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General Terms and Conditions

E-Banking General Terms and Conditions


  1. Introduction

These general terms and conditions, which are liable to amendment as stipulated in Article 25, govern the relationship between Izola Bank p.l.c., whose registered office is at 53-58 East Street Valletta Malta, company registration number C16343 (hereinafter referred to as the ‘Bank’) and its e-banking clients (hereinafter referred to as the ‘Clients’), subject to provisions to the contrary arising from agreements or specific conditions that prevail over those of the present text.

By applying for and making use of the Bank's products and services, the Client accepts the provisions of the E-Banking General Terms and Conditions, as may be amended from time to time.

These conditions shall be valid for all E-banking Clients, whether they are private individuals or legal entities. All Clients who are private individuals, by submitting an Account Application Form, warrant to the Bank that all Instructions submitted to the Bank shall be exclusively related to the performance of their professional/business activities or trade. If any of these provisions infringes a legal or statutory provision that protects a specific category of person, the relevant provision in these E-Banking General Terms and Conditions shall be deemed not to apply.

The Bank’s products and services may be subject to separate specific terms and conditions that govern their use.

  1. Definitions

In these E-Banking General Terms and Conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

  1. ‘Account’: means any account/s held by the Bank in the Client’s name subject to the e-banking service.
  2. ‘Account Application Form’: means the Bank’s application form whereby Clients may apply to open an Account with the Bank.
  3. ‘Address’: means the Client’s address, that is, (a) the residence/registered office of the Client indicated in the Account Application Form, (b) any other address indicated by the Client in the Account Application Form as a correspondence address, or (c) in the event of a change to the address, any address Notified by the Client to the Bank.
  4. ‘Channel’: means the internet transaction site reserved for the Client and accessible only by use of the Client’s security number or numbers.
  5. ‘Client’: means the person, whether an individual or a corporate entity, who has submitted an Account Application Form to the Bank, which has been accepted by the Bank, and for whom the Bank has opened an Account.
  6. ‘Day’: means a day on which the Bank opens for business in Malta.
  7. ‘E-banking’ means the Internet Banking Services provided to the Client by the Bank through the Channel.
  8. ‘Instructions’: means all payments, instructions, orders, applications, other declarations of interest and messages submitted by the Client to the Bank through the Channel after entering the Client’s security number or numbers. Unless otherwise agreed the security number or numbers will be generated by Izola Pass.
  9. 'Internal Electronic Mail’: means the secure electronic-messaging system made available by the Bank for the Client.
  10. ‘Izola Pass’: means the mobile token app, made available by the Bank for download on the Apple or Google stores, that is used to generate the security number or numbers which in effect is a one-time password (OTP) to allow the Client to login or sign transactions on the Channel.
  11. ‘Notification’: means any correspondence sent by the Bank to the Client, or vice versa, in accordance with the provisions of Article 5 and ‘Notify’ and ‘Notified’ shall be construed accordingly.
  12. ‘Office’: means the Bank’s registered office.
  13. ‘Operations’: means any transaction of any nature concluded between the Bank and the Client in relation to the Bank’s products and/or services.
  14. 'Principal Account Holder’: means the account holder or holders so designated in the Account Application Form.
  15. ‘Van Marcke’: means the companies that are part of the Van Marcke group.
  16. ‘Website’: means the Bank’s Website which consists of the Channel.
  1. Electronic Banking Services

The Bank provides its products and services to Clients in accordance with these E-Banking General Terms and Conditions exclusively electronically and primarily via its Website.

