Everything you need to know about Deposits

Here is everything you need to know about Deposits at ABC Auctions Zambia:

1. A deposit is required to bid on an Online Vehicle Auction.
2. Your deposit will determine your spending limit.
3. Spending limit - This is the maximum amount that you are allowed to bid up to on the Online Auction. Your spending limit will be sent to you via email when you register & when you place a deposit. You can bid up to 10x the amount of your deposit. Eg. if you deposit K60,000, you can bid up to K600,000. Your spending limit will only be updated when we have received a Proof of Payment of Deposit and added it to our system.
4. Recommended deposit - we recommend placing a minimum deposit of K30,000. This will allow you to bid up to K300,000. You may place a deposit higher or lower than this amount.
5. Your deposit is fully refundable.
6. If you are the highest bidder and do not honour payments within 48 hours, please note that it will result in any deposit being held by the auctioneer being forfeit and the sale cancelled and the registrant's bidder status being reviewed.
7. Here is how you can place a deposit with ABC Auctions Zambia:

                Bank Transfer:

• Transfer your deposit to the ABC Auctions Zambia FNB account
• Send a Proof of Payment & your name to info@abcauctions.co.zm   

                Cash Deposit:

• Deposit cash to the ABC Auctions Zambia FNB account
• Send a Proof of Deposit & your name to info@abcauctions.co.zm   

ABC Auctions Zambia Bank Account Details:
Account name: ABC Auctions Zambia
Bank: First National Bank (FNB)
Account Number: 62925721111
Branch Name: Makeni
Branch Code: 260016
Swift Code: FIRNZMLX
Account Type: Business Cheque Account Kwacha

Please use your Registered Name as found on the ABC Auctions Zambia App as a reference for your payment.

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