FAQs

Get all the answers to your frequently asked questions about African Bank products


Experian breach of personal information

What happened?

Experian - a consumer, business and credit information services agency – has experienced a breach of data affecting bank customers, among others, including personal information for as many as 24 million South Africans.

Was my personal information compromised?

For your own safety, consider your information to have been compromised and closely monitor your accounts for any suspicious behavior. As an African Bank customer, you can call 0861 111 011 and select option 9 to find out if your name was on the list.

What does this mean for me?

The compromise of personal information can create opportunities for criminals to impersonate you but does not guarantee nor provide access to your banking profile or accounts. However, criminals can use this information to trick you into disclosing your confidential banking details (Username, PIN, Password, OTP and card details).

What can I do?

• Never disclose usernames, passwords, PINs or One Time Pins (OTPs) when asked to do so by anyone via telephone, fax, text messages or even email, no matter how believable they are. • Change your passwords regularly and never share them with anyone. • Verify all requests for personal information.

What is African Bank doing about personal information?

South African banks, including African Bank, take the security of their customer data very seriously and have put in place robust risk mitigation strategies to detect potential fraud on accounts and protect customers’ personal information.

What can I do to protect myself?

Should you suspect that your identity has been compromised, apply immediately for a free Protective Registration listing with the Southern African Fraud Prevention Services (SAFPS). This service alerts SAFPS members, which includes banks and credit providers, that your identity has been compromised and that additional care needs to be taken to confirm that they are transacting with the legitimate identity holder. Consumers wanting to apply for a Protective Registration can email SAFPS at [email protected].

What if I suspect any fraudulent activities on my account?

Contact your bank/s and credit service providers immediately and report the matter for your own protection.

African Bank Credit Cards

HOW TO STOP A CARD?

You can either permanently stop your card or temporarily place your card on hold.

For a lost, stolen or damaged card, permanent cancellation of the card is required and a new card must be issued at your nearest branch.

A card can be permanently stopped or placed on hold by visiting you nearest African Bank branch, through logging into the African Bank App, Website or dialling the call centre 0861 000 555 /+27 11 256 9988.

For misplaced cards, a temporarily on hold status will apply, this will enable the customer’s card to be re-activated.

WHEN CAN I APPLY FOR A NEW CREDIT CARD?

If you do not have an African Bank credit card, you can apply in any of the following ways:

Online on www.africanbank.co.za, using our African Bank App, dialling our call centre on 0860 333 004 or by visiting any of our African Bank branches.  

WHAT HAPPENS IF MY CREDIT CARD APPLICATION IS SUCCESSFUL?

Visit your nearest African Bank branch to get a printed embossed Credit card. Once your Credit Card is activated, you will receive an SMS notification that your card can be used to perform transactions.

HOW DO I ACTIVATE MY AFRICAN BANK CREDIT CARD?

You can activate your credit card at any African Bank Branch, on the African Bank Website (www.africanbank.co.za), and log in to your Internet Banking profile or on your phone using the African Bank App.

When visiting an African Bank branch please ensure that you have your South African Identity Document and your Credit Card to confirm details.

You will be notified via SMS when you can start using your Credit Card.

HOW IS MY INSTALMENT CALCULATED?

This is dependent on the product selected therefore your instalment is either calculated as a % of your balance used or as a % of your credit limit.

HOW AND WHEN DO I MAKE CREDIT CARD REPAYMENTS?

 Your repayment is due on the first day of every month and payable on your salary date.

See easy ways to pay

WHAT ARE MY TRANSACTION LIMITS AND CAN I CHANGE THEM?

The amount you can use depends on your available balance and your personalised transaction limits.

 

Default Limits

Minimum Limits    

Maximum Limits

Cash (POS and ATM withdrawal) 

R6000

R0

R10 000

POS ‘Swiping’

R100 000

R0

R100 000

CNP (Card not present/ Online)

R10 000

R0

R50 000

 

        These transaction limits can be maintained using the African Bank App or on the web (Internet Banking).

         Different banks may assign different withdrawal limits for specific ATMs.

         If you have any problems using your Credit Card, please call us on 0861111011.

CAN I INCREASE MY CREDIT LIMIT?

Yes, by visiting your nearest African Bank branch, via the African Bank App, on the African Bank Website or by dialling 0861111011.

HOW DO I GET AN AUTOMATIC CREDIT CARD LIMIT INCREASE?

If you elected for an automatic limit increase upon application, your limit will increase one year after the last increase, should you qualify.

You may elect to have an auto limit increase upon replacement of your card.

Where automatic limit increase was not selected upon application, you may dial 0861111011 for a consultant to assist you.

CAN I DECREASE MY CREDIT LIMIT?

