Bidvest bank limited terms and conditions for the use of your Sanlam Liquid debit card

• Sanlam Collective Investments Ltd ("Sanlam") is the Manager of the Sanlam Collective Investment Scheme ("Scheme") regulated in terms of the Collective Investment Schemes Control Act. The Sanlam Money Market Fund ("SMMF") is a portfolio established in terms of the Scheme. A copy of the Deed and the Supplemental Deed of the Scheme is available at the offices of Sanlam Collective Investments for perusal.
• Sanlam Liquid ("the Card") will be the payment instrument to access your investment in the SMMF. In terms of the National Payment System Act, a payment instrument (such as the Card) must be issued by a bank. Sanlam and Bidvest Bank Limited ("Bidvest Bank") have entered into an agreement in terms of which Bidvest Bank will issue you the Card.
• The Card is issued by Bidvest Bank at the request of Sanlam.
• The use of your Card is subject to the following Terms and Conditions, which form a binding agreement between you, Bidvest Bank and Sanlam. The provisions of the Collective Investment Schemes Control Act, the Deed and the Supplemental Deed of the Scheme remain applicable unchanged to your SMMF investment as such.

1. Defined terms

• "Account holder" means the person to whom a Liquid account has been granted by Sanlam.
• "Account holder prepayment/s" means an amount equal to the value of the account holder's participatory interests in the SMMF.
• "Agreement" means the contract between you, Bidvest Bank and Sanlam, set out in these Terms and Conditions.
• "ATM" means an unattended acceptance terminal that has electronic capability, accepts PINs and disburses money.
• "Bidvest Bank" means Bidvest Bank Limited (Registration No. 2000/006478/06).
• "Card" means the pre-funded debit Card known as the Sanlam Liquid Card.
• "Cardholder" means any person to whom a Card is issued by Bidvest Bank, and authorised by you to transact on the Liquid account.
• "EDC terminal" means a chip-enabled electronic data terminal.
• "Liquid Account" means the transactional card account opened by Sanlam in respect of the account holder for the purpose of allocating account holder prepayments.
• "Merchant" means an entity that contracts with a bank (or other organisation) which is a Visa member to originate merchant transactions and which entity displays the Visa Electron Acceptance Mark.
• "Merchant transaction" means a transaction entered into between you and a merchant.
• "Our" means Bidvest Bank.
• "Participatory interests" means any interest, undivided share or share whether called a participatory interest, unit or any other name.
• "PIN" means a personal identification number.
• "Scheme" means the Sanlam Collective Investment Scheme regulated in terms of the Collective Investment Schemes Control Act.
• "Sanlam" means Sanlam Collective Investments Limited (Registration No. 1967/002865/06).
• "SMMF" means the Sanlam Money Market Fund, a portfolio established in terms of the Scheme.
• "Transaction" means:
  • the payment for goods and/or services at point of sale at merchants and/or retailers that display the Visa Electron symbol and not otherwise;
  • the withdrawal of cash from an ATM; and
  • any other form of transacting being strictly excluded from the ambit of a "transaction" including, without limitation, any cash deposits made by you.
• "Visa" means Visa International Services Association (and all of its subsidiaries and affiliates) or one of its successors or assigns.
• "Visa Rules" means those rules, regulations, by-laws as published from time to time by Visa, as amended, modified or substituted from time to time.
• "We" or "us" means Bidvest Bank.
• "You" or "your" means the account holder.

2. Issue of the Card

• This Agreement shall apply without reservation with effect from the date on which the Card is issued to you.
• Sign your Card in ink as soon as you receive it in the space provided on the back of the Card. The Card is valid from the date of issue until the Card expires or until your right to use it is terminated, (see 12. Termination of Liquid account), whichever is earlier.
• The Card belongs to Bidvest Bank and will remain our property at all times.
• You may link additional Cards to your Liquid account.  You will be responsible for any additional Cardholder's use of an additional Card linked to your Liquid account.  When you apply for additional Cardholders Bidvest Bank may, in its sole and absolute discretion, and subject to receiving all information and documents it requests in respect of a proposed additional Cardholder, issue additional Cards in respect of your Liquid account to persons nominated by you.  All terms relating to your Liquid account and Card apply equally to additional Cardholders.  You alone, as the primary account holder, will be liable for all transactions on your Liquid account, and for any loss or damages Bidvest Bank and/or Sanlam suffer as a result of the use of a Card by an additional Cardholder.  You agree to waive any right of action or defence available to you based on your relationship with the additional Cardholder.  This provision is a stipulation for the benefit of your proposed additional Cardholders.  If an additional Cardholder uses their Card, this will indicate his or her acceptance of that benefit, and their agreement to be bound by this agreement, and to be jointly and severally liable for all amounts owing to Bidvest Bank and/or Sanlam as a result of their use of the additional Card.  You warrant that all additional Cardholders have the necessary contractual capacity to do this, or, to the extent that they do not have that capacity, that they are assisted as necessary by their legal guardians.

