Transactional Account Terms

Business transactional account terms 

Acceptance of terms

You will be asked to confirm that You understand and accept the Transactional Account Terms when You complete the application to open a Transactional Account. These Transactional Account Terms with Our General Terms will govern the contractual relationship We have with You.

Through Access Bank, We, Lula, provide You, the customer, with access to Transactional Accounts on Our Platform. We are an authorised distribution partner of Access Bank South Africa Limited with registration number 1947/025414/06 (“Access Bank”), an authorised financial services provider (FSP 5865).

This agreement applies to all business transaction accounts held with Lula powered by Access Bank, and constitutes an agreement between the account holder (“the customer”) and any account user, and Lula / Access Bank. In these terms “you” or “your” refers to the customer and/ or the account user, as the context requires, and “us”, “our”, “we” or “the bank” only refers to Lula and Access Bank as the context requires.

These Transactional Account Terms in conjunction with Our General Terms will govern the contractual relationship we have with you. These terms must be read in conjunction with any other applicable terms & conditions that apply to your relationship with us.

If you use the account we can assume you have accepted this agreement. By making use of a Transactional Account, You also agree to the Access Bank Terms and Conditions. If there is a conflict between the Access Bank Terms and Conditions and these Transactional Account Terms, the Access Bank Terms and Conditions will apply.

These terms and conditions apply to your use of the transactional account, whether via internet banking, the mobile application, the physical card or virtual card approved.

Standard approval process

Applications for new accounts or services are subject to our approval. Before approving an account, we can investigate the customer and or users of the account. We may also require supporting documentation, including the customer’s founding documentation.

We may conduct checks to verify any information you provide, to ensure that the customer meets our criteria and/ or to comply with legislation.

You agree that we may send and receive positive and negative information about you as we may require from time to time, to or from credit bureaux, government or similar agencies, as part of our onboarding and monitoring processes.

Business transaction account 

This is a business transactional account. A Transactional Account can only be opened for: Sole proprietors; Private companies; and Close corporations for use in relation to the business activities.

We do not offer personal transactional accounts. We offer two types of Transactional Accounts, namely the Free Account with per transaction pricing or the Unlimited Premium Account with a monthly subscription with no standard transaction fees.

Services offered on the platform 

When using the Platform, You can: Obtain information relating to Your accounts; Transferring funds to and from Your accounts; View and print statements including transfer history, balance enquiry and interim statements; Pay third party accounts (“once-off” payments); Make inter-bank account transfers; Make defined beneficiary payments; Apply for funding; make scheduled payments and transfers; and Manage beneficiaries.

Further services may be added from time to time. There is, however, no obligation on us to add more services despite any promotional or marketing communication. We can modify, replace or withdraw any service at any time, for any reason, without prior notice to you. We will notify you of any changes.

Account user access rights 

Only authorised account users may access the account. We are entitled to act on all instructions from those persons you have nominated as account users and to debit such transactions and for the actions and/or omissions of its account users.

We are not liable for any delays in the payment or transfer of funds because of restrictions that apply to account users or access rights, whether such restrictions were set by you or imposed by the bank for security and other risk management purposes.

You must acquaint yourself with the restrictions and risks associated with granting persons access to your accounts and settling access rights on such accounts.

You must provide correct and up to date information about its account users. You are responsible for deciding and checking the access rights given to account users. If an account is closed all account users’ access rights on that account will automatically terminate.

You, as the customer, are solely responsible for managing your authorised users on the account.

Should you elect to issue out cards linked to your account to employees, contractors or other authorised users, you remain solely responsible for managing such supplementary cards and the use thereof. We shall not be liable for any misuse by authorised users or supplementary card holders without limitation.

Supplementary cards 

You shall be entitled to apply for supplementary cards linked to the account to enable additional cards to be distributed to authorised users under one account.

In order to obtain supplementary cards, you shall provide us with a Board resolution, suitable to us, authorising the issuance of supplementary cards to designated employees or contractors and the individuals concerned shall be required to go through the standard FICA onboarding process and all supplementary cards are accordingly subject to approval by the us.

You shall manage the use of these supplementary cards and the bank shall have no responsibility in this regard. All terms and conditions contained herein shall be applicable to all supplementary cards without limitation.

Your instructions

We are authorised to act on the instruction of authorised users in relation to payment instructions and to debit all costs, expenses, charges, fees, commissions and other disbursements as are consistent with the banking practice from time to time, including collection fees and to transfer to the debit of that account, any amounts which may be owing by you to us from any other cause whatsoever arising without further reference to you.