You can request to reduce your limit to a level that you are more comfortable with by dialling 0861111011.

AM I LIABLE FOR TRANSACTIONS ON MY CREDIT CARD?

Yes, you are liable for any transaction that was authorised.

African Bank will authorise two types of transactions:

  1. Card Present – A transaction where the card is physically presented and is authorised with your PIN where a PIN pad is present or you are prompted for a PIN (think of ATM withdrawals and POS transactions).

 

  1. Card Not Present – A transaction where there is no card and is authorised by capturing the Card Number, Expiry Date, CVV (last 3 digits at the back of the card), and an OTP (One Time PIN) sent to your mobile phone where prompted to do so.

 

The bank takes great care in ensuring that customers are able to transact safely with as little hassle as possible. This is why it is very important not to share your Card, ATM PIN or Card details with anyone.

WHAT ARE RESERVED TRANSACTIONS? (PUT-ON-HOLD AMOUNTS)

If we set aside or put-on-hold an amount, the available balance for your account will be reduced by the transaction amount.  

Funds are reserved immediately upon authorisation of the transaction, when

  1. The amount is only an estimate and may not be equal to the actual transaction. Examples of this is car rentals and hotel bookings
  2. A transaction was approved and successfully processed which reserved the funds but the merchant has not requested the bank for a settlement. The moment the transaction is presented for settlement the reserved amount will clear and the actual transaction processed to the account.

CAN I REVERSE A TRANSACTION ONCE IT HAS BEEN MADE?

No, a successful transaction cannot be reversed, however a dispute may be logged by visiting your nearest branch or by dialling 0861111011.

Once the investigation of the dispute has been concluded, the transaction might be reversed depending on the outcome of the investigation.

AM I ABLE TO CHANGE MY CREDIT CARD PIN?

Yes, you can change your PIN if you know what your PIN number is by visiting your nearest African Bank branch, in the African Bank App or on our African Bank website.

https://www.africanbank.co.za/en/home/

CAN I RESET MY PIN IF I CAN NOT REMEMBER IT?

Yes, by visiting your nearest African Bank branch with your Credit Card and Personal Identification.

DO I EARN INTEREST ON MY POSITIVE BALANCE?

You can earn interest on a positive balance. Most of our credit card products offer an interest rate of between 2% - 3% interest on a positive balance.

AM I ABLE TO TRANSFER FUNDS FROM MY CREDIT CARD TO MYWORLD ACCOUNT?

Yes you can transfer funds from your African Bank Credit card to your African Bank MyWorld, Power Pocket or Savings Pocket.

CAN DEBIT ORDERS BE PROCESSED FROM MY CREDIT CARD ACCOUNT?

No, debit orders cannot be processed against your African Bank credit card account.

IS MY CARD ENABLED FOR INTERNATIONAL TRANSACTIONS?

If you have a blue card (card number starts with 421457) you won’t be able to do any transactions abroad, however all our other cards are enabled for international transactions.

MyWORLD Campaign

How does the rewards campaign work?

The campaign rewards customers who swipe their MyWORLD primary account card 10 times in the month. If a customer meets the target of 10 swipes they will receive a reward.

What do I need to do to receive a reward?

The campaign rewards customers who swipe their MyWORLD primary account card 10 times  in the month. If a customer meets the target of 10 swipes in a month they will receive a reward.

Will an existing customer who already swipe 10 times before the campaign starts be excluded?

No, all customers who swipe 10 times in the month that the campaign is active will receive a reward of their choice.

What reward will I receive?

Once a customer meets their target on their MyWORLD Primary account the can choose from one of three rewards. The rewards that are available are:

  1. 1 Gig of Data
  2. Fee Rebate on MyWORLD Primary account
  3. R150 Grocery Voucher

How do I redeem my reward?

To redeem your reward, a sms will be sent to your mobile number with a unique code and instructions on how to redeem your reward.

How many times can I get a reward?

Each customer is entitled to one reward every month if they meet their target of 10 swipes every month. An example:

Month 1 – If a customer swipes 10 times or more, then the reward is activated

Month 2 – If a customer swipes 10 times or more, then the reward is activated

Month 3 – If a customer swipes 8 times, then the no reward is activated

When do I receive my reward?

Customers can access their rewards in the month following the month that 10 swipe target is met.

How long is the reward valid for before it expires?

Rewards that are not redeemed after 30 days of qualifying will expire.

All rewards redeemed are valid for 30 days from redemption.

Where can I use my grocery voucher?

Shoprite and Checkers.

What network is the 1 gig of data on?

Vodacom

MTN

Cell C

Telkom

What is the duration of the campaign?

