Business Rules and Regulations

Business Rules and Regulations

  1. 1. Introductory Provisions
  2. 2. General Rules of Bank Transactions
    1. 2.1 Definitions
    2. 2.2 Bank Liability
    3. 2.3 Banking secrecy
    4. 2.4 Rules of representation
      1. 2.4.1 Right of Bank to verify Client and Partner
      2. 2.4.2 Authorization
      3. 2.4.3 Inheritance
    5. 2.5 Rules of receipt and handling of Orders
      1. 2.5.1 Rules of receipt of Orders
      2. 2.5.2 Forwarding of Orders involving a third party
      3. 2.5.3 Place, time and mode of fulfillment
      4. 2.5.4 Notices
      5. 2.5.5 Modification and withdrawal of Orders and other instructions
    6. 2.6 Cost of the Bank's services and the method of computation
      1. 2.6.1 Interest, fees, commissions, charges and contract related expenses
      2. 2.6.2 Default interest
      3. 2.6.3 Mode of calculation of interests and commissions
  3. 3. Conditions of Individual Banking Operations
    1. 3.1 Current account
      1. 3.1.1 Obligations of the Account Holder relating to the account
      2. 3.1.2 Opening of a current account
      3. 3.1.3 Types of Orders that can be carried out on a current account
      4. 3.1.4 Debit entry on a current
      5. 3.1.5 Credit entry on a current account
      6. 3.1.6 Termination of a current account
      7. 3.1.7 Stoppage of a Digipass
    2. 3.2 Bank Cards
      1. 3.2.1 Provisions Concerning the Bank Card Contract
      2. 3.2.2 Provisions Concerning the Bank Card
      3. 3.2.3 Use of the Bank Card
      4. 3.2.4 Miscellaneous Provisions
    3. 3.3 Deposit accounts
      1. 3.3.1 Opening of a fixed term deposit account
      2. 3.3.2 Types of deposit accounts
      3. 3.3.3 Rules of withdrawal of deposits
    4. 3.4 Guarantee
      1. 3.4.1 Evaluation of a guarantee request
      2. 3.4.2 Issue of guarantees
      3. 3.4.3 Redemption of guarantees
    5. 3.5 Rules of termination
      1. 3.5.1 Ordinary termination
      2. 3.5.2 Extraordinary termination
  4. 4 Other Conditions
    1. 4.1 Setting off claims
    2. 4.2 Controlling right of the Bank
    3. 4.3 Amendment to the Business Rules and Regulations
    4. 4.4 Applicable Law

1 Introductory Provisions

The Business Rules and Regulations are the general Terms and Conditions governing transactions between Loyal Bank (‘the Bank') and its Clients. They regulate the fundamental contractual relationships between both parties.

The extent and conditions of the exact legal relationship and circumstances are governed by the contracts between the parties under these Business Rules and Regulations. By mutual agreement only the two parties may modify the provisions of the Business Rules and Regulations, provided that any agreed changes are properly documented in writing and signed by both.

The transactions between the Bank and its Clients are subject to the provisions of these Business Rules and Regulations and the International Banks Act, Chapter 99 of the Revised Laws of Saint Vincent and the Grenadines, 2009, as amended. This is the law which governs the operations and activities of Loyal Bank.

The following banking services are normally provided by the Bank:

  • Acceptance of third party funds on deposit
  • Inward and outward transfer operations using electronic funds transfer systems, such as SWIFT and Payment Service Providers (PSP)
  • Issuance and use of non-cash payment instruments and execution of related payment transactions: typically this is the use of Bank Debit Cards
  • Normal bank account transactions

The Bank will make these Business Rules available for consultation at its Registered Office, its Representative Office(s), and on the Bank's website. It will also supply them to Clients upon request.

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2 General Rules of Bank Transactions

2.1 Definitions

Account Holder (as a Client)

This is either a natural person with full contractual capacity or an economic organization registered under the appropriate Company, Trust or Foundation legislation, and in each case having a current account contract with the Bank and - subject to that contract – certain rights and duties with regard to the Bank. A current account can have only one holder, who is also automatically the “Authorized Person” (AP) but the account holder can, (at his/her own discretion and risk), delegate the rights to operate the account to another person(s) – these are "Additional Authorized Person(s)" or AAPs.

Acquirer

Any company or organization which accepts the cards and which provides card-related services. Acquirers accepting the bank card can be identified by the display of the MasterCard, Cirrus or Maestro logo.

ATM

ATM - Automated Teller Machine – is an electronic terminal enabling the use of services available through the joint use of bank card and PIN code, in particular cash withdrawal, account balance enquiry, and concluding purchase type transactions (e.g. mobile phone account top-up).

Authorized Person

A natural person with full contractual capacity, authorized by a Client to carry out on his/her behalf certain actions related to the Client's account. Such authority must be in writing, dated, signed and witnessed by the parties, and with the original copy lodged with the Bank.

Authorization Process

A message sent by the Bank as financial service provider issuing the Bank Card to the Point of Acceptance in which it either authorizes or rejects the completion of the Transaction based on the request for authorization.

Bank Account Conditions

This is a document containing important details of the banking services provided by the Bank including the different types of available accounts and their terms and conditions. The Bank Account Conditions describes the fixed and variable conditions of each particular type of account contract and lists the applicable rates of interest, together with commissions, charges and costs debited by the Bank - and in the event of some special contracts, the sum of the security deposit. The Bank is entitled to modify the Bank Account Conditions any time. Copies of the Bank Account Conditions will be displayed at the Bank's Registered Office, its Representative Office and Clients can also get information about any amendments through the Bank's website.

Bank card

Bank card is a plastic card of size 86 x 54 mm, bearing the logo of the Bank and/or an international bank card organization, with a magnetic stripe and/or data storage chip, issued to the cardholder upon request of the Account Owner; it is an electronic means of payment equivalent to cash, which may be used to pay the counter-value of goods and services, and/or to access funds and/or to deposit funds at points where the card is accepted. The Bank Card shall only be used by a natural person.

A debit card linked to any Client current EURO or USD account.

Bank card PIN Code

A unique (secret) 4-digit identification number which is chosen by the cardholder in NetBank during card activation for use with the Bank card issued by the Bank. The cardholder can change this PIN code at any time in NetBank.

Bank Card Transaction

Refers to any purchases, cash withdrawals, purchases carried out in ATMs (e.g. mobile phone recharge) through the proper use of the Bank Card, as well as related debit and credit entries made to the account.

