Your money, your rules – these are your banking rights

Picture of Ina Opperman

By Ina Opperman

Business Journalist


Your banking rights are protected by the Code of Banking Practice compiled by the Financial Sector Conduct Authority.


When you pay your money into your bank account, your money remains yours and therefore you should have rights attached to your money and your bank account.

Having a bank account is not just about keeping your money safe but about having financial security, making payments easily and accessing services that improve your life. In short: your bank owes you.

Banks are required to treat all customers fairly and cannot discriminate based on income, gender, race or background.

However, despite these regulations, many consumers continue to face challenges in accessing financial services due to high costs and complex requirements.

Therefore, Cheslyn Jacobs, chief commercial officer at TymeBank, says you should understand your rights as a consumer when it comes to banking.

“Understanding your rights helps you to make informed choices and ensures that your bank treats you fairly.  It allows you to confidently navigate banking services, question unfair charges and take advantage of the benefits and protections available to you as a customer.

“When you know what to expect, you can make financial decisions that best serve your needs and long-term goals.”

The Code of Banking Practice guides how banks should treat you. The Financial Sector Conduct Authority (FSCA) also ensures compliance with the code. Jacobs says these rights include:

Your right to a bank account

You have the right to open a bank account, provided you meet some basic requirements, such as proof of your identity, proof of residence and sometimes proof of income. You may also need to provide a minimum opening deposit.

ALSO READ: FSCA finds banks do not handle consumer complaints properly

Your right to clear information about bank charges

It is important to know the costs associated with your account, Jacobs says. Banks are required to clearly explain all fees, charges and interest rates before you open an account. Always ask for a list of all costs upfront, check your bank’s website and regularly review your bank statements.

Your right to switch banks

If you are unhappy with your bank’s service, fees, or policies, you have the right to move your money to another bank. Jacobs says it is easier than ever to switch banks.

“Compare options and choose a bank that offers affordable, transparent and secure banking when you switch.”.

ALSO READ: FSCA to investigate banks charging different amounts for the same product

Your right to have your privacy and security protected

Your bank must protect your personal and financial information and cannot share your details without your consent unless required by law. However, Jacobs points out, safeguarding your financial security is also your responsibility.

“To protect yourself, always use strong, unique passwords for online banking and enable two-factor authentication where possible. Be cautious of phishing scams and never click on suspicious links or share your banking details over the phone, email, or text unless you are 100% certain of the recipient’s identity.

“Regularly monitor your bank statements for any unauthorised transactions and report them immediately. When using ATMs, be aware of your surroundings and shield your PIN entry.

If you lose your card or suspect fraud, notify your bank as soon as possible to block unauthorised access. By staying vigilant and following these steps, you can help keep your financial information secure.”

ALSO READ: FSCA fines African Bank R700 000 for misleading advertising [VIDEO]

Be on the lookout for fraud and stay aware

According to the South African Banking Risk Information Centre (Sabric), an organisation that works with banks, law enforcement, and regulators to combat fraud, nearly R3.3 billion was lost to fraud in 2023. Digital banking fraud increased by 45%, and banking app fraud by 89%.

“Criminals are using advanced technologies, and therefore it is important to stay informed,” Jacobs says.

Look out for a bank that offers security features such as:

  • Biometric verification that protects you against identity theft.
  • DebiCheck, which allows you to approve transactions before money is deducted.
  • Multi-factor authentication by using a One-time PIN (OTP) to verify transactions.
  • Security updates must be done regularly to protect your account against fraud.
  • Tips and updates via various communication channels, including SMS, social media and email on how to protect your money.

ALSO READ: Consumer Protection Act and your rights

How the Consumer Protection Act adds to your banking rights

The Consumer Protection Act (CPA) protects you from unfair treatment, misleading information and hidden fees from your bank. It ensures you receive fair and transparent financial services.

Jacobs says if your bank fails to meet these standards, you have the right to take action to protect yourself and hold them accountable.

He says when you have a problem with your bank, you must start by trying to resolve your complaint directly with the bank, as the Code requires all financial institutions to have internal dispute resolution processes.

“Clearly outline the issue, provide any supporting documents and request a formal response. If the bank does not resolve your complaint satisfactorily and you believe you have been treated unfairly, you have the right to escalate the matter.”

If you believe that your bank did not comply with the CPA, you can approach the National Consumer Commission (NCC) for complaints about unfair business practices, such as misleading advertising or hidden fees.

ALSO READ: Financial service provider giving you problems? The NFO can help

Other regulators that can help to protect your banking rights

The National Financial Ombud Scheme South Africa (NFO) is an independent organisation dedicated to resolving consumer complaints against financial service providers, including banks, credit providers and insurers. Their services are impartial, confidential and free of charge. You can visit the NFO’s website to lodge a complaint.

Concerns related to financial advice or investment products can be investigated and mediated by the Ombud for Financial Services Providers (FAIS Ombud).

Jacobs says these regulatory bodies have the authority to enforce corrective action, ensure that consumers are treated fairly and that banks comply with consumer protection laws.

“By taking these steps, you can assert your rights, seek fair treatment and contribute to greater accountability in the financial sector.

“Many South Africans do not realise they have banking and consumer rights. Understanding these rights helps you to make informed choices and protect yourself from unfair treatment or fraudulent activity.”

Share this article

Download our app