3. Use of the Card

• You are the only person who may use the Card issued to you and you may not allow any other person to use it.
• You may use the Card solely to carry out transactions, and you must comply at all times with all applicable legislation, including that combating money laundering.
• You may not use the Card for transactions that, together with transaction fees, will exceed the value of your participatory interests in the SMMF.
• You use the Card at your own risk, and neither Bidvest Bank nor Sanlam will be responsible for any loss, theft, or fraud resulting from the use of the Card.
• The Card may not be used for any unlawful purpose, including the purchase of goods or services prohibited by local law in the Cardholder's jurisdiction.  It is your responsibility to determine that a transaction is lawful before you use the Card.
• Should you enter your PIN incorrectly on three consecutive occasions, all Transactions will be denied for the ensuing 24 hour period.
• We and Sanlam will not be liable if a merchant refuses to accept or honour your Card.
• You acknowledge and agree that merchants are responsible for merchant Transactions and that they are independent of Bidvest Bank and Sanlam. We and Sanlam will not be liable if you have a complaint about goods or services paid for with your Card.
• You must comply with exchange control regulations when using your Card outside the common monetary area.
• International purchase and ATM withdrawals with your Card will be converted to rand at the prevailing retail exchange rate.
• When you transact via the Internet on your Liquid account, the Sanlam Internet Service Terms and Conditions will apply (available on the Sanlam website www.sanlamliquid.co.za)

4. Authority to debit your Liquid account

• You hereby authorise Sanlam to repurchase so many of your participatory interests in the SMMF as is equal in value to:
  • all payments to merchants for purchases made by you when using your Card or where Bidvest Bank or Sanlam act on any instruction from you, whether or not any applicable slip or voucher has been signed;
  • the standard transaction fees in respect of the Card and/or the Liquid account as notified to you from time to time;
• Unless a reversal or charge-back is allowed by and authorised pursuant to the Visa Rules:
  • we are unable to reverse or charge-back any payment;
  • any dispute with a merchant regarding a reversal or charge-back should be resolved by you with that merchant; and
  • all payments made to a merchant for any Transaction are final and irreversible.

5. Annual card charge and fees

• Sanlam will determine the annual fee payable on the Card, charged in advance.  You will be responsible for the cost of replacing any Card.
• The charges and fees will be recovered by Sanlam repurchasing participatory interests to the value of the said charges and fees.
• A summary of local and international fees and charges are available on the website www.sanlamliquid.co.za
• You are responsible for any foreign ATM Network surcharges applicable when using a foreign ATM.
• There is currently no fee payable for Internet transactional facilities. We will notify clients if a fee is introduced in the future.

6. Electronic payment instructions

Should you use any electronic payment system such as internet banking or telephone banking (to the extent that we and Sanlam are able to provide or assist in the provision of such facilities in accordance with applicable law):

• You are obliged to provide the beneficiary's correct account number;
• We will rely on the information provided by you and we are not obliged to check, if the name of the beneficiary is provided, that the name accords with the account number.  Neither we nor Sanlam will be liable for any mistake in the information provided;
• You have no right to recall a payment instruction, and Bidvest Bank cannot recall, correct, or cancel a payment, or demand repayment. The same applies to the beneficiary's bank;
• Neither we nor Sanlam will be liable for any such payment.

7. Statements

• On request, Sanlam shall provide statements showing the Transactions entered into by the use of your Card.
• If you believe that your statement contains an error(s) you must notify Sanlam of the error in writing within 30 (thirty) days of the receipt of the statement, failing which you will have no claim whatsoever in respect of or arising from such error(s).

8. Optional service available on Card

• You may avail of a messaging service, which enables you to track your Transactions on your Liquid account.
• You will receive confirmation by SMS or e-mail of deposits into your account, electronic transfers, withdrawals and purchases, which will be sent to your nominated cellphone or e-mail address.
• You are responsible for ensuring that we have your correct cellphone and e-mail address at all times.We will not be responsible if an SMS or e-mail is sent to the incorrect number or address if you have not updated your records with us.
• We cannot guarantee the accuracy or arrival time of an SMS or e-mail, as we are dependent on external service providers who are responsible for the delivery of the information.
• Whilst we will use our best endeavours to ensure the integrity and content of any SMS or e-mail, sent to you, your statement will remain the sole record of your account transactions.

9. Interest

• Sanlam will pay you the interest accrued to you in terms of the Supplemental Deed of the SMMF.
• Should your Liquid account, for any reason, have a debit balance, you will pay Sanlam interest at the maximum rate allowed by the National Credit Act, in respect of any debit balances on your account.  Such interest will accrue on a daily basis from the date of the debit balance upon and including the date on which full repayment is credited to your account, and will be compounded monthly in arrears.
• Nothing herein shall be construed as entitling you to be overdrawn on your Liquid account.