Bank Card Usage Limit” or "Limit"

It refers to the restriction in the number of transactions and amount of transactions per day as stipulated by the Bank according to the List of Conditions. Any partial failure of systems participating in the authorization process may result in different usage limits. The above Limits set by the Bank shall not apply to the Transactions authorized without coverage verification (off-line authorized transactions).

Cardholder

A Client who has been issued a valid Loyal Bank debit card, irrespective of whether he/she is an Account Holder or an Authorized Person or Additional Authorized Person.

Card owner

The Bank Card issued by the Bank and it is the property of the Bank.

Client

A Client and the natural persons authorized by him/her/it. The Bank has no responsibility and cannot adjudicate or arbitrate in any disputes between any Authorized Person, Additional Authorized Person and a Client.

Contactless transaction

Contactless transaction is a transaction that can be initiated by placing the Bank Card suitable for Contactless transaction near the Card reader device with contactless function. In case of a successful Contactless transaction below contactless limit, the issuance of the transaction slip is optional, it is issued by the Point of Acceptance at the request of the Cardholder.

Contract

A written document which defines the individual terms and conditions of the services provided to the Client by the Bank based on the present Business Rules and Regulations. Signing a current account contract is an absolute pre-condition to using the Bank's services. The Bank reserves the right to change some conditions concerning use of its services (e.g. account opening minimum balance, minimum deposit amount, account maintenance or other usage charges, card issuance or usage charges, etc.), from time to time. These will be available at the Bank's Registered Office, its Representative Office(s) and on the Bank's website.

CVC2 code

The CVC2 code is a 3-digit number verification code, following the card number on the signature panel of certain cards, which may be requested when making purchases on the Internet or over the phone.

Digipass™

An electronic Personal Authentication Device (Physical DIGIPASS) or an application downloaded to a mobile device (LB DIGIPASS Application) provided to Clients by the Bank with special personalization to create a unique one-time numerical code (Digipass Response Code). When used in conjunction with NetBank this unique one-time numerical code substitutes for the Client's written signature. Only the Client is entitled to change the PIN number of his/her Digipass.

Electronic Banking Orders

All Orders or other transactions initiated by the Client through the Internet, using Digipass (or in exceptional cases without Digipass - e.g. in the event of Digipass failure). In Electronic Banking Orders the Client's signature is replaced with a one-time numerical code generated by the Digipass. Internet transactions are filed in the archives of the Bank. Charges, commissions and fees relating to use of Internet facilities are published in the Bank Account Conditions and Fees and Charges.

Enclosure

A document concerning the Bank cardholders and their cards or a subsequent application for a Bank Card.

Internet Access Code

The Bank provides each Client with a unique Internet Access Code (IAC). The IAC allows the Client to review their own account operations or histories online but not to issue Electronic Banking Orders.

NetBank

The online banking portal of Loyal Bank, which allows the Client to obtain information about his/her/its accounts as well as to issue Electronic Banking Orders. Authentication is by using a Digipass Response Code and personal PIN.

"Offline" Transaction

Offline Transaction is a transaction either not forwarded for authorization by the Bank, or forwarded only after the completion of the transaction. In this case neither the coverage, nor the daily limit and the state of the Card (e.g. inactive, furtive etc.) shall be examined by the bank. Recurring Transactions also fall under this type of transaction, where the account (s) shall be regularly debited (e.g. monthly) with the fee of a continuous service required.

Order

This is any instruction given to the Bank by a Client or his/her/its Authorized Person for debiting or crediting an account with the result that the account balance changes, notwithstanding the means of execution, and whether the Order is electronic, paper-based using the Bank's printed forms, or in some other authenticated way.

PIN Code

A unique (secret) identification number provided separately, used with the Digipass to execute electronic banking orders in NetBank.

Printed Form

A pre-printed Bank Form used by the Bank for any purpose. The Form is valid only if it is dated and signed by a Client registered in the Bank. The Bank reserves the right, without prejudice, to refuse to accept or act on a Printed Form if the Client’s intentions are unclear or the genuineness of the Order is in doubt.

POS terminal

POS – Point of Sale - terminal is an electronic terminal used to make payment transactions using cash equivalents at places where the Bank Card is used. Such terminals perform the verification of the Bank Card and then register information related to the Bank Card transaction and forward it to the Bank.

Replaced Bank Card

A Bank Card issued by the Bank and delivered to the Account Holder’s mailing address in order to replace a destroyed, lost/stolen and stopped card.

Security Deposit

An amount deposited by the Client as security which acts as cover for account services charges arising from time to time.

Supplementary Cardholder

A natural person, who is not a Client of the Bank, but who is authorized by a Client to hold a Bank Card on that Client's account and to freely use the card under the responsibility of the Client.

Logo

The Logo is a symbol identifying the card type and indicating the scope of acceptance of the card displayed both on the Bank Card and at the Point of Acceptance.

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2.2 Bank Liability

The Bank is not responsible for losses or damage occurring as a result of military force, political intervention, the prescriptions of domestic or foreign authorities or events occurring as a result of catastrophe, hurricane, earthquake, flood, force majeure or Act of God. The Bank cannot be held responsible, and will not be liable to indemnify Clients, for damages arising either from disturbances to normal banking operations which are beyond its control, or for damages arising from closing or limiting bank operations on a particular day(s) or for a particular time, provided that there is a sufficient and proper reason for such action.

If the Client supplies false or erroneous data for fulfillment of his/her/its contractual liabilities or Orders then the Bank shall not be liable for any resultant damage caused or claimed by the Client if the Bank refuses to process certain Orders.

The Bank shall not be liable for damages arising from the loss or mutilation of the Digipass and/or Bank Card issued by the Bank, or from loss of the PIN Code or the Internet Access Code necessary for their operation, nor for any damage arising from any indiscretion by a Client or his/her/its Authorized Person, unless the damage arose after the date when such Bank Card or Digipass had been correctly stopped by the Client accurately and promptly advising the Bank of theft or loss, or caused to be duly stopped either in accordance with the conditions of the Public Notices or after the elapse of the enforcement period. The Bank is not liable for Client losses arising from the Client's negligence, failure to stop or breach of stoppage rules.

In order to deter, prevent and combat money laundering, the Bank will meet the obligations defined in relevant international treaties, local laws and international best practice. In some circumstances this may possibly involve the Bank having to delay, question or refusing to action certain Client Orders if, in the opinion of the Bank, illegality would result or a financial or other crime has been, or is about to be committed in connection with the Order.

