Greenbacks rewards programme

Terms and conditions

Nedbank Limited (we, us, our) offers the Greenbacks Programme to Nedbank clients (you, your).

These terms and conditions, our Privacy Notice, as well as any other Nedbank product terms and conditions, including those of our Partners, form the entire agreement between you and us.

By participating in the Programme, you acknowledge that you have read, understand, and agree to these terms and conditions, and that you have consented to our sharing certain of your personal information with our affiliates and Partners to offer this Programme to you.

Part A: General terms and conditions

1    Definitions

The following terms will have the meanings below, and related expressions will have corresponding meanings:

2    Registering for the Greenbacks programme

2.1     You must be 18 years or older to join the Programme.

2.2    You can register for the Programme via the Nedbank Money app or Online Banking, by calling the Nedbank Contact Centre (NCC) or by visiting any Nedbank branch in South Africa.

2.3    Once we have accepted your application and authenticated you, you will become a member of the Programme and will be able to earn and spend Greenbacks and receive Partner-linked discounts based on your Level.

3    Your Greenbacks account

3.1     By joining the Programme, you will become eligible to earn Greenbacks and receive partner-linked discounts based on your Level.

3.2    There are five Levels. You must achieve certain Goals to move up Levels. The more Goals you achieve, the higher your Level and the better your Earn rate or Partner-linked discounts.

3.3    Each month you will be placed on a Level based on the number of Goals you achieved in the previous month.

3.4    The criteria and rules for the Goals are set out in Part C of these terms and conditions.

4    Juristics

4.1    Businesses or corporates that are eligible to join the Programme can open a Greenbacks account. Greenbacks will then accrue to the company but may, subject to any conditions that we determine, be made to accrue to the individual cardholder whose name appears on the corporate Card.

4.2    Juristic clients do not qualify to move up in Levels or to receive Partner-linked discounts.

4.3    Juristic clients are eligible only for cashbacks at bp in line with clause 6.

4.4    As a financial institution, we have certain identification and authentication requirements for your participation in the Programme, and we issue the SHOP Card at our discretion.

5    Earning Greenbacks

5.1    We and/or our Partners will determine the redemption or conversion rate and the rules under which you will earn Greenbacks.

5.2    We may change the rate or rules from time to time and, if we do, we will notify you of any changes within a reasonable period.

5.3    We will determine the limit up to which you can earn Greenbacks (Greenbacks earn cap) and may change it from time to time.

5.4    You can earn Greenbacks on certain promotions when you shop at a Partner, and you can earn Greenbacks if you make a purchase using your Nedbank Visa or Mastercard debit or credit Card or your Nedbank American Express credit or debit Card that is linked to the Programme.

5.5    Your Greenbacks will never expire if your Account is active and in good standing.

5.6    Greenbacks may not be sold.

5.7    We reserve the right to debit your Greenbacks account with the relevant Greenbacks if a transaction has been cancelled or reversed for any reason or if we have credited your Greenbacks account in error for any reason.

5.8    Only clients who are natural persons may transfer Greenbacks between themselves.

5.9    You can check your Greenbacks balance on your transactional listing on Online Banking or the Money app.

5.10    You will not earn Greenbacks if your Eligible Nedbank Products has been suspended or terminated, is dormant or in arrears, has been handed over for collections, has a legal or fraud status, or is otherwise not in good standing.

5.11    You will not earn Greenbacks for any proportional spending of amounts, and you will not earn Greenbacks on a pro rata basis.

6    Fuel rewards partner

6.1    You can earn fuel rewards when you fill up at bp stations across South Africa.

6.2    You will earn 25c in Greenbacks for every litre of fuel that you buy at bp stations throughout South Africa when you pay with your debit or credit card linked to the Programme.

6.3    You will receive your fuel rewards in your Greenbacks account within 30 days after your purchase.

6.4    Your fuel rewards will be rounded off to the nearest Greenback.

7    Discount rewards partner

7.1    The more Goals you achieve, the higher your Level and the better your Partner-linked discounts.

7.2    We and our Partners will determine the discounted offers you can receive as well as the criteria that you must meet to qualify for discounted offers.

7.3    We may change the criteria or rules from time to time and, if we do, we will notify you of any changes within a reasonable period.

