ACCOUNT OPENING (INDIVIDUAL)
TERMS AND CONDITIONS
We confirm and agree that /put accounts) and ail banking transactions betesen men Customer or “me or or we) and Infinity Trust Mortgage Bank Piche Bork”) shall be governed by the ditions specified below and/or the terms of any specific ogreement between me/us and the Bank or where not regulated by either the conditions or such agreement, by customary bonking practices in Nigeria
The Bank will not establish or operate the requested accounts) unless and unir hos received the required supporting documents for the account a list of which has been provided to us and is included with this application form
The Bank is hereby authorized to undertake all “Know Your Customer (KYC) procedures specified by applicable law and/or regulations and/or Bank policies including the confirmation of our details and legal status of the appropriate government registry. We hereby authorize you to debit my/our account without further notice to me/us for de costs attendant to such KYC procedures.
3. The Bank may, without prior notice, impose or change the minimum balance requirements for my/our account(s) or alter the applicable interest ratels) for orthe charges relating to such accounts(s)or any of them. The Bank is authorized, where the balance standing to the credit of my/our accounts is
below the required minimum balance, to either amend the rate(s) of interest payable or
dose the accounts) 5. The Bank is authorized to transfer money from any deposit account, 1/We maintain to any other accounts(s). I/We maintain with the Bank whose balance is below the required minimum.
6. The Bank shall, in addition to any right of set-off or simitar right prescribed by low, be entitled, without notice, to combine and consolidate all or any of my/our or Accounts with the Bank(without any liabilities to the Bank) and/or to set off or transfer any or all amounts owed by me/us or either of us or a related party to the Bark against any and all money which the Bank may hold for my/our account or any other credit be it cash, cheques, valuables, deposits, securities, negotiable Instruments or other assets belonging to me/us whether held on current or deposit account or otherwise and whether in Naira or any other currency (hereinafter referred to as “foreign currency
7. The Bank shall be entitled to retain and not repay any amount whatsoever that it owed to me/us or which it holds on my/our behalf and until all amounts owed by me/us or the related party to the Bank have been repaid or discharged in full and, for so long as such amounts have not been discharged or repaid in full, the Bank shall be entitled to appropriate any amounts so owed to me/us or held on my/our behalf in or towards the payment and discharge of the amounts owed by me/us or either of us or the related party to the Bank “Related Party means an entity in which the Customer is a director/shareholder; or the Customer’s spouse(s), sibling(s), child/children, and/or parents; or an entity in which the Customer’s spouse, sibling, and/or parent is a director/shareholder.
8. When effecting any set-off the Bank shall be entitled at its absolute discretion, without notice to us to convert any Noirs or foreign currency into the currency ev the amount owed was incurred of the applicable official exchange rate for the currencies in question prevailing in Nigeria atthe time of such conversion.
9.1/We shall be responsible for all costs, expenses and liabilities grising from the
purchase, retention and sole of investments made on our behalf by the Bank which Include but are not limited to all taxes, statutory fees, duties and levies 10. The Bank is hereby authorized, in the absence of any written instruction to the contrary, to place my/our funds in any appropriate investment (which for the purpose of this douse shall include but not be limited to investments in Commercial Foper whether guaranteed by the Bank or Otherwise) or on deposit and to renew/reinvest of maturity ony investments or deposit made in my our name(s) on the some terms and conditions
that applied to such vestment depot immediately prior to its maturity or on such
other terms and conditions as the Bank may, in its absolute consider
appropriate under the drcumstances
4
2.
11. The Bank may, unless otherwise instructed by me/us, retain on my/our behalf, on a safe custody basis, any investment therwise speed in respect of an investmen made on my/our behalf and unless que or offically agreed. We will have recourse to the Bank for the value or worth of such investments,
12. Where the Bonk, in the absence of on, your agreement as to rate of interest and costs and charges that will apply low us to accounts or any of them becomes overdrawn, in its absolute discretion coming over make any drawing that results my/our accounts) or any of them hose such charges, the Bank shall be entitled to charge such rate of interest and imponces and as, in its absolute discretion,
considers appropriate in the circumstances and I/We agree to pay such interest and
charges to the Bank on demand
13. I/We agree that where I/We give any instruction for a payment(s) that in aggregate exceed(s) the amounts standing to the credit of my/our account(s) against which payment is to be made, the Bank resection to select decline to carry out such instruction or where there is more than one transaction to select the transaction that shall be executed without reference to the date or time or receipt of my/our Instructions, if the Bank in its discretion makes any such payment for which our/my account is not funded we/1 confirm our obligation to repay the Bank whether or not the Bank makes a demand, any outstanding sum in addition to charges and interest accrued thereon
14. Where I/We maintain a credit account with the Bank in any foreign currency, the credit balance of such account may be held by the Bank with any bank or financial Institution itconsiders first rate located in any country in which such foreign currency is legal tender. Such credit balance will accordingly be subject to all laws and applicable regulations in Nigeria and in the country in which such credit balance is held and the Bank shall not be held liable if the credit balance or any part thereof becomes unavailable as a result of any of the laws and regulations to which such credit balance is subject.
