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Give and Cancel Notice on the Mobile Banking App, FAQs

Does Give/Cancel Notice apply to business accounts as well?

Yes

 

Does Give/Cancel Notice apply to foreign nationals as well?

Yes

 

Can I do an early repayment on the App? If not, when?

No, early redemptions aren’t available yet.  However, this feature may become available in future releases.

 

Are error duplications to give notice possible?

Duplications are unlikely. However, if you do make a duplication notice, you will also be able to cancel the notice on the app.

 

Is there a charge to cancel notice? If so, what is the fee?

There is no charge

 

Does the amount placed on notice also accumulate interest?

Yes, it does.  The interest is calculated daily and paid out monthly.

 

Will I be able to give notice on my accounts, regardless of the platform that I used to open them? (For example, I opened an account in the branch but did not link my account to the card.)

If you can access online banking, then you can place, view, and cancel notices and your account need not be linked to your card. If you are however a standalone customer (i.e. you don’t have a transactional / card based product with the bank), then the notice will have to be placed in branch or via the CCC.

 

Why can I not give notice for the total amount in the account on the App?  I am able to do this in the branch.

Unfortunately account closure cannot happen on the app. A minimum balance of R250 needs to remain on the account in order to continue to earn interest.  If you redeem the full amount in branch, the account automatically closes.

 

IBR does not allow customers with preferential rates to give notice, will the app allow this or not?

By preferential you’re referring to online rates of 0.15%.  Customers, regardless of the rate, can give notice.

Are business customers also able to give notice on their accounts?

Yes

 

Will I be able to give notice for odd amounts, e.g. R433.30?

Yes, they will, just as long as a minimum of R250 is left in your account at all times.

 

Once paid out, will I get a notification that the funds are now available?

Funds are paid automatically into the designated account. No notification of payout is sent.

 

Does the pay-out happen on the last day, e.g. Day 32 for 32 day notice account or on the next business day? The next business day

 

When you give notice on a Sunday, will it reflect on Monday or Tuesday? 

The notice placed will only reflect on Monday, while the payment will only be effected on the next business day.

 

Can I cancel a pending notice 1 day before maturity? 

A notice placed can be cancelled anytime, even a day before maturity.

 

Once the notice is cancelled, can I make an early repayment on the same day with the same amount at the branch/voice? 

Early repayment can be done on the same day with the same amount, subject to penalties.

 

What does the error “Something went wrong. Please try again later” mean?

This appears in the event that an error occurred. Errors happen for many reasons whether retrieving information from SAP, your internet connection drops and many others. We advise you to logout and log back in.

 

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Version history
Revision #:
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Last update:
‎20-11-2018 03:44 PM
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