7.4    You must make sure that you read and understand the Partner terms and conditions before accepting them and taking up discounted offers under this Programme, as they will be the binding agreement between you and the Partner.

8    Promotional campaigns linked to the programme

8.1    We will communicate to you to tell you how to participate in promotional campaigns.

8.2    We will also tell you about exclusive benefits or offers relating to the Programme from time to time.

9    Redeeming your Greenbacks

9.1    The Greenbacks redemption or conversion rate for the different goods and services our Partners offer on our Greenbacks website and their rate may change without notice.

9.2    After you have made a request to redeem your Greenbacks, you cannot cancel or change it.

9.3    If we allow you to redeem your Greenbacks when your Account is in arrears, this must in no way be interpreted as our giving up our right to recover the amount from you.

9.4    You may redeem your Greenbacks to pay your monthly bank charges and Card fees; to add to your Nedbank current, savings, unit trust or forex account; or to donate them to a Nedbank affinity or other Nedbank-linked worthy causes.

9.5    You may redeem your Greenbacks to buy prepaid products on Online Banking or the Money app.

9.6    You may link your Greenbacks account to the Avo by Nedbank app, and you can use your Greenbacks to make purchases on the Avo app.

9.7    The redemption or conversion rates of Greenbacks for goods or services depends on the availability of the goods or services on the date chosen and as determined by the Partner.

9.8    You may redeem Greenbacks for Vouchers only in the name of the Greenbacks primary Card accountholder.

9.9    Partners’ prices may change, and we will confirm the value of your available Greenbacks.

9.10    Your Greenbacks account must never have a negative balance, which means that you must never spend more Greenbacks than are available in your Greenbacks account.

9.11    If Greenbacks accrue to a business and not to an individual cardholder, only the authorised representative of the business may redeem the Greenbacks.

10    Fees and charges

10.1    We will charge fees in line with the annual pricing schedule, or as agreed with you.

10.2    The pricing schedule is available at any branch or at nedbank.co.za. You confirm that you have read and understand the fees that apply to the Account and if you do not understand the fees that apply, you must contact us so we can explain them to you.

10.3    You must pay all fees when they become due to us.

10.4    We are entitled, at our reasonable discretion, to change any fees or the items attracting fees.

10.5    We will give you reasonable notice before fees or items that attract fees change.

10.6    No credit interest will be paid on your Greenbacks account.

10.7    We will debit fees and charges to the Account and Card linked to your account. No fees, or any portion of them, are refundable.

10.8    We will not be responsible for the deduction of any tax in the case of Greenbacks being offered to an employee of a juristic.

10.9    At any time and at our discretion, we may reverse any Greenbacks that were fraudulently or incorrectly allocated to your Greenbacks account for any reason. We will also deduct any Greenbacks from your Greenbacks account that were not deducted for any reason. If your Greenbacks account shows a negative balance during such a reversal or deduction, you will be liable to us. Any Greenbacks you earn will be allocated to rectifying and correcting your balance.

10.10    We may set off any amount that you owe us against your Account to rectify any negative balance in your Greenbacks account.

11    Cancellation, termination and dormancy of Greenbacks accounts

11.1    Subject to clause 2, you may terminate this agreement by contacting us and notifying us of your intention to terminate the agreement and we will advise you on the termination process in accordance with your Eligible Nedbank product.

11.2    We may at any time and for any reason terminate, freeze, suspend, modify, restrict, or cancel your participation in the Programme and your Greenbacks account or terminate this agreement immediately and without prior notice to you due to, among others, the following circumstances:

11.2.1    We are compelled to do so by law.

11.2.2    We have a reasonable suspicion that the Account is being used for illegal or unlawful or fraudulent purposes.

11.2.3    Your conduct results in a breach of our regulatory obligations.

11.3    We will give you reasonable notice if we want to terminate, freeze, suspend, modify, restrict, or cancel your participation in the Programme and your Greenbacks account or terminate this agreement due to, among other things, the following circumstances, as determined at our discretion:

11.3.1    We are compelled to do so by law.

11.3.2    We may face reputational risks or have operational or business reasons to do so.

11.3.3    You no longer qualify for the Account according to our product specifications.

11.3.4    You breach the agreement.

11.3.5    You breach any other agreement with us.

11.4    We must comply with local and international laws, regulations, policies and requirements regarding anti-money-laundering, counter-terrorist financing, and sanctions. We may continuously screen, verify, process, and monitor all your and any related information, instructions and transactions effected by you or on your behalf. This may also result in your transactions, or the use of your Account being prohibited, delayed, withheld, limited, declined, or conditionally approved; your funds being confiscated; or our relationship with you being terminated.

