EFT Processing

Direct Deposit processing has a 24 hour turnaround time on workdays. However, this is affected by the following:

  • Transactions that are paid into our account over the weekend usually clear on Monday afternoon or Tuesday Morning. 

  • Public Holiday Transactions may clear on the next working day

  •  The bank only makes a statement official when it has at least 20 transactions on it. We do not import Provisional Statements into our system as they may change

Please note that transactions from different banks from ours (we bank with Nedbank) may be delayed by one or two days. Keep this in mind when thinking about Payroll Cut-off)

For us to know who the money is for and who it's from, the reference MUST READ: Staff Number Partner Initial & Surname. For Example:  999 J Soap.

→ If the Staff Number is missing or reference gives us no indication of who the funds are for or who they are from, then:

  • The funds are allocated to the Unclaimed Partnership Fund until the partner or staff member gives us more clarity about the transaction,

  • If there is a partner with the same initial and surname on our system we call them for confirmation of whether they made the deposit and who the funds are for,

  • The bank is contacted for more information. This may take two to three weeks for us to get the depositor's information so we can contact them and allocate the funds accordingly, 

  • The staff member must provide a Proof of Payment from the depositor for us to allocate this to their fund.

→ If the Partner Name & Surname is missing:

  • The funds are allocated to the staff Income fund and processed as an unknown partnership.

  • If the funds are more than R1000 and there is no giving form for the pledge, the funds are posted to the staff member's Holding Account. It is their responsibility to contact the office about these funds. 

Please Note:

  • If your partner gives an amount that is very different to what they usually give, then the funds are posted to the Holding Account. For example, if the partner usually gives R500 but in one month jumps to R1000 or over, we will post to the Holding Account. We do this for two reasons. Firstly, the extra amount will cause you to pay more tax so we are giving you the opportunity to sign this off. Secondly, a staff member may be raising funds for a specific reason they may have not communicated to us as yet.

  • You may request that a partnership be split over a few months. For example, if a partner gives you R10 000 you can request that we split it over 10 months. The pledge will be set up on the balance after deducting admin fee. Therefore R970 will be transferred to your fund over 10 months [(R10000-3%)/10 months] .

  • It is the staff member's responsibility to ensure that what should be in their income is in there and it is the offices responsibility to process information received as accurately as the information allows.

  • Please check your Holding Account to see if anything has been posted there