This is a 3 month campaign with African Bank having the right to extend or terminate the campaign at any time

Can a customer give their reward to a third party?

No, customers cannot give their reward to a third party.

How do we deal with a customer who calls the call centre with any rewards related query?

  1. Rebate queries – The MyWORLD customer service centre will have necessary information to assist the customer.
  2. Data and Grocery queries - The MyWORLD customer service centre will provide the customer with third party contact details

How do we deal with a customer who walks into a branch with any rewards related query?

The sales consultant will provide the The MyWORLD customer service centre number to the customer

Where will the campaign terms and conditions be published?

The promotional terms and conditions will be published on the closed usage MyWORLD campaign page on the website.

Will there be campaign information on the African Bank website?

There will be a closed usage MyWORLD campaign page on the website.

Where do I get further assistance?

For reward redemption please contact TLC Marketing via one of the following channels:

Phone: 0116767768

Monday to Friday 08:30 to 16:30

Email: [email protected]

 

For any other queries relating to the campaign contact 0861 123 456

Pay@

How do I deposit money into my MyWORLD Account or Pocket?

Use your Pay@ reference number which appears on your account statement to deposit money into your MyWORLD or Pocket accounts.

Which Retailers can I use for Pay@ Deposits

PEP, Shoprite, Checkers, Ackermans, Game, Builders Warehouse, Dion Wired, Makro, Jumbo, Cambridge Food, Rhino Cash and Carry.

 

What is my Pay@ reference number

Your Pay@ reference number is 11654 followed by the 11 digit account number you wish to deposit money into.

How much can I deposit at a time?

Cash deposit amounts are retailer dependant, up to a maximum transaction value of R3000

What are the fees for Pay@

A low cash deposit fee of R5 for any deposit up to R1000, OR pay just 1.75% of the total value of any deposit over  R1000. For any payments made by card, the fee is 2.75% of the   total value.

When will the money be available in my account?

All payments made using Pay@ will reflect on your account on the next business day.

Investments

How can I open an African Bank Investment account?

  • Account can be opened online
  • Through our Investment Contact Centre at 0860 49 49 40
  • At your nearest African Bank Branch

I want to open an investment account, but how safe is my capital?

In South Africa, the general trend for retail deposits is that there is no guarantee against bank related risks.

The guarantee is generally for market related risks such as the interest rates.

Many financial institutions refer to guarantee of capital, however after reading the fine print of these terms and conditions, you will note that African Bank has the same guarantee as the other Banks.

What documentation do I need to open an investment account?

You should provide your ID document. You also need to have a South African bank account in your name.

I want an investment but do not have a bank account at this time?

In order to open an investment account, you will need a South African Bank account in your name to complete the application. Also, in order for interest payments, withdrawals and payment on maturity to be processed successfully.

Can an investment account be opened in the name of a minor?

The parent or guardian of the minor can open an account, however, the ID of both the minor and parent/guardian needs to be submitted. Biometric authentication for the parent/guardian will also apply.

Can I open an investment account in the name of someone else?

In order to do this, you need to be in possession of an original Power of Attorney document. You will also need to provide your ID, as well as the ID of the person you are opening account for. Kindly note the account will be opened in the name of the customer and the customer’s banking details will be used for the application.

How do I know which African Bank investment suits me best?

African Bank offers SA's Best Investment Rate on our 4 Savings and Investments products, being Fixed Deposit, Notice Deposit, Access Accumulator and Tax-Free Account. We cannot recommend any specific one as it really depends on what you as a consumer is looking for and only a financial advisor would be able to give advice on financial matters. Check them all out online here: http://bit.ly/316K2Jm Calculator is also available for each product to give you an indication of how much you can earn.

Is the interest rate on my investment determined by the amount I invest?

The interest rate you earn, is determined by the product you invest in and not the amount. Interest rate is also dependant on the term.

What does NACM interest rate refer to?

Nominal Annual Compounded Monthly. This is the actual interest earned over a month period. So if you withdraw your interest every month, this is the rate that will be applied to the capital to work out the monthly interest payable.

What does NACA interest rate refer to?

Nominal Annual Compounded Annually. This refers to the annual effective interest rate at which your capital will grow if you don’t withdraw the interest earned every month.

What does Expiry Rate refer to?

This refers to the rate that is applied to your capital to calculate the interest earned if you do not withdraw any of the interest until the date of maturity. This is a simple interest rate.

What does Simple Interest refer to?

This is a method of calculating interest where you apply the rate only to the principal amount invested.            

Can the rate change on my investment?

Fixed deposit: The interest rate is fixed for the term and will not change for the duration of the term.

Notice deposits: The interest rate is variable and can change during the lifetime of the investment, should there be any market related changes.