11.5    You will have 30 days from the date of the notice to spend your Greenbacks.

11.6    You agree to forfeit your Greenbacks if you do not redeem or spend them within the period stated in 11.5.

11.7    The termination will not affect any instruction you have given us that has not yet been carried out, unless you, directly or indirectly, have made a fraudulent transaction, in which case you will lose your Greenbacks immediately.

11.8    We will not be liable for any damage you or any third party suffer because of your participation in the Programme being terminated.

11.9    If you close your last Card linked to your Greenbacks account, you must redeem your Greenbacks as stated in 11.5. If you fail to do so and you do not have any other Eligible Nedbank products with us, we will close your Greenbacks account and you will give up all your Greenbacks immediately.

11.10    If your Eligible Nedbank Product linked to the Programme becomes dormant, you will not be able to access your Greenbacks account. We are entitled to charge fees on a dormant Greenbacks account. If your Eligible Nedbank product is being closed due to it being dormant, we will give you reasonable notice that we will be closing your Greenbacks account. You will have 30 days within which you must use all Greenbacks held in your Greenbacks account. If you do fail to do so, you will forfeit your Greenbacks and you will have no claim against us.

11.11    If you die, your Greenbacks will be transferred to your Eligible Nedbank product that is linked to the Programme when we have been notified.

12    Greenbacks statements

You can access your Greenbacks-eligible transactions list on the Money app. You must notify us within 30 days of any inaccuracy or discrepancy or We will accept that your statement is correct.

13    Liability and indemnity

13.1    You must keep your password, PIN for your SHOP Card, and Greenbacks membership number confidential. If you have compromised your information in any way, we will not be liable for any loss or damage that you may suffer.

13.2    Even though we select our Partners carefully, you acknowledge that you still carry the risk for any fraud or losses that may occur through our Partners’ websites.

13.3    We will not be liable if a dispute arises between you and a Partner about goods or services that you bought.

13.4    You acknowledge that none of our Partners are our agents.

13.5    By redeeming your Greenbacks, you release us from any liability to you.

13.6    We will not be liable for any loss or damage you may suffer because we have carried out your instruction or if you have participated in the Programme unless the loss or damage results from our gross negligence or intentional misconduct.

13.7    If there is any loss of connectivity between you and us, including unavailability of the Programme for any technical reason that is beyond our control, we will not be liable to you.

13.8    We will under no circumstances be liable for any consequential, incidental, special, or direct loss or damage resulting directly or indirectly from these terms and conditions or your participation in the Programme.

13.9    You indemnify us against any claims by third parties or losses that you may suffer because you have participated in the Programme.

13.10    Our Partners' websites may be linked to our website, in which case we cannot control or make any representation as to the legal content of these websites. We will not be liable for the information on any of our Partners’ websites.

14    Complaints and disputes

14.1    You can direct complaints or questions to the Nedbank Contact Centre (NCC) on 0800 555 11.

14.2    We have a complaint process that is available through the NCC, any Nedbank branch or our applicable digital platforms.

14.3    If you have a dispute or a complaint regarding your account, you must send us a written statement setting out the dispute or the complaint. We undertake to investigate your dispute or complaint within a reasonable time, keep you informed during the investigation and provide you with a final written response.

14.4    If you are not satisfied with the response, you have the right to contact the Ombudsman for Banking Services, the Financial Sector Conduct Authority or the National Consumer Tribunal using the details below:

15    Privacy consent

15.1    Subject to applicable laws, regulations, and our Privacy Policy, you give us permission to process your personal information as we see fit for both your and our legitimate interests. This includes your race, biometrics and alleged criminal behaviour (if necessary).

15.2    You consent to our accessing your credit bureau data, obtaining your bank statements from your bank, sharing your information and application with third parties, collecting your personal information from third parties, sharing information about your application with the Southern African Fraud Prevention Service and processing your personal information outside South Africa.

