The DEA’s approved primary products, for which a bank statement may be requested for a customer approved purpose, are:
- “Credit Card Facility”, being an on-going secured or unsecured short-term credit facility provided by a credit provider to a customer in terms of which the customer is issued a card and is authorised to purchase goods and services.
- “Home Loan”, being a term loan facility (including further advances and re-advances) made available by a credit provider to a customer for the purpose of acquiring, constructing and/or improving a residential property including vacant land zoned for residential purposes. The facility is secured by either: (a) a mortgage bond registered over that residential property (including vacant land zoned for residential purposes) in favour of the credit provider; or (b) customer’s pension or provident fund.
- “Overdraft Facility”, being an on-going secured (in respect of customers who have a “One Account” with a particular Bank) or unsecured term credit facility provided by a bank to a customer in terms of which the customer is authorised to draw on funds up to a limit. For the purposes of the foregoing “One Account” means a consolidated account of a customer’s cheque account and Home Loan facility (but in respect of residential property only) with a particular Bank, designed to streamline a customer’s borrowing and transactional needs into a single credit facility.
- “Personal Loan”, being a secured or unsecured term loan facility made available by a credit provider to a customer for the customer’s personal use.
- “Vehicle Finance”, being a term loan facility made available by a credit provider to a customer for purposes of purchasing a motor vehicle, which borrowed funds are secured by means of the credit provider retaining the title and ownership of the motor vehicle until such time as the loan is discharged in full.
The consent obtained from the customer must be purpose specific, and may include functions such as origination, servicing (maintenance), and collections.