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EARN UP TO
11.5%
PER YEAR ON INVESTMENTS
1.   Fixed-Term Deposits

06 - 11 months            6.50%
12 - 24 months            7.50%
25 - 36 months            8.25%
37 - 48 months            8.75%
49 - 59 months            9.10%
60 - 66 months            9.35%
67 - 72 months            9.65%

*Minimum deposit R100 000 (one hundred thousand rand). Subject to an approved application. Product Rules, Terms and Conditions apply. Interest can be capitalised or paid monthly, quarterly, half-yearly or yearly. Capital and Interest Guaranteed.

2.   Indefinite Period Paid-Up Shares

18 months - notice      9.25%

*Minimum subscription R100 000 (one hundred thousand rand). Subject to an approved application. Product Rules, Terms and Conditions apply. Dividends can be paid monthly, quarterly, half-yearly or yearly.

3.   Fixed Period Paid-Up Shares

66 months        10.50%

*Minimum subscription R100 000 (one hundred thousand rand). Subject to an approved application. Product Rules, Terms and Conditions apply. Dividends can be paid monthly, quarterly, half-yearly or yearly.

4.   Permanent Interest-Bearing Shares

Permanent         11.00%

Not redeemable but transferable after 72 months.

*Minimum subscription R100 000 (One hundred thousand rand). Limited Offer. Subject to an approved application. Product Rules, Terms and Conditions apply. Interest can be paid monthly, quarterly, half-yearly or yearly.

5.   7-Day Notice Account

5.50% per annum - 7 days’ notice required

*Minimum deposit R100 000 (one hundred thousand rand). Subject to an approved application. Product Rules, Terms and Conditions apply. Interest is calculated on the daily credit balance and capitalised monthly to the account.

6.   32-Day Notice Account

6.00% per annum - 32 days’ notice required

*Minimum deposit R100 000 (one hundred thousand rand). Subject to an approved application. Product Rules, Terms and Conditions apply. Interest is calculated on the daily credit balance and capitalised monthly to the account.
           