15.3    Processing includes doing affordability assessments, credit scorings and profile building that may help us offer you a product or service that will suit your needs. You may ask for a description of your personal information that we have on record and for the details of third parties who have or have had access to your personal information.

15.4    You may withdraw your consent by notifying us in writing. You may also ask that we correct or delete your information, object to our having your information, or send a complaint to the Information Regulator.

16    Confidentiality and disclosure of information

16.1    Your personal information will be treated as confidential and will not be disclosed, except in any of the following circumstances:

16.1.1    We are legally compelled to do so.

16.1.2    It is in the public interest to disclose.

16.1.3    Our interests require disclosure.

16.1.4    Disclosure is made at your request or with your written consent.

16.1.5    You have fallen behind with the repayment of your debt and have not made alternative satisfactory arrangements with us. (If the amount owed or in arrears is in dispute, this fact will also be disclosed but not the amount itself.)

16.1.6    You have given your written consent.

16.2    We may disclose to credit reference agencies information relating to your personal debt owed to us.

17    Jurisdiction and governing law

17.1    We retain the right to institute action in any court of law with jurisdiction to get urgent interim relief or to collect outstanding debt due and payable to us.

17.2    These terms and conditions are governed by and interpreted in line with the laws of South Africa.

18    Address for notices

18.1    The physical or email address that you gave us in the application, or the most recent address given to us, is the address you choose as your domicilium citandi et executandi where we can deliver legal notices to you.

18.2    Either Party may change their physical or email address by notifying the other Party via email. The email address to which you may send a change of address notification can be obtained from a branch or via the NCC. The change of address will be effective on the 5th business day after receipt of the email.

18.3    A notice, order or other document will have been properly served when it has been sent by email or delivered to that Party or sent by registered mail to that Party’s last known address. If you have not informed us of a change of your email or physical address, we will continue to use the last address given, even though the information may be incorrect.

18.4    You may send any legal notices to our domicilium citandi et executandi to the General Manager, Nedbank Group Legal, Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196.

18.5    Unless the contrary is proved, any legal notice:

18.5.1    sent by email to the chosen email address will be considered received on the date it was sent;

18.5.2    delivered by registered mail will be considered received within 7 business days of the posting date; or

18.5.3    delivered by hand will be considered received on the date of delivery, provided it was delivered to a responsible person during ordinary business hours.

18.6    If the date of delivery falls on a weekend or public holiday, the legal notice will be considered received on the next business day.

18.7    Any document received by a Party will be adequate written notice or communication to that Party, even though it may not have been sent to or delivered at the chosen address.

18.8    It is your responsibility to notify us of any changes to your address and contact details.

19    Electronic Communications and Transactions Act, 25 of 2002

19.1    In terms of chapter 3 of the Electronic Communications and Transactions Act, 25 of 2002, by visiting our website or communicating with us electronically, you acknowledge that all agreements, notices, disclosures, and other communication we send adhere to any legal requirement, including the requirement that the communication should be in writing.

19.2    Any other communication to you may be sent via the communication method that you chose on the application form, and you can update this method at any point.

20    General

20.1    Apart from the fact that it is possible to link an instruction to a specific account, it is not possible to verify the actual originator, and you authorise us to carry out any instruction appearing to be from you, even if it transpires that both you and we have been defrauded by someone else, unless you have informed us to the contrary before we effect a transaction.

20.2    No failure, delay, relaxation, or indulgence on our part in exercising any power or right given to us under these terms and conditions will be a waiver of that power or right, and no failure, delay, relaxation, or indulgence will be deemed to be part of these terms and conditions.

20.3    You may not cede, delegate, or otherwise transfer any rights or obligations resulting from these terms and conditions without our prior approval, which we will give to you at our discretion.

20.4    If Greenbacks accrue to a business and it wishes to redeem them, the business must notify us of the identity of its authorised representative in writing and on an official letterhead. We will accept the written notice and we will not be liable for any loss the business may suffer because of any act of the authorised representative. The authority granted to an authorised representative will remain effective until that business revokes or changes the notice. A request or instruction we receive from an authorised representative may not be cancelled.

