Sanlam Collective Investments Limited ("Sanlam") and Bidvest Bank Limited ("Bidvest Bank")

• Sanlam is the manager of the Sanlam Collective Investment Scheme ("Scheme") regulated in terms of the Collective Investment Schemes Control Act. The SIM Money Market Fund ("SMMF") is a portfolio established in terms of the Scheme. A copy of the Deed and the Supplemental Deed of the Scheme is available at the offices of Sanlam for perusal.
  
  
• Bidvest Bank is a registered bank and member of the Payments Association of South Africa. Sanlam and Bidvest Bank have entered into an agreement in terms of which Bidvest Bank will enable the Investor to use the Electronic Access Channel as an additional payment instrument to access his investment in the SMMF via the Investor's Sanlam Liquid account ("Liquid Account").
  
  
• These terms and conditions ("Terms") govern Sanlam's, Bidvest Bank's and the Investor's respective rights and obligations when the Investor uses the Electronic Access Channel and come into effect when the Investor registers for the Electronic Access Channel or once the Investor accesses the Electronic Access Channel, whichever occurs first.
  
  
• By accessing the Electronic Access Channel, the Investor confirms having read, understood and accepted these Terms, and consents to Sanlam sharing his personal information with Bidvest Bank in the ordinary course of Sanlam providing services to the Investor.
  
  
• These Terms must be read in conjunction with the Sanlam Liquid Card terms and conditions.

1. DEFINITIONS
   
   In these Terms the following words will have the following meanings:
    
   
   1. Bidvest Bank means Bidvest Bank Limited (Registration No. 2000/006478/06).
        
   2. Client Number means the unique client number that is system generated and provided to the Investor by Sanlam.
       
   3. Electronic Access Channel means the electronic service provided by Sanlam and includes the following services:
       
      
      1. obtaining information relating to the Investor's Account, including internet transactions and standing instructions;
          
      2. transferring funds;
          
      3. paying accounts;
          
      4. making defined payments with beneficiary details provided  by the Investor;
          
      5. requesting a transaction history on the Investor's Account;
          
      6. creating debit orders from the Investor's Account;
          
      7. the request for and receipt of statements and reminder notices and any other similar service offered from time to time; and
          
      8. any other service, which may be made available through the Electronic Access Channel.
       
       
   4. Investor means the person who holds Participatory Interest in the SMMF and who has registered to use the Electronic Access Channel.
       
   5. Investment Amount means an amount equal to the value of the Investor's Participatory Interest in the SMMF.
       
   6. Liquid Account means the SMMF account in the name of the Investor used by Sanlam for the purpose of receiving and making payments and, unless the Investor has a Nominated Account, debiting fees resulting from the Investor's use of his SMMF account.
        
   7. Nominated Account means, if the Investor has more than one Investor Account, that Investor Account nominated by the Investor for the purpose of debiting the fees payable in terms of this agreement.
       
   8. Participatory Interest means any interest, undivided share or share, whether called a participatory interest, unit or any other name.
       
   9. Password means 10 (ten) to 12 (twelve) alphanumeric (letters and numbers) unique characters comprising upper and lower case text chosen by the Investor or User, as the case may be, and used as an additional security and authentication measure during access procedures.
       
   10. PIN means a personal identification number comprising 4 (four) to 5 (five) numeric digits, chosen by the Investor or User, as the case may be, and used as a security and authentication measure during access procedures.
        
   11. Sanlam means Sanlam Collective Investments Limited (Registration No. 1967/002865/06).
        
   12. Scheme means the Sanlam Collective Investment Scheme regulated in terms of the Collective Investment Schemes Control Act.
        
   13. SMMF means the SIM Money Market Fund, a portfolio established in terms of the Scheme.
        
   14. User/s means any person/s authorised by the Investor to use the Electronic Access Channel in accordance with clause 6.
        
   15. User Name means the self selected user name the Investor or User, as the case may be, selected upon successful registration to use the Electronic Access Channel and used as an additional security and authentication measure during access procedures.
        
