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Credit Cards Do I need a PIN for my Credit Card when shopping at a store?
No, at the moment a PIN is not required when using a credit card at stores, only a signature is required and proof of identification. However, with the rollout of chip cards, a PIN and a signature will be required at stores, thus ensuring client safety. Can I use my Credit Card overseas or do I have to use travellers' cheques?
Yes, wherever you see the VISA or MasterCard acceptance logos at storesand ATM's. Most Absa Credit Cardholders can rest assured that they will be more than welcome.
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Debit Cards
Who is entitled to an Absa Debit Card?
To put it simply, anyone who has a savings and/ or a transactional account with Absa and is therefore a client of ours, automatically qualifies for an Absa debit card. How do I get an Absa Debit Card?
When you first apply for an account at Absa, you will receive an Absa debit card. How do I use an Absa Debit Card?
The process is impressively simple. First of all your Absa debit card is swiped through a card-reader at the pay-point. Next, you key in your secret PIN number and the payment is instantly transferred to the merchant. Are there daily transaction limits on my Absa Debit Card and if so, to what amount?
Yes, there is a daily transaction limit on your Absa debit card. However, you are the one who sets the limit, which can be anywhere between R0 and R4000. To suit the needs of our clients, daily transaction limits can be changed at any Absa branch. When travelling overseas, the daily Point-Of-Sale (POS) maximum limit on your Absa debit card is R30 000. If you wish to withdraw cash at an ATM, your daily withdrawal limit is R1000.00 default limit or you can select your own dialy limit to the maximum of R4000.00 at an Absa branch How safe is my Absa Debit Card?
Your Absa debit card is extremely safe. When using your card, before any transaction can even begin to take place, a secret PIN number that belongs to you alone must be keyed in. Without this PIN, your funds cannot be accessed - even if your card is stolen of lost. Furthermore, a PIN that is entered incorrectly three times in concession is automatically blocked. Back to top Cheque Card Are the Absa Debit Cards and Absa Cheques Cards the same?
Although very similar, the two cards differ greatly. An Absa cheque card can only be linked to an Absa cheque account, whilst a debit card can be linked to an Absa savings and/or cheque account. Debit Card transaction is always PIN authenticated and a Cheque Card transaction is authenticated by the accountholder signature. Debit Card is always an online transaction (that means if the merchant or ATM is off-line, the transaction will be declined) and a Cheque Card transaction will be approved even if the systems are off-line. Can I apply for an Absa Cheque Card if I don’t have an Absa Current Account?
No. Absa cheque cards can only be issued off an Absa cheque account - they cannot be issued as a stand-alone. Many stores refuse to take Cheques. Won’t they have the same problem with a Cheque Card?
No. Due to the fact that funds are immediately deducted from your cheque account and transferred to the merchant, there shouldn’t be a problem. Presenting a cheque card is as good as paying cash! There is a lot of Cheque fraud. How safe is an Absa Cheque Card?
The reality is that an Absa cheque card offers greater levels of security than most users realize. For example, you can only draw cash with your card at an ATM machine after you’ve keyed in a secret PIN. Simply put, no PIN, no cash! Back to top
Chip Cards Will I need a new PIN for my new chip card?
Yes. For security reasons you have to select a PIN at your nearest Absa branch or select a new PIN when you first collect it at your branch. What does the chip on my card do?
The chip allows you to perform debit and credit transactions linked to cheque, savings and credit card accounts. The chip contains unique information, which makes counterfeiting the card and fraudulent use virtually impossible. Will I be able to use my Absa chip card overseas?
Yes, you still will be able to use your cards overseas as you currently do. The international card schemes will ensure that South African cardholders can use their cards at overseas retailers and ATMs. The long-term, global objective is for all countries to use one common method of cardholder identification. In countries where a machine or Point-Of-Sale (POS) is equipped to handle the chip and PIN, the chip card can be used. If not, the transaction can easily be done using the chip card’s magnetic strip. What happens if I type in the wrong PIN or forget my PIN?
If the wrong number is entered, the card holder may try twice more before the transaction is cancelled. This method is used to protect users against the possibility of criminals using their cards. If you forget your PIN, simply go to the nearest Absa branch to perform a Forgotten PIN transaction on your debit or credit chip card and select a new PIN. Back to top Cash What was the first form of money?
The earliest form of money, or bartering, was with cattle - as far back as about 9000 - 6000 BC!
Over the years, money has evolved from shells, stones, pieces of gold, silver, brass and iron, to paper and, of course, the numerous electronic payment procedures we have become so familiar with today.
When was money first introduced into South Africa?
There are numerous opinions as to when money first came to South Africa. However, it was only in 1890, when final legislation was passed for the establishment of a State Mint and the minting of ZAR coins in pennies, shillings and pounds.
How can I tell if Cash is counterfeit?