We will not carry out payment instructions if there is no available balance or insufficient funds in your Transactional Account. In the event of us carrying out a payment instruction and there is no available balance or insufficient funds in your Transactional Account, you must immediately repay the unauthorised overdrawn amount to us.

You can only access funds in Your Transactional Account once cleared. In addition, the standard banking practices and time standards apply.

Interest on deposits

You will earn 1.5% interest per annum on any positive balance in Your Transactional Account which will be credited to Your account at the end of each month. We may change without notice to you the interest rate.

Fees and charges

We can charge you for our services. We will debit the fees to your account(s) in line with the pricing agreed between us or according to our published fees. We can change our fees from time to time.

We will give you reasonable notice of such changes. If you are on the Unlimited Transactional Account plan, a monthly fee will be deducted from your Transactional Account on the last day of each month.

If there is no money in your Transactional Account, we will deduct the outstanding fee as soon as there is money in your Transactional Account. If you don’t pay your monthly fee, we reserve the right to suspend your Transactional Account.

Some further fees apply to your Transactional Account. You can view our latest Pricing Guide on our website. Our fees are subject to change but we will notify you of any changes in advance.

If there is a dispute between you and a supplier, our right to charge your account will not be affected. You do not have the right to instruct us to refuse to pay the supplier or request a charge-back of payment already made to the supplier.

Any payment that we have made to a supplier is final and irreversible, unless: Allowed by the payment provider; There was a duplication in payment due to an error by the supplier; or You can provide proof that the dispute with the supplier is settled.

There is no charge for the first issue of a Card. You shall be liable for the replacement Card fee if the Card is lost, stolen, damaged, expired or retained by an ATM.

Our rights if you do not pay us

There are no minimum balance requirements to keep Your Transactional Account active. We could demand that you immediately pay us any amounts that are due and payable in terms of our relationship with you.

If you fail either to pay us or make arrangements with us, we can take legal action against you, without further notice to you. No indulgence or relaxation by us to you or any party will be a waiver of our rights.

If we need to take legal action against you, one of our managers (who need not prove his appointment) will produce a certificate to the court recording the amount you owe us. If you disagree with this certificate, you will have to prove that it is incorrect.

Use of your transactional account 

You can only use Your Transactional Account through Our Platform, Mobile App, or by making use of Your Lula Card using a PIN or Tap to Pay functionality (PINLESS).

You can use your Lula Card for the following: Withdraw cash from an ATM and selected point of sale (POS) devices; Get an account balance at an ATM or a selected POS device; To pay for goods and services from suppliers who accept the card; To pay for goods and services purchased on the internet; To pay for subscriptions and membership fees using repeat payments (it is your responsibility to inform the merchant/service provider if the card number or expiry date changes); Purchase fuel at retailers that accept cards.

Security 

The Lula Card PIN is private and it is your responsibility to keep it private. You must not disclose your PIN to anyone. We are not liable for any loss you sustain due to your failure to keep Your PIN or card safe. Only the person named as the authorised cardholder may use the Lula Card. You may not transfer the Lula Card to any other person or allow any other person to use the Lula Card.

If you lose your Lula Card, certain fees for a new card will apply as per Our Pricing Guide. Your card is enabled with The Tap to Pay function which allows you to make payments on contactless enabled point of sale devices. In most instances, this type of payment will not require your PIN. It is your responsibility to ensure that you keep your Lula Card safe and secure on your person at all times.

We are not liable for any loss you sustain due to your failure to keep your Lula Card secure on your person. You will be responsible for: All unauthorised card-based transactions until we are notified of the loss or theft of the card; Any unauthorised transaction that has been charged to your Transactional Account by any person other than the cardholder using the PIN (unless the cardholder can prove that such person did not obtain the PIN because of the cardholder’s negligence);

Any unauthorised transaction that has been charged to your Transaction Account by any person other than the cardholder using Tap to Pay; and Any unauthorised transaction that has been charged to your Transactional Account by any person other than the cardholder using the card for transactions made on the internet (unless the cardholder can prove that such person did not obtain the card or card number because of the cardholder’s negligence). You must raise any card-related disputes within 30 (thirty) days after the transaction date.

Statements 

Transactions and fees are reflected on the client’s account statement. You have 30 (thirty) days from the date of statement (or the date of the transaction), whichever occurs first, within which to dispute any transaction or fee appearing on your statement. If you don’t do this, we can assume it is correct.

