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 contractual 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 contractual relationship with us.
1.3. We will send you a copy of this Agreement to the email address you give us during your Application. This 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.
21.1. The following terms and conditions (‘Banking Terms’) apply to the banking Products we provide to you.
21.2. You need to agree to these Banking Terms before you can use any of our banking Accounts or Products.
21.3. 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.
34.1 The following terms and conditions (‘Channel Terms’) apply to the platforms (‘Channels’) that we use to provide products to you.
34.2 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.
34.3 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.
International Products and Transactions
51.1. 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.
51.2. Transactions within Lesotho, Namibia and Swaziland are not seen as international transactions and are treated as transactions within South Africa.
51.3. 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.
51.4. All transactions conducted with a foreign based merchants (whether in foreign currency or in South African Rand) will be charged a conversion fee of 2% of the value of the transaction at settlement.
51.5. 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.
51.6. 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.
51.7. You may not use your account, directly or indirectly, for trading in foreign currency, cryptocurrency, or for funding foreign currency trading or cryptocurrency accounts, unless approved by the Reserve Bank.
53.1 This feature is available on all active EveryDay accounts. All qualifying EarlyPay transactions will be credited a day earlier.
53.2 EarlyPay only applies to transactions where the sender’s bank, and account, use the type of Electronic Fund Transfer that is processed on one day, and credited to the recipient’s account on a later date. This applies to most salary and scheduled payments.
53.3 EarlyPay does not apply if the sender’s bank, or account, use the type of Electronic Fund Transfer that is processed and credited to the recipient’s account on the same day.
53.4 An Electronic Fund Transfer from a TymeBank account is processed within the same day if it’s sent before 15:00 on a business day.
53.5 Qualifying EarlyPay transactions will be credited to the recipient’s account between 16:00 and 19:00 the day before its payment action date. We wait until 16:00 to allow for any corrections to be made to payments.
GoalSave Salary Kicker
54.1 In order to qualify for the benefit your salary must be paid into your TymeBank EveryDay account or TymeBank Business EveryDay account.
54.2 The GoalSave Salary Kicker will result in an increase in the effective interest rate earned over the life of the GoalSave account. The value of the GoalSave Salary Kicker may be adjusted from time to time.
54.3 The GoalSave Salary Kicker is only applied to withdrawals that qualify for the GoalSave Bonus. The GoalSave Bonus is applicable when the “payout with a 10-day notice period” option is selected when making a GoalSave payout.
54.4 The GoalSave Salary Kicker is effective for the calendar month following the month in which your salary has been paid into your TymeBank EveryDay account.
54.5 This promotion will run from 1 October 2020 to 30 June 2021; this may be extended at TymeBank’s discretion.
55.1 There are no fees, charges or interest for using MoreTyme and making your payments when they are due. However, if you miss a payment, the amount due will be your purchase amount, plus 65 Rand.
55.2 We will run credit checks when deciding if you qualify for MoreTyme, and when you use MoreTyme. We have the right to raise, reduce or remove your MoreTyme limit at any time.
55.3 Your MoreTyme limit may increase or decrease depending on your credit profile and other behaviours including, how you use your TymeBank account, GoalSave and products and services from our partners. Information regarding the MoreTyme limit will be available on your MoreTyme profile.
55.4 The MoreTyme limit shown on your profile is only an indication of the amount available to you. At the time you make a MoreTyme purchase we check your credit profile, financial behaviour, and account balance to determine how much you may spend. The MoreTyme limit available at the time you make a purchase may be different from the amount shown on your profile.
55.5 Once you initiate a MoreTyme purchase 1/3 (one-third) of the purchase amount will be deducted from your EveryDay account on the day of purchase. The remaining amount will be deducted in equal instalments, as specified on your MoreTyme profile (on or around day 30 and 60 after the purchase date).
55.6 If your MoreTyme balance is not enough to pay for a purchase, you may pay the difference, using your TymeBank account or cash, directly to the Retailer, if partial payment is allowed for the purchase.
55.7 You are always responsible for the MoreTyme purchase amount, even where the initial payment may not be immediately deducted, in which case the funds will either be deducted from your EveryDay account as soon as funds are available or added as additional MoreTyme instalments.
55.8 You authorise TymeBank to deduct the instalment amounts due from your EveryDay account. The date and amount of your payments is specified on your MoreTyme profile.