Tax Free Deposit: Your interest rate will not decrease below your starting rate during the first year. You will benefit from any increases in the interest rate. On anniversary date, the relevant interest rate at this time will be applicable.

How can I fund my investment?

  • Electronic transfer using your investment account as reference
  • Card payment in the branch
  • Scheduled debit order
  • Selected number of branches also accept cash payments

Minimum amount required as per below:

  • Fixed Deposits, Notice Deposits and Access Accumulator:  R 500
  • Tax Free Deposit:  R 50

Can an investment be funded with a cheque?

As an industry standard, cheques are no longer accepted as method of payment.

How much time do I have to fund my account after I completed the application?

You have 40 days from the day your application is completed to fund your investment account before it is closed, but it is always best to arrange for funding as soon as possible.

How often can I fund my Fixed Deposit?

Fixed Deposits are designed to offer you a once off investment for a fixed deposit at a fixed term. After the first day of funding, this account allows you another 7 days to add funds should you wish to.

Can I fund my notice deposit continuously?

There is no limit to the number of times you can fund your notice deposit. You can schedule a monthly payment for this account and add funds at any time should you have additional funds to invest in this account.

What happens when I do an additional payment for my Fixed Deposit after the first 7 days after funding?

Funds will not be allocated to the existing Fixed Deposit if funds are paid after the 7 day period from first funding, so please do not do this. You can opt to have it invested in a separate fixed deposit or choose a different account to invest in.

Can I withdraw funds that I have funded via a debit order?

Debit orders are subject to a 40 day clearing period. This is due to a PASA (Payments Association of South Africa) rule. Although you earn interest from the day debit order funds are received, these funds can only be accessed after the clearing period. Due to this funds funded via debit will not be available while these funds are still within the clearing period.

What happens when my Fixed Deposit reaches maturity date?

You have the choice to re-invest funds for the same term, or you can open a different investment account to invest funds. Should you wish not to re-invest funds, these will be paid out to your bank account on maturity date.

Does the Notice Deposit have a maturity date?

A notice deposit has no maturity date. You can access funds by placing a notice on the account. If you place closure notice to withdraw all funds, account will be closed after the funds are paid to your bank account.

How do I change or cancel a debit order on my investment account?

Debit orders for investment accounts can be loaded, changed or cancelled online, or you can also contact our investment team on 0860 49 49 40, should you need assistance in this regard.

What do I do if I do not receive interest or investment pay out on the required date?

You can visit your nearest branch or contact our investment team on 0860 49 49 40 to verify the status of the payment.

Can the parent or guardian place notice on a minor’s account?

If the parent or guardian opened this account with his/her biometrics, this person will also be able to place notice on the account. However funds will only be paid to the bank account of the minor.

How long does it take for funds paid out from investment to reflect in my bank account?

Investment payments are done through the EFT platform and are subject to the Bankserv interbank clearing process. Funds can take up to 72 hours to reflect in your bank account, however if you have an African Bank My World account, funds will be available on the pay out date.

How do I contact African Bank regarding my investment? Use any of the

  • Visit your nearest African Bank branch. Find your nearest branch here
  • Contact the investment contact centre at 0860 49 49 40
  • Submit a call back request on our website
  • SMS Invest to 30963

Is there a complaints and compliments process?

All compliments and complaints should be directed to the Branch or the Investments Call Centre at 0860 49 49 40. All complaints will be addressed by the African Bank Complaints Department. If there is no resolution on the matter, then the Ombudsman for Banking Services can be contacted at 0860 800 900.

What happens in the case a deceased estate investment account?

The executor of the deceased estate late account should contact African bank with the required documentation. African Bank will then carry out the instruction as per the letter of executorship.

DebiCheck

What is DebiCheck?

DebiCheck is the name for a specific type of debit order. A DebiCheck debit order is one that you confirm, electronically on a once-off basis (at the start of your contract). Its purpose is for you to confirm the details of the debit order with your bank before it is processed to your bank account. 

Who made this decision and why?

During the last couple of years debit order abuse has increased. On the one hand, there has been an increase in the number of debit orders being processed to consumers’ bank accounts without their consent. On the other hand, consumers have increasingly been disputing debit orders which they actually have agreed to, mostly to manage their cash flow. For these reasons, the South African Reserve Bank (SARB) decided to review the debit order landscape and during 2013 instructed the Payments Association (PASA) and the banks to address these issues. DebiCheck aims to address both of these issues by introducing electronic consumer confirmation for all DebiCheck debit orders. 

What is the difference between DebiCheck debit orders and other debit orders?

DebiCheck debit orders are debit orders that you will confirm, electronically and on a once off basis. Its purpose is for you to confirm the details of the debit order with your bank before it is processed to your account. Other debit orders are not confirmed electronically, although you still need to have a valid mandate in place. 