We will not be held liable for any loss or damage you suffer as a result of the unauthorised use of, or disclosure of your statements. All statements will be sent electronically and be available on your online profile and mobile application.

You are responsible for the appropriate communication lines, connectivity, hardware and software specified Lula from time to time to ensure receipt of eStatements. The electronic statements will be delivered to your nominated email address as specified on your profile. You have the right to terminate method of receiving electronic statements at any time.

To discontinue receiving your account statements electronically, please notify us in writing that you no longer wish to receive these electronically.

Jurisdiction & Costs

We can bring any action against you for a claim that may arise under this agreement in the Magistrate’s Court, even if the amount we claim from you exceeds the jurisdiction of that Court.

You will pay all our expenses in recovering any amounts you owe us, including legal costs on the attorney and client scale, collection charges, tracing fees and VAT. Tis agreement and your use of the Lula Transactional Account shall at all times be subject to the laws of RSA.

Correspondence & Legal notices

We may send you any correspondence (including statements) by mail to your residential, postal or electronic address or the last known address we have on record for you. You agree that legal notices and summonses can be served at your physical/ registered address or any address we have on record for you. You must notify us of any changes to any of your addresses, including your postal or street address, email, and phone numbers.

You can do this by contacting us via our support number or directly with your Business Relationship Banker allocated to your account, if applicable. It may take some time for us to verify and make the change.

Any correspondence we send to you via email or SMS will be considered to have been received by you on the day that it was sent, or in the case of a Saturday, Sunday or public holiday, on the next business day. Any correspondence or legal notices may be sent to us at the following address, which we choose as our domicilium: 2nd Floor, Pier Place, Heerengracht Street, Cape Town or if via email: support@lulalend.co.za.

All notices to be given in terms of these terms and conditions will;

● Be given in writing;

● Be delivered by hand in which case it shall be deemed to have been received on the date of delivery;

● Be sent by email in which case it shall be deemed to have been received the next business day after sending. Notwithstanding the above, any notice actually received by the party to whom the notice is addressed will be deemed to have been properly given and received, notwithstanding that such notice has not been given in accordance with the provisions of this clause.

How we use your information 

We will treat your personal information confidentially and will not disclose it unless:

● We are legally compelled to do so;

● It is in the public interest to disclose your personal information;

● Our interests require disclosure; or

● You have given your consent.

For more information, please consult our Privacy Policy available on our website at lula.co.za

Termination 

We may terminate this agreement at any time by giving you reasonable notice of termination. We reserve the right to refuse to open an account or accept a deposit. In case of fraud, suspected fraud, or if the law compels us to do so, we reserve the right to freeze or close your account and/or stop a service to you without notice.

You remain liable for all transactions processed on your account and are solely responsible for ensuring your login credentials and passwords are kept private and secure. The client may terminate the agreement by notifying us in writing. All transactions / instructions submitted before termination will be carried out.

We are entitled to keep sufficient funds in the accounts to provide for amounts that may become due after termination. Once all pending transactions have been processed you may withdraw the remaining funds from the account. Any amount you owe us will remain due and payable on account closure. Lula or Access Bank reserve the right to classify any account as dormant.

We will notify the client before an account is classified as dormant. If the client does not respond to such notice within a certain period of time, we reserve the right to close the dormant account. If this happens the client may claim any funds in that account within sixty years from the date of the last transaction on the account.

The clients obligations

You acknowledges that you are aware that the rendering of banking services is subject to various Acts and other legislation and you undertake to comply with all applicable legislation at all times. You acknowledges that use of the services shall in no way vary any aspect of the Bank-Customer relationship and you furthermore, without limiting the generalities thereof, agree in particular that:

●  The utilisation of any service shall be subject to the completion and signature by you or a duly authorised signatory/ signatories in the case of a legal entity of any other documentation or agreement required by us from time to time together with the provision of any document reasonably required by us to ensure we comply with our KYC obligations.

●  You shall be obliged to settle any payment obligations to us in accordance with the instructions issued to us through the services and that this shall not in any way entitle you to overdraw any account.

●  You declare and warrant that all information provided by you in any application form or other documentation and any information to be given in the future in terms hereof and information to be contained in each instruction process electronically through the service, is and will be correct in all respects. You agree that you shall be obliged to inform us of any change in the information provided and you will have no claims against us in the event of any information provided by you to us is incorrect.