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2.3 Banking secrecy

The principal of confidentiality and secrecy in banking matters embraces any and all data in the Bank's possession relating to the economic management, financial position and personal environment and circumstances of the particular Client and to his/her contracts with the Bank however the bank will reveal information concerning the Client and / or their account operations in the following circumstances (the Tournier Rule [1924]):

  • When compelled by the law of St. Vincent and the Grenadines to do so, and to a person or entity authorized in law to request such information
  • Where the Bank has a public duty
  • Where the Client consents to such disclosure, even implicitly
  • Where the interest of the Bank itself require disclosure to protect its reputation or financial integrity

Any and all persons who may have acquired any confidential/secret information in course of their activity connected with the Bank, are under a duty to maintain such information in confidence without time limitation except as described in this 2.3 point.

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2.4 Rules of representation

2.4.1 Right of Bank to verify Client and Partner

Before entering into a legal account relationship the Bank will undertake due diligence with respect to the Client and to the Persons acting for and on behalf of them, in order to protect the probity of the banking relationship and to ensure that the Bank has full knowledge of the nature, authenticity and type of business of the Client. This is carried out under the precepts of Know Your Client (KYC), Anti Money Laundering (AML) and Counter Terrorism Financing (CTF).

The Bank at its own discretion is entitled to carry out such further clarification of the identity and location of parties that funds are to be paid to under any Order as it sees fit to ensure that there is no breach of the KYC, AML and CTF precepts, and to request any other data (name, address, etc.) as might be needed.

The Bank shall not be liable for the consequences of execution of any false or forged Order if it is shown that, even after diligent examination, it was impossible to discover the falseness or forged nature thereof.

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2.4.2 Authorization

Account Holders may grant a right of disposal to any person so authorized by them provided that such delegation is made in writing, using the special contract form provided by the Bank. The Bank will accept this authorization, provided that the contract form is signed and accepted by the Authorized Person. The Authorized Person and the account holder shall hold joint and several liability for all dispositions and other instructions on the account given by the Authorized Person. The Bank is entitled to debit the current account directly, thereby setting off claims and charges properly arising from the Authorized Persons' activity relating to the account. An Account Holder is entitled to withdraw the authorization at any time in writing. In the event of the account holder' decease all authorizations held by that person are automatically terminated.

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2.4.3 Inheritance

A person inheriting the balance of an account acquires a right of disposal after presentation of the original certificate of distribution of an estate, made before a notary public or other documents legally binding on the Bank. Such person does not become the Account Holder, therefore his/her instruction may only extend to the transfer of the final account balance, after the deduction of relevant closing costs and charges.

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2.5 Rules of receipt and handling of Orders

2.5.1 Rules of receipt of Orders

Any Order given to the Bank concerning the bank account - including transfers or other instructions - shall be made exclusively by means of Electronic Banking Orders and authenticated using the Digipass only. In exceptional cases, (e.g. loss or damage of Digipass), the Bank may allow the Client to give his/her Orders manually on the relevant pre-printed Bank form but this is subject to additional documentary disclosures and the signing of a standard indemnity by the Client. Accepting and carrying out any manual Order without the use of the Digipass is at the sole discretion of the Bank and may be declined if the circumstances appear to warrant refusal.

Orders - especially those relating to money transfers - must contain the full name and number of the bank accounts, both of the Client and of the third party target account together with relevant detail of the transfer. The Bank is neither able nor obliged to check whether the name and number of the target account indicated in the transfer Order is correct. The Bank shall not be liable for any loss or damage that might arise from the incorrectness of the data supplied by the Client in the Order.

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2.5.2 Forwarding of Orders involving a third party

The method of forwarding Orders - unless specified in the Order itself - shall be chosen by the Bank with the due diligence that may reasonably be expected from it. Forwarding is fulfilled at the expense and risk of the ordering Client. The Bank shall only be held responsible for any damage arising from forwarding errors, misunderstandings with the Client or the third party, telecommunications connections with Clients, third parties or other organizational units of the Bank, if it is shown to be negligent in such matters. The Bank is entitled to involve the participation of any third parties or agents in fulfillment of Orders but if the Client nominates such any such third party or agent the Bank is not liable for any subsequent delays or losses.

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2.5.3 Place, time and mode of fulfillment

The place of fulfillment shall be the place specified in the contract. The Bank shall fulfill Orders given by the Client on the next banking day following their receipt. The Bank has met its payment obligations on the day on which the amount is debited or taken off the Bank's account. Fulfillment of credit Orders in the Client's favour shall be not later than the second banking day following receipt of the credit amount on the Bank's account and credit is only given following completion of any AML, KYC or CTF investigations (see 2.2.1 and 2.3.1.).

The Client shall arrange for fulfillment of his/her/its contractual payment commitments towards the Bank. In the event of default, the Bank is entitled, but not obliged, to enforce its claim against any account that the Client holds with the Bank.

The Bank will only fulfill payment Orders if there are sufficient funds to the credit of the relevant account to cover fulfillment of the Order together with all related charges, commissions and costs (including blocked sums). The Bank will not undertake partial fulfillment. Costs/losses resulting from non-fulfillment due to lack of cover for an Order are charged to the Client in full.

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2.5.4 Notices

The Bank and its Clients will co-operate and communicate with each other upon the contracts and Orders between themselves - and upon any facts that might be of significance from the point of view of their business relations - to answer questions raised by each other, and to draw each other's attention to any mistakes or negligence that might be observed.

The Bank's website, as well as traditional written Notices, may be used in maintaining relations between the Bank and its Clients. The detailed conditions thereof are contained in the relevant contracts and in the Bank's Public Notices.

Written Notices from the Bank shall be deemed as dispatched if and when the file copy is in the Bank's possession and dispatch to the Client is proved by postal or telecommunication certificate.

Written Notices from the Bank shall be deemed as delivered to the Client after the usual period of service, provided that they were sent to the Client's usual correspondence address, registered with or otherwise known to the Bank, even if such address belongs to a third party authorized to receive consignments addressed to the Client.

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2.5.5 Modification and withdrawal of Orders and other instructions

Electronic instructions relating to banking transactions given through NetBank cannot be withdrawn or modified. Only by initiating a new contra-Order can an incorrect Order be rectified, however this can only be done through NetBank in case of internal Bank transactions. In the event of external transfer Orders, the Client can only rectify the transfer Order in writing. In the event that loss or damage results from incorrect, false or defective data and information supplied by the Client, then the Client is liable both to the Bank and to other banks collaborating and processing relevant Bank data.

