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ACCOUNT

Products offered by Heritage which allows a member to deposit money against which withdrawals can be made. Among them include Heritage Savings and Access accounts which offer convenient access to your money.

AMORTISATION PERIOD

Periodic repayments to a loan balance as per loan contract.

ANNEXURE

A document which is not written as part of the main document, but which, by reference thereto in the main document, usually accompanied by cross-references on the annexure, is incorporated in its effect into the main document.

ANNUITY

A sum payable at the beginning of each period and if charged on land, is called a rent charge.

ANTI-VIRUS PROGRAM

A program that attempts to identify and eliminate computer viruses and other malicious software. It is important to update virus definitions or signatures regularly to protect against newly created viruses. Every computer which connects to the internet should have an anti-virus program installed.

ASSETS

Anything owned that has value. They may be financial items like money, bonds and bank accounts or physical items like houses, land and cars.

ASSIGNMENT

Transfer of legal rights to another person. Common examples of assignment are a purchaser's assignment of his/her rights under a contract of purchase, or a lessee's assignment of his/her rights under a lease. Other common assignments include income and insurance.

AUTOMATIC TELLER MACHINE - ATM

An electronic banking machine that dispenses cash, accepts deposits, and performs other services when a customer inserts a plastic card and pushes the proper coded buttons. Abbreviation: ATM

ACCESS ACCOUNT

A Heritage Access account is an everyday transaction account for deposits and withdrawals. There are NO account keeping fees on Heritage Access accounts.

ADMINISTRATION FEE

An ongoing fee over the life of a loan, used for account maintenance.

AGENT

Agency is the relationship which exists at law between two or more parties whereby one (the agent) is authorised, expressly or by implication, to act on behalf of another (the principal) so as to affect the latter's rights and liabilities in relation to third parties. For example, a person authorised to act on behalf of a client in the sale of a property.