● You shall at all times:

● Follow the security procedures communicated by us to you from time to time or such other procedures as may be applicable to the services from time to time. You acknowledge that:

o Any failure to follow the recommended security procedures may result in a breach of the your profile confidentiality and may lead to unauthorised use of Internet Banking Services on your profile;

o Any software downloaded by you from the Internet and specifically the Lula Internet site is third party software, the licensing of which shall be subject to terms and conditions as the licensor of such software may impose;

o Ensure the safe keeping and confidentiality of all devices, logon verification codes, passwords, signature numbers and other confidential information;

o Ensure that the services are not used or the instructions are not issued to the relevant functions or the relevant functions are not performed by anyone other than the person authorised to do so;

o Notify us immediately on becoming aware that a device or password or has been lost or forgotten or may have fallen into the hands of unauthorised persons, failing which you remain liable for all instructions issued under your profile number and/or password;

● You will be deemed to have read, understood and applied information displayed on any profile, system or electronic banking site and your role in respect thereof.

● You shall not at any time cede or assign any of your rights under this agreement without the prior written consent of Lula or operate or use the service in any manner that may be prejudicial to us.

Copyright

Lula shall at all times retain its copyright in, or license to, the software including the Password and Logon Verification Code, and associated documentation, should such software and associated documentation belong to it, or used in the provision of the services, as well as in respect of any logos, trademarks or service marks used.

You shall not duplicate, reproduce or in any way tamper with the software and associated documentation without the prior written consent of Lula.

Unavailability of internet banking or mobile application

Lula will at all times and for whatever reason, have the sole and exclusive right to suspend or terminate the services without any prior notification or giving any reason for such termination or suspension.

You undertake, in the event of unavailability of electronic banking, to limit your potential losses by using any other means of communication with the Bank in the situation of the unavailability of the services.

You understand that the use of the facility enabling the services and use of the services is at your own risk and that the Lula shall not be liable for any damage, loss or consequential damages which Lula may suffer as a result of the facility enabling the services, or the services being off-line or otherwise unavailable.

Limits 

You agree that in order to utilise the services, you shall be required to abide by certain limits which shall be available, including account payment limits. Account Payment Limits allows you to effect defined beneficiary or third party payments up to a set and/or agreed limit The default Limit will be set by us and you are deemed to have enquired as to and agreed to the set default limit. You will be able to change their Personal Internet Banking Profile Limits on-line.

Indemnity 

You hereby waive your rights in respect of and indemnifies Lula against demand, claim or action relating to, or in connection with the services, whether directly or indirectly, unless such demand, claim or action arose as a direct consequence of the gross negligence or willful misconduct by us or any of our employees.

Any demand, claim or action arising against Lula in connection with the circumstances referred to above shall be limited to direct damages. Special or consequential damages are hereby specifically excluded.

You indemnify and holds Lula harmless from:

● All demands, claims, actions, losses and damages of whatsoever nature which may be brought against the Bank or which the Bank may suffer or incur arising from the Bank acting or not acting on any instruction, or arising from or out of the malfunction, product failure or unavailability of any hardware, software or equipment, the loss or destruction of any data, power failures, corruption of storage medias, natural phenomena, riots, acts of vandalism, sabotage, terrorism, and any other events beyond the Bank’s control, interruption or distortion of communication links or arising from the reliance by any person on incorrect, Illegible, incomplete or inaccurate information or data contained in any instruction received by Lula;

● Any loss or damages that may arise from the use, misuse, abuse or possession of any third party software, including without limitation any operating system software, browser software, or any other software packages or programs;

● Any unauthorised access to your account or any breach of security or any destruction or accessing of the your data or any destruction or theft of, or damage to, any of your equipment;

General 

In addition to our agreement you will continue to be bound by any tacit agreement between you and us relating to any account, the common law and by the presentday customs, procedures, practices and usage existing among bankers.

No relaxation or indulgence granted by us to you or to any other party will be deemed to be a waiver of our rights, nor a replacement or waiver of our rights under our agreement with you.

These terms and conditions govern the relationship between you and Lula in respect of the services. Should there however be a conflict between the provisions hereof and the provisions of any agreement relating to a specific service utilised by you, then the provisions of that agreement insofar as they conflict with the provisions hereof only, will take precedence.

You acknowledge and accept that Lula may from time to time amend these terms and conditions, insofar as they relate to the use by you of the services. By completing the application process for the services, and subsequently entering your Password and Logon Verification Code number to gain access to services, you have effected an electronic signature and agree to be bound to the terms and conditions in force at that point in time as they may appear on Lula’s website and as may be amended by Lula from time to time.