Fixed-Deposits and Mutual Bank Shares Product Rules
Effective from 8 March 2016
Fixed Term Deposits and Mutual Bank Shares Interest and Dividend Rate Sheet
Effective from 20 February 2017
1. Fixed Term Deposits (6 - 72 months)
2. Indefinite Period Paid Up Shares (18- 48 months)
3.Fixed Period Paid-Up Shares (66 months)
Fixed Term Deposits and Mutual Bank Shares Terms and Conditions
Effective October 1,  2012
Ideal for investors, pensioners and savers requiring a high, guaranteed rate, of return.
The interest earned on the account will be at the fixed rate as set out on the interest rate sheet up to the maturity date as referred to in the application form.
Interest at the applicable rate for fixed term deposit account will be calculated on the daily credit balance and capitalised monthly in arrears and paid into the clients designated bank account on the credit date.
Capital and Interest Guaranteed.
Investors are not entitled to make any withdrawals from or have any debits on this account prior to the maturity date.
Interest can be capitalized or paid monthly, quarterly, half-yearly or annually and will be credited to the account chosen by the client on the application form.
Subject to standard terms and conditions.
Minimum investment amount R 100 000 and maximum investment amount R 15 000 000.
If the minimum deposit referred to in the term sheet is not made on the specified date or made on dates other than those chosen in the term sheet, interest will only be calculated on the actual amount deposited as from the actual date that the deposit has been unconditionally credited to Finbond Mutual Bank's account with its bankers ABSA Bank Limited.
All potential investors must formally apply for a fixed-term deposit on the Finbond Mutual Bank application form. Finbond Mutual Bank may within its sole discretion and at any time without having to give any reasons, limit the maximum amount on the Fixed-Term Deposit account and refuse any application.
30 days’ notice should be given if the client wants to reinvest the same amount. Should the duly completed and signed Maturity Instruction form, sent to the client, not be received back prior to maturity of the investment, the funds will be withheld from payment/re-investment without earning interest.
All clients investing in a fixed term deposit will also be issued with 1 Class C Share for every R 1000 invested. These Class C shares are   redeemable and expire at the maturity date of the Guaranteed Fixed Term Deposit and grant the holder thereof the right to vote at Finbond Mutual Bank shareholders and members meetings. The Class C Shares do not attract interest or dividends.
Ideal for investors, pensioners and savers requiring a high guaranteed rate of return that can be paid out monthly.
The interest earned on the permanent interest-bearing shares investment will be at the fixed rate as set out on the application form and interest rate sheet up to the transfer date as referred to in the application form.
Interest at the applicable rate for permanent interest-bearing shares will be calculated on the daily credit balance and capitalised monthly in arrears and paid into the client’s designated bank account on the credit date.
Capital and Interest Guaranteed.
Investors are not entitled to make any withdrawals from or have any debits on the permanent interest-bearing share investment prior to the transfer date.
Interest can be paid monthly, quarterly, half-yearly or annually and will be credited to the account chosen by the client on the application form.
Subject to standard terms and conditions.
Minimum investment amount R100 000 and Maximum investment amount R20 000 000.
If the minimum investment amount referred to in the term sheet is not made on the specified date or made on dates other than those chosen in the term sheet, interest will only be calculated on the actual amount deposited as from the actual date that the deposit has been unconditionally credited to Finbond Mutual Bank's account with its bankers ABSA Bank Limited.
All potential investors must formally apply for permanent interest-bearing shares on the Finbond Mutual Bank application form. Finbond Mutual Bank may, within its sole discretion and at any time without having to give any reasons, limit the maximum amount on the Fixed-Term Deposit account and refuse any application.
Thirty (30) days’ notice should be given if the client does not want to transfer the shares after the initial 72-month period. Should the duly completed and signed Transfer Instruction form, sent to the client, not be received back prior to the transfer date of the investment, shares will not be transferred and the funds will be withheld from payment/re-investment without earning interest.
All clients investing in permanent interest-bearing shares will also be issued with 1 Class E Share for every R100 invested. These Class E shares are non-redeemable but are transferable after the expiry of a 72-month period. It grants the holder thereof the right to vote at Finbond Mutual Bank shareholders and members meetings. The Class E Shares do not attract dividends.
4. Permanent Interest-Bearing Shares
Investment period is 18 months to notice of redemption with fluctuating rates as set out in the duly accepted application forms rate sheet up to the notice of redemption.
Minimum investment period is 18 months with 6 months’ notice of redemption required after 12 months. After the 18-month period, 3 months’ notice of redemption is required.
The dividend rate fluctuates according to the prevailing interest rate patterns and, in the event of a drop in interest rates at any stage, clients may redeem their investment after receiving notice of the drop in rate during the same month.
Dividends at the applicable rate for Indefinite Period Paid Up Shares will be calculated on the daily credit balance.
Dividends can be paid monthly, quarterly, half-yearly or annually and paid into the clients designated bank account on the credit date.
Subject to standard terms and conditions.
Minimum investment amount R100 000 and maximum investment amount R15 000 000.
Clients of Finbond Mutual Bank who acquire indefinite period paid-up shares will become shareholders of Class D shares in the Bank.
Each Class D shareholder will have one vote irrespective of the number of shares they hold, and