  1. Account Opening

  1. In order to open an Account with the Bank, the Client must: (a) duly complete the Account Application Form so that it contains an accurate and comprehensive response to all the questions asked by the Bank, (b) attach to the said form all documents requested by the Bank, (c) Notify such documents to the Bank in accordance with the instructions set out in the Account Application Form. The Client is obliged to inform the Bank of any major alterations (such as change of address) to any information submitted to the Bank in the Account Application Form. These alterations shall be applicable to the Bank within seven (7) days of receipt of Notification by the Bank. The Bank shall assume that the information communicated to it is correct and up to date at all times. In addition the Client shall Notify the Bank, when entering into a relationship with the Bank or subsequently, of any other information that the Bank may reasonably request, for example for the purposes of allowing the Bank to fulfil its Client identification obligations.
  2. The contract with the Bank shall be concluded and the Account opened with effect from the moment when the Bank accepts the Account Application Form. Acceptance shall only be deemed to have occurred when (a) the account number is Notified by the Bank to the Client and (b) the Client’s identification documents have been verified by the Bank. The Bank shall not be required to decide on the opening of an Account within a specified period. The Bank shall have the right, without being required to justify its decision, to refuse to open an Account for any person or corporate entity.
  3. The Bank shall not accept physical payments in cash into an Account opened with the Bank.
  1. Notification/communication between the Bank and Client

  1. The Bank and its Clients shall exchange any Notification by the various means of communication listed in Article 5 (ii) below for Notifications made by the Bank, and Article 5 (iii) below for Notifications made by Clients. Notwithstanding the above, it is agreed and accepted by the Bank and the Clients that Notification shall ordinarily occur by Internal Electronic Mail.
  2. The Bank shall communicate with Clients by means of any of the following: (a) by Internal Electronic Mail sent to the Client’s mailbox, (b) by notice posted on the Channel, (c) by e-mail sent to the Client’s e-mail address as indicated on the Account Application Form, (d) by regular postal letter sent to the Address.
  3. The Client shall communicate with the Bank by means of any of the following: (a) instructions submitted by the Client through the Channel after entering the Client’s security number or numbers, (b) by Internal Electronic Mail (c) by filling in the message forms available on the Bank’s Website (d) by e-mail sent from the Client’s e-mail address as indicated on the Account Application Form to the Bank’s e-mail address as indicated on the Website (e) by regular postal letter sent to the Office.
  4. Communications by Internal Electronic Mail shall be presumed to have been received by the addressee on the date on which they are sent. Communications by ordinary postal letter shall be presumed to have been received on the tenth Day following the day of dispatch.
  5. The Client may also Notify certain events e.g. loss of cards, to the Bank’s e-mail address from the Client’s e-mail address as indicated on the Account Application Form or on the free-phone number indicated in the Account Application Form and on the Website.
  6. The Bank may Notify certain events eg. a failed transaction on the Channel, to the Client’s e-mail address as indicated on the Account Application Form.
  7. The Bank may, without liability to the Client, at any moment, subject to an ordinary advice on the Website, and especially for reasons of security and confidentiality, restrict or suspend Clients' rights to use any of the above-mentioned means of communication other than regular postal letter. This decision may be taken generally for a number of Clients or for all Clients, or individually, in which case the above-mentioned advice shall be sent to the Client's e-mail address as indicated on the Account Application Form.
  1. Tariffs, Charges and Duty

  1. The tariffs and charges charged by the Bank for its products and services shall be those displayed on the Website and Notified to the Client through Internal Electronic Mail and/or to the Client’s e-mail address as indicated on the Account Application Form.
  2. The tariffs and charges charged by the Bank for its products and services may be altered, increased, limited or extended at any time by the Bank subject to a notice Notified through Internal Electronic Mail and/or to the Client’s e-mail address as indicated on the Account Application Form to the Client two months in advance. In this event, the Client shall have two (2) months from the day of Notification to withdraw from the contract at no cost. Non-withdrawal shall imply acceptance by the Client of the amended tariffs and charges.
  3. The tariffs and charges charged by the Bank for its products are based on the tariffs and charges in force on the date the Bank carries out the service, or provides the product. The Client shall ensure that he is aware of the service fees, commissions and charges prior to the conclusion of the service required or provision of product.
  4. Certain products and services provided by the Bank may be subject to duty payable in terms of Maltese Law. Details of any duty payable shall be posted on the Website. Changes to duty payable shall also be posted on the Website and Notified to the Client.
  1. Payments and Interest