15. Where any un-cleared effects credited to my/our account(s) by the Bank are subsequently dishonored and/or the Bank for any reason is required to repay to the paying banker or any other party all or any part of any amount credited to our account. The Bank will be entitled to debit my/our acccunt(s) with the amount of such un-cleared effects and/or repaid amounts plus accrued interest and applicable bank charges
16. No failure or delay in exercising any right power or privilege vested in the Bank by these conditions shall operate as a waiver thereof nor shall any partial exercise of such right, power or privilege preclude any other or further exercise thereof. 17. If any of the Conditions or the provisions specified herein are invalid, illegal or
unenforceable in any respect under the law the validity, legality and enforce ability of
the remaining conditions and/or provisions contained herein shall not in any manner be
affected or impaired thereby.
18. Commission and charges shall be levied in accordance with the Bank’s standard scale of charges In force from time to time and copies of which are available on request. The Bank reserves the right to amend its rates of interest in accordance with its standard scale of charges and/or conditions from time to time.
19. Where the dis resigned by on behalf of more than 20. Any com can try the Bank shall be deemed to been made.
dote indicated on the duplicate copy of letter or on the Roy
Any teen or condition of any transaction between me/
specified such statement/confirmation, Wes
Fork in writing that an em sentained therein in lining disputed
ne geen by m/s to the Boral 21 / understand and acknowledge that electronic, focsimile and verbal communications are insecure frommission media where /we
undertake to demify the Bank in full for any lose it may suffer or incur by won t honoring my/our Letters, electronic mail, foinde or fraudulent or in otherwise than in accordance with the Mondote for my/our Account any and all payment instructions issued in accordance with the Mandote for my/our accounts) and which bears or purports t bear the focsimile electronic mall signature of the person whose spedimen signatures have been provided to the Bank by mu The Bork hereby outhorized to honour and to debit my/our account, for any and al payment Instructions/confirmationslaved or provided by meus using a pre-agreed format for some which may include but is not limited to cra wen instructions/confirmarions and where given orally oral Instruction may previously agreed involves the n of specific posswords) and when given in writing may be given by letter, faci or electronic mall.
22 1/We hereby authorize the Bank to debit my/our second with the cost
curred in respect of the issuance of the cheque book(s) for the above
23 Honour all cheques other orders/instrumenty which may be drown on the said account provided such cheques or orders/struments are signed by me/us and a debit such cheques or orders/instruments to the sold account whether such account be for the time being in credit or overdraws In consequence of such debit without prejudice to your right to refuse to ollow any overdraht or increase of overdraft and in consideration, 1/
to assume full responsibility for the genuineness or correctness ond validity of all endorsements oppearing on all cheque, orders, bills, notes negotiable utrum, receipts and/or other documents deposited in my/our account. to be responsible for any repayment of any overdraft with Interest and to comply with the Bonk’s rules and new rates as advised by the Bank from time to time
to free the Bank from any responsibility for any loss or damage of funds deposited with the Bonk due fe any future government order, law, fox, embargo, maratorlum, exchange restriction and/or all other couses beyond the Bank’s control
that all funds stonding to my/our credit are payable on demand
only on such local currency as may be in dreutation to be bound by any notification of change in the conditions governing the account directed to my/our last known address and any notice or letter sent to my/our lost known address shall be considered as duly delivered and received by men of the
time it would be delivered in the ordinary course of post.
Customers should not write out cheques in stoff’s name, All
cheques for deposits should be mode out in customer’s name.
