When can my bank close my bank account?

By Desiree Reddy (ZA) on March 16, 2022 Posted in Banking

There has been considerable media attention over the last few weeks on account closures by banks. Although there are no statutory requirements in this regard (the Banks Act, 1990 for example, is silent on the issue of account closures), it is not the case that a bank has an unfettered discretion regarding account closures. An … Continue reading

Amendments to Banks Act

By Aslam Moosajee (ZA) on July 1, 2015 Posted in Banking

With effect from 29 June 2015, the Banks Act has been amended. The amendments to the Banks Act enable the provisions in the Companies Act on arrangements and compromises to apply to banks under curatorship and to expand the basis on which a curator of a bank may dispose of all or part of the … Continue reading

In the wake of ABIL: Proposed changes to Banks Act will give curator of a failed bank more options

By Bridget King on December 8, 2014 Posted in Banking

Proposed changes to the curatorship process will allow the transfer of all or a part of a bank’s business to another entity (this would be done as a transfer under s54 of the Banks Act). When African Bank Investments Limited (ABIL) was placed under curatorship on 10 August 2014, it was announced that some of … Continue reading