According to The South African Reserve Bank, you can identify fake cash by the following: -
The feel of the paper -
Characteristic sound -
Print quality -
Micro Lettering -
On the top right corner of each banknote, micro lettering is used for additional identification, but is not visible to the naked eye. However, when viewed through a magnifying glass, the words “South African Reserve Bank” or “Suid Afrkaanse-Reserwe Bank” can be seen
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Fluorescent feature Back to top Electronic Funds Transfer Are Electronic Funds Transfer's safe?
Numerous systems, such as Interbank and Intrabank Clearing Rules, have been put in place to protect clients when it comes to the safe and successful execution of electronic payments. Do I have any responsibilities when it comes to Electronic Payments?
There are certain responsibilities that customers have, and are expected to perform, when it comes to electronic payments. Account holders must ensure that there are sufficient funds in their accounts for the Stop Order and Debit Order to be successful. Account holders should also understand what is expected of them when it comes to debit orders and stop orders. Back to top Debit Orders How safe is the Debit Order System? -
Banks ensure integrity of the debit order system by first investigating each company’s background and financial standing prior to sponsorship -
Agreed upon Interbank and Intrabank Clearing Rules govern the debit order system Do I have any responsibilities as a customer in terms of the Debit Order?
Yes, most definitely! As a customer, you are responsible for the following: -
You have to authorize a debit order deduction in writing. -
When disputing a debit order that has appeared in your account, you should immediately visit the branch and request that a dispute is loaded -
If you want to stop a debit order, do so in writing to the company concerned. Inform your bank at the same time. It must be noted that the bank can’t guarantee that the debit will be stopped -
When renegotiating repayments you have to approach and agree terms with the 3rd party -
Above all, scrutinize your statements regularly Does the bank have any responsibilities in terms of the Debit Order?
Yes, although a debit order is an agreement between you and a 3rd, party, the bank is committed to providing customer satisfaction and security, and in doing so has certain responsibilities in terms of debit orders: -
The bank will accept any debits put through the system in good faith -
Provided that you notify your bank within 40 calendar days of the transaction date of your objection to the debit order, the bank will reverse the transaction immediately if: -
The debit order was not authorized -
The debit order was previously stopped -
The authorization was cancelled -
The debit order is in contravention of payer’s authority -
If you dispute a debit order within 40 days, the bank will guarantee the correction and will credit your account -
If you notify your bank only after the 40 calendar days, they will query the validity of the transaction with the company that debited your bank account. The company’s bank will be given 30 days written notice to prove the validity of the transaction. Back to top Stop Orders How safe is the Stop Order System?
As with debit orders, stop orders are governed by Interbank Clearing Rules and are subject to Straight Through Processing (end-to-end automated payment) policies and procedures. Stop orders give clients the full benefit of being in complete control and management, giving them the knowledge of what will be debited against their account and when. Do I have responsibilities as a customer in terms of a Stop Order?
Yes, most definitely! As a customer, you are responsible for the following: -
Ensure that the account from which the stop order is debited is funded adequately for the transaction -
Stop orders may not be disputed. -
As a customer, you must ensure that the account number specified is correctly matched to the beneficiary Does the bank have any responsibilities in terms of the Stop Order?
Because a stop order is an agreement between the client and the bank, the bank has certain responsibilities: Back to top
Beneficiary Payments
How safe is the Absa Beneficiary Payment System?
The beneficiary payments system is governed by Interbank Clearing Rules, Intrabank Clearing Rules and beneficiary requirements such as account verification and payment methods. Do I have any responsibilities as a customer in terms of the Beneficiary Payment System?
Yes, most definitely! As a customer, you are responsible for the following: -
For future-dated payments, customers must ensure that the account from which the beneficiary payment is debited must be funded sufficiently for the transaction -
The customer must ensure that the reference accompanying the beneficiary payment is in the correct format required by the beneficiary -
The customer must ensure that the account number specified is correctly matched to the beneficiary Does the bank have any responsibilities in terms of the Debit Order?
The bank must process the instructions as given by the client and according to the beneficiary’s requirements. Back to top
Cheques
Why are Cheques crossed?
Crossing your cheque is the best way to guarantee that your cheque is ultimately paid to the right person or organisation. Not crossing your cheque means it could land up in the wrong hands and you, as the account holder, could have legal problems. Why do people cross Cheques and write “Not transferable, account payee only” on the Cheque?
This is the most restrictive crossing possible and ensures that only the person or company named on the cheque will be the recipient of the funds. What does it mean when it says “Not Negotiable” between the crossed lines on a Cheque?
“Not negotiable”, written between the crossed lines on a cheque, gives the owner of the cheque, either the drawer or the payee, some protection. For example, if the cheque was lost or stolen, the owner can recover loss from the person or company who possessed or accepted the cheque for payment after it was stolen. What is the best way to write a Cheque to achieve maximum protection?
The best way to achieve maximum protection is to: -
Cross your cheque -
Write “not negotiable” between the lines -
Write out the cheque in ink, don’t use pencil which people can easily erase -
Never leave any blank spaces on your cheque -
Don’t leave signed cash or blank cheques lying around Back to top
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