  1. The Bank is entitled to debit the Account, with all tariffs, charges and expenses due to the Bank as well as any sums it is legally required to take in relation to Operations, including but not limited to any applicable taxes and duties and any and all debit interest due.
  2. The interest rates payable on current accounts and savings accounts shall be available in the document entitled ‘Interest Rates’ posted on the Bank’s Website. Changes in interest rates shall be Notified by the Bank to the Client and shall come into effect upon the date specified in the publication of any such Notification. In this event, the Client shall have sixty (60) days from the day of Notification to withdraw from the contract at no cost.
  3. The interest rates applicable on term deposits shall be calculated on the basis of market conditions prevailing at the time of the opening of the deposit, and the Bank shall advise the Client of the applicable interest rate on opening of the deposit. Exchange rates shall also be calculated on the basis of market conditions prevailing at the time of the request for a foreign exchange transaction.
  4. Credit interest on term deposits shall be credited to the Account, on maturity of the deposit, in the same currency as the currency of the Account.
  5. The Client may choose to close a term deposit prior to the maturity of the deposit. In any such case, penalty interest may, at the Bank’s discretion, be applicable and in the event that the Bank elects to impose penalty interest the calculation of the penalty interest shall be made available to the Client.
  6. The term “value date” within the meaning of the present E-Banking General Terms & Conditions is understood to mean the date from which the sums credited or debited on an Account begin or cease to bear interest. The value date for transfers in defined currencies other than the Euro shall depend on the currency, the operation, the correspondent and the place of origin or destination. Transactions in defined currencies other than the Euro are carried out by the Bank on the basis of the spot value date, that is, two (2) Days after the transaction date. Additional details can be found on the Bank’s Website by clicking on the ‘Payment Transfers’ link under the ‘Banking’ menu option.
  1. Third Party Information Products and Services

The Channel may contain hyperlinks to third party websites. The publication of hyperlinks on the Channel does not imply that the Bank necessarily agrees with the content of such third party websites. In addition, the Bank accepts no responsibility or liability for the accuracy of material contained on third party websites. The Bank shall not be liable to the Client for any loss or damage resulting from the Client’s accessing third party websites, whether or not the Client accesses such websites through hyperlinks posted on the Channel.

  1. Liability

  1. To the fullest extent permitted by law, and except to the extent that loss or damage is caused directly by the Bank’s gross negligence or wilful misconduct and subject to the provisions of Articles 12 and 20 below, the Bank shall not be liable to the Client for any loss or damage that the Client may suffer as a result of the use of the Website, the Bank’s products or the Bank’s services. In particular, but without limiting the generality of the foregoing, the Bank will not be liable for the delay in performing or failure to perform the obligations hereunder if the delay or failure results from events or circumstances outside the Bank’s reasonable control.
  2. The Bank shall not be liable for any loss or damage caused to the Client resulting directly or indirectly from events of force majeure or measures taken by local or foreign legal or regulatory authorities.
  3. The Bank shall not be liable for any direct or indirect loss of profit, goodwill, business or anticipated savings nor for any indirect or consequential loss or damage.
  4. The Bank cannot be liable for any damages, direct or indirect, which are due to the functioning of the Client’s equipment or to deficiencies and errors attributable to the provider of the electronic communications network and services, being a third party, or to the interruption and breakdown of services that are not under the Bank’s direct control.
  5. The Bank reserves the right to modify, suspend or discontinue, temporarily or permanently, the use of the Website, with or without notice, during downtime (i.e. during such times, whether scheduled or unscheduled, when the Bank's systems, whether in whole or in part, are shut down for maintenance purposes). The Client agrees that the Bank shall not be liable for any such modification, suspension or discontinuance of the use of the Website.
  1. Indemnity

The Client shall indemnify and hold the Bank harmless from any loss or damage suffered by any person as a result of the Client’s breach of any of these E-Banking General Terms and Conditions or of the Client’s use of the Website or of any function thereof in a way violating these E-Banking General Terms and Conditions.

