One of the largest schemes in South Africa is the UIF TERS which has financially created leverage for many individuals. This scheme is a governmental initiative with great policies to support individuals who are working and not working. Whatever category you fall in, there are terms and conditions.
There are many categories within the UIF TERS and different regulations governing this initiative.
As the scheme grows, so do the security pressures grow, just to ensure the individuals who are to enjoy the necessary benefits get involved.
When it comes to payments for UIF TERS, individuals must pay attention to a few details. These are part of ensuring the right things are done at the required moment.
In this blog post, we will take you through what the UIF TERS bank error code means, the timelines UIF payment can reflect in your account, and the most frequently asked questions regarding UIF TERS banking and payments.
What UIF TERS ‘Bank Error’ Codes Mean
At the inception of the COVID-19 pandemic, TERS was introduced to provide financial support for individuals who were largely affected by this disaster.
It has been administered that this is one of the best policies that was implemented in South Africa. A lot of South Africans have benefited from this scheme, with over R60 billion paid to individuals as remuneration.
In 2022, the unemployment insurance fund issued a statement requesting all individuals, including employers, to ensure their details are accurate. This caused a lot of backlog in the payment system at UIF.
Prior to that, there were a lot of claims that could not be finalized.
Concerns were raised about having bank error codes in the profiles of many claimants.
If you are trying to process claims for TERS and you see the “Bank Error” code as feedback, this means there was an issue with your bank verification.
This could mean different things, and it is important to take note.
Here are some of the “bank error” codes you may encounter. This will give you insight on how to resolve your issue.
- Bank Name not found: The Bank Name provided during the application process can not be found.
- Branch Code not found: No branch code can not be found.
- Invalid Branch Code: Incorrect Branch Code.
- Account Number not found: The Account Number provided for the employee can not be found.
- Account Type not found: The Account Type you provided was not found. (This information is mandatory)
- FAILED bank verification: Failed automatic bank verification
Which bank account does UIF use?
UIF, as a governmental institution, could be linked to so many banks. It can be a matter of curiosity for many individuals to know which bank UIF uses.
This is more attributed to the timeliness of people’s payments. Many believe that once they use the same bank as UIF, there is a higher chance that their payment will reach their account in the shortest possible time.
UIF, as an insurance scheme, does not operate with one particular bank. However, the majority of its transactions are done with the major banks in South Africa. There are times when, internally, these banks work hand in hand to distribute funds to individuals across South Africa.
The most important thing is to ensure your bank details align well in order not to delay payment.
However, there are 4 major banks that UIF uses for its transactions, and these include; FNB, ABSA, Standard, and NEDBANK.
What time does UIF payment reflect in a bank account?
The unemployment insurance fund pays billions of Rand every year to individuals. Looking at the huge some and volumes of claimants they receive, there is always a clue of the pressure mounted on these institutions.
With all these, UIF is well aligned to process payments into individuals’ bank accounts. The timeline for UIF payment is always between 24 hours to 48 hours. This is considered to be within the working days. Always ensure to check your bank account to know the status.
UIF has advised individuals who do not receive their payment within 48 hours can reach out to their customer service.
Can I change my banking details on UIF?
The purpose of making it possible to change banking details was administered by SASSA. This was to ensure individuals had a second chance to correct any mistake that might have occurred while entering their bank account details. Find out if there is a possibility to change your banking details on UIF.
Individuals who wish to change their banking details on UIF can follow the required process to do so.
