give you credit or a loan, we must follow the National Credit Act, 2005 (‘NCA’). The NCA limits what we can do and gives you rights that we must respect. We will tell you about these rights when you take out credit or a loan with us.
22.2. If we give you credit or a loan, you agree to pay back the credit or the loan when we demand it.
22.3. You agree to pay interest at the rate we set on any credit or loan that we provide to you. We will give you reasonable notice of the interest rate before we charge you. We will give you enough time to think about the interest rate before you agree to any credit or loan. The interest rate we set will not be higher than the maximum interest rate allowed by the law, including the NCA.
22.4. You accept that we may change the credit interest rate you earn on our savings and investment products from time to time. These changes may happen when the South African Reserve Bank (‘SARB’) changes the ‘repo rate’, or at other times. We will give you notice of these changes on our website and by using the method you have chosen for us to communicate with you.
23.1. You agree that we can use the funds in any of your Accounts and all rights you may have against us to give us a preferred security interest. This means that if you owe any other person money, we will be paid first before they can be paid.
23.2. We have a right to set-off and to hold your funds as security so that we can settle any debt or any other obligation you owe to us. You agree to settle any indebtedness to us and pay any negative balances in your Account when we demand it.
23.3. You agree that we may set-off any amount outstanding, and we will only need to notify you once we have done this. We may not set-off any amount outstanding that relates to any credit agreement that is regulated by the NCA.
23.4. We agree to only set-off a reasonable portion of your funds. This amount will be determined by what is reasonable in the circumstances. If you cannot repay your debt, you should contact us immediately to see whether we can agree to an acknowledgment of debt and a reasonable repayment offer. If you need help understanding this process, contact us on 0860 999 119.
23.5. We will not be accountable to you for any losses that arise out of or relate to any transactions, including tax consequences you may face as a result of settling any debt owed to us.
23.6. In the event we set-off your funds to settle a debt, we reserve the right to restrict or close your Account, and to seek payment of any remaining indebtedness through any legal means possible, including reporting such debt to credit agencies.
23.7. If you have any complaints about any of these set-off provisions, or if you believe that we have acted unreasonably in applying these provisions, please contact the OBS whose details are provided in the section titled ‘Complaints’ above.
24.1. Your EveryDay transactional account is a full-service bank account which is the core of your banking product set.
24.2. It has the following benefits:
25.1. Receiving your debit card: You will be issued with a Visa branded contactless chip and PIN debit card at a Kiosk instore at a PnP or Boxer. The debit card has an integrated circuit (CHIP) and an antenna for wireless communication which allows for contactless card payments by bringing the debit card into the wireless range of an enabled contactless POS device at selected merchants.
25.2. You will either receive a personal card or a business card depending on your account. These terms and conditions apply equally to both.
25.3. You will choose a personalised PIN before receiving your debit card (keep this safe).
25.4. Activating your debit card: When the debit card is issued, it has a status of ‘active pending first transaction’. To activate your debit card, you will need to perform a successful POS or ATM transaction.
25.5. Debit card safety and PIN: As a cardholder, you must take proper care of the debit card and the debit card PIN. You must take all reasonable steps to prevent them from being lost, stolen, or wrongfully used. Be aware that anyone who has your debit card can perform contactless transactions, so you must keep the debit card safe.
25.6. If the debit card, the debit card number, or the PIN is lost, stolen, or used wrongfully, you must let us know immediately by calling the 24-hour Lost Card number 0860 999 118 (+27 11 327 6167 for International Calls).
25.7. Upon issue, your card, including replacements and renewals, will be automatically enrolled for VbV participation, which provides another level of authentication when performing an eCommerce transaction at a participating merchant.
25.8. For a transaction at a 3DSecure merchant, you will be sent a One Time PIN, which you must enter correctly in the space provided to complete the transaction. A PIN may not be required for a key entry transaction.
25.9. We may impose measures to stop or restrict the use of the debit card or debit card number if we suspect that fraudulent or illegal activity is occurring on the debit card.
25.10. Expiry and Replacement: Your debit card is valid until the last day of the month shown on the debit card. Your new debit card will be issued to you at a Kiosk.
25.11. You may request a replacement debit card if your debit card is lost, stolen, or damaged. We may charge you for a replacement debit card. This cost is available in the Fees section available on our website.