  1. Confidentiality and Data Protection

  1. If the Client obtains access to any programs accidentally, data or other information which belong to the Bank or any of the Bank’s agent/s, the Client agrees to treat such programs, data and information as confidential and agrees not to disclose or make use of any of them (or any part of them) and will Notify the Bank immediately.
  2. Without prejudice to point (iii) or (iv) of this Article, the Bank shall not communicate to a third party any confidential information relating to its Clients, their personal identification numbers, their assets, or the income and profits generated by the assets held in accounts, unless the Clients have expressly authorised it to do so.
  3. During the supply of the e-banking services specified in these Conditions, the Bank may process personal data of the Client according to the requirements of the Data Protection Act (Chapter 440 of the Laws of Malta). The Client may have disclosed such data to the Bank in any manner and primarily through completion of the Account Application Form or other forms. Any processing of the Client’s personal data for the supply of the e-banking service will exclusively serve the following purposes:
    (a) To provide the use of the Website;
    (b) To manage the Account(s);
    (c) To issue the Client statements and provide the required products and services;
    (d) For internal assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and for the purposes of developing and improving the Bank’s products and services;
    (e) For the detection and prevention of fraud and other criminal activity which the Bank is bound to report to competent crime investigative and prosecuting authorities or other bodies;
    (f) For direct marketing, with the Client’s prior consent, such as to inform the Client, by mail, telephone, fax, e-mail or other electronic means, about other products and services supplied by the Bank, its associates, agents and by other carefully selected third parties, and for research purposes. 
    (g) For provision of services, the Client explicitly agrees that the Bank may disclose to third parties details, namely, the Client’s name, address, contact details, account and/or card number/s in cases where the Bank has engaged such third parties for the purposes of providing services to the Bank and/or the Client. In this case, the Bank shall use all reasonable endeavours to ensure that these third parties will process the Client’s personal data with at least the same degree of diligence and according to the data protection rules set forth in these clauses.
  4. As permitted or required by law, the Bank may disclose the Client’s information to Governmental bodies and agencies or regulators.
  5. Client’s personal data may be disclosed to or exchanged with all employees of the Bank, its associates and agents for the above purposes only and according to the rules of the data protection regulations issued by the Bank.
  6. The Client has the right to request the Bank to inform him about his personal data held and processed and to request its correction where necessary. The request will be sent to the Bank by regular postal letter sent to the Office. Furthermore, following the opening of an Account and during the course of the relationship between the Bank and the Client, the Client may, by regular postal letter sent to the Office, request the Bank to refrain from using his details for the purposes of direct marketing.
  7. Whilst the Bank may periodically request the Client to re-confirm his data, the Client should inform the Bank immediately if such data has changed.
  1. Security Notice