Class D Shareholders will have no right to participate in or receive any part of the profits of the Bank.
If the investment amount referred to in the duly accepted application form is not made on the specified date or made on dates other than those chosen in the term sheet, dividends will only be calculated on the actual amount deposited as from the actual date that the deposit has been unconditionally credited to Finbond Mutual Bank's account with its bankers ABSA Bank Limited.
All potential investors must formally apply for Indefinite Period Paid Up Shares on the Finbond Mutual Bank application form. Finbond Mutual Bank may, within its sole and absolute discretion and at any time without having to give any reasons, limit the maximum amount on the Indefinite Period Paid-Up Shares and refuse any application. In the event of any application being refused, the amount paid on application will be returned to the applicant without deduction.
Finbond Mutual Bank may at any time give six months’ written notice to the shareholder to redeem the indefinite period paid-up share.
Investment period is 66 months with guaranteed fixed dividend rates as set out and agreed in the duly accepted application form and dividend rate sheet up to the maturity date as set out in the duly accepted application form.
Dividends can be paid monthly, quarterly, half-yearly or annually and paid into the client’s designated bank account on the credit date.
Dividends at the applicable rate for the Fixed Period Paid-Up Shares will be calculated on the daily credit balance.
Subject to standard terms and conditions.
Minimum investment amount R100 000 and maximum investment amount R15 000 000.
Clients of Finbond Mutual Bank who acquire such shares for a fixed period of time will become Class B shareholders of the Bank.
Each shareholder will have one vote irrespective of the number of shares they hold and Class B shareholders will have no right to participate in or receive any part of the profits of the Bank.
If the investment amount referred to in the term sheet is not made on the specified date or made on dates other than those chosen in the term sheet, dividends will only be calculated on the actual amount deposited as from the actual date of the deposit.
All potential investors must formally apply for Fixed Period Paid-Up Shares on the FMB application form. Finbond Mutual Bank may, in its sole and absolute discretion and at any time without having to give any reasons, limit the maximum amount on the Fixed Period Paid-Up Shares and may refuse any application.
Finbond Mutual Bank will redeem the fixed period paid-up share at the end of the maturity period.
Finbond Mutual Bank may in its sole and absolute discretion consent that the shareholder give three months’ written notice to redeem the share after the expiration of 18 months after the date of acquisition.
5. 7-Day Notice Account
The interest on this account will be at the rate as set out on the interest rate sheet.
There are no fees applicable to the 7-day notice account.
The rate is not fixed. Should rate changes be applied, this will be applicable to existing and new notice accounts.
Interest at the applicable rate for 7-day notice account will be calculated on the daily credit balance and capitalised monthly in arrears.
Investors will need to complete a notice form in order to give 7 days’ notice.
Subject to standard terms and conditions.
Minimum investment amount R100 000 and maximum investment amount R15 000 000. The account may not fall below the minimum of R100 000. 
Notice amounts should be a minimum of an R 1 000.
Ad-hock payments can be made to the account to a minimum of R10 000. Ad-hock payments should be made directly into the account by way of EFT (Electronic File Transfer). No cash deposits accepted.
The opening deposit of the account should be credited to Finbond Mutual Bank’s ABSA Bank account with its bankers ABSA Bank Limited.
All potential investors must formally apply for a 7-day notice deposit on the Finbond Mutual Bank application form. Finbond Mutual Bank may within its sole discretion and at any time without having to give any reasons, limit the maximum amount on the notice account and refuse any application.
Should a client need to withdraw funds, a 7-day notice request form needs to be completed and sent to Finbond Mutual Bank. Alternately, notice can be placed electronically, should the client have access to internet or cellphone banking.
The client will not be entitled to shares when investing in a 7-day notice account in order to vote at the annual general meetings.
6. 32-Day Notice Account
The interest on this account will be at the rate as set out on the interest rate sheet.
There are no fees applicable to the 32-day notice account.
The rate is not fixed. Should rate changes be applied, this will be applicable to existing and new notice accounts.
Interest at the applicable rate for 32-day notice account will be calculated on the daily credit balance and capitalised monthly in arrears.
Investors will need to complete a notice form in order to give 32 days’ notice.
Subject to standard terms and conditions.
Minimum investment amount R100 000 and maximum investment amount R15 000 000. The account may not fall below the minimum of R100 000. 
Notice amounts should be a minimum of R1 000.
Ad-hock payments can be made to the account to a minimum of R10 000. Ad-hock payments should be made directly into the account by way of EFT (Electronic File Transfer). No cash deposits are accepted.
The opening deposit of the account should be credited to Finbond Mutual Bank’s ABSA Bank account with its bankers ABSA Bank Limited.
All potential investors must formally apply for a 32-day notice deposit on the Finbond Mutual Bank application form. Finbond Mutual Bank may, within its sole discretion and at any time without having to give any reasons, limit the maximum amount on the notice account and refuse any application.
Should a client need to withdraw funds, a 32-day notice request form needs to be completed and sent to Finbond Mutual Bank. Alternately, notice can be placed electronically, should the client have access to internet or cellphone banking.
The client will not be entitled to shares when investing in a 32-day notice account in order to vote at the annual general meetings.

