Scheduled Payments Terms and Conditions (Terms)
1. Introducing the terms
| 1.1 | These terms apply to you and to your use of the scheduled payments service. The terms form a legally binding agreement between you, our client and us, The Standard Bank of South Africa Limited (Registration Number 1962/000738/06). |
| 1.2 | The terms become effective when you make use of the scheduled payments service on any of our digital channels. |
| 1.3 | You must know, understand and comply with the terms. The terms apply together with the general terms and conditions and pricing guide on our website at www.standardbank.co.za, including any definitions, privacy statement and disclaimers as well as the digital banking terms and conditions. |
| 1.4 | If there is a conflict between the terms, the general terms and conditions or the digital banking terms and conditions, the terms will apply to your use of the scheduled payments service. |
| 1.5 | Pay special attention to the clauses in bold, as they may exclude or limit our liability (responsibility) to you or involve some risk for you. |
2. Definitions
| Word | Meaning |
| account | A qualifying Standard Bank personal or business transactional account. |
| digital channels | The digital ways that we provide banking to you, including cell phone banking, Internet Banking and the mobile app, as well as any other channels we may add. |
| EAP limit | Electronic account payment limit which represents the total amount of electronic payment instructions you can carry out from your account per month on Internet Banking or the Mobile app. |
| Internet Banking | Standard Bank Internet Banking, which is available on www.standardbank.co.za. |
| Mobile app | Standard Bank’s mobile banking application. |
| pricing guide | The schedule of fees for all our products and services, which is available on www.standardbank.co.za. |
| scheduled payments | A value-added service offered to clients with a digital banking profile which allows a client to schedule regular future dated payments to an intended beneficiary using their transactional account. |
3. Using scheduled payments
| 3.1 | Scheduled payments can be made on a regular recurring basis. Scheduled payments help to keep track of your expenses and avoid the risk of missing any payments. |
| 3.2 | You must have a digital banking profile linked to an account to access scheduled payments on Internet Banking. |
| 3.3 | Your scheduled payment must be linked to and loaded against the account details of your intended beneficiary. You control the criteria for a scheduled payment you set up such as the beneficiary’s account details, the frequency of the scheduled payment, minimum and maximum payment amounts and start and end dates of the scheduled payment. |
| 3.4 | You must ensure that the beneficiary details you capture when setting up a scheduled payment are accurate and correct and there are sufficient funds in your account to meet the scheduled payment. We are not responsible for any loss you may suffer or any damage caused as a result of you capturing the incorrect beneficiary details or payment information on your scheduled payment. |
| 3.5 | A scheduled payment can only be successful if there are sufficient funds in the account from which the scheduled payment is to be made. If there are insufficient funds in your account, the scheduled payment will fail, and you will be charged an unpaid fee as set out in our pricing guide. |
| 3.6 | There is no limit on the number of scheduled payments you can set up against your account as long as you ensure that there are sufficient available funds to meet the total debit values for each scheduled payment you set up. |
| 3.7 | You must also ensure that your EAP limit is set to accommodate the total debit values for the scheduled payments that will be debited from your account monthly. Any EAP limit increases up to R500 000.00 can be done on the Mobile app, Internet Banking, through the Call centre, Private Banking contact centre or within a Standard Bank branch. Any EAP limit increase between R500 000.00 and R2 000 000.00 can be done either at the call centre, Private Banking contract centre or within a Standard Bank branch. EAP limit between R2 000 000 and below R10 000 000 can only be done at a Standard Bank branch or through the Private Banking suite. |
| 3.8 | Once your scheduled payments are activated, it is important that you monitor your payments and any notifications we send you. You must do regular checks to ensure that the information you have captured on your scheduled payment is still valid and correct. |
4. Changes affecting scheduled payments
| 4.1 | If you delete a saved beneficiary linked to your account on your Internet Banking profile, the scheduled payment linked to this beneficiary will also be deleted. If you need to edit the details of a saved beneficiary on your Internet Banking profile, you will be required to delete the scheduled payment linked to that saved beneficiary first. Once you have completed updating the details of your saved beneficiary, you can link a new scheduled payment to that beneficiary again. The scheduled payment will not automatically link to the updated beneficiary’s details. |
| 4.2 | If you close your account, open a new account and transfer your existing beneficiaries to the new account, you must ensure that you set up fresh scheduled payments using your new account details. Scheduled payments do not automatically transfer to the new account and therefore will not run as before. |
5. Email notifications for scheduled payments
| 5.1 | To manage your scheduled payments better you can subscribe into the email notification service. The email notification service provides you with an email reminder two to three days before the scheduled payment date and helps you to ensure that you have sufficient funds in your account to meet the scheduled payment. |
| 5.2 | You will also receive an email notification one month in advance advising you when your scheduled payment is going to expire. |
| 5.3 | The email notification service is subject to a fee which can be found in our pricing guide. You may unsubscribe from the email notification service at any time. |
6. Fees
| 6.1 | Scheduled payments is a value-added service offering for Standard Bank account holders. Please refer to the pricing guide for all applicable fees. |
| 6.2 | You will incur a fee for each unpaid scheduled payment if there are insufficient funds in your account to meet the scheduled payment. The unpaid fee will be charged against your account. |
7. Instructions
| 7.1 | When you use the scheduled payments service, you acknowledge that you communicate with us using a device, so there is no direct personal contact between you and us. |
| 7.2 | We will act on all instructions that appear to come from you, even if they are actually coming from someone pretending to be you. We will assume that any activity or instruction that we receive from you while you are using the scheduled payments service is genuine. |
8. Contact us if you have any questions
If you need any information with regard to the service, you can contact us as follows:
By phone on: 0860 123 000 at our Customer Care Centre
By email on: [email protected]
Through our complaints process, which you can find on our website