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2.6 Cost of the Bank's services and the method of computation

2.6.1 Interest, fees, commissions, charges and contract related expenses

Bank interest, fees, charges or commissions are levied on the Client account for use of Bank facilities, either as a fixed sum or as a percentage of the fulfilled transaction. Additional expenses incurred during fulfillment of Client Orders - e.g. postal or electronic transfer fees, third party charges and commissions - are debited to the Client's account. Relevant banking service charges and fees are specified in the Bank's Public Notices and may also be specified in contracts. The Bank is entitled to amend the Public Notices at any time and Clients can obtain information about amendments through the Bank's website. By special agreement, Clients can also receive information on any change in the Public Notices in writing. If a particular contract contains a special regime of interest, charges and commissions different from those indicated in the Bank's Public Notices, these conditions can only be modified in such manner as is defined in the contract.

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2.6.2 Default interest

If a Client fails to meet his/her payment obligations under the contract by the due date, he/she/it shall pay a default (penalty) interest for the period of delay at such rate as is specified in the Public Notices.

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2.6.3 Mode of calculation of interests and

In calculating proportional commissions related to current account turnover and default interests debited to the Client, as well as interest credited to the Client, the Bank uses the following equation:

capital (turnover) x number of days x rate of interest
360 x 100

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3 Conditions of Individual Banking Operations

3.1 Current account

At the Client's request the Bank will open a current account for managing funds, transfer of debits and credits and for fulfillment of the Client's financial transactions. Every natural person with full contractual capacity or legally registered corporation identifying it with the documents listed in the Bank Account Conditions can open a current account with the Bank. The account will bear the name of the Account Holder and operational control of the account is at the discretion of the Account Holder and/or a third party authorized by him/her (who is registered by the Bank as an Authorized Person).

The Bank shall manage and keep records of the funds available on the current account on the terms and conditions as set out in the contract and the Bank's Bank Account Conditions, thus it receives payment Orders and credits and fulfills Orders within the limit of the available balance on the account. The credit and debit of the account can only be done through electronic banking transfers or Bankcard transaction - the Bank does not accept any sort of cash deposit transactions and cheque deposits are only accepted subject to prior agreement and approval of the Bank of each proposed cheque.

The Bank will provide the account holder with information about the current account through NetBank for a fee as stipulated in the Bank Account Conditions and Fees and Charges, and/or - if there is a special written agreement - statements may be mailed for an agreed fee.

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3.1.1 Obligations of the Account Holder relating to the account

By signing a bank account contract, the Account Holder (also the Client) agrees they are aware of the legal precepts relevant to the account, both civil and criminal, and undertakes not to use the account for any illegal activity including but not limited to money laundering, terrorism, financial crime, embezzlement, fraud, trade in are species, infringement of sanctions specified by OFAC, etc. If there are reasonable grounds to suspect that the Client is infringing any one of these conditions the Bank reserves the right to refuse fulfillment of the Order and / or block the account or transaction and take whatever other action is necessary to preserve its position.

Account Holders is required to place on the account such funds as are necessary not only for fulfillment of any Orders given and other instructions of the Client but also for the payment of interest charges, commissions, fees, and expenses. An Authorized Person shall hold joint and several liability with the Account Holder for the debts owed to the Bank in respect of the Orders given.

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3.1.2 Opening of a current account

The Bank will not enter into a legal relationship with any Applicant based solely upon unverified data supplied by the Applicant. Proper checks (due diligence) on data, other documents and certificates will be carried out before accepting the application and issuing an account contract signed by the Bank. The Bank accepts no liability for any damage that arises from fulfillment or non-fulfillment of any application.

By signing the Bank contract, the Applicant agrees to provide a specimen signature for the Bank, to place the minimum required amount to the credit of the account and to have at his/her disposal a Digipass (if any) for his/her personal use, with the related PIN number necessary for its use.

The Bank accepts no liability for any damage that arises from fulfillment or non-fulfillment of any Order or other instructions, given prior to the contract coming into effect. The Bank is entitled to withhold the issue of a Bank card and / or Digipass until the Applicant fulfills all the conditions necessary for account opening.

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3.1.3 Types of Orders that can be carried out on a current account

The Bank accepts Orders for a transfer between a Client's own account(s) or for transfer to another bank account, either through NetBank or by Bankcard. In the case of Bank Card use the Bank fulfills Orders under an acquirer's electronic certification.

Conversion may happen as a result of exchange transaction, internal-, external transfer. The relevant conversion fee - specified in the Bank Account Conditions and Fees and Charges - will be debited on the Client account where conversion happens.

The Bank will not fulfill any Order when there are insufficient funds on the Client's account. Even if subsequently there are adequate funds available on the Client's account to cover the debit Order, the Bank has no obligation to act and the Client must issue a new Order. All losses arising from any Order that has failed for any such reason shall be borne by the Client.

The Bank is entitled to debit the current account without recourse to the Client in order to amend an incorrect entry and/or to recover any charges arising in course of maintaining the account (e.g. commissions, fees, costs, and interest). The Bank has right to recover its arrears of fees and charges by debiting any of the Client’s accounts.

 

Information about transactions fulfilled on current accounts is available to Clients through NetBank, or - in the event of special agreement - by a written statement. The extent of available data and the related fees are advertised in the Bank Account Conditions.

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3.1.4 Debit entry on a current

The Bank fulfills any Orders on the current account based on the date and time of their receipt. Orders received during the Bank's opening hours, as defined in the Bank Account Conditions, shall be deemed by the Bank as received on that banking day. The Bank shall fulfill Orders accepted before closing time on a given banking day, at the latest on the day as indicated in the Bank Account Conditions - to which time, in the case of an external transfer, a further period of two banking days are added.

In the case of Electronic Banking Operations carried out by a Client, the date and time of arrival as recorded in the Bank's computer system will be deemed as the date of actual receipt by the Bank. Orders arriving through Electronic Banking Operations shall be dealt with in the sequence in which the Bank has received the data.

Orders received on a day when the bank is closed for business in St. Vincent and the Grenadines are treated as being received on the next and following working day in St. Vincent and the Grenadines.