Finbond Mutual Bank is  an authorised financial services provider (FSP No.: 44907) and  registered credit provider (NCR Reg. No.: NCR CP 6172)
Finbond Mutual Bank is regulated by and registered with the South African Reserve Bank  (SARB Reg. No.: 01102)
·  Copyright © 2012 by Finbond Mutual Bank   ·   All Rights reserved  ·

These Terms and Conditions comprise the agreement between Finbond Mutual Bank and the client in connection with Finbond Mutual Bank Fixed-Term Deposits and Fixed Period and Indefinite Period Paid-Up Shares. They explain Finbond Mutual Bank's obligations to the client and the client's obligations to Finbond Mutual Bank.

1. Definitions
Wording importing one gender will also include the other gender; words in the singular will also include the plural and vice versa; and natural persons will also include legal entities.

1.1‘applicable law’ is any local, provincial, national or international statute, regulation,                 regulatory guideline, the Mutual Banks Act No. 124 of 1993, the Code of Banking Practice and judicial or administrative interpretation (whether or not having the force of law but, if not having the force of law, is generally complied with by the persons to whom it is addressed or applied)

1.2 ‘client’ is the holder of the savings and investment account who is party to these terms and conditions

1.3 ‘instruction’ is an instruction from the client to Finbond Mutual Bank to perform a transaction, whether by the client effecting a transaction online or by any other means permitted by Finbond Mutual Bank

1.4 ‘Finbond Mutual Bank’ is Finbond Mutual Bank, a mutual bank registered with the South African Reserve Bank with Registration Number 01102

1.5 ‘savings and investment account’ is the Finbond Mutual Bank call, notice and fixed deposit accounts and includes Fixed Period and Indefinite Period Paid-Up Shares as well as any of Finbond Mutual Bank's product specials as advertised on the Finbond Mutual Bank website from time to time

1.6 ‘online’ is via the Finbond Mutual Bank website (www.finbondmutualbank.co.za)

1.7 ‘product rules’ are the specific conditions applicable to a savings and investment account relating to, amongst other things, interest rates, minimum deposits, notice periods and minimum or maximum balances, which are published by Finbond Mutual Bank in any material issued for the savings and investment account and on the Finbond Mutual Bank’s website

1.8 ‘transaction’ is any transaction effected by the client or by Finbond Mutual Bank on the client's behalf, relating to the savings and investment account, including without limitation deposits, withdrawals, payment orders and transfers

1.9 ‘verification mechanism’ is any personal identification number, password or other form of verification implemented by Finbond Mutual Bank from time to time, in order to facilitate the use of the savings and investment account and matters ancillary thereto
1.10     ‘working day’ is any day that is not a Saturday, Sunday or official South African public holiday

2. Application and Agreement

2.1  Finbond Mutual Bank will not open a savings and investment account for a client and will not be bound in any manner to do so, until the original application form, terms and conditions and supporting documentation have been duly completed, signed, submitted to, verified and accepted by Finbond Mutual Bank. Finbond Mutual Bank may refuse to open a savings and investment account or to accept a deposit at its discretion.

2.2   The client undertakes to furnish Finbond Mutual Bank with all information and/or documentation required in terms of the Financial Intelligence Centre Act No. 38 of 2001. The client consents to and authorises Finbond Mutual Bank to verify any information contained in the application form or in any documentation and generally making whatever enquiries it deems necessary in order to verify the information and/or documentation.

2.3 The savings and investment account and any and all transactions will be subject to the application form, these terms and conditions, applicable law, applicable accepted market practice, Finbond Mutual Banks standard banking practice and procedures, the product rules and The Mutual Banks Act No. 124 of 1993.

2.4 The client will be advised of the product rules and terms when the savings and investment   account is opened. The client is responsible for ensuring that they have read and understood the product rules and the terms.

2.5 Finbond Mutual bank is not obliged to make available to the client all savings and investment accounts, products, facilities or services offered generally by Finbond Mutual Bank. Availability of or access to any such savings and investment account, product, facility or service is at Finbond Mutual Bank’s discretion. The client acknowledges and agrees that Finbond Mutual Bank is entitled in its sole discretion from time to time to replace, substitute or withdraw any savings and investment account, product, facility or service. Finbond Mutual Bank will comply with the provisions of 4.1 below in doing so.

3. Operation of the Savings and Investment Account
   
Authority to operate

3.1 The client warrants that they have the necessary authority to open and operate the savings and investment account and undertakes to furnish Finbond Mutual Bank with all documents, information, authorisations, approvals and the like to prove such authority.

3.2 Finbond Mutual Bank will be entitled to rely on and act in accordance with instructions received from any person authorised or purportedly authorised to access or use the savings and investment account or the savings and investment account number by virtue of any authority, resolution, mandate or power of attorney (‘authority’) provided by the client or nominee to Finbond Mutual Bank, unless such authority has been specifically cancelled by the client in writing and Finbond Mutual Bank has acknowledged such cancellation in writing or otherwise.

3.3 With the exception of online instructions, instructions must be received by Finbond Mutual Bank before 11.00 am on any working day in order for a transaction to be processed on the same day. The client is responsible for ensuring that Finbond Mutual Bank is in receipt of any instruction and that instructions are clear and intelligible. Finbond Mutual Bank will not be liable for any failure by the client to do so.