   16. Valid Mandate means an instruction given to the Investor by a third party authorising the Investor to act on behalf of the third party.
        
        
2. USE OF THE ELECRONIC ACCESS CHANNEL, SUBJECT TO CONDITIONS
    
   
   1. The use of the Electronic Access Channel is provided subject to these Terms. The Investor acknowledges that the Electronic Access Channel will enable the Investor to access his Liquid Account and have access to his participatory interests in the SMMF.
       
   2. All products and services provided by Bidvest Bank and Sanlam are subject to their own terms and conditions ("Product Agreements") such as the debit card terms and conditions ("Terms and conditions: card") and the Deed and Supplemental Deed of the Scheme and the Supplemental Deed of the SMMF.
       
   3. Bidvest Bank and Sanlam may vary the Terms by posting a notification of amendment on this website.
       
   4. If the Investor uses the Electronic Access Channel after Sanlam has posted an amended version of these Terms on the website, the Investor will have thereby agreed to be bound by the amended version of the Terms.
       
   5. A certificate signed by the administrator responsible for maintaining this website will be sufficient proof of the date of publication and content of the current version and all previous versions of the Terms unless the Investor proves otherwise.
       
      
3. INTERNET
   
   
   1. The Investor must register with an internet service provider in order to obtain access to the Electronic Access Channel.
       
   2. The Investor will be solely responsible for the acquisition, installation and maintenance of his connection to the Internet and any related costs or expenses will be borne by the Investor.
       
   3. Should the Internet software and hardware requirements be modified with a view to improving or upgrading the Electronic Access Channel, the resultant cost of any hardware, software or Internet connection required for the Investor to use of the Electronic Access Channel will be for the Investor's account.
       
   4. Sanlam and Bidvest Bank will not be responsible for any loss arising from any failure, malfunction or delay in any Internet transaction, or any supporting or shared networks, where applicable, resulting from maintenance and upgrading of the website, circumstances beyond their  reasonable control, and for which they are not culpable.
       
   5. Internet transacting is done at the Investor's own risk. Neither Sanlam nor Bidvest Bank will be responsible for any loss, theft, or fraud resulting from such use.
       
   6. In the event that the Investor experiences problems with the Internet and the Internet connection, it is the Investor's responsibility to liaise with his Internet Service Provider to resolve the problem prior to contacting the Sanlam Liquid Call Centre on 0860 LIQUID / 0860 547 843.
       
   7. All information on this website is intended only to provide the Investor with access to his Liquid Accounts and general information about certain products and services: while Sanlam will take reasonable steps to ensure the accuracy of the information, it will not be liable for information which is not accurate or up to date.
      
      
4. OPERATION OF THE LIQUID ACCOUNT
   
   
   1. The Electronic Access Channel may be unavailable from time to time due to routine maintenance or emergency repairs or because of the unavailability of any electricity, telecommunication system or networks.
       
   2. The Investor is responsible for giving correct information and instructions when registering for Electronic Access Channel and when conducting transactions via the Electronic Access Channel.
       
   3. The Investor authorises Sanlam to repurchase Participatory Interests in the SMMF based on all instructions given via the Electronic Access Channel, including the debiting of and transfer of funds from the Liquid Account, provided that the instructions are authenticated by the use of:
       
      
      1. the PIN, Password, Client Number and User Name;
          
         
      2. any other security procedures which may be required by Sanlam from time to time.
         
         
   4. The Investor accepts Sanlam's standard minimum balance as published in the Product Agreement, and maximum transactional limits imposed on payments or transfers of funds, which limits may be altered at any time as agreed by the Investor, Bidvest Bank and Sanlam.
       
   5. The provision of the Electronic Access Channel will not entitle the Investor to overdraw the Liquid Account.
       
   6. The Investor may not use Internet transacting for any illegal transactions. It is the responsibility of the Investor to determine that a transaction is lawful before transacting. In this regard the investor warrants and undertakes that all applicable laws of the Common Monetary Area will be complied with when transacting using the Electronic Access Channel.
       