Customers should desist from transferring money from their
accounts into staff’s accounts, Impromptu cash pick ups of the
customer’s premises by staff should not exceed N500,000
Customers who wish to enjoy cash pick up services should make a
formal request which would be handled in occordance with the
fold down procedure for cash pick up. Cosh in excess of
N500,000 should be paid over the counter by the. customer
shot if a cheque credited to my/our individual account is returned dishonored, the some may be transmitted to me/us through my/our last known address either by bearer or by post. and I/we note that the Book will accept no liability whatsoever for funds honded to members of the stoff outside banking hours
or outside hours or outside the bank’s premises
tigt ery/our attention has also been drawn to the necessity of
sofe guarding my/our passwords and access codes to the bank’s
non-branch chamals including, but not limited to ATM, Internet
Banking, Telephone Banking, Mobile banking and SMS banking,
so that unauthorized persons are unable to gain access to it and
to the fact that neglect of this precaution may be a ground for
any consequential loss being charged to my/our account.
that any Bank is under no obligation to honour any cheque(s) drawn on the account unless thee ore wfficient fund in the account to cover the value of the sold cheques(s) and 1/we understand and agree that any such cheque(s) may be returned to me/us unpaid, but if paid, we are obliged to repay the bank on demand
that any disagreements with entries on my/our bank statements be made by me/ut within 15 working days of the dispatch of the bank statements. Falling receipt by the bonk of a notice of disagreement of the entries within 15days from the date of dispatch of my/our bank statements os rendered is correct.
that any sum standing to the debit of the current occount shall be Sable to interest charges at the rate fixed by the bank from time to tina The bank is authorized to debit from the occount the usual banking charges, interest, commission, and any service charge set by Management from time to time.
24. I/We hereby affirms that 1/We are aware that it is a crime under the laws of the Federal Republic of Nigeria to issue cheques without sufficient funds in My/Our account in the value of My/Our cheques and I/We hereby undertake to bear all consequences and/or lobilities arisingt rom My/Our Instructions to the Bank to pay on cheques drown on y/Our Joccount where such account is not sufficiently funded with the value of My/Our Cheques,
25. We understand and acknowledge that electronic mail, facsimile and verbal Communication are insecure transmission media where I/we advise the bank to accept the instruction in such manner, I/we however undertake to indemnify the bank in full for any loss it may suffer Iscur by reason of its honoring my/our letters electronic mail, facsimile or verbal Instructions irrespective of whether same are erroneous, fraudulent or issued otherwise than in accordance with the mandate for my/our account (s), any all payment instruction issued in accordance with the mandate for my/our Accounts (s), and which bears or purports to bear the facsimile or electronic mail signature of the person (s) and whose specimen signature have been provided to the bank by me/us. The Bank is hereby authorized to honour and to debit my/our account for any and all payment instruction/ confirmations issued or provided by me/us using a pre-agreed format for same which may include but is not limited to oral or written Instructions/confirmations and where given orally, such oral instruction may If previously agreed involves the use of specific password (s) and when given in writing may be letter, facsimile or electronic mail.
Electronic Banking
We confirm and agree that the following terms and conditions shall govern my/our Electronic Banking transactions with the Bank. The following terms and conditions shall govern the Bank’s e-Banking Services.
1)
Definitions
“Customers’ means a customer of the Bank who has or operates an account with the Bank and is named in the application form. Where two individuals are named, either or both of them are customers.
“The bank means Infinity Trust Mortgage Bank Plc
“Card” Means Infinity Trust Mortgage Bank Plc issued to customers.
“Card Holder” means a customer who as been issued a ITMB card The card is the property of the Bank and will be returned
unconditionally and immediately to the bank”
“Service” means the Infinity Trust Mortgage Bank Plc Internet Banking, notification (SMS alert) Automatic Tellering.
“Access code, Pass code. User name and Password” means the enabling code with which you access the system for the service and which is known to you only.
“Account” means a current or savings account or other account maintained with the bank at any of the bank’s branches in Nigeria.
“PIN” means the Personal Identification Number.
“ATM” means Automated Teller Machine that dispenses cash to account holders via the use of debit/credit cards or accept cash deposits.
“CashPlus Card” means the card used by a customer for initiating transactions on the ; various electronic payment channels e.g. ATM, POS, and Internet..
“Secure Messages Facility” means the facility within the e-Banking Service that enables the client to send electronic messages (e-mail, SMS) to the Bank, Including and without limitation free-format messages, fixed format messages, dr instructions to make payments, request for cheque Bank drafts or the purchase or sale of securities and Interests in mutual funds.
The service allows the customers to give the Bank Instructions by use
of
Telephone, ATM, PIN, Password, Access code, Username and secure message (e-mail, sms), Internet banking forthe following:
obtain information regarding customer’s balances as at the last date of business with the Bank.
Jobtain Information with
(2)
or sole of securities and Interests in mutual funds.
The service allows the customers to give the Bank Instructions by use of
(a)
(11)
(iv)
Telephone, ATM, PIN, Password, Access code, Username and secure message (e-mail, sms), Internet banking forthe following: obtain Information regarding customer’s balances as at the last
date of business with the Bank.