55.9 If you do not have enough funds in your EveryDay account for your MoreTyme repayments, you unconditionally and irrevocably authorise TymeBank to debit the MoreTyme repayment amount to any active debit or credit card linked to your profile. You will be liable for all fees associated with the MoreTyme repayment being charged to your debit or credit card.
55.10 TymeBank accepts no liability for any loss or damage that may occur because of the use of MoreTyme or the purchases, responsibility for purchases remains between you and the Retailer. We do not offer any warranty or guarantee regarding the Retailer, their goods or services.
55.11 Any non-delivery of goods or services, faults, defects, returns or refunds must be resolved directly with the Retailer and TymeBank accepts no liability in this regard. By using MoreTyme, you agree that we will never be liable for the reimbursement of a MoreTyme transaction to you for any reason, including in the event of non-delivery of goods and services due to it no longer being in business or for any other reason.
55.12 You must protect your accounts, passwords and PINs. We will assume that any purchases from your MoreTyme profile were made by you and you will be liable for the instalments and all amounts due.
55.13 If you miss a payment:
- The additional 65 Rand added your purchase for late payment will be charged;
- there will be interest of 2% per month on the amount in arrears;
- your purchase will become an incidental credit agreement;
- you authorise TymeBank to deduct the amount due, or the portion available, the next time funds are paid into your EveryDay account;
- you also authorise TymeBank to deduct the amount due from your EveryDay Account, through a debit order, on the date your income is paid into your account. If your income date is on a weekend or public holiday, you authorise us to debit your account the previous business day. If no funds are available, your account will be tracked, and the debit order will be processed the next time funds are available in your EveryDay account.
- the amounts due will be specified on your MoreTyme profile; and
- we may take action to recover the amounts due, this will negatively impact your credit profile.
55.14 If you miss a payment, any of your TymeBank products are not in good standing, or you no longer meet the eligibility criteria indicated on your MoreTyme profile, your MoreTyme limit may be suspended or terminated.
55.15 Any legal notices and documents will be sent by email. Where required, statements will be available on your MoreTyme profile. The statements relate to your MoreTyme profile, not your purchases with a Retailer.
55.16 If we decide to be less strict in how we apply these Terms, or delay charging fees or interest for late payments it does not mean the payment is excused or that we waive our rights to claim all amounts that are due. All rights are reserved.
57.1 These TymeAdvance Terms and Conditions are applicable when you make use of TymeAdvance and form part of the General Terms and Conditions that can be viewed on our website (www.TymeBank.co.za).
57.2 BY USING THE TYMEADVANCE PRODUCT YOU CONFIRM THAT YOU UNDERSTAND AND ACCEPT THE TERMS.
57.3 In order to use TymeAdvance:
- you undertake to cede your rights, title, and interest in and to your salary to us, equal to the amount advanced by us to you and you warrant that you have not ceded your salary to a third party; and
- you consent to your Personal Information being shared with our third-party service provider as set out in our Privacy Notice available on our website (www.TymeBank.co.za).
57.4 TymeAdvance allows you to access an early disbursement of a portion of your Accrued Salary as advised by us at the time of application.
57.5 We will pay the disbursement into your Transactional Bank Account within 30 minutes after we approved your application.
57.6 On Payday, your Employer will pay us the portion of your salary that we disbursed, and the balance of your salary will be paid to you by your Employer.
57.7 The disbursements made will be reflected on your Transactional Bank Account statement.
57.8 Definitions applicable to the TymeAdvance Terms and Conditions:
- “Accrued Salary” means an amount of your salary that is calculated at a daily rate, in ratio to your net monthly salary, after each day worked in the month.
- “Ceded Rights” means your right, title and interest in and to the salary received under its Employment contract with the Employer equal to the value of the amount advanced to you under TymeAdvance.
- “Employer” means the person or company that has employed you to do work for a salary.
- “Payday” means the day stipulated in your employment contract on which you receive your salary.
- “TymeAdvance” means our product which allows a disbursement of a portion of your Accrued Salary prior to Payday, subject to the terms of the TymeAdvance Terms and Conditions.
- You hereby pledge, cede and transfer to and in favour of us the Ceded Rights and all your rights of action arising from the Ceded Rights in accordance with the terms and conditions of these TymeAdvance Terms and Conditions.
- We hereby accept the cession upon and subject to the terms of these TymeAdvance Terms and Conditions.
- These TymeAdvance Terms and Conditions will become effective from the date you use TymeAdvance (“Effective Date”) and will endure until all amounts owing to us have been collected.
