Bank Account Changes

Bank account and business process changes

STANLIB continually streamlines our operations so we can offer you excellent service that is aligned with international best practice. In line with this, we will make the following changes from 1 November 2018 for STANLIB unit trust funds:

One bank account for all investment deposits

A single bank account will be available to Clients for depositing their investments into our unit trust funds. Deposits into the old bank accounts will no longer be successful.

Investment value date

The value date of an investment is the date we allocate and invest our Client’s money into the fund they wish to invest in. Value dates are given to investments in line with our business rules. It is important that we have all the relevant information including all required documents before we can give an investment a value date. The following value dates will apply from 1 November 2018:

Existing Clients

The value date will be the date of the deposit only if we can identify, at the date of deposit, the Client and the fund into which the Client wants to invest. If we cannot identify the Client nor the fund into which the Client wants to invest, we will give a value date when we receive the necessary information allowing us to allocate the investment.

Clients must use their unique fund-specific account number as a reference when they deposit their funds in order to ensure prompt allocation of investments.

New Clients

The value date for new Clients will be the date of deposit, only if we have a complete application form and all required documents at the date of deposit. If we don’t have the required documents or application form we will give a value date when we receive all outstanding documentation.

We have updated our application forms and business rules to reflect these changes. They will be available online and at our offices from 1 November 2018.

These changes will allow us to improve our service and avoid delays in processing new investments and allocating Clients’ funds.

We thank you for your continued support.