   7. Bidvest Bank and Sanlam will not be liable if a beneficiary refuses to accept or honour any transaction that the Investor effects through the Electronic Access Channel.
       
   8. Bidvest Bank and Sanlam will not be liable if a transaction is not authorised for any reason.
       
   9. The Investor acknowledges and agrees that beneficiaries are independent of Bidvest Bank and Sanlam. Bidvest Bank and Sanlam will not be liable if the Investor has a complaint about goods or services paid for or transfers effected through the Electronic Access Channel.
       
   10. Unless a reversal or charge-back is allowed by a beneficiary, Bidvest Bank and Sanlam are unable to reverse or charge-back any payment.  Sanlam will not be liable for payments made by the Investor to unintended recipients due to the input of incorrect information, nor is Sanlam responsible for the verification of the identity of beneficiaries. Sanlam cannot reverse duplicate or erroneous payments the Investor makes to other accounts without the specific consent of the accountholder.  Sanlam's role is simply to pass the Investor's instructions to the financial institution where the account is held and Sanlam will not be liable for any act or omission on the part of such institution. 
       
       The Investor must provide the correct account number as well as the correct branch clearing code, where required, of all beneficiaries when instructing Bidvest Bank and Sanlam to make payments and transfer funds to beneficiaries.  Bidvest Bank and Sanlam will rely on the information provided by the Investor and Bidvest Bank and Sanlam will not be obliged to check if the name of the beneficiary is provided, that the name accords with the account number.  Bidvest Bank and Sanlam will not be liable for any mistake in the information provided.
        
   11. Any dispute with a beneficiary regarding a reversal or charge-back should be resolved by the Investor with that beneficiary.
        
   12. All payments or transfers made to beneficiaries through the Electronic Access Channel are final and irreversible.
       
       
5. DUTIES OF THE INVESTOR
   
   
   1. It is the Investor's responsibility to keep his PIN, Password, Client Number and User Name secret, and to ensure that access is not given to or gained by any unauthorised person.
       
   2. The Investor must take all reasonable precautions to prevent unauthorized use of the Electronic Access Channel and unauthorised access to the Liquid Account.
       
   3. If the Investor suspects that the PIN, Password, Client Number or User Name has become known to an unauthorised person, the Investor must immediately notify the Sanlam Liquid Call Centre on 0860 LIQUID / 0860 547 843 and immediately change the PIN, Password and User Name.
       
   4. If any unauthorised person obtains the PIN, Password, Client Number or User Name in any manner whatsoever, until the Investor has notified Sanlam in accordance with clause 5.3, Bidvest Bank and Sanlam will have no liability in connection with any transaction effected by that person and that person will be regarded as the Investor's duly authorised agent with full authority to use the Electronic Access Channel on the Investor's behalf, unless the Investor is able to prove that the person obtained the PIN, Password, Client Number or User Name through Bidvest Bank's or Sanlam's negligence or internal fraud.
   
   
6. USERS
   
   
   1. It is the Investor's responsibility to control and restrict access to the Electronic Access Channel.
       
   2. The Investor may at his sole discretion disclose his PIN, Password, Client Number and User Name to Users.
       
   3. The Investor will disclose his PIN, Password, Client Number and User Name entirely at his own risk.
       
   4. The Investor may revoke a User's access to the Electronic Access Channel at any time by changing the PIN, Password, Client Number and User Name disclosed to the User.
       
   5. These Terms apply equally to Users, The Investor alone will be liable for all transactions on the Investor's Account, and for any loss or damages Bidvest Bank and/or Sanlam suffer as a result of the use of the Investor's Account by a User. The Investor waives any right of action or defence available to him based on his relationship with the User.
   
   
7. LIABILITY FOR LOSS OR DAMAGE
   
   
   1. The Investor acknowledges that the use of the Electronic Access Channel and the Liquid Account is at the Investor's risk.
       