What does ‘electronically confirm’ mean?

To electronically confirm your debit order means that you confirm the details of your debit order on an electronic device such as your cellphone, your bank app, your personal computer or perhaps an ATM. Your bank will let you know which options are available for you to use. 

Why the need to electronically confirm debit orders?

It ensures that you are in control of and aware of debit orders being processed to your bank account. Additionally, it provides the company that you are dealing with, with the comfort of knowing that you have acknowledged and are aware of these debits orders. It also allows your bank to record the debit order information and to check the information before they process the debit order to your account. 

Why is this important for me as a consumer?

DebiCheck puts you in control of the debit orders that you are able to confirm. You will have the comfort of knowing that DebiCheck debit orders must be processed within the agreed conditions that you have confirmed. 

How is DebiCheck different from what we have now?

DebiCheck allows you to confirm the debit order information with your bank, at the start of the contract. This means that your bank will now have a record of all DebiCheck debit orders and will be able to verify the information before the debit order is processed to your account. Currently, banks do not have record of your debit orders and therefore cannot verify that the debit order information is correct before they process your debit order. 

How will this new system and its related processes affect me?

DebiCheck will require an additional action from you – electronically confirming the debit order information with your bank. In many instances, your cellphone will be used for this confirmation, in which case you will need to make sure that your bank has your correct cellphone number. This is very important! 

How often will I need to confirm my DebiCheck debit order?

You will only need to confirm your debit order information at the start of the contract. However, if the debit order information that you confirmed changes, your bank will ask you to confirm the new information. 

What do I need to do as a consumer?

For existing debit orders – nothing. For new DebiCheck debit orders, you will need to check and confirm the new debit order information in the manner requested by your bank. This could either be in person (face-to-face), using online banking or your banking app or remotely by call centre or a request sent via your mobile phone. 

What education will I receive as a consumer to ensure I understand the process?

Your bank will have information handy to assist you with any questions you may have. You can also find more information on www.debicheck.co.za . 

Will all my debit orders have mandates?

All debit orders processed against your bank account must have mandates, but may not necessarily be subject to DebiCheck confirmation. No debit orders can be processed to your bank account without a mandate. 

How can I ensure all my debit orders are mandated?

It is important to remember that all debit orders must have mandates. Check your bank statement regularly to ensure you are aware of all debit orders that are being processed to your account. Also make sure that you have given a mandate for each of those debit orders. For DebiCheck debit orders, your bank will now also have an electronic confirmation of you agreeing with the debit order information of each mandate. 

Can I choose which debit orders must be electronically confirmed using DebiCheck?

As a consumer, unfortunately not. Companies who use the debit order system choose whether they want to use DebiCheck, or not. If they choose to use DebiCheck, you will receive an electronic request to confirm the debit order information. If not, you just need to ensure you have a signed paper or telephonically approved (voice) recorded mandate. 

Why can’t I use DebiCheck for ALL debit orders?

This is definitely a long term goal for the South African Reserve Bank and the Payment Association of South Africa. Unfortunately, due to the number of debit orders and entities involved in these processes, this will have to be done in a phased approach. 

How do I know that the company that is debiting my bank account is part of the new system?

Debit orders requiring electronic confirmation with your bank are called DebiCheck debit orders. You can enquire from the company that your debit order is with, whether or not they are part of the DebiCheck system. If you are not required to electronically confirm the debit order information with your bank, at the start of your contract, the company that you are dealing with is not using DebiCheck for this debit order. 

What bank fees are associated with DebiCheck debit orders?

For more information on bank fees, please contact your bank directly. 

What are the telecommunication / cellphone costs associated with DebiCheck?

Telecommunication / cellphone costs will depend on a number of factors, for example whether you use the USSD option or your banking app to confirm the DebiCheck. It will also depend on your mobile network costs.

Affordability

How will I know if I can afford the repayments on an African Bank Loan?

The first step in the application process is to provide us with the information we need so that we can calculate your income and expenses. This includes documents such as your pay slip, a bank statement and proof of residence. We will then check your accounts on the credit bureau and the National Loans Register to calculate how much you can afford.

It is important that you give us only correct and up-to-date information. It is also your responsibility to let us know if you cannot afford the repayments before taking a Loan or Credit Card.

Administration

Will I get regular statements?

You can contact us anytime to get a statement, however we will send your statements to you.You will receive as long as your contact information stays the same.

If you believe there is a mistake on your statement please call us on 0861 111 011 so we can look into it.

What if I don’t speak English well. Can I get documents in my language?