- You agree, undertake and authorise that, as at the Effective Date, we will be entitled to collect any right, payment or other benefit relating to the Ceded Rights.
57.11 Warranties and Undertakings:
57.11.1 You warrant, represent, and undertake in favour of us that you:
- have not ceded your right, title and interest in and to the salary to a third party;
- are not under debt counselling in terms of the National Credit Act, No. 34 of 2005;
- will remain in the employ of your Employer until Payday;
- have not tendered your resignation, been dismissed or suspended;
- you are the legal and beneficial holder of the Ceded Rights, same are valid and enforceable in every respect and you are entitled to exercise the Ceded Rights;
- the Ceded Rights are not subject to any limitation regarding their transferability;
- you will not transfer, alienate or encumber, or attempt to transfer, alienate or encumber any of the Ceded Rights;
- no Ceded Rights or any portion thereof are the subject of any litigation, arbitration, complaint, allegation, or any other claim of whatever nature;
- all of Cedent’s obligations, liabilities, responsibilities and duties have been properly and professionally discharged, in a timely manner and at a minimum in accordance with the employee contract entered into between you and the Employer; and
- are not in breach of any of its obligations under its employee contract.
- In the event that any agreement contains a prohibition against the cession of any rights, you warrant and confirm that you have obtained all requisite waivers, consents and approvals as may be required to give effect to these TymeAdvance Terms and Conditions. Such waivers, consents and approvals have been obtained in writing, and furnished on us, where applicable.
- In the event that any of the Ceded Rights become the subject of any litigation, arbitration, complaint, allegation or any other claim (“the Claim”) of whatever nature, where the cause of action arose prior to the Effective Date, and notwithstanding that the Claim is only initiated after the Effective Date, you will be liable for and indemnifies us against all and any expenses, damages and legal costs incurred by us as a result of such Claim.
- You warrant that no third party has or will for the duration of this Cession have any greater right to acquire any of the Ceded Rights.
- You hereby indemnify us against all and any damages, claims, expenses, and/ or charges arising as a direct or indirect result of a breach of any of the warranties in this clause.
57.12 By using TymeAdvance, you agree to indemnify us fully from any losses and penalties that you may suffer, arising from any dispute between you and your Employer.
57.13 In addition to the rights contained in the general terms and conditions, you will be in breach of these TymeAdvance Terms and Conditions if you cede your right, title and interest in and to your salary to a third party.
The TFG-TYME Programme
We have partnered with the Foschini Retail Group (Pty) Ltd (“TFG”) to offer a range of banking, financial and loyalty reward products through TFG’s network of fashion and lifestyle retail outlets (“TFG-Tyme Programme Products”) which may be accessed through dedicated Kiosks located in any of TFG’s numerous retail stores (“TFG Store Kiosk”). The use of any TFG-Tyme Programme Product will be governed by the Product specific terms and conditions set out below. You must read the Product specific terms and conditions carefully to fully understand your rights and obligations applicable under your TFG-Tyme Programme Product.
58.1 TFG Money Card Terms and Conditions
58.1.1 The TFG Money Card a is TFG-branded debit card issued by us and linked to a TymeBank EveryDay Account.
58.1.2 You can use your TFG Money Card to shop online, swipe for purchases at retail stores or withdraw and top-up cash, subject to these terms and conditions.
58.1.3 Receiving your TFG Money Card: Subject to us accepting your application for a TFG Money Card (as submitted through a TFG Store Kiosk or another Channel), you will be issued with a Visa branded TFG Money contactless chip and PIN debit card at any TFG Store Kiosk. You will be required choose a personalized PIN before receiving you TFG Money Card. Please keep your chosen PIN safe and private at all times.
58.1.5 TFG Money 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.
58.1.6 If your TFG Money Card, 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).
58.1.7 You acknowledge and agree that the use of your TFG Money Card, the processing of any card transactions as well as the expiry, replacement and cancellation of your TFG Money Card will be subject to the same terms and conditions set out in the “Debit Card” section of this Agreement, unless indicated otherwise.
58.1.8 Cash Deposits and Withdrawals from your TFG Money Card: you can deposit money into your TFG Money Card by making a cash deposit at any PnP or Boxer till point with your TFG Money Card. You can withdraw money from your TFG Money Card by withdrawing cash at any PnP, Boxer till point or ATM with your TFG Money Card.