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3.1.5 Credit entry on a current account

The Bank fulfills credit operations based on the current account number. If there is no account number given or if the number given is not adequate for identifying the current account, the Bank is entitled, (but not obliged), to fulfill such Order on the basis of the Account Holder's name. In any case at least two matching beneficiary account data should be specified in the instructions and where no one data is in contradiction with any other one.

The Bank credits the Client account within two banking days following the date when the credit entry on the Bank's own account was advised following completion of any AML, KYC or CTF investigations (see 2.3 and 2.4.1).

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3.1.6 Termination of a current account

The current account contract is deemed closed not only in normal cases, (termination, discontinuation by mutual agreement), but also on withdrawal of Digipass validity without provision for replacement of the same. It may also be deemed to be closed if the Account Holder gives an instruction to the Bank at least 30 days in advance, or, if the Account Holder has not fulfilled the necessary stipulations for account opening within 90 days of signing the account contract or in case if the Bank is continuously unable to contact the Client at contact details provided at account opening.

After receiving information about closure the Bank is entitled to freeze the balance of the account and to refuse to fulfill all further instructions. After a period of time, depending of the type of closure, the Bank will transfer the residual balance(s) after fulfillment of the claims of the Bank to the Client’s current account or to an another bank account, as directed by the Client if the account balance(s) cover(s) the related transfer costs.

The Bank may require Client account closure in circumstances where in the opinion of the Bank continued operation of the account poses a risk to the reputation or financial integrity of the bank or to the public at large or to the jurisdictions the Bank operates in: in such cases 30 days’ notice will be given to the Client by the Bank.

The Bank may at its sole discretion deny services and or transactions in the Account of a client which has been inactive for twelve consecutive months and classified as dormant. Termination of a Dormant Account will be conducted within the Bank’s standard account closing procedures.

The Bank is entitled to recover its arrears of fees and charges by debiting any of the Client’s accounts. The Client is obliged to close all of his/her/its accounts before he/she/it closes the current account.

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3.1.7 Stoppage of a Digipass

The Client should register the loss, theft or damage of the Digipass immediately after such event, using the Customer Services telephone number, via email or Skype address or at the relevant street address given in the Bank Account Conditions, or at any official Office of the Bank.

The claim should contain the particulars of the claimant, the event on which the claim is based, the actual - or suspected - time and place of the event. In order to perform the personal identification of the claimant, the Bank is entitled to request further data concerning the account and data registered in the Bank. The Bank will immediately confirm the stoppage by telephone or email to the Client.

Stoppage will come into effect within 24 hours of registration. Any losses that might occur in the period from the date when the facts underlying the announcement become known and the date of registration of the same with the Bank, as well as between the date of registration and the date when the stoppage comes into effect, shall be borne by the Account Holder.

Following stoppage, the Client cannot operate the account until a new Digipass has been applied for and received, (due to the Internet Bank identification procedures). In special cases the Bank may, at its discretion, allow the use of manual instructions in the interim period.

The Bank is entitled to stop the Digipass in the event of material adverse changes in risk, misuse due to fraud or sharing, of lack of cover on the account or cancellation thereof, of incorrect use or in circumstances where there is suspicion of criminal use of the Digipass.

The Account Holder will be notified in writing of any termination initiated by the Bank. Digipass stoppage is a final and irrevocable fact and once Notices of stoppage has been given, the Digipass can no longer be used. Replacement of the Digipass can only be by preparation of a new device.

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3.2 Bank Cards

3.2.1 Provisions Concerning the Bank Card Contract

3.2.1.1 Signing a contract

The Bank will enter into Bank account contract with a Client as per general rules for current account opening where the bank account and Bank Card data and conditions are specified.

The contract comes into effect when it is properly executed by authorized representatives of the Bank. The Bank reserves the right to refuse to issue a contract within 30 days of confirmed receipt, and without offering any reason therefor, even though the contract forms have been properly completed, signed by the Client and presented to the Bank.

An Enclosure is an integral part of the Bank account contract. If the designated cardholder is not an account holder, (i.e. he/she is to be the holder of a Supplementary Bank Card), the Enclosure concerning the Applicant for the Supplementary card shall be signed not only by the Applicant but by the account holder as well.

The Bank account contract and any Enclosure thereto shall be completed and signed by the account holder in one copy which will be kept in the Bank's Head Office in St. Vincent.

If the Bank accepts and executes the contract, the account holder will be provided with the Bank Card(s) by post.

The Bank Card is a personalized payment instrument. The Cardholders, in the course of using the Bank Card, are authorized to dispose independently over the Bank Account/Card Coverage Account using the Bank Card.

The Bank is the exclusive owner of the Bank Cards issued by it. The Cardholder is the possessor of the Bank Card. The Bank Card is not transferable. It is forbidden for the Bank Card to be pawned or left as a security deposit with a third party, or to allow someone else to use it, or to use it illegally (such as, especially, to purchase a product that is prohibited by the effective statutory regulations or to purchase prohibited services).

The Cardholder is responsible for protecting the Bank Card and the Bank Card PIN Code associated with it, and for ensuring that they are used in an appropriate and legal manner, and he/she shall act in a way that is generally expected in the given situation in order to keep the Bank Card and the PIN Code safe. The Cardholder may not write the PIN Code down or record it on the Bank Card, or any other object that is kept together with the Bank Card

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3.2.1.2 Modification of the Bank Card contract

Any modification to the Bank account contract will only become effective when it is signed by both parties. However, the Bank is entitled to modify the content of the Bank Account Conditions, Fees and Charges and the Business Rules and Regulations unilaterally and with immediate effect.

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3.2.1.3 Termination of the Bank Card contract

The Bank and the account holder are entitled to terminate the Bank account contract without assigning any reason therefor, by giving 30 days written notice to the other party, such period commencing on the date when the written notices is received.

Immediate termination can be instituted when either the cardholder or the Bank violates the content of the Bank account contract. Further, if the termination was initiated with a normal notice period and during this period the account contract became invalid, then the Bank account contract is also treated as immediately terminated.

The Bank Card contract is annulled in the following cases:

  • at the end of the termination period,
  • on expiration of the current account contract,
  • on the death of the account holder or, in the case of a company, on the order being made for its winding-up or liquidation.

There may be partial termination of the Bank Card contract, but only in respect of any Enclosures, such partial termination being at the order of the account holder.