Yes, absolutely. Please call us and let us know what language you would prefer and we will make sure you get all documents in your preferred language.

Where will you deliver documents about my Loans, Policies etc.?

Your documents will be sent free of charge to the address you provided in your agreement with us. Unfortunately we don’t cover the cost of delivery to other addresses.

What if I have questions or complaints?

You are most welcome to visit us at your nearest branch or call us on 0861 111 011 if you have questions or complaints and we will gladly assist.

Is my information shared with the credit bureau?

Yes it is. The National Credit Act says that all banks have to report personal information and any credit agreement entered into, cancelled or settled, to a registered credit bureau or the National Credit Regulator.

What happens if I haven’t paid the amounts I owe and am in arrears?

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution. We need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

Notice can only be given once, unless you request us to provide you with a copy of the same adverse information intended for the bureau.

Can I see my credit report?

Yes you can. You are welcome to contact any credit bureau and they will give you your credit report. This can be done once a year free of charge.

If you are not satisfied with any details on your report, you can request that an investigation is done.

African Bank Loans

How and when do I get my Loan?

The first step is to apply for a Loan. You have the choice of applying online, over the phone or by visiting your nearest branch.

Once you have applied for a Loan, your information will be reviewed and if the Loan is awarded to you, the Loan amount will be paid directly into your bank account.

How and when do I make Loan repayments?

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Loan is deposited in your bank account. All other instalments are due on the first day of the month.

Repayments can be made by setting up a payroll deduction or a debit or stop order from your bank account.

Or, we can arrange to deduct the money from your bank account monthly on the day you are paid.

See easy ways to pay

Payments

How and when do I make repayments?

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Credit Card is activated, or your Loan is deposited in your bank account.

All other instalments are due on the first day of the month.

See easy ways to pay

Can I pay off my Loan or Credit Card early?

Yes. You can call us for a settlement amount if you want to settle your outstanding balance. Or you can increase your repayment amounts to pay off your Loan or Credit Card quicker. Feel free to call us on and to discuss your options.

Can I make a payment arrangement?

Yes. If you are unable to make your monthly repayment, please call us on 011 207 4500 to make a payment arrangement.

What if I fall into arrears?

Failing to make your repayments can result in default administration fees, and lead to your Credit Card being suspended, or your Loan or credit facility being cancelled, or having legal action taken against you.

What happens if I haven’t paid my amounts owing and am in arrears?

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution, we need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

What can I do if I find myself over-indebted?

If you fall behind with payments or that you have way too much debt to cope with, please call us on 011 207 4500.

Unfortunately if you don’t contact us immediately, we will notify you of your default and advise that you refer your issue to a debt counsellor, consumer court or alternative dispute resolution.

For more information on debt consolidation, debt counselling or debt management, contact the National Credit Regulator on 0860 100 406.

Salary Switch

What is a salary switch?

Salary switching is a service African Bank provides that allows you to change your current salary from your existing bank account to your new African Bank MyWORLD bank account.

You can switch your salary by accessing any of our channels.

  • Internet Banking.
  • African Bank App.
  • Chatbot.
  • Call our 24-hour Customer Contact Centre.
  • Visit our nearest Branch with your latest bank statement.

How to switch your salary?

  • Access your salary switch letter by logging on to your online banking profile.
  • Go to the Bank function.
  • Select Salary Switching.
  • Select your employer’s name and type in your employee number.
  • Choose the e-mail or print option.

How long does it take to switch your salary?

  • African Bank will send the salary switch instructions to your employer within 1-5 working days. The switching process can, however, take up few weeks to be completed due to payroll cut-offs and the timing of when the salary switch letter is processed.
  • If you are paid weekly or fortnightly, you will need to ensure the date on the salary switch form matches the next payday.
  • Please confirm with your employer when the next payroll will be done to ensure you know when your salary will be paid.

How will I get the salary switch form from African Bank and what should I do with the form?

  • When you have completed all the information required on the salary switching screens, African Bank will pre-populate the form with your personal information from your MyWORLD banking profile. It will then give you the option to print the form or have it emailed to you.
  • You can then send the form to your Human Resources/ payroll team to start the process for switching.

Can African Bank switch my salary without my instruction or consent?

  • No, the Bank cannot carry out this switching instruction without your consent.

Does African Bank charge me fees to switch my salary?

  • No, the service is free when you open or have an active MyWORLD bank account.

Should I close my other bank account after I have completed and sent the salary switch form to my employer?

  • No, not yet. As the process can take a few weeks to finalise, make sure you have funds in the other bank account to cover any debit orders that will be going off.

Debit Order Switch

What is debit order switching?

  • Debit order switching is a service African Bank provides that allows you to change your current debit orders from your existing bank account to your African Bank MyWORLD bank account.