Breach 

Should you breach any term, or fail to perform any of the your obligations in terms of these or any other terms and conditions which you may have with Lula, Lula shall be entitled, without notice to cancel these agreements and withdraw the services with immediate effect, without prejudice to any rights which Lula may have in law including, but not limited to, Lula’s right to recover:

• Any amounts due to Lula in terms of these terms and conditions agreement;

• Any loss or damage suffered by Lula as the consequence of the breach by you of these terms and conditions, or the cancellation of these agreements, or the withdrawal of the Lula’s services.

Indemnity 

By agreeing to these terms, you indemnify Lula against claims and holds it harmless from all demands, damage and losses resulting from interception, miscommunication, non- delivery, delays, fraud and loss of data, or arising from risks associated in transmitting the statements electronically.

Lula is indemnified from loss, damage or theft to your data, equipment and from an unlawful access or security breach to your data (including without limitation the account information, transactions, balances, passwords and any other information accessible).

Card specific terms 

1. Glossary

1.1 “Account” means the account in the name of the Customer which is designated for the debiting of Card transactions.

1.2 “Application” refers to your application for an account, and includes all information provided by you.

1.3 “ATM” means Automated Teller Machine.

1.4 “Authentication measures” means the techniques, methods and processes used to verify the identity of the Customer and the debit Card transaction.

1.5 “Bank” means Lula powered by Access Bank South Africa Limited.

1.6 “Card” means a Card issued by Lula.

1.7 “Customer” means an individual or business to whom Cards have been issued.

1.8 “Card transaction” means any one or combination or all of the following transactions by means of the card:

1.8.1 Withdrawal of cash at an ATM or POS;

1.8.2 Purchase of goods and/or services at POS;

1.8.3 Purchasing of goods and services over the Internet through an Online

1.8.4 Merchant using an online payment service.

1.9 “Limits” refers to ATM, POS, Online Purchases and daily Card transaction limits which are set or changed by Lula, from time to time.

1.10 Internet” means a global network accessible through an Internet Service Provider, by any person or business.

1.11 Merchant” means any business that sells goods and/or services and is enabled by a certified Bank to accept Cards as a payment method.

1.12 “On Line Merchant” means a merchant who sells its goods and/or services over the Internet.

1.13 “Online Payment Service” means the Online Payment Service which enables Cardholders to purchase goods and/or services from online merchants.

1.14“PIN” means the personal identification number, selected by the customer, which is used as a security and an authentication measure. 1.15“POS” point of sale means the physical location where a merchant initiates a payment instruction.

1.16 CVV refers to Card Verification Value and is a 3 digit number on the back of your Card.

1.17 EMV refers to Europay MasterCard and VISA 1.183D Secure is a technical standard created by Visa and MasterCard which acts as an additional security feature for Card not present transactions. 1.19Contactless Chip & PIN Card is a Bank card with an embedded chip and antenna.

2. Card Issuance

2.1 Primary Cards are issued to a director.

2.2 Secondary Cards are issued to business account holders and authorised users in terms hereof.

2.3 Your or your authorised users are the only persons who may use the Card. The Card cannot be transferred to any other person for use.

3. Card Use

3.1 The Bank is authorised to debit or credit the Customer’s Account with all Card transactions that are effected which include but are not limited to: – Transactions at Automated Teller Machines (ATM) – Transactions at Point of Sale Devices (POS) – Recurring payments where the Cardholder has authorised the Merchant to collect payments from the account – Transactions done via electronic methods which include, but are not limited to the Internet or telephone

3.2 If there is insufficient funds in the account, Lula will decline the transaction.

3.3 Lula will decline any debit Card transaction in South Africa that relates to foreign lotteries or any online gambling activities to comply with South African lotteries and gambling laws.

3.4 Lula will encode the Card with a PIN, which will give you access to withdraw cash and to buy goods and/or services by means of the Card

4. Responsibility of Card and PIN

4.1 You acknowledges that the authentication measures are strictly confidential and must be known only you and must not under any circumstances be disclosed.

4.2 You are responsible for the safekeeping and appropriate use of the Card.

4.3 You shall take all necessary precautions to prevent the Card being lost, stolen or used by a third party and/or that any of the Authentication measures become known to any unauthorised person.

4.4 You must ensure that any record of the PIN is kept separate from the Card in a safe and secure storage location.

4.5 If the Card is lost or stolen, You must notify us immediately thereof and Lula will stop the card. Delay in notifying us will be considered as negligence on your part, and you will be responsible for all cash drawn, including where the PIN is used to withdraw money and/or for payment of goods and services bought with the Card, before such time as the Bank has stopped the Card.