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3.2.2 Provisions Concerning the Bank Card

3.2.2.1 General provisions

Not later than 30 days of the Bank account contract coming into effect, the Bank - having charged the relevant account opening and other fees detailed in the Bank Account Conditions and Fees and Charges - will deliver the Bank Card, personalized with the name of the cardholder (or, in the case of companies, with the name of the company and of the cardholder) to the cardholder. The account opening and other fees are charged independently from the actual acceptance of the Bank Card by the cardholder. The Bank charges all 'live' cards every first business day of each month after their issue, as specified in the Bank Account Conditions.

In the event of a supplementary cardholder connected to the account, the Bank (or any designated agent of the bank) is responsible for forwarding the card envelope. For security reasons, the Bank Card will be held securely.

Upon receipt of the Bank Card, the Cardholder must check the data on the Bank Card, and must immediately notify the Bank of any errors.

The Bank Card remains the property of the Bank but can be held and properly used by the cardholder. The Bank Card is not transferable and cannot be used as a pledge for security or deposit as a guarantee nor must the cardholder “lend” it to any other person.

The cardholder is obliged to sign the Bank Card on the signature panel on the reverse side upon receipt and to check the data printed on it. The PIN number belonging to the Bank Card should not be disclosed to anyone other than the cardholder.

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3.2.2.2 Validity of the Bank Card - renewal

The Bank Card is valid for until the expiry of the 24th hour of the last day of the validity period (year, month) engraved on the front of the card. During the expiration month, before the expiry date, the Bank will provide the account holder with a new Bank Card (having the same parameters and different expiration date and card number) charging the relevant fee specified in the Bank Account Conditions and Fees and Charges, provided that:

  • there is no adverse information concerning the cardholder that affects the issue of a new card.

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3.2.2.3 Stoppage of the Bank Card

The stoppage of the Bank Card can be executed under the provision of the account holder, the cardholder or the Bank, upon charging the stoppage fee specified in the Bank Account Conditions. In the event of loss or theft of the Bank Card, the account holder or the cardholder are obliged to stop the Bank Card immediately. Stoppage is a final definitive measure and cannot be withdrawn, even if the cardholder finds the card and informs the Bank accordingly. Stoppage can be executed with or without the automatic replacement of the Bank Card.

The Bank is entitled to stop the Bank Card in the following cases:

  • if the Bank receives information about the loss or theft of the card even though the card has not been stopped,
  • if the account holder or the cardholder do not comply with the terms of the Bank Card contract,
  • if the Bank Card contract is terminated,
  • if the Bank Card became invalid or unusable and the application for a supplementary card although given, was not received by the Bank.

In certain cases the Bank is entitled to block Bank Card Transactions for security reasons.

The blocking request filed by the Client may not be withdrawn; the Cardholder may not demand resumption of the use of an already blocked Bank Card if it is subsequently found.

Account holders can apply for stoppage by a written statement to the Bank, but in the event of a supplementary-cardholder the stoppage can be given by telephone – after live voice identification – through the Customer Service of the Bank. At the time of stoppage of the Bank Card, the account holder has an opportunity to order a replacement of the Bank Card. In the event of live voice identification, the Bank doesn't take any responsibility for any loss or damages arising from incomplete stoppage.

In the event of stoppage in writing, the Bank must be advised of the name of the cardholder, the number of the Bank Card, the reason for the stoppage and any legal actions taken by authorities.

After the Bank receives advice of the required stoppage, it will become effective after such period time as is specified in the Bank Account Conditions. After the stoppage becomes effective, the Bank accepts liability for the following:

  • charges arising from transactions fulfilled with the lost or stolen Bank Card,
  • related charges to the current account.

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3.2.2.4 Provision of the supplementary card

Only the account holder can apply for issue of a supplementary card through the live voice Customer Services phone line, or in writing.

If the Bank Card was stopped by the cardholder or became unsuitable for proper use, the Bank replaces – upon request – a Bank Card, charging the relevant fee specified in the Bank Account Conditions and Fees and Charges, delivering the replaced Bank Card to the account holder.

Replacement of a destroyed card can only be made after stoppage has been executed, and provided there is no information that could be seriously injurious to the account holder's reputation. The replaced card takes the place of the previous Bank Card.

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3.2.3 Use of the Bank Card

The Bank Card can be used for

  • cash withdrawal, and:
  • payment for goods and services

Transactions are subject to a fee as detailed in the Bank Account Conditions.

Normally Bank Cards will be used through ATMs and POS terminals with online verification. One copy of the transaction slip belongs to the cardholder. The Bank Card can be used in official local currency or, - where the local legislation allows and the acquirer permits – in other currencies.

Transactions can be fulfilled within limits specified in the Bank Account Conditions but - with online verification - always subject to the available free balance on the Bank Card current account. In assessing the available free balance of the account, the Bank may take into account open items that could be reversed (hotel-room reservations, rent a car, etc.). If there are several Bank Cards connected to a current account, all transactions initiated by each Bank Card will have an influence on the free balance on the account, notwithstanding whether the cardholder is an account holder or a holder of a supplementary card.

Depending on the type of transaction, the acquirer bank can limit the number of transactions or the sum usable (for each transaction or totally), and those limits may be lower than the limits given by the Bank. The acquirer (acceptor) is entitled to refuse the Bank Card if a wrong PIN code is given, if there is an instruction from the Bank or if there is any uncertainty about the identity of the cardholder.

Using a Bank Card, a cash withdrawal is possible:

  • at an ATM, this transaction can be fulfilled with use of the Bank Card and the PIN code, or
  • electronically in a bank branch, if such a service exists. This transaction can be fulfilled with use of the Bank Card, POS terminal and if necessary the PIN code, in a way prescribed by the particular bank. The staff of the bank branch or cash withdrawal point are entitled to request sight of a suitable legal document to verify the cardholder's identity and to record the number of such document.

The Bank Card may be used to secure payment for goods and/or services. This transaction can be fulfilled with the Bank Card, POS terminal and if necessary the PIN code, as prescribed by the merchant's acquirer bank. The merchant is entitled to request sight of a legal document suitable to verify the cardholder's identity and to record the number of such document.

The cardholder can use the Bank Card for payment of only those services which were really utilized. There is no possibility for cash payback in the merchant's point of sale, even in the event of approved claim. In such cases the sum under the question will be credited back to the account by a chargeback correction transaction performed by Loyal Bank only.