What will you need to request a debit order switch to your African Bank MyWORLD account?

  • Your previous bank account details.
  • The following details for each debit order:

        1.  Service Provider name.
        2.  Debit order amount.
        3.  Debit order frequency.
        4.  Debit order day.
        5.  Debit order Reference.

How to switch debit orders?

  • Access Debit Order Switching on any of our channels.
  • Read the terms and conditions noted for debit order switch.
  • Select the prepopulated debit orders you would like to switch.
  • Provide consent to access your credit bureau for the purpose of switching your debit orders.
  • Upload your bank statement, not older than 3 months, that reflects your debit orders.
  • Take a few minutes to complete the debit order information fields

               1.  Service Provider name.
               2.  Debit order amount.
               3.  Debit order frequency.
               4.  Debit order day.
               5.  Debit order Reference.
               6.  Your previous bank account details.

  • Once you have completed the request, you can monitor the progress within your profile.
  • We will keep you updated regarding the progress of your Debit Order Switching request.

Service Providers that don’t allow us to switch your debit orders on your behalf.

  • There may unfortunately be instances where some service providers will not accept our instruction to switch debit orders on your behalf.
  • Should the switch not be possible, kindly contact your service provider directly to arrange the switch.
  • African Bank will provide you with a letter and the contact information of the Service Provider.

DEBIT ORDER SWITCHING DISCLAIMER.

  • Switching your debit order(s) will take a few days to complete.
  • Please remember to only close your previous bank account once you have received confirmation from African Bank that your debit order(s) have been switched and have successfully been processed through your new account.
  • Should your existing account be closed before all your debit orders have been successfully switched, it may result in unpaid transactions in your account.
  • Your debit orders can only be moved if your African Bank primary account has been activated.
  • Our operating hours are from <08:00 to 16:00, Monday to Friday>.

Debit order Terms and Conditions.

ATM

What does ATM stand for?

ATM stands for Automated Teller Machine. An ATM is a computerised machine that allows the customers of banks to access their accounts to withdraw cash and carry out other financial transactions, without having to visit an African Bank Branch.

How do I use an ATM?

To use an ATM, insert your debit or credit card, follow the prompts on the screen, and enter your PIN. You can then select the transaction you want, such as withdrawing cash or checking your account balance.

What is a Personal Identification Number (PIN)?

A PIN is a numeric password for use at the ATM. The PIN is set by the you when collecting your card at a branch. The PIN should not be written on the card, card holder, etc. as, in such cases, the card can be misused if it is lost / stolen.

What should you do if you forget your PIN?

You can log in on your African Bank App or use Online Banking to reset your PIN under the Cards tab. You’ll be requested to capture and confirm your new PIN. The PIN must be 4 or 5 digits long.

Is it safe to use an ATM?

Yes, an ATM is safe to use. We do, however, urge you to keep the following tips in mind:

  • Stay alert.
  • Keep your PIN a secret.
  • Choose the safest location
  • Don’t ask strangers for help.
  • Ask your bank for assistance.
  • Check the ATM carefully. If it appears to have been tampered with, find a different ATM.

Can I withdraw money from any ATM?

You can withdraw money from any ATM that belongs to African Bank's network. If you use an ATM that doesn't belong to African Bank's network, you may be charged an additional fee.

What is a daily withdrawal limit?

A daily withdrawal limit is the maximum amount of money you can withdraw from an ATM in a single day. You can set up your daily withdrawal limit using your African Bank App or Online Banking. Go to My Account and then select the My Limits tab.

What should I do if I lose my card/the ATM does not return my card?

If the ATM does not return your card, or you have lost your card, immediately log in to your African Bank App or Online Banking to report the loss and stop your card. Alternatively, you can call our customer service line on 0861 123 456.

Why would an ATM withhold my card?

  • Incorrect Pin
  • Damaged Card Chip
  • Suspicious Transactions
  • ATM Error

What to do about ATM related queries.

For ATM related queries, please contact our customer service line on 0861 123 456. If you have used a card from another bank, please call the respective bank:

  • Easy Pay Everywhere: 0860 994 162
  • ABSA: 0800 111 155
  • Capitec: 0800 102 043
  • FNB: 0800 110 132
  • Nedbank: 0800 110 929
  • Standard Bank: 0800 020 600

Stokvel

What happened to my Ubank Save Together account?

Your account is still open. It was simply moved over to African Bank with the existing details and balances. To transact on the African Bank account, your 3 executives (Chairman, Treasurer and Secretary) will need to provide us with biometrics at your nearest Branch. If you had any existing holds on the account, please provide us with the necessary documents to get those holds lifted.