25.12. Exchange Control Regulations: You must follow all applicable exchange control regulations when using the debit card outside the Common Monetary Area (which includes Swaziland, Lesotho, Namibia, and South Africa). Any transaction or payment made in a currency other than South African Rand (“Rand”) will be converted to Rand at the Visa rate of exchange that applies on the date of processing the transaction to your accounts.
25.13. Right to debit the account or decline transactions: Each time the debit card or the debit card number (and PIN) is used to perform a transaction, we have the right to deduct this amount from your account. This right applies even if no transaction slip or cash withdrawal voucher has been signed.
25.14. Card Disputes: If you have any problems, claims, or disputes with any supplier or merchant that you use your debit card with, this will not affect our right to receive payment in any way. You will not be able to instruct us to refuse to pay the supplier. You also cannot instruct us to make a claim nor institute a counter claim against a supplier or merchant.
25.15. Any payment made by us to a supplier or merchant is final and cannot be reversed unless Visa allows it in terms of their own rules and regulations.
25.16. If a payment was made twice, you must provide proof that you tried to resolve the dispute or problem with the supplier.
25.17. You must raise any dispute about your debit card within 30 (thirty) days after the transaction date.
25.18. In these Banking Terms, you agree that no supplier or merchant is our agent. If a supplier or merchant refunds you, it will be credited to your account only after we receive a proper credit voucher from the supplier or merchant.
26.1. You can deposit money by:
26.2. You can withdraw money by:
26.3. Your cash transactions will be limited. Please see the table below for the maximum limits you agree to accept.
|Per Transaction||Per Day|
|ATM Cash Withdrawal Limit||R5 000||R5 000|
|Till Point Cash Withdrawal Limit||R5 000||R5 000|
|Cash Deposit||R5 000||R20 000|
|Withdrawal Limit||R5 000||R20 000|
27.1. SendMoney is a payment service available to you as our customer, if you have funds available in your EveryDay transactional account.
27.2. To send money, you simply login to the SmartApp or Internet Banking, click on SendMoney and enter the intended recipient’s mobile number and the amount to be paid.
27.3. If the mobile number is linked to a recipient who banks with us, the full amount sent will immediately be transferred into the recipient’s EveryDay transactional account. No fees apply when both the sender and the recipient bank with us.
27.4. If the recipient mobile number is not associated with an existing Tyme customer, a voucher will be generated and sent to the recipient via SMS.
27.5. The voucher can be cashed out at any Boxer or PnP till point and is valid for 7 days from date of issue, after which the value will be returned to the sender.
27.6. A fee of R4 is applied when a voucher is generated – the value of the voucher is therefore R4 less than the value entered by the sender.
27.7. We limit the total value of SendMoney transactions to R20 000 per day when sending to another TymeBank account and R5 000 per day when sending a voucher for “Just met’ relationship profiles, and R200 000 per day when sending to another TymeBank account and R20 000 per day when sending a voucher for “Getting to know you” and “Good friends” relationship profiles.
27.8. Please check that all information is correct when you send money. We will not transfer the funds to a new cell phone number if the Recipient’s cell phone number changes or you enter the wrong number and the SendMoney has been redeemed. We cannot reverse, refund or correct payments that were made to wrong persons and redeemed.
27.9. Any SendMoney payments not redeemed by the recipient within 7 days will be automatically reversed to the sender.
28.1. Make sure that your account has enough funds available to make a payment. This includes when you make any payments, transfers, debit card purchases, value added service purchases, debit orders, or when you incur fees on the account.
28.2. We will not carry out payment instructions if there are not enough funds available in your transactional account.
28.3. Under special circumstances, we might decide to provide you with better service by allowing specific transactions can go ahead even if you have insufficient funds available in your transactional account.
28.4. If this happens, we will charge a fee for each payment instruction, and we can immediately demand repayment for the amount owing.
28.5. Payments made to other Tyme customers will be processed immediately unless processed after 22:00, in which case they will be processed by 1:00 on the following day.
28.6. If you make payments to other banks, the following cut-off times apply:
|Monday - Friday||Saturday||Sunday and Public Holidays|
|15:00||10:00||Next available business day|
28.7. You must allow for two business days for an electronic transfer to reach the account of the person you are paying at another bank (beneficiary).
28.8. We have the right to delay certain payments for fraud prevention reasons.
28.9. When making payments, we will not be responsible for any loss or damage due to errors made in setting up beneficiaries or payments.
28.10. Cancelling payment Instructions: for payments made through electronic transfers, we cannot reverse a payment instruction to another bank after it has been processed.