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3.2.4 Miscellaneous Provisions

All fees and charges concerning the Bank Card and transactions fulfilled using the Bank Card are automatically debited by the Bank to the relevant current account. Fees and charges relating to the legal relationship created with the Bank account contract are specified in the Bank Account Conditions and Fees and Charges.

The cardholder is obliged to keep all transaction slips and all documents relating to the use of the card, and under the applicable law (4. Other Conditions) to present them to the Bank if necessary.

If the Account Holder does not agree with the current account balance information relating to the Bank Card transactions, he/she must inform the Bank immediately. If appropriate, the cardholder, or the account holder with the secondary-cardholder together, should send a written claim to the Bank enclosing the copies of the necessary documents in the event of:

  • a problem with the plastic card,
  • a problem with an acceptance point (acquirers),
  • a non-acknowledged transaction,
  • a failed transaction,
  • a problem concerning the settlement of a transaction,
  • a legal problem concerning the Bank Card.

The Cardholder shall immediately notify the Bank if the Bank Card is no longer in his/her possession (custody) (i.e. it has been lost or stolen), if it has been damaged, or the PIN code required for the use of the Bank Card or any other Bank Card identification data has been obtained by an unauthorized third party, or an unauthorized Bank Card Transaction has been initiated with the Bank Card.

The Bank shall accept no liability for any damage incurred by the Cardholder as a result of a fault that occurs after the issuance of the Bank Card to the Cardholder. The Bank shall not be held liable for any damage that the Cardholder incurs due to the rejection of the Bank Card Transaction by the Place of Acceptance.

The Bank is not liable for any damages suffered by the Card as a result of errors or omissions made by the Place of Acceptance during the process of accepting the Bank Card or due to its not having the given Bank Card Transaction authorized.

The Bank shall not be liable in respect of any damage incurred by the Cardholder due to causes that could not possibly have been prevented by the Bank, especially in respect of damage that occurs due to a failure to notify the Cardholder or to fulfil his/her order if this was due to a breakdown in the telecommunication lines or data transmission systems or to a problem in the postal delivery services, and this cannot be blamed on the Bank, and the Bank proceeded with a level of care that may generally be expected of it.

The Bank is not liable for any damages suffered by the Cardholder, if the transaction was carried out using PIN code.

The Bank is not liable for any damages suffered by the Cardholder, if the Cardholder used his/her card for eCommerce transaction and UCAF or MasterCard Secure Code usage is requested on the webshop.

In the event of any dispute that may arise between the Cardholder and the Place of Acceptance – of which the Bank is not a part – the liability of the Cardholder towards the Bank shall not be affected by such dispute or counter claim or offsetting right to which the Cardholder may have recourse against the Place of Acceptance.

In case of complaint of a Bank Card transaction it is in the account holder's own interest to inform the Bank about any damage as soon as possible after the event, as the claim period for Bank Card transactions is limited by the International Card Associations. The claim/complaint should be lodged with the Bank within ninety (90) days after the date of the transaction in question, otherwise the Bank is not obliged to act, nor forward the matter to the International Card Association.

The complaint shall not have any delaying effect with respect to payment obligations towards the Bank.

The Cardholder must indicate in the Bank Card Transaction complaint the amount that she/he disputes, and what she/he considers to be the correct value of the Bank Card Transaction. She/he must indicate the reason for the complaint and must also enclose all payment slips available, as well as all other documents that justify the complaint. The Bank will forward the complaint, along with the supporting documents, to the relevant operating card institution, the Place of Acceptance and/or to the company authorized to carry out such activity. The Bank shall credit the disputed amount related to the Bank Card Transaction to the Cardholder’s Account only if the institution defined above or the authorized company accepts the validity of the complaint irrevocably in writing.

The Bank will examine the claim within thirty (30) days of its receipt, and

  • if it refuses it, will give Notices to the account holder concerning the refusal;
  • any claims concerning the International Card Association or its member bank will be forwarded to them by the Bank. Examination of those claims is performed under the rules of the International Card Association.

According to the International Card Association’s regulations which apply to the Bank as a principal member, the resolution of the dispute might take up to 120 calendar days after initiating the procedure.

The Bank can initiate a counterclaim if it can show that the damage occurred was due to the fault of the cardholder. If appropriate, the Bank is also entitled to advise the police. Claims will be executed taking into consideration any previous related credit entry on the account. Provisions about the charges concerning claims are prescribed in the Bank Account Conditions.

The Bank does not accept any responsibility for losses caused by use of the Bank Card and the PIN code together. The Bank is not responsible for losses caused by the International Card Association or its members and arising from non-execution or execution of a lower quality and which do not result in any direct financial loss on the account maintained with the Bank (consecutive damages). The Bank will forward such claims to the affected parties, and all the actions will be fulfilled by the Bank under the prescription of the International Card Association.

The Bank does not examine the lawfulness of the legal transactions that underlie the transactions. In the course of settlement, the fact that the card receipt issued at the Place of Acceptance is not in the possession of the Cardholder is not an obstacle to debiting the Bank Account. The Bank may charge the amount of the Bank Card Transaction to the relevant Bank Account within the limitation period, with no time restriction.

The Bank shall do all in its power in order to examine complaints or to have them examined, and it shall notify the Cardholder about the findings of such investigation. In compliance with the provisions of the international card company, the deadline for the processing of complaints is 120 days after the date on which the complaint is filed.

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3.3 Deposit accounts

3.3.1 Opening of a fixed term deposit account

Only a current account holder (Client) can open a fixed term deposit account, by giving instructions to the Bank for a transfer from his/her current account. The Transfer Order can be given through NetBank or - if there is a special written agreement - on the Bank's printed form.

Provided that the necessary funds are available on the current account, the Bank will carry out the Transfer Order on the next banking day following the receipt of the Order. The Bank informs Clients about debits and credits on their deposit accounts in the same way as is specified for current accounts.

The Bank pays interest on deposit account balances at rates of interest specified on the website and the initial date of interest will be the date of the relevant credit operation on the deposit account. At maturity, interest earned on the deposit is credited to the Client's current account. In the absence of Client instructions to the contrary, the Bank will automatically renew the deposit on the day following maturity, for a period corresponding to that of the original deposit. All commissions, charges and fees relating to the deposit are debited to the Client's current account at the time of their occurrence – in accordance with the Bank Account Conditions.

