My Account - Settlement And Account Closure Process

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Step 1

You would like to settle your account early or sell/trade in your vehicle for another.

Early settlement is when you pay everything you owe on your account before the original expiration date of your agreement. You would need to settle early in cases where the vehicle changes ownership through a sale or a trade-in; where the vehicle has been written off, stolen or damaged beyond normal repair; or in cases where the account-holder has been declared insolvent or has passed away.

You would like to obtain a settlement quote and letter.

You can request and print a settlement letter from our website. Visit, register for Account Services and make your request. Or you can e-mail or fax your request to us: or 0861 888 272. Please mark your request for the attention of our Admin department.

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Step 2

1. A settlement letter is a letter in which WesBank provides you with a quote for the amount you need to pay in order to settle your account in full. The quote is valid for a specific period - usually 7 calendar days (which amounts to 5 business days plus a weekend), a period that is in line with the rules of the National Credit Act.

2. The settlement letter will also show you the most recent instalment you paid: this instalment has been taken into account in the calculation of the settlement amount still due. For the settlement quote to be valid, you need to pay any monthly instalment that may fall due in the next 7-day period. This monthly instalment amount is indicated on the letter.

3. For agreements that involve finance of less than R250 000 and that fall within the ambit of the National Credit Act (we call these intermediate agreements), the settlement amount is the sum of the current capital balance outstanding, and the daily interest.

4. For agreements that involve finance greater than R250 000 and that fall outside the scope of the National Credit Act (these are known as large agreements), the settlement amount is the same as above but with the addition of extra interest known as an early termination fee.

Three months' notice can be given to waiver the early termination fee.

First, let us clarify what certain terms mean:

  • "10-day clearance period" means: a payment has been made and shows (or "reflects') on the account, but within 10 days it could still be reversed.
  • "A payment reflects on your account" means: you can see the amount listed as debited or credited, on your account. (It may still be subject to a 10-day clearance, but in the meantime you can see the record of the payment amount.)
  • "Funds have been collected from your account" means: money has been debited from your bank account and credited to another account.
  • A "business day" is: any day from Monday to Friday (excludes Saturday, Sunday and public holidays).
  • A "working day" is: any day from Monday to Saturday (excludes Sunday and public holidays).

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Step 3

There are several ways that your account can be settled.

1. Electronic transfer

If you're transferring money to us from any bank account other than an ABSA* or Standard Bank** account: please make an electronic transfer into the following account for us: First National Bank current account, branch code 255005 (FNB Corporate Banking), account number 54549006334. Please ensure you use your WesBank account number as the payment reference. (Please keep a record of your proof of payment in all instances.)

In some instances, using an alternative bank account or reference number for us could assist in bringing about a successful transfer:

  • * If you're transferring money to us from an Absa Bank account, please use this FNB account number: 54549006566. As your reference, please use your new WesBank account number.
  • ** If you're transferring money from a Standard Bank account, as a reference please use the number referred to on your statement as WesBank's "old account number".

An electronic transfer made from a bank other than First National Bank may take up to 36 hours before the payment reflects on our bank account, and another 24 hours before it reflects on your WesBank account.

An electronic transfer made from a First National Bank account will reflect on our bank account on the same working day, and on your WesBank account the very next working day.

2. Cash or cheque payments

Cash or cheque payments made directly into our account at any First National Bank branch will reflect on your WesBank account by the very next working day. Note that even though a cheque payment could reflect on your WesBank account the very next working day, this payment will still be subject to a clearance period of 10 business days.

3. Manual debit order

You may ask us to arrange a manual debit order for the full settlement amount. The funds may only be collected the following working day provided it's not a Sunday or a public holiday. Note that a clearance period of 10 business days will apply.

The correct allocation of the settlement amount to the WesBank account is subject to the correct account number being used.

If the payment doesn't reflect within 48 hours , please check your proof of payment for any possible error in the account number used. If you used the correct account number and can't work out why the payment is not being reflected, please send us your proof of payment (e-mail to or fax to 0861 888 272). Please highlight that you used the correct WesBank account number and we will trace and allocate the funds correctly. Depending on where the error lies it could take up to 5 working days to have the matter resolved.

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Step 4

Closure of settled account

There is a general minimum of 10 business-day delay in account closure to ensure that the allocated settlement amount is cleared.

During this time, a debit order may still go through if it falls due within this period and was not cancelled.

Debit orders due

As specified in the settlement letter, provided you've paid all the debit orders that are specified in the settlement quote (and none of them were returned for whatever reason), the settlement quote remains valid.

If any of these debit orders return unpaid, the settlement amount quoted will no longer be valid and the account will not be closed.

If the account was closed in error even though the required debit orders return unpaid, the account holder will be held liable for payment of these debit orders and a new account will be opened in respect of this amount, to ensure we have a record of every communication made to obtain this payment.

Possible debit order to be refunded

Should a debit order amount be received subsequent to the settlement which is not due in terms of the settlement amount quoted, this debit order will be refunded.

To request a refund: send your request (and proof of payment if necessary) to us at or fax: 0861 888 272, marking your request for the attention of our Admin. Department.

Very importantly, if you realise a debit order is about to go off that shouldn't, please don't call your bank and ask them to stop the debit order. Firstly, you may be charged a fee for this, and secondly, our process is always to refund you the debit order amount anyway. If you ask your bank to reverse the debit order, and then we refund you the amount that was reversed, you will be held liable for repayment of the amount we refunded you.

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Step 5

Settling the account in full entitles the vehicle owner to be registered as both owner and titleholder of the vehicle.

Once your account has been settled, it's important to note that the NaTIS document won't automatically be sent to you upon settlement of your account. In the interest of fraud-prevention, we need you to request your NaTIS document from us and confirm your current address.

Send your request (as well as proof of payment to show you've settled your account) to or fax: 0861 888 272, marking it for the attention of our NaTIS Department and including the full address to which you would like your NaTIS certificate sent. Our usual delivery method is post (Speed Services), although we can make special arrangements for documents to be sent by courier services if there is a request for urgent delivery.

(Note that the proof of payment is required in order for us to establish the payment method and whether it will be subject to a clearing period, as well as confirm the origin of the funds.)

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Step 6

Private sales

If you need the NaTIS certificate in respect of a private sale, please be cautioned that we can only release the NaTIS certificate to you, our account holder. We can't issue it to anyone else (e.g. your buyer) unless a special permission letter has been arranged between you (the seller) and the buyer and is presented on collection, together with identification documentation and the agreement between you and your buyer confirming the sale of the vehicle.

In terms of a private sale, we recommend that the payment method used to fully settle the account is electronic transfer. We will require proof of payment. The funds that you transferred to us must also reflect as available in our bank account before we can release the NaTIS document, and before you can hand over the vehicle to the buyer.

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Step 7

It's important you have the NaTIS document amended to reflect that you are now the titleholder, because it means the Bank doesn't need to be involved in proceedings if your vehicle is stolen or in an accident. Note that you don't need to produce a roadworthy certificate when you apply to have your NaTIS certificate amended.

To have your NaTIS document amended to show you are the titleholder once you've paid off your vehicle in full:

  1. Within 21 business days of receiving your NaTIS document, visit the vehicle registering authority operating in the area of your residential address (remember, this is the residential address that the licensing authority has on record for you - the address you gave them).
  2. Take along the original NaTIS certificate, your identity document and R87.00 (this amount is correct as at February 2012).
  3. Fill in the blue form called an RVL and hand it in. Your NaTIS certificate will be amended and given to you.

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