Jobtain Information with regards to any instrument in clearing or any balance standing in the customers account as at the last date of transaction on the customer’s account.
authorize the Bank to debit customer’s account to pay specified utility bills such as NITEL, PHCN, WATER RATE and/or any other bills as specified by the customer subject howeverto availability of such
bill payment underthis service
authorize the Bank to effect a transfer of funds from the customer’s accounts to any other account with the Bank.
(1) 33
(vi)
authorize the Bank to effect/stop any payment order. authorize the Bank to debit customers account and load same into a
card.
On receipt of instruction, the Bank will endeavor to carry out the
(b)
customer’s instruction promptly, except in the event of any unforeseen circumstances such Act of God, Majeure and other causes beyond the Bank’s control.
Before service can avail any customer, he/she/ must have
anyone or a combination of the following.
3)
an account with the bank & (il)a valid email address
(
a Pass code, Access code, Username,
authenticator.
(Iv) a Personal Identification Number “PIN”
(v)
valid GSM/landline number
(4)
The Pass code/Access code/Password/E-mail Security.
The Customer understands that his/her Pass code, Access code/Password E-mail is used to give instructions to the bank and
Password or token
that under
no circumstances
shall
the
code. Access
code/Password be disclosed to any body, not to write the Poss code/Access code/Password in an open place
In order to avoid third party access.
the customer Instructs and authorizes the bank to comply with, any Instructions given to the bank or through the use of the service.” once the Bank is Instructed by means of the customer’s Pass code /Access code and PIN the bank is entitled to assume that those are (lv)
the Instructions given by the customer and to reply onsame,
(v)
the customer’s Pass code must be changed immediately it becomes known to someone else.. the Bank is exempted from any form of liability whatsoever for
complying with any or all instruction(s) given by means of the
customer’s Pass code/Access code if by any means the Pass/Access
code becomes known to a third party.
(vi)
(vii)
where a customer notifies the bank of his Intention to change his Pass code/Access code arising from loss of memory of same, or that has come to the notice of a third party, the bank shall, with the consent of the customer, delete same and thereafter allow the customer to enter a new Pass code/Access code PROVIDED that the bank shall not be responsible for any loss that occurs between the period of such loss of memory of the Poss /Access code or knowledge of a third and the time the report is lodged with the Bank.
once a customer’s Pass code/Access code is given, it shall sufficient confirmation of the authenticity of the instruction given.
be
(ix)
the customer shall be responsible for any Instruction given by means of the customer’s Pass code/ Access code. Accordingly, the bank shall not be responsible for any means of the customer’s Pass
code/Access code.
(5)
(1)
Customer’s Responsibilities.
the undertakes to be absolutely responsible for
customer
safeguarding his user name,
Access code/Pass code, PIN,
Password, and under no circumstance shall the customer disclose
any or all of the set any person.
(1)
the bank is expressly exempted from any liability arising from unauthorized access to the customer’s account and/or data as contained in the bank’s records via the service, which arises as a result of Inability and/ or otherwise of the customer to safeguard his PIN, Pass code/Access code and/or password and/or failure to log out of the system completely by allowing on screen display of his account Information.
the bank is further relieved of any liability as regards breach of
duty of secrecy arising out of customer’s inability to scrupulously
observe and Implement the of clause 4 above, and /or
Instances of breach of such duty by hackers and other unauthorized
access to the customer’s account via the service.
(m)
6)
Under no circumstances will the be liable for any damages, including without limitation direct or indirect, special, Incidental or consequential damages, losses or expenses arising in connection with this service or use thereof or inability to use by any party, or in connection with any fallure of performance, Interruption, defect, delay in operation, transmission, error, omission, virus or line or system failure, even If the bank or its representatives computer thereof are advised of the possibility of such damages, losses or Hyperlink to other Internet resources are at the customers risk or line. or system failure, even if the bank or its representatives thereof are advised of the possibility of such damages, losses or Hyperlink to other Internet resources are at the customers risk.
(7)
Copy/ight in the cards and other proprietary Information relating to the service including the screens displaying the pages, and in the information and material therein and agreement is owned by the Bank.
For the benefit and security of our customers and to comply with applicable
laws, we have a few mandatory guidelines that we call “rules of the road”.
(8)
Conducts that violates the rules of the road is grounds for termination of this services and the bank for whatsoever reason vary these terms and conditions. For this reason, the customer undertakes to: grounds for termination of this services and the bank for whatsoever reason vary these terms and conditions. For this reason, the customer undertakes to: Provides accurate information. Agree to provide true, accurate and complete information about yourself as requested in our registration/account opening
forms and the customer agree not to misrepresent his/her identity or
information, which may include usernames, password, or other access devices
for such accounts.
