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Product Disclosures

General
Information on the Go Account may be obtained and account applications made at Pick 'n Pay stores, the Go Banking website at www.gobanking.co.za and via the Go Banking Sales Centre on 0860 12 12 12.

General Features

  • Combination of a cheque and money market investment account, which is fully functional, widely - accepted, allowing for deposits and payments whether by cash, cheque or card or other electronic means.
  • A credit facility, allowing overdraft up to a pre-approved limit (on application only)
  • Offers tiered interest rates.
  • Offers Extra Discounts on purchases in Pick 'n Pay outlets provided the purchases are paid for with a Go Banking MasterCard® or Maestro card.
 
Available to
  • All individuals,
  • Who earn at least R1 500 per month,
  • Have a good credit record and
  • Must be a South African citizen.
 
Special Senior Citizen Rates
  • Not Applicable, would receive same benefits as other accountholders.
 
Cooling Off Period
  • No cooling off period applies.
 
Terms and Conditions
  • These are subject to change and you will be advised thereof by post. Furthermore the bank will regularly review your conduct on the account, reserving the right to close it at any time and call for an immediate return of all cards and amounts owing relating to the account.
 
Maturity Options
  • Not applicable

 

Operational

Deposits

  • Deposits can be via cheque, cash, at Pick 'n Pay till points, deposit-taking CashPoint ATMs and Nedbank branches as well as by stop order, internet, telephone or any other electronic means
  • No minimum deposit required - R100 suggested
  • Payments (withdrawals) can be made via cash, cheque card, ATM / Maestro card, garage debit card, stop order, debit order, Pick 'n Pay till point, internet, telephone or any other electronic means.
  • Clients may request a Bank's Cheque via the GoCCC,
  • However, you may not pay or authorise a payment that will exceed the available funds in the account (or made available via a pre - approved overdraft limit). Upon such a breach, the account may have to be closed and details may be logged against your credit record.
  • Debit orders are permitted. A debit order is defined as an authority provided by the client to a third party to debit the clients specified account with an amount to be paid to the third party.
  • Stop orders are permitted. A stop order is defined as an instruction by the client to the bank to debit a specified account with an amount to be credited to another account (in the name of the client or a third party).
 
Minimum Opening Deposit
  • No minimum deposit required - R100 suggested
 
Withdrawals / Payments
  • Payments (withdrawals) can be made via cash, cheque card, ATM / Maestro card, garage debit card, stop order, debit order, Pick 'n Pay till point, internet, telephone or any other electronic means.
  • Clients may request a Bank's Cheque via the GoCCC,
  • However, you may not pay or authorise a payment that will exceed the available funds in the account (or made available via a pre - approved overdraft limit). Upon such a breach, the account may have to be closed and details may be logged against your credit record.
 
Debit Orders
  • Debit orders are permitted. A debit order is defined as an authority provided by the client to a third party to debit the clients specified account with an amount to be paid to the third party.
 
Stop Orders
  • Stop orders are permitted. A stop order is defined as an instruction by the client to the bank to debit a specified account with an amount to be credited to another account (in the name of the client or a third party).



Statements

Provided (written, oral, telephone)

  • Unless otherwise requested statements are posted to you monthly. Copies or archived, transaction history is available from the Go Banking Client Care Centre (GoCCC). Electronic copies are available via Internet and via ATMs (last 10 transactions), Pick 'n Pay till point (last 5 transactions). Balance enquiries and mini statements are available via all electronic channels.
 
Statement Charges
  • First statement per charges cycle is free. See Pricing Brochure at www.gobanking.co.za for details on any additional charges.
 
Statement Errors
  • You must reconcile your statement monthly and report any discrepancy within the period indicated on the statement, otherwise the statement will be deemed correct. In the event of a dispute with the bank about a payment from your account, a copy of the item will be provided to you as proof of the instruction to pay.