   2. Although they will take reasonable care to prevent harm or loss to the Investor, neither Bidvest Bank nor Sanlam will be liable for any harm or loss whatsoever arising as a result of the Investor's use of the Electronic Access Channel unless such loss or damage arises from the gross negligence or intentional misconduct of Bidvest Bank or Sanlam. This includes the Investor's inability to use the Electronic Access Channel including, without limitation, any direct, indirect, special, incidental or consequential damages, whether arising out of contract, statute or delict.  Without derogating from the generality of the foregoing, neither Bidvest Bank nor Sanlam will be liable as a result of:
      
      
      1. any malfunction, error or defect in the hardware used by the Investor (which includes the personal computer or cell phone);
          
      2. any defect in the software used by the Investor to gain access to the Electronic Access Channel;
          
      3. any act or omission by the Internet or cell phone service provider or any defect in the Electronic Access Channel or any other medium by which access is gained to the system;
          
      4. the Electronic Access Channel, or any part thereof, being off-line or unavailable;
          
      5. any industrial action;
          
      6. any other circumstances not reasonably within Bidvest Bank's or Sanlam's control;
          
      7. erroneous, unauthorized, incomplete, or unlawful instructions from the Investor;
          
      8. any interruption, malfunction, downtime or other failure of Electronic Access channel, Bidvest Bank's or the South African banking system, any third party system, any databases or any component part thereof for whatever reason;
          
      9. any loss or damage which arises from the Investor's orders, investment decisions, purchases or disposal of goods and services, including financial instruments or currencies, from third parties based upon the information provided on the Electronic Access Channel;
          
      10. any loss or damage with regard to the Investor's or any other data directly or indirectly caused by malfunction of Bidvest Bank's or the South African banking system, third party systems, power failures, unlawful access to or theft of data, computer viruses or destructive code on the banking system or third party systems, or programming defects;
           
      11. any interruption, malfunction, downtime or other failure of goods or services provided by third parties, including, without limitation, third party systems such as internet service providers, electricity suppliers, local authorities and certification authorities;
           
      12. unlawful or unauthorised access by another person(s);
           
      13. Sanlam's failure to send reminder notices; and
           
      14. incorrect or late execution or non-payment of any instruction given by the Investor, due to the circumstances set out in 7.2.1 to 7.2.13 above.
   
   
8. INDEMNITY AND WARRANTY BY THE INVESTOR
   
   
   1. The Investor indemnifies Sanlam against any damage, loss and consequential damage that Sanlam may suffer as a result of incorrect, unauthorised or unlawful instructions or information given by the Investor or any other person authorised or deemed to be authorised to act on behalf of the Investor.
       
   2. The Investor warrants his authority to deal with the accounts of a third party on the basis of a Valid Mandate.
      
      
9. RECORDING OF TELEPHONE CONVERSATIONS
   
   
   1. For the protection of both the Investor and Sanlam and to maintain the highest level of service, telephone conversations between the Investor and the Sanlam Liquid Call Centre may be recorded.
      
      
10. FEES
    
    
    1. Any fees, costs, taxes, commission and charges in respect of the Electronic Access Channel will be debited to the Investor's Nominated Account.
        
    2. Sanlam may vary the fees, costs, taxes, commission and charges in respect of the Electronic Access Channel by giving reasonable notice of such amendments to the Investor, by posting a notification of amendment on this website or by including advice of such changes with the Investor's statements.
       
       
11. INTELLECTUAL PROPERTY
    
    
    1. Bidvest Bank and Sanlam retain all copyright and other intellectual property rights in all material, including trademarks, logos and other graphics and multimedia works published on or through this website. The Investor may not establish a hyperlink, frame, meta tag or similar reference, whether electronically or otherwise to this website or any other subsidiary pages without the prior written consent of Bidvest Bank and Sanlam, which they may withhold in their sole discretion.
        