3.4 The client agrees that Finbond Mutual Bank will be entitled, but is not obliged, in its discretion to confirm or authenticate any instruction which is not given online, or not sent by post and addressed to the relevant Finbond Mutual Bank address, prior to effecting any transaction and will not be liable for any delay in giving effect to any instruction as a result of exercising its right to confirm or authenticate an instruction.

3.5 Written confirmation of an instruction will be sent by Finbond Mutual Bank to the client's postal, telefax or email address as specified on the application form within 48 hours of receipt thereof, subject to 3.4 above.

Cheques and Electronic Fund Transfers

3.6 All cheques to be deposited into the savings and investment account must be made payable to Finbond Mutual Bank and deposited into Finbond Mutual Bank’s ABSA Bank Account. All cheques made payable to and received by Finbond Mutual Bank will not be deemed to have been paid to and received by Finbond Mutual Bank, and no transactions may be effected in respect thereof, until the amount of the cheque has been unconditionally credited to Finbond Mutual Bank's account with its bankers ABSA Bank Limited.

3.7 The client agrees that they will be obliged to request special clearance for any cheque should they require same and will mark any instrument or deposit slip accordingly. The client acknowledges that they will be liable for any loss incurred should they fail to request special clearance and/or mark the instrument/deposit slip accordingly.

3.8 All electronic fund transfers made into the savings and investment account must be transferred to Finbond Mutual Bank's ABSA Bank Account. All electronic fund transfers paid to and received by Finbond Mutual Bank will not be deemed to have been paid to and received by Finbond Mutual Bank, and no transactions may be effected in respect thereof, until the amount of the electronic fund transfers has been unconditionally credited to Finbond Mutual Bank's account with its bankers ABSA Bank Limited.

3.9 The client agrees that they will be obliged to request and affect immediate clearance for any electronic fund transfer should he require same. The client acknowledges that they will be liable for any loss incurred should they fail to request immediate clearance.

Payments

3.10 Finbond Mutual Bank will, at its discretion, have the option to pay or collect any amounts via the Automated Clearing Bureau, by electronic funds transfer, by direct debit or credit against the client's commercial bank account or by means of a debit or credit note addressed to the client's commercial bankers.

3.11 Finbond Mutual Bank will not effect any payments from the savings and investment account other than to the client's designated commercial bank account as specified on the application form, or otherwise as notified to Finbond Mutual Bank in writing and signed by the client or the client's duly authorised signatories. Finbond Mutual Bank will not be liable whatsoever should it refuse to effect a payment otherwise than in accordance with this clause.


Statements

3.12 The client undertakes to monitor and verify the correctness of their savings and investment account details on a regular basis and to inform Finbond Mutual Bank immediately of any errors or inconsistencies therein or arising therefrom. Unless the client notifies Finbond Mutual Bank of any error or inconsistency on any statement issued in respect of the savings and investment account within 30 (thirty) days of the date of issue of the statement, such statement will be deemed to be an accurate and correct record of the client's activity on the savings and investment account.

Unjustified Enrichment

3.13 In the event that monies are credited to the savings and investment account in error, the client authorises Finbond Mutual Bank to do all such things as Finbond Mutual Bank may deem necessary in order to ensure that the client is not unjustifiably enriched at the expense of Finbond Mutual Bank or another person. The client agrees that Finbond Mutual Bank will be entitled to recover from the client any amount of money paid to the client (plus interest thereon at Finbond Mutual Bank's prime rate) to which the client is not entitled for whatsoever reason.

Applicable Law

3.14 Finbond Mutual Bank will not be required to do anything or to refrain from doing anything which would in its opinion infringe applicable law, and Finbond Mutual Bank may at any time and without notice do whatever it considers necessary to comply with applicable law, and whatever Finbond Mutual Bank does or does not do in order to comply with applicable law will be binding on the client.

4. Amendments and Variations

4.1 Finbond Mutual Bank may from time to time amend or substitute these terms and conditions, its standard banking practices and procedures, the product rules and/or the terms of any other product, banking facility or service offered by Finbond Mutual Bank or the Finbond Group of companies. Finbond Mutual Bank will give the client 30 (thirty) working days' notification of any amendment by any means of communication, including mail, telefax, email, Short Message System (SMS), statement message, announcements on the Finbond Mutual Bank website or otherwise. Finbond Mutual Bank will not be liable for any loss occasioned by the client not receiving notification of any amendment. Should the client elect not to accept any amendment, the client is entitled to close the savings and investment account, subject to the product rules and the provisions of clause 8 below.