58.2 TFG Rewards Terms and Conditions
58.2.1 If you are 18 years or older, have an activated TFG Money Card, and have accepted the myTFGrewards Terms and Conditions on the TFG Store Kiosk, you are eligible to receive benefits and discount rewards as a member of the myTFGrewards Programme owned and managed by Foschini Retail Group (Pty) Ltd (“TFG”).
58.2.2 We may, at our discretion, include or exclude the TFG Money Card or any other Account or Product from participating in the myTFGrewards Programme at any time.
58.2.3 Should you cancel your TFG Money Card or should your relationship with us in terms of this Agreement be terminated for any reason, you will no longer be eligible to participate in the myTFGrewards Programme and your membership in the Programme will terminate immediately unless determined otherwise by TFG.
58.2.4 Any benefits or services provided to you as a member of the myTFGrewards Programme is provided solely by TFG in terms of a contractual relationship established directly between you and TFG. Accordingly, we will not be liable in any way whatsoever for any losses that you may suffer as a result of participating in the myTFGrewards Programme.
58.2.5 For more information on your rights and obligations as a member of the myTFGrewards Programme, please read the myTFGrewards Terms and Conditions available on TFG’s website.
These terms and conditions will apply to DebiCheck debit orders processed to your TymeBank account
59.1 What is DebiCheck?
59.1.1 DebiCheck is a specific type of debit order mandate that requires you to review and confirm the details of a debit order before it is processed and collected from your TymeBank account.
59.2 How does the DebiCheck process work?
59.2.1 When a new DebiCheck debit order is created on your TymeBank account, you will receive a notification to your cellphone or an SMS to your cellphone number informing you that a DebiCheck debit order has been initiated against your TymeBank account and that your approval or rejection of the debit order mandate is required (“DebiCheck Notification/SMS”).
59.2.2 When you receive a DebiCheck Notification/SMS, you will be able to review the DebiCheck debit order mandate. If you recognise the debit order mandate and the details of mandate are correct, you can approve the mandate. If you do not recognise the debit order mandate or the details are incorrect, you must reject the mandate and contact Us for further information.
59.2.3 You can approve or reject a DebiCheck debit order by following the instructions set out in the DebiCheck Notification/SMS you receive from us. You must approve or reject the DebiCheck debit order mandate within the time period indicated in the DebiCheck Notification/SMS.
59.2.4 Please read our DebiCheck FAQs available in the Help Centre for more information on how to review, accept or reject a DebiCheck debit order created on your TymeBank account.
59.3 Your Responsibilities
59.3.1 It is your responsibility to ensure that you only approve a DebiCheck debit order that you recognise. If you do not recognise the debit order, you must reject it and contact us for more information.
59.3.2 If you do recognise the DebiCheck debit order, you must carefully read the details of the debit order mandate and make sure that all the information provided is correct before you approve the DebiCheck debit order mandate.
59.3.3 If you approve the DebiCheck debit order mandate within the time period indicated in the DebiCheck Notification/SMS, we will process the DebiCheck debit order on your TymeBank Account.
59.3.4 If you fail to approve or reject the DebiCheck debit order mandate within the time period indicated in the DebiCheck Notification/SMS, the debit order may still be processed on your Tyme Bank account as a normal debit order and not in terms of the DebiCheck debit order payment process.
59.3.5 If you reject a valid DebiCheck debit order mandate, we will not process the debit order against your TymeBank account and this means that:
126.96.36.199 we will not deduct the debit order amount from your TymeBank account
188.8.131.52 the service provider/ third-party linked who created the DebiCheck debit order mandate will not receive any payment from us; and
184.108.40.206 you will be liable to the service provider/third-party for the unpaid amount or any loss incurred as a result.
59.3.6 Your approval of a DebiCheck debit order mandate (even if the debit order mandate is invalid or incorrect) will be regarded by us as permission for us to process the DebiCheck debit order on your TymeBank account and pay the debited amount to the service provider / third-party linked who created the DebiCheck debit order.
59.3.7 You will not hold us liable for any loss you may suffer as a result of us processing an invalid or incorrect debit order mandate that you have approved.
59.3.8 It is your responsibility to make sure that the cellphone handset model and cellphone number provided by you to us and recorded on your TymeBank profile is correct and up to date.
59.3.9 You will only be required to approve a DebiCheck debit order once unless there is a change to the details of the debit order mandate, in which case, you will be required to approve the amended DebiCheck debit order mandate
59.3.10 You can dispute payments made under an approved DebiCheck debit order for up to 12 (twelve) months after processing of the payment.