20.5    If any of these terms and conditions are found to be invalid or unenforceable, the invalid or unenforceable terms and conditions will be severable from the remaining terms and conditions, which will remain in full force and effect. We are entitled to change and update all terms and conditions relating to the Programme.

Part B: terms relating to the use of the Greenbacks shop card

The SHOP Card is a card we own, operate, and manage.

If you use your SHOP Card, you accept all these terms and conditions:

• We will issue the SHOP Card and it will serve as a mechanism for you to access your Greenbacks once we have opened your Greenbacks account.
• We will issue the SHOP Card in the name of an individual cardholder and not in a name of a Small Business. The name on the card will be the same as the name of the Greenbacks account and your consumer card account.
• The pricing schedule, which includes information regarding the fees, is available at any branch or at nedbank.co.za. You confirm that you have read and understand the fees that apply to the SHOP Card and if you do not understand, you must contact us and we will explain the fees to you.
• You must pay all fees when they become due to us.
• We are entitled, at our reasonable discretion, to change any fees or the items attracting fees.
• We will give you reasonable notice before fees or items that attract fees change.

1    Using your SHOP card

1.1    You must sign the space on the back of your SHOP Card with non-erasable ballpoint pen ink as soon as you receive it.

1.2    If you do not want the SHOP Card, you can block the card on the Nedbank Money app or call the NCC and you must destroy it immediately.

1.3    The SHOP Card is valid from the first day of issue until the expiry date shown on the front of it.

1.4    If we allow a SHOP Card transaction after it has expired or has been cancelled, this does not mean that we have extended the validity term of the card. Payment of the amount owing relating to these transactions remains your responsibility.

1.5    You must comply with all the applicable exchange control regulations when you use the SHOP Card outside the common monetary area. Card transactions made in foreign currencies will be shown on your statements in South African rands.

1.6    We are the owners of the SHOP Card and when your Greenbacks account is closed, you must destroy it.

1.7    We will encode the SHOP Card with a PIN, which will enable you to withdraw your Greenbacks as cash at any ATM or to pay with your SHOP Card in-store or online at merchants who accept it.

1.8    You will not earn extra Greenbacks when using the SHOP Card for point-of-sale or online transactions.

1.9    Your SHOP Card and your Greenbacks Account must not be used fraudulently. You must:

1.9.1    take care of the SHOP Card and its number as well as do everything necessary to prevent it from being lost, stolen, or used wrongfully;

1.9.2    ensure that any record of your PIN is kept separate from the SHOP Card in a safe place; and

1.9.3    not share your PIN with any third party.

1.10    If your SHOP Card is lost or stolen, you must notify the NCC by calling 0800 555111. You must also notify us immediately if you have reason to believe or suspect that this has happened. We will give you a reference number during your telephone call that you must give us whenever we ask you to within 24 hours after the verbal notification.

1.11    You can contact the NCC, or you can visit any branch with your valid ID or passport to apply for a new SHOP Card if it has expired, is lost, or has been stolen.

1.12    You will be liable for and must repay us all amounts we pay or must pay if the SHOP Card, card number, or your PIN is used, unless you have reported it as lost, stolen or being used wrongfully as set out in 1.9.1 above.

1.13    You may not use the SHOP Card for any unlawful or illegal transaction.

1.14    If you believe that there is an error regarding the amount of money deducted from your SHOP Card, you must notify us no later than 30 days after the date of the transaction by calling the NCC on 0800 555 111. You must give your SHOP Card number and the date and amount of the error, describe the error, and explain as clearly as you can why you believe there is an error.

1.15    You authorise us to (which authorisation may not be cancelled):

1.15.1    pay for any purchases or services for which the SHOP Card or the card number is used and to debit the amount to your Greenbacks account;

1.15.2    debit your Greenbacks account with the amount of these purchases; and

1.15.3    make the necessary entries to do the above and to reverse these entries when appropriate.

1.16    We will not be liable to you if any merchant or supplier does not accept the SHOP Card or the card number, or if we refuse to authorise a transaction.

1.17    If there are any claims or disputes between you and any merchant or supplier about the nature, quality or quantity of any goods or services that you have received from them or about any other matter, our rights to receive payment from you will not be affected in any way, and this will not give anyone a right of setoff or counterclaim against us. You acknowledge that no merchant or supplier is our agent. If you do not receive merchandise or services you have paid for, you must contact the merchant to resolve the dispute. Disputes between you and the merchant or supplier do not give you a right to charge back the disputed transactions. You can call the NCC and we will give you any transaction information we may have.