    2. The Investor is authorised to view and download one copy of these Terms to a local hard drive or disk, print and make copies of such printouts, provided that:
       
       
       1. the material is used for considering use of the Electronic Access Channel and for no other commercial purposes;
           
       2. any reproduction of Bidvest Bank's or Sanlam's proprietary material from this website or portion of it, is not permitted without the copyright notices in their entirety.
          
          
    3. Nothing on this website should be construed as granting any licence or right to use any trademark without Bidvest Bank's or Sanlam's prior written consent or the prior written consent of third parties, as the case may be. The Investor may not, without Bidvest Bank's or Sanlam's prior written consent, use Bidvest Bank's or Sanlam's intellectual property or the intellectual property of third parties for any purposes whatsoever.
        
    4. The Investor may not: reproduce, modify, or create derivative works from; or publish, distribute, transmit,  display;  or transfer any of the contents on the web site; decompile, reverse engineer, or disassemble the web site, a linked web site, or software; post on or transmit to the web site content of an unlawful nature, for example: (a) contents that are threatening,  defamatory, obscene,  inflammatory, pornographic, or profane; or (b) that could damage the image or ability to do business of Bidvest Bank or Sanlam; use the web site in a manner that could damage, disable, overburden, or impair any server, or network connected to any server, or interfere with any other party's use of the web site; gain unauthorised access to information from the web site, a server, or a network connected to a server through hacking, password mining, or any other means; create a link on another web site to the web site or any of its pages; frame the web site or any of its pages without prior written permission; or spoof, link or frame any part of the website  - without prior written permission from Sanlam.
    
    
    
12. TERMINATION, SUSPENSION OR WITHDRAWAL OF THE ELECTRONIC ACCESS CHANNEL
    
    
    1. The Investor may terminate his right to use the Electronic Access Channel by giving Sanlam 30 (thirty) days' written notice via e-mail or any other written communication tool.
        
    2. Sanlam may discontinue providing the Electronic Access Channel or any of the products or services offered via the website at any time at its sole discretion.  Sanlam will however, notify the Investor of this on at least 30 days notice.
        
    3. In order to protect the Investor, Sanlam and the banking systems, Sanlam is entitled immediately to suspend or withdraw all or part of the Investor's access to the Electronic Access Channel if:
       
       
       1. the Electronic Access Channel is being used contrary to these Terms;
           
       2. Sanlam has reasonable grounds to believe that the Electronic Access Channel may be used negligently, illegally or fraudulently; or
           
       3. Sanlam believes that the security of the systems used to provide the Electronic Access Channel may be compromised.
          
          
    4. If the Investor does not use the Electronic Access Channel for a period of at least 6 (six) months consecutively, Bidvest Bank and Sanlam reserve the right to terminate the Investor's access to the Electronic Access Channel without prior notice.
        
    5. The Investor is liable for all transactions and/or obligations (and related charges) which are incurred up to and including the date of termination.
        
    6. Even if this Agreement ends, Bidvest Bank and Sanlam will be entitled to rely on the rights acquired under this Agreement before it ended.
    
    
    
13. CERTIFICATE OF INDEBTEDNESS
    
    
    1. Subject to clause 2.5, a certificate signed by any of Sanlam's directors or managers (whose appointment need not be proved) will be prima facie proof of all matters (including the Investor's indebtedness to Sanlam, interest and the rate of interest) stated therein for the purpose of provisional sentence or summary judgment unless the Investor proves the contrary.
       
       
14. CONFIDENTIALITY OF INFORMATION AND SECURITY
    
    
    1. Bidvest Bank and Sanlam will not be responsible for the confidentiality of information contained in documents that are sent to the Investor's selected fax number or Investor's selected email address, or for documents that do not reach the selected fax number or email address.
        
    2. The Investor acknowledges that information transmitted through the Internet or any other communication system, including wireless communication system, is susceptible to unlawful access, distortion and monitoring and that the Investor uses the Electronic Access Channel at his risk.
       