10. Authorised use

• The safekeeping of your Card is your responsibility.
• You must either memorise the PIN or keep any record of the PIN separate from the Card in a safe place.
• Notify the Sanlam Liquid Call Centre (0860 547 843) immediately if you realise your Card is lost or stolen or your PIN has become known to any other person. Sanlam will stop the Card as soon as reasonably possible after being advised.
• You will be responsible for all cash drawn and payments made with the Card before Sanlam stops the Card in terms of 10.3.
• You may dispute that any purchase or withdrawal debited to the Liquid account was authorised by you. We will investigate it after we receive an affidavit from you to the effect that you did not authorise the Transaction. Pending completion of our investigation we and Sanlam will not be obliged to recover or pay you any amount paid in terms of the purchase or withdrawal.
• If your Card is lost or stolen, you must notify Sanlam immediately in such manner prescribed by us from time to time. If such notification is effected verbally, you must confirm in writing within 24 (twenty four) hours of verbal notification. Delay in notifying Sanlam of the loss or theft will be deemed to be negligence on your part.
• If your Card is lost or stolen and your Card is used prior to you notifying Sanlam, you will be responsible for all amounts debited to your account through the use of the Card.

11. Malfunction of electronic facilities

We and Sanlam will not be responsible for any loss arising from any failure, malfunction or delay in any electronic point of sale device, EDC terminal or ATM, or any supporting or shared networks, where applicable, resulting from circumstances beyond the reasonable control of Bidvest Bank or Sanlam, and for which Bidvest Bank or Sanlam are not culpable.

12. Termination of Liquid account

• You may at any time end this agreement. You must advise Sanlam in writing if you want to close your Liquid account. You must destroy the Card so it cannot be used again by cutting through the magnetic stripe and account number. A Card that is not destroyed correctly may still be used, and should this happen, you will be responsible for the Transactions.
• We may choose at any time to revoke your Card. You agree that your use of the Card may be suspended and/or terminated from time to time for any reason whatsoever and that we and Sanlam will have no liability of whatsoever nature and howsoever arising in consequence of any such suspension and/or termination. If we suspend or terminate your right to use the Card, Sanlam will notify you accordingly and you must destroy your Card as set out in 12.1.
• Even if this Agreement ends, we will be entitled to rely on the rights acquired under this Agreement before it ended.
  • Upon termination of your Liquid account or your right to use the Card, Bidvest Bank will be entitled to inform any merchant, credit reference agency, or other person entitled to such information.

13. Liability

In the absence of our negligence or willful misconduct we will not be liable to you for any loss or damage of whatsoever nature and howsoever arising, including, but not limited to, any loss or damage that you may suffer as a result of our provision of incorrect information to any person (including any credit reference agency) if such information was provided by us in good faith and without negligence on our part.

14. Applicability of Visa rules

To the extent relevant the Visa Rules apply to the contractual relationship between you, and us and such Visa Rules are incorporated herein by reference.

15. Addresses and notices

• Sanlam shall send notices to the postal address or, where applicable, to the physical address specified in your Card application form. It is your responsibility to notify Sanlam immediately in writing of any change to your address.
• You shall send any notices or other communication to Sanlam Liquid Cardholder Services, PO Box 1, Sanlamhof, 7532.

16. Amendments to these Terms and Conditions

• We may, within our sole discretion and at any time, amend these Terms and Conditions.
• Sanlam will inform you of any amendments by sending you a notice of amendment or by sending you the amended Terms and Conditions or by sending out amendments on your statement.
• The amendments will be binding on you and will form part of these Terms and Conditions 21 days after you have been notified.
• If you are dissatisfied with the amendments, you have the right to end this agreement before the end of the 21 day period, in which case the first point in 12. Termination of Liquid account, applies.

17. General

• Irrespective of any product dispute you may have with the merchant, such a dispute will not affect our right to effect payment to the merchant.
• You may not vary any of these Terms and Conditions.
• If there is any inconsistency between our records and your records, our records will prevail and you will bear the onus of proving that our records are incorrect.
• If you discharge your obligation to pay for any participatory interests by cheque or other negotiable instrument, the relevant amount will be available only after the cheque or other negotiable instrument has been honoured.
• If we or Sanlam take legal action against you to recover any amount due to either of us in terms of this Agreement, you will be liable for our and Sanlam's costs (including all legal fees, collection commission, and tracing fees) on the scale as between attorney and own client.
• You agree that Sanlam may sue you in the Magistrates Court, even if the claim against you exceeds the jurisdiction of the Magistrates Court.
• A certificate signed by any Sanlam manager or director (whose appointment need not be proved) as to the amount of your debt to Sanlam, the fact that the amount is payable, the rate of interest payable, and the date from which such interest is calculated, will be prima facie proof of the facts stated in the certificate for the purpose of provisional sentence or summary judgment proceedings or for any other purpose.
• Every provision of this Agreement is deemed to be separate and severable, the one from the others. Should any provision be found to be unenforceable for any reason, the remaining provisions shall nevertheless continue to be of full force and effect.
• The Agreement will be governed by and construed in accordance with the laws of the Republic of South Africa.
• You hereby instruct and authorise us to hand your Card and PIN to our regular couriers, from time to time, for collection by you or delivery to you, and you hereby agree to hold us harmless against any claims, damages, and losses arising from this authority and instruction.
• Any Term or Condition contained in this Agreement which is expressly stated to be in favour of, or by necessary implication is otherwise intended to be for the benefit of Sanlam, shall constitute a stipulatio alteri in favour of Sanlam, which Sanlam may accept at any time on written notice to Bidvest Bank.