 

Fees and Charges

Negotiable

  • Going Banking fees very competitive and thus not negotiable
 
Details of the main Fees and Charges
  • Minimum monthly fee applies to the account, if the minimum balance of R5 000 is not maintained in the account for the entire statement cycle,
  • Nominal government levy is charged for every debit transaction initiated by you,
  • Some fees and charges are debited as transactions occur while others are debited monthly or annually,
  • Default service fees and charges for all transactions are set by Go Banking, A Division of Nedbank Ltd and are reviewed annually. Please see Pricing Brochure at: www.gobanking.co.za
  • No fees apply to some of the transactions when a balance of R5 000 is maintained in the Go Account,
  • In general charges are the lowest for transactions when conducted at the Pick 'n Pay till point.
 
Additional Charges
  • If the existing overdraft limit is exceeded, interest will be charged at a higher rate (maximum rate) on the amount in excess.

 

Interest

Interest Received by Client

  • Variable, tiered credit interest rates per credit balance as set by the bank. Please see Interest Rates at: www.gobanking.co.za
 
Interest Payable by Client
  • Daily on a debit balance, variable as it is linked to Prime.
 
How Interest is Calculated
  • On daily balance but compounded monthly (i.e. debited or credited to the account monthly)
 
Interest Rate Changes
  • Possible, the debit rate is linked to Prime which is set by the Reserve Bank and the credit rate is at the discretion of the bank.
 
Interest Payment Frequency
  • Monthly
 
Access to Information
  • In addition to your right to query or access information relating to you account, the Promotion of Access to Information Act 2 of 2 000 governs your right to access information held by Go Banking, A Division of Nedbank Ltd, that you might require to promote or protect your rights. Go Banking, A Division of Nedbank Ltd, published a manual detailing how you may request access to these records, available at www.gobanking.co.za.
 
Electronic Access
  • Full
 
MasterCard® Debit Card
  • Yes - MasterCard debit cards may be linked to this account
 
ATM / Maestro Cards
  • Yes - debit cards may linked to this account
 
Garage Debit Card
  • Yes - garage cards may be linked to this account
 
Safety measure / tips and phone / electronic banking safety
  • Access is via account number and also an authentication process when going via the GoCCC,
  • Additional security is via profile numbers, pins and passwords that you must keep a secret at all times.
 
Client Identification
  • The following information is required from a South African citizen or resident when opening an account:

    • Full names, date - of - birth and identification number, verified by a green bar - coded identification document,
    • Residential address, verified by a recent billing document.
  • Your Go Banker will be able to provide you with further details in this regard,
  • You must notify Go Banking in writing or in person of any changes in your identification details and / or address and must provide the required supporting documentation at your nearest Pick 'n Pay outlet.
 
Confidentiality
  • The client's personal information, account details, name and address will be held confidential (even when no longer a client) and will not be disclosed to anyone subject to the following exceptions :

    • Where the bank is legally compelled to do so or,
    • Where Go Banking, A Division of Nedbank Ltd, interests require disclosure, however the client's account details, name or address will not be disclosed to anyone else, including other companies in the group for marketing purposes,
    • Where disclosure is made at the client's request or with the client's written consent.
 
Credit Check Required and account details to be passed out
  • Normal credit checking procedures apply on opening an account and details will be given to credit agencies.
 
Set - off
  • Set - off may be applied where the bank deems it necessary. This means that a credit balance in any or all of your accounts may be used to settle any amount or debt you owe to the bank.

 

Disclaimer

  • This product and its features is current but subject to change without prior notice.
  • We advise you discuss this product with a Go Banking representative to obtain more information
  • This table is not intended to give advice, but merely sets out the Go Account as an option,
  • There could be other option which may better suit your needs, but not in the table above.
  • Go Banking, A Division of Nedbank Ltd, shall not be liable to anyone for any loss pursuant to any reliance being placed on the contents of this page.
  • It shall be your duty to obtain the necessary independent financial and legal advice prior to taking any action.
  • Here is how to resolve your complaints:
  • First talk to our Customer Care Line on 0860 654 222,
  • If you're still not satisfied, call the Client Complaints Help line on 0860 444 000,
  • To take the matter further, contact the Ombudsman for Banking Services on 0860 800 900.

 

Access to Information

In addition to your right to query/access information relating to your account, the Promotion of Access to Information Act, 2 of 2000 governs your right to access any information held by Go Banking that you might require to promote/protect your rights.