  1. Every reasonable precaution has been undertaken to ensure that the Bank’s systems are as secure as possible, but the Bank cannot guarantee the privacy or confidentiality of any information passing over the Website and therefore the Bank cannot accept any responsibility for the unauthorised access by a third party and/or the corruption of data being sent by the Client to the Bank or by the Bank to the Client. In view of this, the Client accepts that electronic and other transmissions passing over the Channel may not be free from interference by outside parties and may, therefore, not remain confidential.
  2. Following the completion of the appropriate Account Application form, the Bank shall provide the Client a card and instructions to download Izola Pass onto the Client’s mobile phone or other device from either Apple or Google stores. The Client may activate Izola Pass on a maximum of two devices ( for example on two mobiles or a mobile and tablet). The Client will be advised to contact the Bank by phone once the app is downloaded in order to activate the app. The Client will be provided with an activation code and an initial PIN code. During the activation process the Client will have to change the initial PIN and personalize it. Usage of the cards shall be subject to separate terms and conditions.
  3. A 7-digit One Time Password (“OTP”) or access code can be generated by opening Izola Pass and by introducing the personalised PIN in the app. The Client may access security related information by clicking on the appropriate link on the Website.
  4. The Client may sign transactions with the card details, the personalised PIN and Izola Pass. The Client must insert the 9 digit OTP created by the Izola Pass in the appropriate field on his PC screen. The Bank and the Client agree that this OTP is an electronic signature and is equivalent to a signature having legal effect. The client may also opt to logon or sign a transaction using the QR code by placing the QR code scanner within the Izola Pass in front of the QR code generated by the channel.
  5. The Client undertakes to safeguard and protect with due care the security of Izola Pass, and the personalised PIN. The Client undertakes not to record the personalised PIN in any easily recognizable form and to keep the device on which Izola Pass is downloaded and the personalised PIN separate from each other. The Client must make every effort to prevent the device on which Izola Pass is downloaded, the card and the personalised PIN from falling into the hands of any third party.
  6. If the security of Izola Pass has been in any manner compromised or if the personalised PIN or card have fallen into the hands of a third party, or if the Client has reason to suspect this, either because of the recording on any of the Client’s accounts of any unauthorised transaction or for any other reason, the Client undertakes to Notify the Bank immediately, in order to prevent unauthorised use of the Channel. Up to the time of Notification, the Client shall bear the loss sustained in consequence of the loss or theft of the device on which Izola Pass is downloaded, personalised PIN or card up to a limit of Euro 150, unless the Client has acted with extreme negligence or fraudulently, in which case the Client’s liability shall be unlimited. As soon as the Client has notified the Bank, except in cases of extreme negligence or fraud on the part of the Client, he shall not thereafter be liable for the loss arising in consequence of the loss or theft of the device on which Izola Pass is downloaded, personalised PIN or card.
  7. The Client is presumed to have acted with extreme negligence notably if:- 

    (a) the Client has not used Izola Pass in accordance with these E-banking General Terms and Conditions; in particular, if the Client does not take all reasonable steps to keep safe his device/s on which Izola Pass is downloaded, Card and the personalised PIN.

    (b) the Client has not Notified the Bank immediately on becoming aware of:

    • the loss or theft of the device/s on which Izola Pass is downloaded, card or of the personalised PIN,
    • the recording on the Account of any unauthorised transaction,
    • any error or other irregularity in the maintaining of the Account;
    • any suspicions that the personalised PIN is known by any unauthorised third party;

    (c) the Client recorded the personalised PIN in any easily recognisable form, in particular on the same device/s on which Izola Pass is downloaded, the card or on any item which the Client keeps or carries with the device/s on which Izola Pass is downloaded or with the card.

  8. Corporate or joint clients acknowledge, that a person (such as other users appointed by the Bank on the instructions of such corporate or joint Clients or any authorised or unauthorised third party) who provides the personalised PIN of a corporate Client or joint Client when using the Channel shall always be entitled to use the Channel (as if it were the Client who is using the Channel), even though the Bank may not have been separately Notified of this. Furthermore, corporate or joint Clients understand and accept that corporate Clients are responsible, and joint Clients are jointly and severally responsible, for all transactions carried out by the person providing the personalized PIN.
  1. Queries, Complaints and Observations

  1. Any complaint or observation of any nature relating to:(a) a malfunction on the Website or any of its functions or in any other of the Bank’s services, (b) any information displayed on the Website or in any other of the Bank ’s services, (c) an error committed during an Operation, (d) the content or form of any Notification made by the Bank, including Account statements and transaction history, must be Notified by the Client to the Bank within ninety (90) days of the day on which the Client becomes aware of the problem or ought to, using a reasonable degree of diligence, have become aware of it. If the Client fails to do so within such period, he loses his right to complain or contest.
  2. Queries or complaints may be notified by the Client to the Bank through Internal Electronic Mail, or through the ‘Contact Us’ section on the Website. The Bank shall employ its best efforts to provide a reply to all queries and complaints within a maximum period of two (2) Days. The Bank recommends to Clients that they use the Internal Electronic Mail for all communications with the Bank. In any event, if a query or complaint made by Client requires the divulging of Account details, the Bank shall, for security reasons, reply through the internal messaging system or by normal postal mail. When lodging a complaint Clients should supply the Bank with as many details as possible such as date and time of particular events, and so forth.
  3. In the event that Customers feel aggrieved by a decision of the Bank they may seek redress, within 30 days from the date of the Bank’s decision, from the competent authorities within the Malta Financial Services Authority. Customers are advised that they may appeal to the Office of the Arbiter for Financial Services on 80072366 or 21249245 in the event that they feel aggrieved by any such decision.
  1. Money laundering

