Terms and conditions

These terms and conditions apply to investment accounts. They explain your and Turnover’s rights and obligations.

You must take time to read and understand this document, and pay special attention to all text in bold.

  1. Definitions
  2. Application and agreement
  3. General
  4. Amendments
  5. Electronic Banking and Instructions
  6. Personal Information
  7. Disclaimers
  8. Breach and closure of the investment account


  1. Definitions

The headings in these terms and conditions are for reference only. Words importing one gender include the other genders; words in the singular include the plural and vice versa; and natural persons include entities. The following expressions have the following meanings:

1.1 "agreement" means these terms and conditions as well as the product rules, all as amended from time to time, including all notices and correspondence that Turnover may send to you;

1.2 "applicable law" means any local, provincial, national or international statutes, regulations, regulatory guidelines, ruling or Code and judicial, regulatory, industry or administrative interpretations or directive;

1.3 "breakage costs" means all costs, losses, liabilities, damages, charges or expenses as determined by Turnover together with an amount equal to any VAT (if applicable) and any other applicable taxes thereon which Investec incurs or suffers as a result of any early withdrawal from or closure of the investment account (including, but not limited to, the unwind, termination or modification, in whole or in part, of any funding or hedge position in relation thereto);

1.4 "business day" means any day other than a Saturday, Sunday or official public holiday in USA;

1.5 "instruction" means an instruction from you to Turnover to perform a transaction;

1.6 "Turnover " means Turnover investment management LLC and/or any duly appointed agent of Turnover;

1.7 "Turnover Group" means Turnover LLC, Turnoverfx and Turnover LLC together with the holding companies (and other subsidiaries of those holding companies) and any direct or indirect subsidiaries of those three companies and includes Turnover ;

1.8 "investment account" means a deposit account opened for you by Turnover;

1.9 "online" means via the Turnover online investing website or via the Turnover mobile application;

1.10 "penalty fee" means a fee in respect of any early withdrawal from or closure of the investment account, in an amount equal to a percentage per annum of the sum withdrawn calculated over the remainder of the fixed or notice period, subject to a minimum fee, all as set out in the product rules relating to the investment account;

1.11 "personal information" means personal information as defined in POPI;

1.12 "POPI" means the Protection of Personal Information Act 4 of 2013;

1.13 "process/processing" has the same meaning assigned thereto in POPI;

1.14 "product rules" means the specific conditions applicable to an investment account;

1.15 "sanctioned country" means a country which is subject to sanctions by a sanctioning body;

1.16 "sanctioned transaction" means either the use of the investment account for the purpose of financing directly or indirectly the activities of any person or entity which is on a sanctions list or which is in a sanctioned country, and/or the contribution or making available of amounts to any person or entity, if you have actual knowledge that such person or entity intends to use such funds for the purpose of financing the activities of any person or entity which is in a sanctioned country and/or is on a sanction list, in each case to the extent that such financing or provision of funds would be prohibited by sanctions;

1.17 "sanctioning body" means any one or a combination of the following entities:

1.17.1 the Office of Foreign Assets Control of the Department of Treasury of the United States of America;

1.17.2 the United Nations Security Council;

1.17.3 the European Union or any participating member state of the European Union; and

1.17.4 Her Majesty's Treasury of the United Kingdom;


1.18 "sanction list" means any of the lists of specially designated national or designated persons or entities (or equivalent) held by a sanctioning body, each as amended, supplemented or substituted from time to time and/or any other sanctions lists that Investec may from time to time deem necessary or be required to screen, verify and process transactions against;

 1.19 "sanctions" means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any sanctioning body;

 1.20 "transaction" means any transaction effected by you or by Turnover on your behalf, relating to an investment account;

 1.21 "verification mechanisms" means any personal identification number ("PIN"), password or other form of verification implemented by Turnover from time to time, in order to facilitate the use of the investment account and matters ancillary thereto;

 1.22 "VAT" means value added tax payable or levied in terms of the Value-Added Tax Act 89 of 1991;

 1.23 "you" means the holder of an investment account and includes, where applicable, your representative.

  1. Application and agreement

2.1 Anyone can have a free account with the terms and conditions and the investment and the amount of investment will be at the user's own risk.

2.2 You undertake to furnish Turnover with all information and/or documentation required in terms of the Financial Intelligence Centre Act 38 of 2001 and any other applicable law.

2.3 The investment account and any and all transactions shall be subject to the conditions contained in the application form, the agreement and applicable laws, all as amended from time to time.

2.4 You will be advised of the product rules when the investment account is opened. If the product rules are inconsistent with these terms and conditions, the product rules will apply.

2.5 You are responsible for ensuring that you have read and understood the product rules.  

2.6 You acknowledge that when further investment accounts are opened for you, those investment accounts will be subject to these terms and conditions, as well as the relevant product rules, whether or not you completed another application form.

2.7 Turnover is not obliged to make available to you all investment accounts, products, facilities or services offered generally by Turnover. Availability of or access to any such investment account, product, facility or service is at Turnover's discretion. You acknowledge and agree that Turnover is entitled in its sole discretion from time to time to replace, substitute or withdraw any investment account, product, facility or service. Turnover will comply with the provisions of clause 4 below in doing so.

