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Newsletter - July 2005
Price Changes,
Educational Learner Savings Programme,
IMPORTANT! Next FICA deadline: 30 September 2005
Price Changes
With effect from 1 July 2005 there were changes in certain of our bank charges, including the following:
- increase of unauthorized overdrafts from N$35.00 to N$70.00
- introduction of a monthly maintenance fee on cheque accounts of N$15.00, effective 1 August 2005
- introduction of a monthly maintenance fee on Residential Home Loan accounts of N$5.00, effective 1 August 2005
- introduction of a monthly maintenance fee on savings accounts of N$4.50, effective 1 August 2005
- introduction of a flat fee per debit order/ magtape on cheque accounts and savings accounts of N$10.00
While we always endeavour to keep our increases to a minimum, we are unfortunately compelled to increase our charges due to inflationary pressures and increased costs from our suppliers.
However, while some prices have increased, others remain the same, and some have decreased. (Please note that the increases are the general maximum increases and may differ for individual clients.)
As of 1 July 2005, the revised maximum fees (for the private individual) are displayed in the Nedbank Namibia banking halls, and are also available on the website at www.nedbank.com.na
In today's world of rising daily living costs and increasing pressures on your time, one of the most effective ways of dealing with both these issues is to bank with insight. By this we mean three things, namely:
- improving your knowledge of your banking expenses;
- making the most of the added value benefits we offer you; and practicing smart banking.
We would like to encourage you to contact your personal banker or relationship manager for your individual fee structure.
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"Educational Learner Savings Programme"
At Nedbank we realize the importance of understanding the concept of savings and investments. We are committed to assist young people to experience the concept of savings and to help them to understand the relevance thereof.
A Nedbank savings account is an ideal entry point into mainstream banking, paving the way to utilize other products and services such as, cheque & investment accounts and bank loans.
The aim of the "Educational Learner Savings Programme" is to teach participants about money and the importance of saving, encourage them to save money for specific purposes, expose them to the entrepreneurial culture, and to help them gain a basic understanding of banking.
Grade 10 and 11 learners of 22 schools in Windhoek have the opportunity and are encouraged to participate in this pilot programme.
Depending on the acceptance and success of the pilot programme of one year, it is planned to repeat the programme on an annual basis and to even expand it to other schools throughout the country.
The educational programme will encourage learners to save money over the period of one year. Nine educational sessions, three per trimester, will be presented at each school by a representative of Nedbank. Each session will address a separate subject on savings and banking in general. It is expected that at the end of the programme learners will have a better understanding of the importance of savings and banking in general.
Learners will be assisted to open a Nedbank Diamond Youth Savings account, which will qualify them and their schools to participate in the competition included in the programme.
We would like to encourage parents and teachers to familiarize themselves with the programme and persuade Grade 10 & 11 learners to take part.
For more information, please contact Nita Uushiku on Tel: 061 - 295 2087 or Pangwa Gabriel
on Tel: 061 - 295 2133.
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IMPORTANT! Next FICA deadline: 30 September 2005
Did you know?
We have 7 weeks to go, and 134 affected credit card holders to verify under the Financial Intelligence Centre Act, Act 38 of 2001 ("FICA").
FICA reqires that all existing South African bank clients have their details verified by their respective verification deadline dates or face transaction restrictions on their accounts. The Nedbank Namibia credit card's underlying relationship is with Nedbank South Africa. Clients holding these cards are required to be verified in terms of South African legislation.
The Namibian Verification Centre (NVC) was set up to assist Namibian clients with the verification process. In addition, the NVC is supported by the Central Verification Hub (CVH) and the Client Services Unit (CSU) in South Africa. The Money Laundering Control Programme (MLCP) facilitates communications and requirements between these areas and Nedbank clients.
Affected card holders will receive written communication requesting them to identify and verify themselves in terms of FICA. This process is being done in phases and has to be completed by August 2006.
Affected clients will be given the following options:
- to fax the required documentation through to the bank at Tel: 061 - 223 122, or;
- to scan the documentation and e-mail it to nvc@nedbank.com or;
- to bring the required documentation in to your relationship manager who will fax/ e-mail it to the above numbers, or;
- to post the documents to Nedbank Verification Centre, Att: Anja Engelbrecht at P O Box 1, Windhoek.
However, during the first phase, problems were experienced with the poor quality of faxed documents and we recommend that clients rather make use of the other available options, unless faxing is the only alternative.
Kindly note that in case of receipt of incomplete or unclear documents, you will be contacted and requested to re-submit the relevant documentation.
More information regarding the Anti-Money Laundering campaign will be forwarded to you in due course. We would yet again like to thank all our customers for your patience and understanding.
If you have any questions or queries, please do not hesitate to contact Anja Engelbrecht on Tel: 061 - 295 2806.
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