Due to increasing cyber fraud risk and changing regulatory requirements, a decision has been taken to stop third-party payments directly from your investment portfolio from 1 March 2020. Whilst this service will no longer be available, we have taken steps to ensure that there are numerous options available to you to ensure uninterrupted service.
Payments to your nominated transactional bank account
- You can still request payments from your investment portfolio to your nominated transactional bank account that we have on record for you.
- Once a payment has been made to this nominated bank account, you will then be able to make payments to third parties from this bank account.
- Where you have nominated more than one transactional bank account or have no nominated bank account, your wealth manager will contact you to discuss this.
Quick and safe third-party payments for Trusts
- If an investment is held in the name of a trust and Nedgroup Trust (NGT) is a co-trustee providing administrative services, then you will not be affected as your trust practitioner will attend to third party payments on your behalf.
- If an investment is held in the name of an individual (natural person) or in the name of a trust (and NGT is not a co-trustee and you don’t wish to appoint them as a trustee) then you can make third party payments via your Nedbank Private Wealth bank account.
Online third-party payments
- You can pay third parties quickly and safely using online banking or our award-winning Nedbank Private Wealth app. Please note that for companies and trusts, these functionalities will be available in early 2020.
- In addition to these digital options, you may instruct your private banker to attend to these payments at an additional fee.
- Should you wish to use a nominated transactional bank account held at another financial institution, we can accommodate this too.
If you have any questions or concerns, or if you do not have access to online banking or our app, please contact your wealth manager.