Know your rights around your bank account

Consumers have many rights when it comes to their bank account. However, just like any other rights, these are balanced by duties and obligations.

JustMoney asked TymeBank to highlight some of the rights that you have around your bank account.

Tip: Compare bank accounts here and choose the one that suits your needs best.

You have the right to privacy

“As a customer, you have the right to privacy. We, as the bank, must protect your information, and must get your permission before giving information out to anyone,” says Cheslyn Jacobs, head of sales and service at TymeBank.

You have the right to access the money in your account

According to Jacobs, you as a customer have the right to access any money you deposit into your account, as governed by the rules of the account. If it’s a savings account you’ll have to notify the bank to release the funds. Daily limits may also hinder you from withdrawing the desired amount, but you can adjust them within the set limits.

However, if there is an erroneous deposit by the bank, you have no right to it. Should you access these funds, the bank can take legal action against you to recover them.

You have the right to dispute and stop debit orders

As an account holder, you have the right to dispute and stop both authorised and unauthorised debit orders. You don’t even need to visit the bank to do this, you can do it through your bank’s app or other electronic platforms. These transactions will come at a cost and cancelling a payment is usually more expensive than disputing it. With most banks, if you dispute the debit order after 40 days, the bank will charge you extra fees. 

You have the right to be treated fairly

According to Jacobs, your right to be treated fairly has a few sub-rights built into it:

• “As a customer, you have the right to receive information in plain language, in a form that’s understandable. We take care to ensure that our products and pricing aren’t complicated, to empower customers to make informed decisions about their products. We also focus on making sure that our products give value to our customers, in a way that benefits them, and is sustainable.
• A customer has the right not to be unfairly discriminated against. We have to ensure that access to credit, interest rates and services isn’t based on race, gender or religion.
• A customer has the right to marketing that isn’t misleading. We make every effort to ensure that our marketing material is accurate, and we don’t say anything or make any representations that aren’t accurate.”

You have the right to receive account statements

As a customer, you have the right to ask your bank for a bank statement to help you manage your account. These can be provided monthly, quarterly, or even annually at a cost, and can be accessed through electronic banking.

You have the right to close your account

If you no longer need your account, you have the right to close it. However, if your account is in arrears, you will not be able to close it until the amount is settled. If you have a credit balance, the bank will pay the balance to your chosen account.

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Jacobs says as much as you have rights around your bank account, you also have responsibilities.

“This becomes particularly important where money goes missing from your account. You have a duty and obligation to protect your account,” says Jacobs.

“You must make sure you keep your card and PIN safe. Don’t enter your banking details onto phishing sites, or give away your banking details by writing them down or giving them to someone else,” he says.

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