If you are a Million-a-Month account-holder at First National Bank (FNB), you might find that the monthly draw may soon fall away if the National Lotteries Board has its way.
"That is the worst-case scenario, and accountholders' savings and monies will still be completely safe and unaffected," Xolisa Vapi, a spokesperson for FNB, says.
The bank has lodged an application for leave to appeal after the Pretoria High Court ruled in favour of the National Lotteries Board, which argued that the Million-a-Month account is in contravention of the National Lotteries Act.
Vapi says the bank will argue in favour of the product in the Supreme Court of Appeal some time this year if granted leave to appeal.
However, a date to hear FNB's application for leave to appeal has not been set yet.
Michael Jordaan, the chief executive officer of FNB, says the effect of the judgment has been suspended in the interim, so the Million-a-Month account draws will continue as per normal until further notice.
What is a Million-a-Month account?
The Million-a-Month account is a 32-day notice account.
As an accountholder, you are automatically entered in a monthly draw in which you can win one of 114 prizes, which are the grand prize of R1 million, two prizes of R100 000, 10 prizes of R20 000, one prize of 100 000 eBucks and 100 prizes of R1 000 each.
You must maintain a minimum balance of R100 in the account in order to be eligible for the draw. There is a penalty fee if you choose to withdraw any money without giving the bank 32 days' notice.
However, the Million-a-Month account has no service fees, and you also have the option of not earning interest on your money, which is a requirement of some Muslims, because earning interest is prohibited by Islamic law.