28.11. However, if the person we paid has an account with us, and if the account holder has given us permission to do so, we will try to reverse the transaction if this is possible.
28.12. For all electricity, data, and SMS purchases, please check that all information is correct. We won’t refund any of these transactions.
28.13. We limit electronic transactions. Please look at this table to see the maximum limits:
|Transaction and Daily Limits||Transaction Amount||Daily Amount|
|Card purchases (card dip - domestic and international POS)||R50 000||R50 000|
|Card purchases (ecommerce – domestic and international)||R25 000||R25 000|
|Electronic payment transaction||R100 000||R200 000|
|Prepaid purchases||R3 000||R3 000|
|SendMoney transactions – to TymeBank customers||R100 000||R200 000|
|SendMoney transcations - Voucher||R5 000||R20 000|
|GoalSave aggregate contribution limit||R100 000||R100 000|
29.1. Balances held in the GoalSave product earn interest at rates that increase with time. The rates applicable for each time period will go up or down in the future, but at bank launch, the maximum effective interest rate will be 10%. From 1 July 2020, the maximum effective rate earned will be 7%. Interest earned on balances held up to July 2020 will not be impacted by the current rates are:
29.2. Interest rates quoted are annual rates, and compounding is monthly, calculated on the first day of the month, and based on average monthly balances. Average monthly balances are based on daily end of day balances.
29.3. Interest on the money in each GoalSave goal is calculated daily, on the balance at the end of the day, and at the interest rate for that day. The daily interest builds up during the month and is added to the balance in the GoalSave account on the 1st day of the next month.
30.1. The GoalSave product offers two options for withdrawals:
30.2. You cannot withdraw only part of your GoalSave account balance. If you withdraw money from this account, the full balance in your GoalSave account will be transferred to your EveryDay transactional account.
30.3. The BONUS multiplier and interest rates may change at the bank’s sole discretion. If there are any changes, you will be notified by SMS, and applicable rates will be viewable on the SmartApp or on the www.tymebank.co.za website.
30.4. Money in your GoalSave account can only be paid into your EveryDay transactional account.
30.5. GoalSave will not allow debit orders to be made from your GoalSave account. This means you are in full control of your money.
We have partnered with PnP’s popular Smart Shopper programme to bring you a range of benefits which will become available if you chose to join our Loyalty Programme by opting in to the Smart Shopper Terms & Conditions on the kiosk.We have partnered with PnP’s popular Smart Shopper programme to bring you a range of benefits which will become available if you chose to join our Loyalty Programme by opting into the Smart Shopper Terms & Conditions on the kiosk.
31.1. Benefits if you join
31.2. Smart Shopper profiles
31.3. How to earn and burn
The processes for earning loyalty points (“earn”) and spending points you have earned (“burn”) are simple:
31.4. Tyme Loyalty Awards
31.5. Card issues
32.1. The following terms and conditions (‘Channel Terms’) apply to the platforms (‘Channels’) that we use to provide products to you.
32.2. You need to agree to these Channel Terms before you can use any of our Channels. You cannot access our products without using one of our Channels.
32.3. If there is anything in these Channel Terms that you do not understand, please call us on 0860 999 119 as soon as possible to ask for more information. It is important that you do this before using our products.
33.1. We have different Channels that you can use to access our Accounts and Products, depending on the relationship you have with us:
34.1. You agree that you can only use our Channels to access our products and not for any other reason.
34.2. When you use our Channels, you agree that we can monitor how you use the Channels and what information you send through the Channels. We do this for security reasons to make sure that the Channels are not being used without permission, or to commit any crimes.
34.3. You agree that you may have problems using our Channels if you are outside South Africa and that we will not be responsible to you if you cannot access our products for this reason.
35.1. When you use our Channels, you agree not to do any of the following things:
36.1. If you end our Agreement, you will lose the right to use our Channels. We recommend that you download and save all information saved on any of our Channels before ending our Agreement or deleting any of our Channels from your devices.
37.1. You agree that we may sometimes update or change any of our Channels or the way they work for any of the following reasons:
37.2. If we have enough time, we will let you know about these updates or changes before they happen.
37.3. You agree that some updates to our Channels will be compulsory and that you may not be able to access your accounts if you are using an old version of one of our Channels. We will tell you about any compulsory updates.
37.4. You agree that we may discontinue any of our Channels. We will give you reasonable notice before discontinuing any of our Channels.