4.2 Notwithstanding the provisions of clause 4.1 above, the client agrees that Finbond Mutual Bank will be entitled at its discretion and without notice to the client to amend the qualifying criteria for any savings and investment account. Finbond Mutual Bank will not be liable whatsoever to the client for any loss occasioned by the client as a result of any amendment made pursuant to this clause 4.2.


4.3 The client must immediately inform Finbond Mutual Bank in writing of any change of name, status or other details provided by the client, in particular if they are about to or have emigrated or if they are working or are about to work abroad. Finbond Mutual Bank will be entitled but not obliged to refuse to act on instructions given by the client using a different name or in circumstances where Finbond Mutual Bank is aware of any change in detail or status, until Finbond Mutual Bank is provided with the necessary documentary proof to its satisfaction.

4.4 Any variation of the savings and investment account by the client or by the client's authorised representative will only bind Finbond Mutual Bank if reduced to writing, or if given by such means of communication as may be acceptable to Finbond Mutual Bank and if given in accordance with the product rules and these terms and conditions. Any variation by the client is subject to the product rules.

5. Electronic Banking

5.1 With regard to instructions given or received by data message as defined in the Electronic Communications and Transactions Act No. 25 of 2002 (‘e-communication’), the client requests and authorises Finbond Mutual Bank to rely on and act in accordance with any instruction which may from time to time be, or purport to be, given by the client in its name. In authorising Finbond Mutual Bank to rely on and act in accordance with any instruction given by e-communication, the client acknowledges that e-communication is an inherently unreliable medium of communication and that such unreliability is beyond the control of Finbond Mutual Bank. The client acknowledges further that as a result of such unreliability there may be delays in the transmission and receipt of instructions or other information and that this may result in delays in the execution of instructions sent by e-communication. The client further acknowledges and agrees that it may not be possible to cancel or revise an online instruction after it has been given.

5.2 The client acknowledges that information transmitted by e-communication is susceptible to monitoring and interception. The client will bear all risk of transmitting information which may be confidential, proprietary or secret by e-communication and under no circumstances will Finbond Mutual Bank be liable for any loss, harm or damage suffered by the client as a result thereof. Finbond Mutual Bank reserves the right to request independent verification of any information transmitted by e-communication, and the client consents to such verification from whatsoever source, should Finbond Mutual Bank deem it necessary.

5.3 The client's attention is drawn to the fact that any e-communication sent by Finbond Mutual Bank to the client will not be encrypted and Finbond Mutual Bank is not liable for any loss suffered by the client resulting from any e-communication Finbond Mutual Bank sends to the client, unless the loss is caused by gross negligence or fraud on the part of Finbond Mutual Bank.

6. Disclaimers

6.1 The client is responsible for the investment decisions they take and for deciding which should not be taken in isolation but these decisions should be based on the client's entire investment portfolio, taking into account future liabilities, liquidity requirements, time horizon, risk tolerance and specific legal constraints. If the client is in need of financial planning assistance, the client should contact a financial advisor.

6.2 Finbond Mutual Bank will not be responsible, or liable for, any loss, damage or expense of any nature whatsoever which may be suffered by the client or a third party as a result of or occasioned by the failure by Finbond Mutual Bank to perform or process a transaction as a result of acts, events or circumstances beyond the control of Finbond Mutual Bank, including among other things, failure, unavailability or malfunction of any networks or third party systems and power failures.

6.3 The client warrants to Finbond Mutual Bank that they are acting for their own account and have made their own independent decision to open the savings and investment account and as to whether the investment is appropriate or proper for them based upon their own judgment and upon advice from such advisors as they have deemed necessary. The client is not relying on any communication (written or oral) of Finbond Mutual Bank as investment advice or as a recommendation to open the savings and investment account and information and explanations relating to the terms and conditions of the savings and investment account will not be considered investment advice or a recommendation to open the savings and investment account.

7. Breach, Termination and Redemption

7.1 Finbond Mutual Bank will not close the savings and investment account without giving the client reasonable prior notice at the last contact address provided by the client. However, the client acknowledges that Finbond Mutual Bank will be entitled to close the savings and investment account without notice to the client if it is compelled to do so under applicable law, if the savings and investment account has not been used for a significant period of time or if Finbond Mutual Bank has reason to believe that the savings and investment account is being used for fraudulent purposes. Any closure of the savings and investment account will be without prejudice to any rights Finbond Mutual Bank may have to recover any amounts due to it or any losses or damages suffered by it.