4.6 You indemnify Lula against any damages, loss or liability which Lula may suffer as a result of unauthorised access and/ or use.

4.7 The Card is valid until the last day of the month of the expiry date displayed on the Card as “valid date”. The Card holder may only use the Card during the validity period. A new Card will be provided to you on expiry.

5. ATM and POS Transactions

5.1 The ATM and POS records shall be prima facie proof of the amounts withdrawn or paid through the use of the Card by you, entitling us to debit or credit the Account, unless you can prove otherwise.

5.2 You use the ATM at your own risk and we will not be liable for any loss or theft resulting from the use of the ATM.

5.3 In the event of improper use of the ATM or POS, or unsuccessful attempts to key in the PIN, the Card will automatically be retained. When a Card is retained by the ATM, the Card will subsequently be destroyed. A replacement Card must then be requested by you from us. You shall be liable for the Card replacement fee.

5.4 Lula shall not be liable for any damage or loss suffered by your arising out of:

5.4.1 An interruption or failure of power supply to an ATM or POS; or

5.4.2 Any ATM or POS failure, malfunction or of your general use of ATM or POS services; or

5.4.3 Any cause whatsoever which may result in the retention of the Card or it being defaced, torn, destroyed or rendered unusable, and shall not be held liable for any consequence resulting from same

6. Online Purchases

6.1 You must obtain access to the Internet in order to make use of the Online Payment Service. The Customer is solely responsible for the acquisition, installation and maintenance of the connection to the Internet and any related costs will be borne by you.

6.2 Lula will not be liable to you: 6.2.1 If any Merchant/On line Merchant refuses to accept your Card as payment or

6.2.2 For any goods, purchased or services obtained with your Card, and you will not have the right to claim anything from us or to institute any counterclaim against or to apply set – off against Lula on this basis.

6.3 No dispute between the Merchant/On Line Merchant and you will give you the right to:

6.3.1 Be exempted from your obligations for payment made by Lula to the Merchant/ On Line Merchant; or

6.3.2 Instruct us to stop any payment to a Merchant/ On Line Merchant, or to reverse a payment which has already been made. 6.4 Lula will not be liable for any damages you may suffer as a result of a network breakdown, systems failure, equipment and malfunction, defect of your hardware/software or Internet infrastructure or resulting from events beyond our control.

7. Contactless Transactions

The contactless functionality will only be available at selected merchants. Contactless transaction limits will be agreed and we may change these limits in accordance with industry limits and/or at its discretion.

8. Disputes

8.1 A payment made to a merchant is final and cannot be reversed unless the EMV rules allow it or if the merchant duplicated payment for some reason.

8.2 Lula will make payment from your account or receive payment of a transaction amount from you even if there is a dispute between you and the merchant.

You cannot:

● Instruct us to refuse to pay the merchant

● Request any sort of refund of money paid to the merchant

● Have any claim or institute any counter claim against us or to apply set-off.

● Request a charge back of payment already made to the merchant

8.3 Disputes must be made within 30 days after the transaction date and a dispute form must be completed and sent to Lula.

9. Termination

9.1 The Card is valid from the issuing date until notice from Lula that the use of the Card is terminated, the account is closed or the Card expires.

9.2 Lula retains the right, at any time to cancel, suspend, repeal or demand the return of the Card, without us losing any right to any claim which we may have against you.

9.3 In the event that you want to terminate the right to use the Card, you must contact Lula and destroy the Card. In the event that you fail to destroy the Card as directed and it is used without your authority, you will be held liable.

9.4 If the agreement is terminated, the account holder/Cardholder’s full indebtedness to the Bank for all Card transactions remains due and payable, subject to the arrangements in place on the account.

9.5 The account will not be closed and the Card will not be cancelled until all outstanding authorisations have been settled with the merchant.

 

*We’re Lula, a fintech innovator offering funding and banking solutions to help SMEs make cash flow. In partnership with South Africa’s leading financial institutions, we provide Mastercard-issued Lula business cards and business bank accounts that are powered by Access Bank, our alliance banking partner.

Lula Lend (Pty) Ltd, Reg Address: 3rd Floor Pier Place, Heerengracht Street, Cape Town, Reg. No. 2014/156767/07 (www.lula.co.za | Tel +27 87 943 2381) is an authorised distribution partner of Access Bank South Africa Limited, Reg. No.1947/025414/06 an Authorised Financial Services Provider (FSP5865).