38.1. We use technical and security measures to make sure that our Channels are secure and virus-free, and to protect your data from unauthorised access and use. This includes any information that you provide via our Customer Call Centre.
38.2. We recommend that you set up security and install anti-virus software on all devices that you use to access any of our Channels.
38.3. You agree that we cannot guarantee the security of any data you send using any of our Channels and you accept the risk of sending us this information.
38.4. You agree that we cannot guarantee that our Channels are virus free and you accept the risk of using our Channels on any of your devices.
39.1. You are responsible for keeping your login information, passwords, and PINs (‘access details’) and your devices safe, and we recommend that you take the following steps to increase their safety:
39.2. We will never ask you to tell us your access details and you agree to keep this information safe and not share it with anyone.
39.3. If you believe any of your access details have been lost or stolen, or you believe someone else has accessed your Accounts, you must tell us as soon as possible.
39.4. If anyone else uses your details without your permission to access your Accounts, we will assume that it was you, and you agree that we will not be liable to you for any loss or damage you may suffer in this situation.
39.5. If you give your access details to any third parties, including other apps or websites, your details could easily be stolen, and you agree that we will not be liable to you for any loss or damage you may suffer in this situation.
40.1. We or our licensors are the owners of all intellectual property in the Channels and their content. You may not use or reproduce any of this intellectual property without first getting our written permission.
40.2. You agree that we have an irrevocable, transferable, worldwide, royalty free, and non-exclusive licence to use and store any content that you provide or upload onto any of our Channels when you use our Channels to access our Products.
41.1. We will try to make sure that the information displayed on our Channels is correct and up-to-date, but you agree that this will not always be possible and that we will not be liable to you for any loss or damage you may suffer in this situation.
41.2. You agree that none of the information displayed or communicated to you through our Channels amounts to investment advice from us, or an offer from us to do business with you.
The SmartApp is the Channel that you can use to access our products without any help from us.
42.1. We may use the SmartApp to collect indirect information from you. We may also use it to provide other products to you from third parties.
42.2. When you download and use the SmartApp, you agree that we may collect indirect information from you so that we can customise your experience.
42.3. When you register with us, we will collect the following security information from you, which together will make up your ID for the purposes of the SmartApp. This ID will provide us with a secure way of checking your identity each time you log onto the SmartApp, or any other relevant Channel.
42.4. This information that forms your ID is:
42.5. We grant you a license to use the SmartApp provided that you comply with these Channel Terms.
42.6. When you download and/or use the SmartApp, we will have access to your Internet Protocol (IP) address.
42.7. When you use the relevant Channels on your mobile device, it will use your device’s data connection, you will need to carry the cost.
42.8. The SmartApp may need to access the camera and microphone on your device. It may also use your gallery, contacts, location information, and data available through other sensors. This will be for risk assessments, customisation or the provision of specific services.
42.9. You will be asked for permission before the SmartApp accesses any function or information on your device. You may choose not to grant permission, but this may limit the features and benefits available as a result.
42.10. To make sure that we offer you the best possible user experience, we will record events within the relevant Channel, including time spent on a page, time to complete processes, how you use the SmartApp and if relevant, how you use your device. This may also include the use of location data, connectivity type and technical device data. We do this to help with any problems we may encounter and to monitor our Channel usage and make improvements.
42.11. By using the SmartApp, you allow us to collect and use technical information about your device and related software, hardware and peripherals for services that are Internet based or wireless. This will allow us to improve our products.
This Channel allows you to access different products and perform a variety of functions.
43.1. You may access Internet Banking off any device, as long as it has a safe internet connection.
43.2. You will need to log in with your login password. You are responsible for keeping this password safe, and you are responsible for making sure that the device that you use to access our Internet Banking is safe and secure.
43.3. We may accept that any instruction that we receive on our Internet Banking Channel in relation to your account is an instruction that you have performed. We will not be held liable if these instructions were not in fact sent by you.
43.4. We may monitor your use of our Internet Banking and collect data from your use of this Channel.
43.5. We will try our best to make sure that all of information displayed on our Internet Banking Channel is correct, however we cannot guarantee that it always will be.
You can find our Kiosks in PnP and Boxer stores and you can use them to apply for products.
44.1. Before we will accept you as a client and before you may make use of our products, you will need to set up a login PIN and/or password, if you don’t already have one.
44.2. Once we have checked who you are, you agree that any instruction that is made in your name, is an instruction from you. You cannot hold us liable for acting in terms of an instruction that is made in your name, if it later turns out that it was not you.