(1)
(11)
Obey the law. Customer agrees not to use the service for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another’s privacy abusive, threatening, or obscene, or that infringe the right of others.
Restrictions on commercial use or resale. Customer’s right to use the service is personal therefore customer agrees not to assign or make any commercial use of the service.
6
(N)
Proprietary rights. The customer acknowledges, and agrees that the bank own all rights to information relating to the service including her web site and the content displayed on the site. The customer is only permitted to use this content o expressly authorized by the service, Customer may not copy, reproduce, distribute, or create derivative work from this content. A violation of any of the rules (I-Iv) is a ground for discontinuation of the service with the bank.
(9)
The Bank shall not be responsible for any electronic virus that the customer may encounter in course of making use of these services rules of the Road.
Disclaimer of warranties.
(10)
The customer expressly understands and agrees that the use of the service is at his sole risk. The service is provided on an as is” available” basis. The Bank expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and noninfringement.
(1)
(11)
The Bank makes no warranty that
the service will meet customer’s requirements
the service will be uninterrupted, timely, secure, or error-free. the results that may be obtained from the use of the service will be accurate or
(lv)
reliable. the quality of any products, services, information or other material purchased
or obtained by the customer through the service will meet your expectations Any errors in the technology will be corrected.
(v)
12)
13)
(11)
(1)
(iv)
(V)
Any material downloaded or otherwise obtained through the use of the service is not responsible for any damage to customer’s computer system or loss of data that result from the download of any such material. No advice or Information, whether oral or written. Obtained by customer from us or through or from the service will create any warranty not expressly stated in these terms.
Customer agrees that the bank will not be liable for any liability. Whether direct, indirect incidental, special, consequential or exemplary damages, including but not limited to damages for the loss of profits, goodwill, use or other intangible losses, even if we have been advised of the possibility of such damages, resulting from.
the use or the inability to use the service
the cost of getting substitute goods and services resulting from any products,
data. Information or services purchased or obtained or messages received or transaction entered into through or from the service,
unauthorized access to or alteration of transmission of data,
statements or conduct of anyone on the service, or any other matter relating to the service.
(14)
Indemnification. Except when caused by the bank’s intentional misconduct or gross negligence, customer agrees to protect and fully compensate the bank and its affiliates and Service Provider from any/and all third party claims liability damages, expenses and I costs (including but not limited to, legal fees) caused by or arising from customer’s use of the service violation of the terms of infringement, by any other user of customer’s account / of any-intellectual property or other right of anyone.
property or other rigm
(15)
Service changes and discontinuation. The bank reserves the right to change or discontinue, temporarily or permanently, the service at anytime without notice in other] to maintain tfie security and integrity of the service the bank may also suspend customer’s access to the service at any time without notice. Customer agrees that the bank will not be liable to the customer or any third party for any modification or discontinuation of the service.
The Bank shall not be considered an agent or other legal representative of the
customer for any purpose by reason of this agreement and/or any other party whom the customer is using this service to pay.
This agreement cannot be changed by the customer nor any of the banks right caved unless the bank agree in writing or customer continue using the service following receipt of notice of any changes proposed by the Bank. This agreement is personal to the customer and the customer shall not assign it to
(iv)
anyone. All notice to the customer shall be in writing via the address the customer has provide to the bank, all address the customer has provided to the bank, all
notice to the Bank \must be made in writing sent to the bank’s address.
(v)
The Bank and the customer shall be an independent contractor, and nothing containe in this agreement shall be deemed to create any association, partnership, joint venture or relation of principal, agentor master and servant, employer or employee between parties.
(vi)
If any of these terms is held to be unenforceable, then such provision shall be construed, as nearly as possible, to reflect the intentions of the parties with the other provisions remaining in full force and effect.
The laws of the Federal Republic of Nigeria “shall apply to this agreement.
(vii)
Credit Bureau
The Customer acknowledges that the Bank consults with various credit bureaus and reference agencies, and may be required to disclose the Customer’s Information to these credit bureaus for the purpose of conducting checks on the Customer. The Customer hereby irrevocably and conditionally grants his/her/its consent to the Bank and expressly authorizes such disdosure of any or all information on his/her/its account(s)/transaction(s) with the Bank, to such credit, bureau and reference agencies whether based locally or abroad, including information on the Customer’s Directors and other personnel, transactions and conduct on the Customer’s account together with detalls of any non-payment or delayed payments as the Bank may deem necessary. The consent herein given discharges the Bank from all liabilities, daims, ana damages for such disclosure made by the Bank to any credit bureau pursuant to the consent herein granted.