7.2 The client further acknowledges that Finbond Mutual Bank may be obliged under applicable law or pursuant to a court order to suspend the savings and investment account and/or to effect payment of any funds standing to the credit of the savings and investment account to any third party as may be directed under applicable law and the client shall have no claim against Finbond Mutual Bank for any loss suffered by them as a result.

7.3 Should the client commit a breach of any obligation contained in these terms and conditions, in particular a breach of clause 3.11 (Unjustified Enrichment), the client undertakes to pay all legal costs incurred by Finbond Mutual Bank in recovering any amount due to it on an attorney and own client scale.

7.4 On termination of the client’s savings and investment account, Finbond Mutual Bank will transfer any credit balance after deduction of any fees that we may charge ('the funds') to a suspense account where the funds will not earn interest. The funds will be paid only to the client or to the client's proven successor-in-title or representative.

7.5 The client is entitled to withdraw all funds standing to the credit of the savings and investment account and/or to close the savings and investment account in accordance with the notice periods relating to the specific savings and investment account and subject to the product rules, which the client confirms he is familiar with. The client is responsible for arranging for the cancellation of any debit orders, stop orders, payment instructions and the like. Notice of termination will be given to Finbond Mutual Bank in writing. Finbond Mutual Bank will comply with the Mutual Banks Act and its Regulations.

8. Interest, Fees and Charges

8.1 Interest rates applicable to savings and investment accounts are generally quoted by Finbond Mutual Bank on an annual basis and are specified on the application form’s interest rate sheet and the product rules. Interest at the applicable rate for the savings and investment account will be calculated on the daily credit balance on the savings and investment account and capitalised monthly in arrears, subject to any product rule. The client acknowledges that applicable interest rates may be reduced in the event that the product rules are not complied with.

8.2 If the savings and investment account is subject to a fixed rate of interest, the client agrees that Finbond Mutual Bank will book the rate on the date upon which the cash clears in Finbond Mutual Banks ABSA Bank Account.

8.3 The client can elect to have accrued interest paid to him on a monthly, quarterly or annual basis in accordance with the product rules. The client acknowledges that payment of interest will only be effected on a working day.

8.4 Finbond Mutual Bank is entitled to charge and recover from the client the following:
            8.4.1  A fee (plus VAT) for the issue of any guarantee on behalf of the client against
                      funds standing to the credit of the savings and investment account, in such
                      amount as Finbond Mutual Bank may determine and as agreed with the client.
                      The client undertakes to sign such documentation as Finbond Mutual Bank
                      may require for the authorisation of any guarantee.
          8.4.2    Fees for the use of and transactions on the savings and investment account, and
                      Finbond Mutual Bank may amend such fees from time to time within its
                      reasonable discretion. The terms of such fees may be obtained from Finbond
                      Mutual Bank on request. It is the client's responsibility to ensure that they are
                      satisfied with the fees. If the client does not object to the fee within 30 days
                      after it has been debited, it will be accepted that there is no objection to the fee.


8.5 Finbond Mutual Bank will be entitled to recover from the client any fee, charge, levy, tax or penalty imposed on Finbond Mutual Bank and for the client in terms of any applicable law or by any commercial bank, including specifically a cash deposit fee. 

8.6 If the client defaults in paying any amount when it is due in terms of these terms and conditions, Finbond Mutual Bank may charge interest thereon, which will accrue daily at the maximum rate permissible by applicable law.

8.7 Any fee charged under this clause 8 may be debited from the savings and investment account balance or charged to the client’s designated bank account or any other account of the client with Finbond Mutual Bank the client authorises Finbond Mutual Bank to do so.

8.8 Where an indefinite period share has been issued at a fixed rate of dividend, Finbond Mutual Bank will, notwithstanding the terms on which the share has been issued, have the right to from time to time reduce the fixed rate of dividend after giving the shareholder not less than one months' notice. Clients will then have the right to redeem their investment during the notice month.

9.  Notices and Correspondence

9.1 Notices or other correspondence may be given to the client by hand, post, telefax or e-communication to the address, telephone number or email address specified in the application form or as notified in writing by the client to Finbond Mutual from time to time.
9.2 Correspondence sent to the client by Finbond Mutual Bank:
            9.2.1  by post will be deemed to be received by the client on the 10th working day
                      after date of posting;
            9.2.2  by telefax will be deemed to be received by the client at the time when the
                      client's telefax machine acknowledges receipt thereof; and
            9.2.3  by e-communication will be deemed to be received by the client on the next
                      working day after sending.
9.3 Correspondence from the client to Finbond Mutual Bank given by post, telefax or e-communication will be deemed to be received by Finbond Mutual only when Finbond Mutual Bank de facto received it.