  1. The Client shall certify that the assets placed or to be placed in each of his Accounts are or shall be the product of legitimate activity, and that the Accounts shall not be used for money laundering purposes.
  2. The Bank shall not accept any liability for the transmission of information of whatever nature to the FIAU (Financial Intelligence Analysis Unit) Malta on its own initiative or on request
  1. Death of Client

  1. In the event of the death of a Client or his spouse, the Bank must be informed of such fact immediately by his heirs as well as the existence of testamentary executors, if any. This notice may be given only in a postal letter.
  2. The assets held by the Bank in the name of the deceased Client shall only be discharged in favour of the heirs of the deceased Client following production of all the requisite documentation indicating the manner in which the estate of the deceased Client is to devolve, together with all other documents that the Bank may deem necessary or useful to establish the identity of the heirs of the deceased Client. The Bank shall check these documents thoroughly but shall not be liable for any error in the examination of their authenticity, validity, translation or interpretation. No Instructions in relation to the Account shall be accepted by the Bank before the procedure specified in this sub-Article shall have been completed to the Bank’s satisfaction
  3. The Client acknowledges and accepts that upon his death, information on his Accounts and the Operations carried out by him may be divulged by the Bank to his heirs and/or testamentary executors and to the relevant authorities.
  4. The Bank shall send correspondence relating to the assets held by it in the name of the deceased Client to the address supplied following the mutual agreement of all the heirs of the deceased Client, or to the address of the testamentary executor if any. If no such instruction is issued, it shall be sent to the address of the deceased Client.
  1. Miscellaneous

  1. Nothing in the Channel should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment, product or service or to engage in any other transaction, or to provide any investment advice or service. Nothing contained in the Channel constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. The Client should obtain relevant and specific professional advice before making any investment decision.
     

Accounts and Account Operations
 

  1. Functioning of accounts

  1. All Operations between the Bank and its Clients shall be carried out in the context of an Account, in accordance with applicable banking laws. Each Operation shall take the form of a credit or debit entry to the Client’s Account, depending on whether the Operation in question creates a right or an obligation for the Client towards the Bank.
  2. Accounts with the Bank may be opened in the name of one or more persons. Each Account opened in the name of more than one Principal Account Holder shall be a joint account. Accounts shall only be opened in the name of more than one person if all these persons have completed the formalities required in the Account Application Form. In the case of an Account having more than one Principal Account Holder, all such Principal Account Holders shall be bound jointly and severally for the Account. In the event that there is more than one Principal Account Holder, each Principal Account Holder shall be able to act independently of the other in giving Instructions to the Bank and the Bank shall implement such Instructions, in accordance with and subject to the terms and conditions herein specified, as though such Instructions were given to the Bank by all the Principal Account Holders of the Account. The Bank shall not verify, and shall bear no responsibility for verifying, that each Principal Account Holder is in agreement with and has consented to, any Instruction given to the Bank by another Principal Account Holder.
  3. The Principal Account Holder or Holders shall be solely responsible for managing through the Bank’s Channel all users (cardholders) with access to the Account and /or E-Banking services. If the Principal Account Holder or Holders wish users to have access to the Account and/ or E-Banking Services he or they shall indicate such users in the IZB Pro Bank Card Application Form or Notify them to the Bank. Any Instructions given to the Bank by users of an Account shall be effected by the Bank as though such Instructions are given by the Principal Account Holder or Holders, and shall be binding on the Principal Account Holder or Holders accordingly.
  4. In the event that there is more than one Principal Account Holder, each Principal Account Holder shall be deemed to be a joint and several creditor or debtor of the Bank for all the rights and obligations arising under the Account.
  5. Any change to a person appointed to exercise the functions of a Principal Account Holder in the Account Application Form shall have no effect until the date when the Bank shall have received due Notification of such change from the Client.
  1. Instructions