What is a Stokvel account?

A Stokvel account helps a group of people, who share a common goal, to contribute towards a pool of funds in order to achieve that goal.

What type of Stokvel account is this?

The African Bank Stokvel account is a savings Stokvel that allows multiple contributions and earns a variable rate of interest on the balances. It also allows you to withdraw funds conveniently.

How many people are needed to open the account?

The accounts requires 3 executives, who will be mandated by the Stokvel to act on the account: the Chairman, the Secretary, and the Treasurer.

How much does it cost to open the account?

Opening an African Bank Stokvel account is absolutely free.

I am not an existing AB customer, can I open the account?

Yes! Simply visit your nearest Branch, along with the 3 executives of the account, so that you will be onboarded before the account is opened.

What documents do I need to have to open a Stokvel Account?

You need your South African ID if you're a resident, or your Passport, Visa and Work Permit if you're a non-resident. You also need a copy of your constitituion if your Stokvel currently has one.

We don’t have a constitution yet, can I open the account?

Yes, we will create and print the constitution for you.

Do you need all 3 executives present at Branch to open the account?

Yes. All 3 executives need to provide biometric verification, and therefore need to go to their nearest Branch. For other financial transactions, all 3 are not required at the Branch, but they must accept the approval prompt to proceed with the transaction.

What is biometric verification?

This is an identity verification of the individuals using their fingerprints. The bank uses this to identify individuals and protect your account, money, and information. A green biometric means you have passed verification, while a red biometric means you have not.

What happens if one of the 3 executives does not pass biometric verification?

If any of the 3 executives do not pass biometric verification, the Stokvel account will not be opened. The 3 executives will receive an SMS stating that the account is not open. The executive who did not pass the screening will also be sent a special SMS to advise them that they did not pass the biometric verification, along with the potential next steps that they can take.

We have more members than the 3 executives in our Stokvel. Are the other members able to be added to the account as well?

Yes, the rest of your members can be added via the App, Internet Banking, or at your nearest African Bank Branch. You can add up to 100 members.

How many members can be added?

You can add a minimum of 3 members and a maximum of 100 members

What are the other members able to do on the account?

All members with digital access can view the statements of the Stokvel account. The 3 executives can make online payments as well. To get digital access, register for an online profile by visiting the African Bank website on: https://www.africanbank.co.za/en/home/ and clicking the "register" icon at the top. After this, you can download the App for your convenient use. Should you need any assistance, please visit your nearest Branch.

How do I register a profile?

You can register for an online profile by visiting the African Bank website on: https://www.africanbank.co.za/en/home/ and clicking the "register" icon at the top. You can also visit your nearest Branch for assistance.

How do we deposit money into our Stokvel account?

Members can use the African Bank App or internet banking to make EFT payments into the Stokvel account. You can also visit your nearest Branch should you want to deposit the cash.

How can we make withdrawals from our Stokvel account?

For cash withdrawals, 3 of the executives must visit their nearest Branch. For EFT withdrawals, 1 exectutive will transact and will require the approval of the other 2 executives, which will be sent to them via a message notification. The 2 other executives will have 1 minute to approve the withdrawal before it times out and the transaction is cancelled.

What happens if one of the executives lose their phone/ change their number?

Should an executive need to change their number that is on our system, they will need to visit their nearest Branch for assistance.

How many deposits and withdrawals are we allowed to make on the Stokvel account, and how often?

The Stokvel account allows for unlimited deposits and withdrawals.

Can we make other transactions on the Stokvel account?

Yes! The 3 Stokvel executives can purchase items such as electricity, via the African Bank App or internet banking. The transaction will require the approval of the other 2 executives, which will be sent to them via a message notification. The 2 other executives will have 1 minute to accept before it times out and the transaction is cancelled.

What happens if we need to change an executive?

To change an executive, 2 of the remaining executives will need to visit their nearest Branch along with the new member who is joining as an executive.

What happens with the interest we earn on our account?

Any interest earned will be paid into the Stokvel account every month.

Are there any tax implications on the interest we earn?

We cannot advise you on the tax implications of investing. It is recommended that you contact your financial advisor or tax consultant.

How do I get a Bank Statement or Tax Certificate?

You can download your Stokvel Bank Statement or Tax Certificate from the African Bank App or internet banking. Alternatively, visit your nearest Branch for assistance.

Can you add a beneficiary when making payment?

No, only one-off payments can be done. Entersekt must be accepted within 1 minute for payment to be approved and paid.

When making EFT payments, how long does the payment take to reflect in the members bank account?

If the member is banking with African Bank, the funds will reflect within 24 hours. If a member is banking with any other bank, the funds will take 48-72 hours to reflect due to interbank clearance.