1.1 You confirm and agree that your accounts(s) and all banking transactions between you (“the Customer”) and Midlan Bank (“the Bank”) shall be governed by the terms and conditions specified below and/or the terms of any specific agreement between you and the Bank or where not regulated by either the conditions or such agreement, by international banking practices.
1.2 Any person desiring to open an Account with us shall submit accurate data in the manner prescribed by us along with all requisite documents and information. Upon receipt of the same, we may, at our sole discretion, open an Account in the name of the Customer at the time required in the ordinary course of our banking process.
1.3 The Bank will not establish or allow operation of the requested account(s) unless and until it has received the required supporting documents for the account, a list of which is acknowledged to have been provided to you in the course of the completion of the application.
1.4 The Customer shall also provide such further information as may be required by us from time to time in relation to the Account. In the event of failure of the Customer to provide such information, we may, at our sole discretion withhold operation of the Account or close such Account.
1.5 The Bank is hereby authorized to undertake all “Know Your Customer” (KYC) procedures specified by applicable law and/or regulations and/or Bank policies including the confirmation of your details and legal status at the appropriate government registry. You hereby authorize the Bank to debit your account without further notice to you for the costs attendant to such KYC procedures.
1.6 The Customer shall be responsible for all costs, expenses and liabilities arising from the opening of the account, including but not limited to the cost of cheque book, Credit Card, ATM Card and all taxes, statutory fees, duties and levies as may be imposed by the appropriate government authority and in case of a corporate account, and the cost of corporate search.
1.7 Charges shall be levied in accordance with the Bank's standard scale of charges in force from time to time and copies of which are available on request. The Bank reserves the right to amend its standard scale of charges and/or conditions.
1.8 Each Customer shall be allotted a distinctive Account Number by us, which will have to be quoted by the Customer in all correspondence with us in relation to the Account.
1.9 Accounts shall be opened with the minimum deposit as determined by us from time to time. The Customer shall at all times maintain such balance in the Account which is not below the prescribed minimum balance, subject to review from time to time with or without prior notice to the Customer. If the balance in a Customer's Account falls below the minimum balance limit for a period of six (6) months, we may, at our discretion, close such Account with or without any prior notice to the Customer.
1.10 Where these account opening is concluded in the name of or on behalf of more than one person as the Customer, all of such persons are bound by the terms of these present.
1.11 Any communication by the Bank shall be deemed to have been made as soon as it is sent to the most recent address provided by the Customer and the date indicated on the duplicate copy of such letter or on the Bank's mailing list will constitute the date on which the communication was sent.
1.12 Any statement or confirmation of any transaction between the Customer or either of the Customers and Bank shall be deemed to have been examined by the Customers and to be conclusive and binding unless within 10 working days from the date specified on such statement/confirmation, both or either of the Customers advise the bank that an item contained therein is being disputed, whether or not such item was made in accordance with the mandate from time to time given by the Customer to the bank.
1.13 The Customer agree, understand and acknowledge that electronic mail, facsimile and verbal communications are insecure transmission media, where the Customer advises the Bank to accept instruction in such manner, the Customer undertakes to indemnify the Bank in full for any loss it may suffer or incur by reason of its honouring the Customer’s letters, electronic mail, facsimile or verbal instructions, irrespective of whether same are erroneous fraudulent or issued otherwise than in accordance with the Mandate for the Customer’s account(s). The Bank is hereby authorized to honour for and to the debit of the Customer’s Account(s), any and all payment instructions issued in accordance with the Mandate for the Customer’s account(s) and which bears or purports to bear the facsimile or electronic mail signature of the person(s) whose specimen signatures have been provided to the bank by the Customer. The Bank is hereby authorized to honour for and to the debit of the Customer’s account(s), any and all payment instructions/confirmations issued or provided by the Customer using an existing format for same which may include but is not limited to electronic or written instructions/confirmations and where given electronically such electronic instruction may if previously agreed involves the use of specific password(s) and when given in writing may be given by letter, facsimile or electronic mail.
1.14 The Customer is aware that Midlan Bank is a member of a Credit Reference Agency (CRA) and other Credit Bureau Organizations (CBOs) licensed by the Federal Reserve System to create, organize and manage database for the exchange and sharing of information on credit status and history of individuals and businesses. The Customer is also aware that this information shall be used for business purposes approved by the FRS and any relevant statute. As a member of CRA and/or CBOs, the Bank is under obligation to disclose to CRA or CBOs credit information and any other “confidential or personal information” disclosed to it in the course of banker/customer relationship with it;
1.15 The Customer agree that the Bank may collect, use and disclose such information to CRA or CBOs and that the Credit bureau may use the information for any approved business purposes as may from time to time be prescribed by the FRS and/or any relevant statute.
1.16 The Customer understands that information held about him/her/it by the CRA or CBOs may already be linked to records relating to one or more of Customer’s partners or associates. The Customer may be treated as financially linked and his/her/its application will be assessed with reference to any 'associated' records. In addition, for any joint application made by the Customer with any other person(s), new 'Financial association' may be created at the CRAs or CBOs which will link our financial records.
1.17 The Customer hereby warrant that he/she/it is entitled to disclose information, both written and oral, about him/her/it to any co-applicant or guarantor and/or anyone else referred to by the Customer, and to authorize the Bank to search and/or record such information at CRA or any CBOs about the Customer and/or such co-applicant or guarantor or other person. The Customer understands that an “association” will be created at the CRA or any CBOs, which will link Customer’s financial records. The Customer hereby agree to indemnify and hold the Bank harmless against all claims costs, fees, expenses, damages and liabilities against the Bank relating to, or arising as a result of, the disclosure of information about the Customer or such co-applicant or guarantor or other person or any use of such information by CRAs or any CBOs in compliance with the provisions of any FRS Guideline and/or relevant statute.
1.18 The Customer hereby releases and discharges Midlan Bank from its, obligations under the Banker's duty of secrecy and forswear his/her/its right to any claim, damages, loss etc on account of such disclosure to CRAs or CBOs or use by the CRAs or CBOs in accordance with the provisions of any FRS Guideline and/or relevant statute.
1.19 The Customer agree to assume full responsibility for the genuineness or correctness and validity of all information provided and endorsements appearing on all cheques, orders, bills, notes, negotiable instruments, receipts and/or other documents deposited in his/her/its account and agree to free the Bank from any responsibility for any loss or damage of funds deposited with the bank due to any future Government order, law, tax, embargo, moratorium, exchange restriction and /or all other causes beyond the Bank's control.