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3.3.2 Types of deposit accounts

The Bank will accept Orders from its Clients in US dollars for the following deposit terms:

  • for a period of 1 month
  • for a period of 3 months
  • for a period of 6 months
  • for a period of 12 months

In certain circumstances, longer periods will be offered and / or higher rates for large amounts, but this is subject to prior agreement with the Bank.

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3.3.3 Rules of withdrawal of deposits

The Bank will transfer amounts held on deposit accounts back to the Client's current account only under special instructions from the Client.

Upon maturity the Client can renew a Term Deposit with interest added and compounded or the Client can renew the original invested amount and have the interest credited to the Client's account in Loyal Bank. If the Client doesn't want to renew the Term Deposit at maturity, the Client's deposited amount with interest will be credited to the Client's Loyal Bank account upon expiry of the deposit period.

Should termination of the deposit take place before maturity (termination with immediate effect), the Bank will credit the amount of the deposit and the withdrawal interest, as defined in the Bank Account Conditions, to the Client's current account at the end of the withdrawal period, at the same time debiting the Client's account with deposit withdrawal fee, and the costs of financing the premature withdrawal, as defined in the Bank Account Conditions.

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3.4 Guarantee

In particular circumstances, following written request from the Client, the Bank can, at its discretion, issue a guarantee against the Client's liabilities to a third party. This is subject to approval by the Credit Committee of the Bank who will evaluate the request, and their decision is final.

The Bank will effect payment in lieu of the Client within the amount and time limit as defined in the guarantee bond and according to the terms and conditions as set out therein.

The legal relationship arising from the basic transaction between the Client and the third party will not affect the Bank directly, and does not impose any obligations or entitlements upon it.

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3.4.1 Evaluation of a guarantee request

The Client's written guarantee request should clearly show the data of the original contract, the amount and due date of the obligation to be assumed by the Bank, the proper name and address of the beneficiary and the bank account number designated as place of fulfillment and the name of the financial institution where the account is held. The Bank will only accept a guarantee request from a Client whose deposit with the bank has a free balance equal to 110% of the guarantee amount sought (to cover face value plus fees) and due date sufficient for the complete and safe cover of the obligation to be entered into by the Bank, as well as the costs of issuing the guarantee.

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3.4.2 Issue of guarantees

When all conditions are fulfilled and the Bank grants a guarantee against the Client's request, the Bank will transfer the amount of the security deposit available to a sub-account, separated for this purpose, (such a security deposit is not at the Client's disposal until the guarantee is discharged) or alternatively it will block the main account. The Client shall pay a guarantee fee for the issue of the bank guarantee calculated as a percentage of the guarantee amount, as defined in the Bank Account Conditions, plus any other bank’s issuance or transmission charges.

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3.4.3 Redemption of guarantees

Provided that the conditions specified in the bank guarantee are met, upon proper request from the beneficiary and without any further search and Notices to the Client, the Bank is entitled to fulfill its payment liabilities, charging them against the security deposit held on the Client's sub-account. The Bank shall not incur any liability for damages arising either from the proper legal redemption of the guarantee or from the use of the security deposit.

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3.5 Rules of termination

3.5.1 Ordinary termination

Any contract between the Bank and its Client can be terminated with 30 days written notice (or such other period as is relevant, based on the term of deposits). The termination period starts to run on the day when the other party receives the written Notices addressed to it - the first party holding a certificate of the receipt. Once termination is effected, the Client cannot present further instructions concerning his/her accounts with the Bank, and the Bank can refuse to fulfill any such instructions.

When the termination becomes effective, the Bank will also take measures to stop related electronic devices (Digipass, Bank Card, Internet Access Code) - in the period of time specified above - and perform closing and settlement operations on all of the Client's accounts. Any account balance(s) remaining after settlement will be transferred on the banking day next following the termination date to the Client’s US$ current account (in case of closing of multi-currency accounts) or to such other account with another bank as is indicated in the Notices of termination. The Client is obliged to close all of his/her/its multi-currency, time deposit, guarantee and other accounts before he/she/it closes the USD current account.

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3.5.2 Extraordinary termination

The Bank is entitled to terminate a Client's current account(s) and any further related accounts held with the Bank with immediate effect if the Client fails to fulfill his/her obligations as set out in the current account contract or if the Client's account activity violates any legal or international regulations against crime or if the Client violates the interests of the Bank or if continued operation of the account(s) would in the view of the Bank be damaging to the Bank's reputation.

The Bank is entitled to immediate stoppage and withdrawal of any Bank Cards issued to the Client and related to the US Dollar current account if there is, or may possibly be, misuse of the card(s), whether criminal or otherwise, or if there is a Notice of stoppage from any competent authority or from the card association. In these cases the Bank may also, at its own discretion, terminate any/all of the Client's other contracts and may block any and all further transactions on the account.

If any document presented to the Bank in order to open an account is later found by the Bank to have been forged, illegally issued or materially altered the Bank has grounds for Extraordinary Termination of the account relationship and will block all further transactions on the account and terminate the contract as part of the closure process.

In all cases of Extraordinary Termination a closure charge of USD 350 or the entire remaining balance of the account - if less than USD 350 - will apply.

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4 Other Conditions

4.1 Setting off claims

If the Bank has an overdue claim against a Client, it is entitled to defer payment Orders relating to the Client's account and is also entitled to set off its own proper claims against incoming credits for the Client's account.

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4.2 Controlling right of the Bank

During the tenancy of the contract with the Client, the Bank may at any time request verification of his/her entitlement to carry out the requested transaction, the legal title of such transaction and to check the data registered with the Bank. Provided such requests are reasonable and proper, the Client cannot object to these control procedures. If the Client refuses to give the requested information, the Bank can decline to fulfill the instruction and - in more serious cases - may terminate the account contract with extraordinary Notices.

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4.3 Amendment to the Business Rules and Regulations

Information about changes or modifications to these Business Rules and Regulations can be obtained on the Bank's website, the live-voice customer service, or by scrutinizing the latest edition of the Business Rules and Regulations, copies of which are posted in the Bank's Registered/Head Office and the Representative Office of the Bank. If a Client wishes to object to amendments to the Business Rules and Regulations in respect of his/her own business relations with the Bank, then he/she must do so in writing within 30 days after publication thereof, or lose the right so to object.

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4.4 Applicable Law

Applicable law concerning interpretation and enforcement of the provisions of these Business Rules and Regulations shall be the law of St. Vincent and the Grenadines. The responsible juridical court is the High Court of Justice, Kingstown, St Vincent and the Grenadines.

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Revised November 2016.