Having a bank account isn’t just about keeping your money safe. It’s about having financial security, making payments easily, and accessing services that improve your life. Do you know what your bank owes you?
Banks are required to treat all customers fairly and cannot discriminate based on income, gender, race, or background. However, despite these regulations, many individuals continue to face challenges in accessing financial services due to high costs and complex requirements.
Understanding your rights helps you make informed choices and ensures your bank treats you fairly. It allows you to confidently navigate banking services, question unfair charges, and take advantage of the benefits and protections available to you as a customer. When you know what to expect, you can make financial decisions that best serve your needs and long-term goals,” says Cheslyn Jacobs, Chief Commercial Officer at TymeBank.
The Banking Code: your guide
There’s a set of rules called the Code of Banking Practice, which guides how banks should treat customers. Here’s what you need to know:
You have a right to a bank account
You have the right to open a bank account, provided you meet some basic requirements. Typically need to provide proof of your identity, proof of residence, and sometimes proof of income. You may also need to provide a minimum opening deposit. As a digital bank, TymeBank has made it simpler and faster for more people to open and use a bank account in South Africa. All you need is a valid South African ID number for identity verification and an active South African cellphone number to receive verification codes and transaction alerts. You can then open a biometrically verified bank account in under five minutes.
“Biometric verification is done either through a selfie using the SmartAPP or by scanning your fingerprint at a TymeBank kiosk, which then compares this data to the Department of Home Affairs database,” says Cheslyn.
Clear information on bank charges
It’s important to know the costs associated with your account. Banks are required to clearly explain all fees, charges, and interest rates before you open an account. Always ask for a list of all costs upfront, check your bank’s website, and regularly review your bank statements.
Freedom to switch banks
If you’re unhappy with your bank’s service, fees, or policies, you have the right to move your money elsewhere. It’s easier than ever to switch banks. Compare options and choose a bank that offers affordable, transparent, and secure banking.
Your privacy and security are protected
Your bank must protect your personal and financial information and cannot share your details without your consent unless required by law. However, safeguarding your financial security is also your responsibility.
To protect yourself, always use strong, unique passwords for online banking and enable two-factor authentication where possible. Be cautious of phishing scams—never click on suspicious links or share your banking details over the phone, email, or text unless you are 100% certain of the recipient’s identity. Regularly monitor your bank statements for any unauthorised transactions and report them immediately. When using ATMs, be aware of your surroundings and shield your PIN entry. If you lose your card or suspect fraud, notify your bank as soon as possible to block unauthorised access. By staying vigilant and following these steps, you can help keep your financial information secure.
Fraud Alert! Stay Aware!
According to SABRIC, the organisation that works with banks, law enforcement, and regulators to combat fraud, in 2023, nearly R3.3 billion was lost to fraud. Digital banking fraud has increased by 45%, and banking app fraud by 89%.
“Criminals are using advanced technologies, so it’s important to stay informed,” says Cheslyn.
TymeBank provides security features such as:
- Biometric verification protects you against identity theft.
- DebiCheck: You approve transactions before money is deducted.
- Multi Factor Authentication: One-time PIN (OTP) codes sent to you to verify transactions.
- Security updates: Regular upgrades to protect your account against fraud.
- Tips and updates: Information via various communication channels, including SMS, social media and email, on how to protect your money.
The CPA: your protection
The Consumer Protection Act (CPA) protects you from unfair treatment, misleading information, and hidden fees. It ensures you receive fair and transparent financial services. If a bank fails to meet these standards, you have the right to take action to protect yourself and hold them accountable.
Start by addressing your complaint directly with the bank, as all financial institutions are required to have internal dispute resolution processes. Clearly outline the issue, provide any supporting documents, and request a formal response.
If the bank does not resolve your complaint satisfactorily and you believe you have been treated unfairly by a financial institution, you have the right to escalate the matter. The National Financial Ombud Scheme South Africa (NFO) is an independent organisation dedicated to resolving consumer complaints against financial service providers, including banks, credit providers, and insurers. Their services are impartial, confidential, and provided at no cost to you. To lodge a complaint, you can visit their website.
You can also approach the National Consumer Commission (NCC) if you believe your bank has engaged in unfair business practices, such as misleading advertising or hidden fees.
For concerns related to financial advice or investment products, the Ombud for Financial Services Providers (FAIS Ombud) can investigate and mediate disputes.
These regulatory bodies have the authority to enforce corrective action, ensuring that consumers are treated fairly and that banks comply with consumer protection laws. By taking these steps, you can assert your rights, seek fair treatment, and contribute to greater accountability in the financial sector.
“Many South Africans don’t realise their banking and consumer rights. Understanding these rights helps you make informed choices and protect yourself from unfair treatment or fraudulent activity,” says Cheslyn.
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