The Covid-19 related lockdown meant that many South Africans lost income as they were not able to work.
The Temporary Employer/Employee Relief Scheme (TERS) was introduced to ensure that these workers received some financial support from the government through the Unemployment Insurance Fund (UIF).
However, not all the clients who applied for TERS benefits have received their money. One error code received by clients is ‘Failed Bank Verification’.
This error code means that the client has failed the automated bank verification process.
The UIF has since introduced a manual bank verification process to assist employers applying for TERS benefits on behalf of their workers.
The UIF says that manual bank verifications have to be conducted on banking details attached to names and accounts with non-AVS and AVS participating banks. The bank details you provide must be no older than three months.
Here’s What To Do About The ‘Failed Bank Verification’ Error Code
Step 1. Call the Call Centre on 08000 3000 7 and select the TERS option.
Step 2. Inform the agent you want to do a manual bank verification.
Step 3. Answer the compulsory security questions that will be posted to you for you to proceed further.
UIF Verification Process
- Bank confirmation letter (Must not be older than three months)
- Trading as name should match the confirmation letter
- If applicable, the Bank Account profile name must be a match
- CIPC/IF must match the Covid-19 TERS portal and the UIF’s bank-end CRM system
- Account number must match on Covid-19 TERS portal
- Bank Name must match on the Covid-19 TERS portal
- Account type must match on the Covid-19 TERS portal
