Nedbank exchanges relevant credit information by providing bank codes and reports on current accounts to business clients (account holders), to local and international banks and to credit bureaus. The reports include factual, up to date information on creditworthiness and nature of business, giving a true reflection of a client’s financial position and character while adhering to the conditions in Reports on Nedbank clients.

Reasons for giving and obtaining a Bank Report / Code:

• To determine client account conduct to open a trade account.
• To check account and client details for the acceptance of cheque payments.
• To verify bank details for debit orders / account payments.
• To assess credit worthiness for Asset Based Finance.
• To provide credit information to third parties.

Interbank agreement

Banks have an agreement to exchange a true report of their clients’ financial positions. These reports are exchanged in confidence and without any responsibility on the part of the reporting bank.