       
15. USE OF THE FACILITY OUTSIDE SOUTH AFRICA
    
    
    1. When the Investor uses the Electronic Access Channel outside the South African Common Monetary Area, such use will be subject to exchange control regulations and it is the Investor's duty to comply with them.
    
    
    
16. CESSION AND DELEGATION
    
    
    1. The Investor may not cede or assign or otherwise make over or dispose of any of the Investor's rights or obligations in terms hereof without prior written consent from Sanlam.
    
    
    
17. NO WAIVER
    
    If Bidvest Bank and Sanlam for any reason or purpose, do not immediately enforce or implement any of their rights in terms of these Terms, it does not mean that they have abandoned or waived any of those rights.
    
    
18. ADDRESSES AND EMAIL COMMUNICATIONS
    
    
    1. The Investor's residential address as provided by the Investor to Bidvest Bank and Sanlam is the address which the Investor chooses as the address where any process of court may be served and warrants of execution against goods be  enforced for purposes hereunder. The Investor's e-mail address is the address which the Investor chooses as the address where any statements, notices or other communications.
        
    2. The Investor must send any notices or other communication to Sanlam at Sanlam Liquid Cardholder Services, PO Box 1, Sanlamhof, 7532.
    
    
    
19. CONSENT TO JURISDICTION
    
    The Investor hereby consents in terms of section 45 of the Magistrates' Courts Act, 32 of 1944, that any legal proceedings, which have to do with this agreement, may be instituted in any magistrate's court which (in terms of section 28 of the Magistrates' Courts Act) has jurisdiction over the Investor, even if such claim exceeds the jurisdiction of the magistrates court.
    
    
20. FRAUDULENT ACTIVITIES
    
    
    1. Bidvest Bank and Sanlam are committed to ensuring the security of the Investor's use of the Electronic Access Channel and are entitled to investigate any loss suffered by the Investor which is alleged to have occurred as a result of fraud via the website.
        
    2. Where the Investor has been a victim of an Electronic Access Channel fraud, he must inform Sanlam by contacting the Sanlam Liquid Call Centre at 0860 LIQUID / 0860 547 843 as soon as the Investor becomes aware that a suspicious transaction has occurred on the Investor's Account and report the matter at the nearest SAPS office.  The Investor will also be required to co-operate with Bidvest Bank, Sanlam and the SAPS in any investigation conducted into losses suffered.  Bidvest Bank and Sanlam will investigate all reported cases of Electronic Access Channel frauds.
    
    
21. LEGAL COSTS
    
    
    1. The Investor will be liable for all legal costs, which will include but not be limited to:
       
       
       1. legal costs on the attorney and own client scale (including all disbursements made by the attorney briefed by Bidvest Bank and/or Sanlam, including all cost of any advocate instructed by Bidvest Bank and/or Sanlam as on brief, and the cost of the professional services rendered by the attorney to Bidvest Bank and /or Sanlam);
           
       2. collection charges and tracing fees; and
           
       3. value-added tax (VAT) thereon, which Bidvest Bank and/or Sanlam may incur in recovering or attempting to recover moneys which the Investor owes Bidvest Bank and/or Sanlam.
    
    
22. ENDING A SESSION
    
    The Investor must log off the website once he has finished using Bidvest Bank Online Banking. If the Investor does not do this, unauthorised transactions may result, for which neither Bidvest Bank nor Sanlam will be liable.
    
    
23. GENERAL
    
    
    1. The headings appearing in these Terms are inserted for convenience only and will not be taken into account when interpreting these Terms.
        
    2. Where dates and times need to be calculated in terms of these Terms, the international standard time (GMT) plus 2 (two) hours will be used.
        
    3. The "cooling-off" rights, as set out in section 44 of the Electronic Communications and Transactions Act, 2002, do not apply to any financial services or transactions conducted by way of the Electronic Access Channel.
        
    4. In these terms the masculine gender will include the feminine.