10. General

10.1 The client grants Finbond Mutual Bank authority to monitor, intercept, record and use as evidence all forms of correspondence or communications received by or sent from Finbond Mutual Bank. Specifically, Finbond Mutual Bank may record telephone conversations with the client. Finbond Mutual Bank's recordings of telephone conversations will be and remain the sole property of Finbond and will be accepted by the client as conclusive evidence of the instructions or conversations so recorded. The client agrees that Finbond Mutual Bank may deliver copies or transcripts of recordings to any court or regulatory authority. Finbond Mutual Bank is not required to maintain copies of such recordings and transcripts.

10.2 In effecting any transaction, Finbond Mutual Bank will not act, will it be deemed to be acting, as the client's agent nor as the agent of any payee.

10.3 The client may not cede, delegate, make over or transfer any of the client's rights or obligations in respect of, or arising out of, these terms and conditions without Finbond Mutual Bank's prior written consent. Finbond Mutual Bank may cede, delegate, make over or transfer any of its rights or both its rights and obligations under these terms and conditions and or in respect of the savings and investment account to any person.

10.4 The client's domicilium citandi et executandi for all notices and processes to be given and served in terms thereof is the physical address detailed on the application form or as notified in writing to Finbond Mutual Bank.

10.5 The client hereby consents to the jurisdiction of the Magistrate’s Court, even if the amount claimed by Finbond Mutual Bank exceeds the jurisdiction of the Magistrate’s Court in respect of any disputes arising in connection with the savings and investment account, or these terms and conditions or any matter related to or in connection therewith. Finbond Mutual Bank may in its discretion institute proceedings in the High Court of South Africa.

10.6 Finbond Mutual Bank will not be liable for any consequential damages suffered by the client, howsoever arising, as a result of the client’s failure to comply with their obligations in accordance with these terms and conditions.

10.7 If any provision of these terms and conditions is or becomes invalid, illegal or unenforceable under applicable law, the validity, legality and enforceability of the remaining provisions will not be affected or impaired in any way.

10.8 A certificate signed by any officer in the service of Finbond Mutual Bank (whose appointment it will not be necessary to prove) will constitute prima facie evidence of any amount owing to us or the facts contained therein for any purpose whatsoever in all proceedings to the extent that Finbond Mutual Bank may obtain summary judgment and default judgment.

10.9 Where the client is more than one person, the clients' liabilities under or in connection with these terms and conditions are joint and several. Furthermore, on the death of any one of clients, Finbond Mutual Bank may treat the survivor as the only person entitled to the savings and investment account, subject to applicable law.

10.10 The client undertakes to sign or execute any documentation required by Finbond Mutual Bank arising from any telephonic or electronic banking conducted by the client.

10.11 The client consents to Finbond Mutual Bank’s furnishing information about the client, the savings and investment account and the client's compliance or otherwise with the terms and conditions thereof to other banks, any credit management service and to any entity within the Finbond Group or otherwise as required by any applicable law.

10.12 The client has the right to access his personal information held by Finbond Mutual Bank. Finbond Mutual Bank will grant the client access during office hours within a reasonable time after receiving a written request for access.

10.13 Finbond Mutual Bank may, subject to applicable law, in its sole discretion and without prior notice, set off any amount which the client owes to it from whatsoever cause, against any funds standing to the credit of any of the client's accounts with Finbond Mutual Bank or the Finbond Group of companies.

10.14 The application form, the product rules, the interest and dividend rate sheet, and these terms and conditions contain the entire agreement between the client and Finbond Mutual Bank as to the subject matter hereof. The client will have no claim or right of action arising from any undertaking, representation or warranty not included in this document.

10.15 No agreement to vary, add to or cancel this agreement will be of any force or effect unless reduced to writing and signed by Finbond Mutual Bank.

10.16 No failure by Finbond Mutual Bank to enforce any provision of this agreement will constitute a waiver of such provision or affect in any way Finbond Mutual Bank’s right to require performance of any such provision at any time in the future, nor will the waiver of any subsequent breach nullify the effectiveness of the provision itself.