  1. Instructions provided by the Client to the Bank, provided that they are in accordance with these E-Banking General Terms and Conditions are unconditionally binding upon the Client.
  2. Instructions provided by the Client to the Bank, which are not provided in accordance with these E-Banking General Terms and Conditions, may be refused by the Bank.
  3. In executing a Client Instruction the Bank relies on the account number provided by the Client and is not obliged to verify the correctness or validity of the accompanying data in the Instruction. Neither is the Bank obliged to verify that the identity of the ordering party or beneficiary corresponds with the account numbers of the accounts to be debited or credited.
  4. The Bank has the right to refuse to execute incomplete or unclear Instructions received from the Client. If the Bank decides to execute such Instructions anyway, the Bank cannot be held liable to the Client for possible errors or delays.
  1. Debit balances

  1. The Client shall undertake to keep his Account in credit at all times, unless agreed specifically between the Bank and the Client.
  2. The Bank may at its discretion grant the Client an overdraft facility with the possibility of reusing balances that become available again. The Bank shall Notify the Client of the availability, amount and overdraft interest rate of the overdraft facility. This overdraft can only be used by the Client for the purchase of goods in the Van Marcke stores or for settlement of Van Marcke invoices via E-banking. Debit interest is posted to the Account on a semi annual basis. The overdraft interest rate is variable and debit interest is calculated on the daily debit balance outstanding on the Account. The current overdraft interest rate is advertised in the ‘Interest Rates’ section of the Website. The Bank shall Notify the Client when there is a change to the overdraft interest rate
  3. It is forbidden to exceed the overdraft facility limit in terms of amount. However, if excess drawings do occur they must be regularised immediately without notice. At no time can excess drawings be considered by the Client as a tacit granting by the Bank of an increase or extension of the overdraft facility. Default interest may be charged on the daily excess balance outstanding on the Account. The unauthorised overdraft interest rate is advertised in the ‘Interest Rates’ section of the Website. The Bank reserves the right to terminate the overdraft facility in the event of excess drawings, in which case the outstanding balance on the Account shall be immediately due and payable.
  1. Refusal of an Operation by the Bank.

  1. The Bank shall refuse (in whole or in part) to carry out or postpone the carrying out of any Operation for which insufficient provision is made. The Bank shall not be required to Notify its Client that an Operation was not carried out due to insufficient provision.
  2. An Account is considered to have sufficient funding if it has sufficient balance for the Operation to be carried out in terms of principal, taxes, fees and payments due to the Bank where applicable.
  3. Except in the cases provided for in this Article, the Bank shall not be liable in any manner to the Client for its refusal to carry out an Operation. The Bank shall, subject to what is otherwise provided in these terms and conditions, be liable:
    • for the non-execution or defective execution of the Client's Operations;
    • for Operations not authorized by the Client;

    Provided that the said liability of the Bank shall in no event exceed the amount of the unexecuted or defectively executed Operation and, if any, interest thereon and the sum required to restore the Client to the position he was in before the unauthorized Operation took place.

  4. In processing future dated Operations falling due, the Bank shall have sole discretion on the order of priority in which these Operations are processed and shall not be liable in any manner to the Client for refusing to carry out any such Operation or series of Operations due to insufficient funds in the Client’s Account.
  1. Statements and history of transactions

  1. The Bank shall make available to the Client in a clear, unequivocal format, for viewing, downloading and printing monthly statements of the Client’s Account. These statements shall be accessed by the Client on the Channel. The statements shall include (a) the date of the transaction and value date, as well as a reference enabling the Client to identify the transaction, including, where appropriate, information relating to the counterparty with whom the transaction took place (b) the amount of the transaction debited to the Client in the billing currency and (c) the amount of any fees and charges applicable to particular types of transactions. The burden of proof with respect to this periodical information obligation rests with the Bank.
  2. The Bank shall not send any Account statements in paper format by normal post. Account statements are stored on the Channel for a maximum period of twelve months. The Client is advised to print out statements on a regular basis.
  3. Clients may also consult the balance of their Account and a history of their transactions on the Channel at any time.
  4. The Client must ensure that the Bank carries out all Operations properly and shall be obliged to advise the Bank of any error in accordance with the terms and within the period specified in Article 13 above. Otherwise, the information in the statements and the history of transactions shall be deemed accurate and the Client shall be deemed to have irrevocably accepted the information.
  1. Cards

