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28. Electronic Payments, Purchases, and Transfers

By TymeBank - 13 February, 2020

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 sufficient 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 - FridaySaturdaySunday and Public Holidays
15:0010:00Next 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 LimitsTransactionMaximum
Card purchases (card dip - domestic and international POS)R50 000R50 000
Card purchases (ecommerce – domestic and international)R25 000R25 000
Electronic payment transactionsR100 000R200 000
GoalSave aggregate contribution limitR100 000R100 000
Prepaid purchases R3 000 R3 000 
SendMoney transactions – to TymeBank customersR100 000R200 000
SendMoney transcations - Voucher R5 000R20 000
  • GoalSave is a savings product linked to your EveryDay Account that will help improve your financial wellbeing by:
    • Offering you financial incentives if you commit to investment goals, with extra rewards for longer term commitments and for disciplined goal management.
    • Removing barriers such as minimum balances, penalties, and fees; and allowing instant access to your funds.
    • Automating the process of saving.
    • Offering help in tracking savings goals and understanding progress.