1.18    Only if it is applicable and a merchant or supplier gives you a refund, the refund will be credited to your Greenbacks account only once we have received a properly issued credit voucher from the merchant or supplier.

1.19    You will not have the right to stop any payment that we are making or are about to make to a merchant or supplier for any transaction, and you will not have the right to instruct us to reverse a payment for a transaction that has already been made, except if this is required by law.

1.20    You can use the SHOP Card for card transactions only if you have enough Greenbacks.

2    Card expiry and card account closure

2.1    The SHOP Card will expire on the date printed on the front of the card and will be renewed automatically.

2.2    Your SHOP Card will be closed once your Greenbacks account has been closed, terminated, or cancelled, as highlighted in Part A of these terms and conditions.

3    Liability

3.1    We will not be liable for any damage or loss that you suffer if:

3.1.1    any person has gained unauthorised access to your SHOP Card, its number, account, PIN or its facility or any information about it; or

3.1.2    any person has gained unauthorised access to any information or data (whether correct or incorrect), unless the loss or damage is caused by our gross negligence.

4    More information

Contact Us for more information or regarding complaints or claims on 0800 555 111 or visit any of our branches or our website at nedbank.co.za.

Part C: Terms relating to the Greenback goals

Section 1: Levels and good-standing rule

1    Levels

There are 5 Levels. You must achieve certain Goals to move up Levels. The more Goals you achieve, the higher your Level and the better your Earn rate and/or Partner-linked discounts. Each month you will be placed on a Level based on the number of Goals you achieved in the previous month.

Each Level is designed to equip you with a specific set of money management Goals that will help you improve your financial life for good. The goal criteria that you are required to follow and meet are detailed below in section 2.

2    Good-standing rule

You must make sure that all your accounts and loan accounts are in good standing, which means that they may not be in arrears or have been handed over for legal collection and that your debit orders or repayments for any loan Account are made on the prescribed time. If you do not ensure this, you will not be eligible to qualify for any of the Goals and you will remain on Level 0 until all your loan accounts are up to date.

Section 2: Qualifying goals and behaviours

3    Responsible Borrower

You must have a Nedbank vehicle finance loan, home loan, personal loan, or overdraft (loan account) that is linked to the Programme and make sure that it is in good standing. If at any time your loan Account is in arrears and you fail to make a payment at the prescribed time, you will drop a Level and you will qualify only for any benefits associated with that Level after 12 months.

4    Main Banked

4.1    You must have a Nedbank transactional savings or current Account that is linked to the Programme.

4.2    You must deposit your monthly income into this Account and:

4.2.1    process at least 3 transactions every month (e.g. buy prepaid airtime, data, or electricity, or pay your bills using Bill payments, or perform money-out transactions or EFTs) via any of the Nedbank digital platforms (Money app, Online Banking, or Cellphone Banking) from your account; and

4.2.2    have at least 2 monthly debit orders processed on this account.

5    Card Swiper

5.1    You must have a Nedbank Visa or Nedbank Mastercard debit or credit card or a Nedbank American Express debit or Credit Card that is linked to the Programme and do the following:

5.1.1    make at least 3 transactions (payments) with your cards; or

5.1.2    spend R5 000 or more on your cards.

6    Greenbacks earn rate on eligible spend

You will earn Greenbacks at the below rates, which are based on the type of card that you use and on the Level you are on at that time.

6    Structured Saver

6.1    You must have a Nedbank savings or notice investment Account (excluding unit trusts).

6.2    You must increase your balance across your savings or investment account(s) by a minimum of R3 000 over 3 consecutive months, eg in January, February and March or in February, March and April or keep a monthly balance of at least R100 000 across your Nedbank investment portfolio.

7    Booster Level

7.1    If you qualify for the Main Banked Goal and meet the criteria below, you qualify for the booster Level.

7.2    Your monthly income must be deposited into your Nedbank bank account.

7.3    You must have at least 2 monthly debit orders processed on your account.

7.4    You must make at least 3 transactions from your bank Account via any of the Nedbank digital channels.