  1. On completion of the Account Application Form the Client shall receive one or more debit cards. The cost related to issuance of these cards is listed in the Bank’s Tariff of Products and Services that is available on the Website
  2. The use of these cards is governed by specific terms and conditions which the Client must accept and comply with
  3. The debit cards shall remain the property of the Bank and the Bank may, at any moment and without notice, withdraw the right to use such cards and demand their return
  1. Reversals and adjustment of errors

The Client irrevocably authorises the Bank to correct errors in the Client’s Account or to reverse Operations made in error automatically and without prior notice or authorisation.
 

Final Provisions
 

  1. Termination

  1. The contract concluded with the Bank on the basis of these E-Banking General Terms & Conditions is concluded for an undetermined period. It may be cancelled by either party without justification, provided three (3) Days’ notice is given in a registered postal letter sent to the Address/ Office of the other party.
  2. Termination of the contract concluded on the basis of the present E-banking General Terms & Conditions shall render all the mutual debts between the parties immediately due and payable.
  3. With effect from the date of termination, any credit balance on the Client’s Account shall cease to bear interest pending receipt of the Client’s disposal instructions.
  4. With effect from the date of termination access to and use of the Channel shall be automatically terminated.
  5. Notwithstanding any provision to the contrary in the E-Banking General Terms & Conditions, the Client may terminate his contract with the Bank if he disagrees with any amendment to the E-Banking General Terms & Conditions or the Bank’s document “Tariff for the products and services” or “Interest Rates”. Termination must be Notified to the Bank within two (2) months of the Notification of any changes made. Otherwise, the Client shall be deemed to have accepted such amendments.
  1. Amendments to the E-Banking General Terms & Conditions

  1. The present E-Banking General Terms & Conditions may be amended by the Bank at any time.
  2. The Client shall be advised by the Bank in a Notification of any amendment to the E-Banking General Terms & Conditions. The amended E-Banking General Terms & Conditions shall be available to Clients on the Bank’s Website.
  3. Unless legal or statutory requirements specify otherwise, the amended E-Banking General Terms & Conditions shall enter into force two (2) months after the date of the Notification. Before the expiration of the said two (2) month period the Client may terminate this agreement at no cost by Notifying the Bank.
  4. Without prejudice to the foregoing, it is expressly agreed that all Operations carried out by the Client after the two (2) month period shall be governed by the new E-Banking General Terms & Conditions, and that the Client shall be incontestably deemed to have accepted them.
  5. Each of the provisions of these E-Banking General Terms and Conditions is severable from the others, and if at any time any one or more of such provisions, is or becomes illegal, invalid or unenforceable, the validity, legality and enforce ability of the remaining provisions of these E-Banking General Terms and Conditions shall not in any way be affected or impaired.
  1. Governing Law

  1. The present terms and conditions shall be regulated by Maltese law. The courts of Malta shall have jurisdiction over all claims or disputes arising in the event of litigation, but the lender may also decide to submit such claim or dispute to the courts of the jurisdiction where the debtor is located
  2. All the information appearing on the Website is provided in accordance with and subject to Maltese law. Accordingly, by browsing or using the Website the Client accepts Maltese law as the law governing the conduct, operation and use of the Website.
  3. If the Client chooses to use the Website, it is his responsibility to comply with any applicable local, national or international laws.
  1. Language

Clients may, on request, be provided with a copy of these terms and conditions in French or Dutch. Nevertheless, in the case of any conflict between the terms and conditions in the English language and those in the Dutch or French language, the English terms and conditions shall in all cases prevail.

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