  1. General

3.1  The following describes the terms and conditions (the "Terms and Conditions") upon which Turnover investment management LLC (the "Company" or "Turnover " or "We") offers access to the Internet site found at www.Turnover.us alongside its related country specific sites (the "Site") to you the customer, irrespective of whether or not you are an Account (as defined below) holder ("You") and the use of its services provided via the Site (the "Services").

3.2 PLEASE READ THE PRIVACY POLICY, COOKIE POLICY, RISK WARNING AND ALL OF THE FOLLOWING TERMS AND CONDITIONS INCLUDING THE SPECIAL CONDITIONS BEFORE USING THIS SITE. BY CONTINUING TO ACCESS OR USE THIS SITE OR ANY SERVICE ON THIS SITE, YOU SIGNIFY YOUR ACCEPTANCE OF THESE TERMS AND CONDITIONS. We reserve the right to amend, remove, or add to these Terms and Conditions at any time. Please check the "Last modified" heading at the bottom of this document to see when the Terms and Conditions were last updated. Any changes to the Terms and Conditions will become effective when we post the revised Terms and Conditions on the Site. Your use of the Site or Services, or your provision of personal information following any changes means that you accept the updated Terms and Conditions.

3.3 If, at any time, you do not wish to accept the Terms and Conditions, you may not use the Site. Any terms and conditions proposed by you which are in addition to, or which conflict with these Terms and Conditions are expressly rejected by the Company and will have no force or effect.

3.4 For Special conditions applicable to Turnoverfx.com see applicable section. You understand and agree that (Turnover)may discontinue or change the Site at any time, without notice. You also understand and agree that “Turnover” may discontinue or restrict your use of this Site for any reason without notice.

  1. Amendments

4.1. Turnover” may from time to time amend or substitute these agreements. Where this happens, Turnover” shall give you at least 20 business days' notification by any means of either mail, telefax, electronic mail, Short Message System (SMS), message on your statement, announcements on the Turnover” website or otherwise. Where the amendment is an amendment to the relevant interest rate applicable to an investment account (other than an automatic variation in interest rate in accordance with the product rules) Turnover” shall give you 5 business days' notification. Fluctuations in the interest rate applicable to an investment account which take place in accordance with the product rules will take place without prior notice to you.


4.2. Turnover” shall not be liable for any loss occasioned by you if you do not receive notification of any amendment. Should you not accept the amendment, you are entitled to close the investment account, subject to the product rules and the provisions of clauses 9 and 11 below.

4.3 You must immediately inform Turnover” in writing of any change of name, status or other details provided by you, in particular if you are about to or have emigrated or if you are working or are about to work abroad. Turnover” shall be entitled but not obliged to refuse to act on instructions given by you using a different name or in circumstances where Turnover” is aware of any change in detail or status, until Turnover” is provided with the necessary documentary proof to its satisfaction.


4.4 Any variation of the investment account by you or your authorized representative shall only bind Turnover” if reduced to writing, or if given by such means of communication as may be acceptable to Turnover” and if given in accordance with the agreement.


  1. Electronic Banking and Instructions

5.1 With regard to instructions given or received by data message as defined in the Electronic Communications and Transactions Act 25 of 2002 (“e-communication”), you request and authorize Turnover” to rely on and act in accordance with any instruction which you may from time to time give, or which appears to be given in your name. In authorizing Turnover "to rely on and act in accordance with any instruction given by e-communication, you acknowledge that e-communication is an inherently unreliable medium of communication and that such unreliability is beyond the control of Turnover”. You acknowledge further that as a result of such unreliability there may be delays in the transmission and receipt of instructions or other information and that this may result in delays in the execution of instructions sent by e-communication. You further acknowledge and agree that it may not be possible to cancel or revise an online instruction after it has been given.

5.2 You acknowledge that information and instructions transmitted by e-communication is susceptible to monitoring and interception. You acknowledge that it is not practical or reasonable for Turnover” to establish the authenticity of all e-communication which purport to be from you and accordingly you must bear all risk of transmitting information which may be confidential, proprietary or secret by e-communication and under no circumstances will Investec be liable for any loss, harm or damage suffered by you as a result thereof, unless Turnover” acted with gross negligence or fraudulent intent. Turnover” reserves the right to request independent verification of any information transmitted by e-communication and you consent to such verification from whatsoever source should Turnover” deem it necessary.

5.3 You agree that all instructions, mandates, consents, commitments and the like sent electronically which purport to be from you shall be deemed to have been given in the form actually received by Turnover” and that you shall be bound thereby.

5.4 Your attention is drawn to the fact that any e-communication sent by Turnover” to you will not be encrypted and Turnover” is not liable for any loss suffered by you resulting from any e-communication Turnover” sends to you, unless the loss is caused by Turnover” gross negligence or fraud.

5.5 Any access to and use of Turnover's online banking and/or mobile banking services is subject to and governed by the terms and conditions applicable thereto ("ancillary conditions"). You acknowledge that in order to access and use such online investing and/or mobile investing services, you will be obliged to comply with such ancillary conditions. Turnover” shall be entitled, but not obliged, to refuse to process any transaction or to act on any of your instructions until you have complied with the ancillary conditions. Except to the extent that Turnover” acted with gross negligence or with fraudulent intent, Turnover” shall not be liable for any loss suffered or expense incurred by you as a result of any such refusal.