Our Customer Service Centre is there for you to ask us any questions, or if you want to complain about us or any of our employees or Ambassadors.
45.1. You agree that all calls to our Customer Service Centre may be recorded. These recordings will be destroyed after 5 years unless the law forces us to destroy them sooner.
45.2. We will do our best to keep these recordings secure and confidential. You agree that you will not hold us liable if for any reason the recordings are accessed by an unauthorised person.
45.3. Before speaking to any of our Customer Service Centre operators, you might need to answer some questions. This is just to make sure that we are speaking to the right person.
45.4. Customer Service Centre operators will explain to you how to use our products, but they will never give you financial advice. You agree that no information or help you get from a Customer Service Centre operator will be viewed as financial advice.
45.5. You agree to treat our Customer Service Centre operators with respect and dignity. If you say anything to our Ambassadors that is abusive, racist, or likely to incite harm, we can report you and we may decide to end our Agreement with you.
45.6. The Customer Service Centre is available at the following times:
Our website is the best place for you to visit to find information about our products, our help and complaints procedures, and all our terms and conditions.
46.1. We may also advertise different products on our website, and some of these may be offered to you by different service providers. You agree that you may not hold us liable in any way for any product or service you purchase from a third party as a result of the adverts on our website.
46.3. When you use our website, you agree that we can store your IP address and use this information to improve our services to you.
46.4. You agree that nothing on our website should be viewed as investment advice.
47.1. This Channel is not provided by the bank – we do not own or control the Tills.
47.2. You can use the Tills to deposit and withdraw cash, and to earn PnP Smart Shopper loyalty points.
47.3. When you use your debit card at any Till, you will earn Smart Shopper points.
47.4. If you have any questions or complaints about the Tills, you must call PnP or Boxer directly on 0800 11 22 88.
You will see that we have Ambassadors available at our Kiosks to help you access our Products.
48.1. An Ambassador will never ask you for your access details and you must never share your access details with them.
48.2. Ambassadors will explain to you how to use our Kiosks, but they will never give you financial advice. You agree that no information or help you get from an Ambassador will be viewed as financial advice.
48.3. You agree that you may not hold us, or any of our Ambassadors, liable for any harm or loss you suffer as a result of any or all of the help they provide to you.
48.4. You agree to treat our Ambassadors with respect and dignity. If you say anything to our Ambassadors that is abusive, racist, or likely to incite harm, we can report you and we may decide to end our Agreement with you.
49.1. International transactions are subject to, amongst others, Exchange Control Regulations. If your account, and the transactions, do not fully comply with all applicable regulations and include all the information and documentation requested, the transactions will not be processed, and your card may be blocked if information or documentation is missing. By accepting these terms and conditions you agree to adhere to the Exchange Control Regulations or any similar laws that apply from time to time and that you will comply with all applicable Exchange Control requirements.
49.2. Transactions within Lesotho, Namibia and Swaziland are not seen as international transactions and are treated as transactions within South Africa.
49.3. When you make an international payment there are two steps to the transaction. In the first step, the international merchant checks if funds are available in your account, the authorisation, and Rand equivalent of the transaction is withdrawn from your account. In the second step, the merchant then groups the authorised transactions to be processed in a batch, the settlement. There may be a delay by the merchant between the authorisation and the processing of the transaction, this may result in a higher, or lower amount, between the amount authorised and the transaction amount, because of changes in the exchange rate. You may see this difference as a second transaction in your account You are responsible for these exchange rate differences.
49.4. All transactions in a foreign currency will be charged a conversion fee of 2% of the value of the transaction at settlement.
49.5. You may not use your account to purchase lottery tickets or gambling activities of any kind internationally, as doing so would be contravening the Lotteries Act (Act No. 57 of 1997, as amended) and the National Gambling Act (Act No. 7 of 2004 as amended). This includes buying a lottery ticket or participating in the gambling activity directly, or funding the activity indirectly through a wallet, virtual account, or other store of value.
49.6. If funds are transferred to your account from an international source, we will not be able to process the transaction until all required information and documentation is provided.
50.1. There is an annual regulatory limit of R 1 million for South African citizens and permanent residents above the age of 18 years, and R 200,000 if you are below 18 years old.
50.2. These limits are combined across financial institutions. We may not process any transactions where your limit has been reached, regardless of whether the limit was reached at another financial institution, unless you have an authorisation from the South African Reserve Bank. You are liable to manage these limits.