#banking-glossary | 1 min read

English Banking Glossary

By TymeBank - 09 September, 2021

App onboarding
This is when you open a TymeBank account via the TymeBank app, which you would have downloaded from Google Play, the App Store or AppGallery. When you open an account using the TymeBank app, it is safe and secure as it uses facial recognition to prove that you are you.

TymeBank kiosks are small, temporary, stand-alone booths where you can open a TymeBank account, collect your free Visa debit card, upgrade your profile status and more. A TymeBank kiosk is not an ATM, so you cannot withdraw or deposit cash at the kiosk. However, you can withdraw cash for free at all Pick n Pay and Boxer tellers with your TymeBank card.

USSD stands for “unstructured supplementary service data”. It is a form of communications technology that delivers financial services to cell phones. When you dial a number that has * at the beginning and # at the end, you are using USSD.

An automated teller machine (ATM) is a machine that enables you to perform basic banking transactions, like drawing and depositing money, without having to go into a bank or being helped by a bank teller. You can use any bank’s ATM to withdraw money from your TymeBank account.

An electronic funds transfer (EFT) moves money from one account to another electronically over a computerised network. EFT transactions are also known as electronic banking or internet banking and can be done by logging in to your banking profile on either your computer or cellphone. To receive funds quicker, make EFT payments between 8am and 3pm on weekdays, excluding public holidays.

Saswitch is a switching system that enables you to use just about any ATM to withdraw or deposit cash, regardless of which bank you are registered with.

Direct deposit 
This type of deposit lets you pay employees electronically. After you’ve run payroll, you notify your direct deposit service provider of the amount to be deposited in each employee’s bank account, then the direct deposit service provider transfers that money to the employees’ accounts on payday.

Wire transfers 
Wire transfers are a fast way to send money. They are typically used for large, infrequent payments, as there’s a fee involved. You might use wire transfers to pay vendors, or make a large down payment on a building or equipment.

Smart Shopper points
These points are Pick n Pay loyalty points you can earn when you swipe and pay with your TymeBank debit card in any physical or online store. You can spend your Smart Shopper points at any Pick n Pay.

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