Terms and Conditions
These Terms and Conditions, in conjunction with the General Terms and Conditions for operating a deposit account, govern the use of the Banif Current Account. Account means the Current Account held by the Bank in the name of the Account Holder(s).
Please read the Terms and Conditions carefully.
1. OPERATION OF THE ACCOUNT:-
1.1 The Account may be debited by means of cheques, payment orders, transfer orders, withdrawals, or such other means as may be permitted by the Bank, provided that such operations are supported by documents containing the signature(s) of the Account Holder(s), his/her/their attorney(ies) or his/her/their legal representative(s). In addition to the written signatures, the codes in the form of Personal Identification Number (PIN) attributed to the Account Holder(s) by the Bank, to automatically access the Account(s) shall be considered as being signatures.
1.2 The Account may also be debited by the use of Debit Cards issued by the Bank, following request by the Account Holder(s).
1.3 Where the Bank exceptionally and exclusively at its sole discretion authorises the Account to be overdrawn, the respective negative balance will attract debit interest at the highest rate practised and published by the Bank, which may be debited to the Account at any time without the need for consulting or requesting authorisation of the Account Holder(s). Such occasional authorisation to overdraw an account does not place any obligation on the Bank to authorise any further excess / overdraft, nor does it create the expectation or assumption that the Bank will grant the Account Holder(s) any further credit.
2. CHEQUES:-
2.1 Cheques issued following a request accepted by the Bank will be delivered to the Account Holder(s) against a signed receipt by him/her/them at a branch of the Bank. Requests to send cheques by post must be made in writing by the Account Holder(s), who assume(s) the liability arising from the risk involved in this form of delivery.
2.2 The Account Holder(s) undertake(s) to handle the cheques delivered to him/her/them with care and assume(s) any liability which may arise from the loss or from the fraudulent or misuse of the cheques. Any such loss, fraudulent or misuse of cheques must be notified immediately to the Bank by the Account Holder(s).
2.3 Where cheques requested by an Account Holder(s) remain uncollected for a period exceeding thirty (30) days, the Bank reserves the right to destroy the cheques for safety reasons, without prejudice to its right to charge the Account Holder(s) the cost thereof.
2.4 The Bank reserves the right to request the Account Holder(s) to return all unused cheques in his/her/their possession to the Bank in any of the following situations:
· Where the Account Holder(s) is/are in breach of the conditions regulating the operation of the account or is otherwise in default;
· In the event of changes in relative legislation; and/or
· A decision or recommendation of a court, regulator or similar body,
· Upon closure of the Account.
2.5 The Account Holder(s) must ensure that all issued cheques have been presented for payment. If issued cheques have still not been presented, the Account Holder(s) will be required to leave a sufficient balance in the Account to cover such cheques.
2.6 The Bank will not honour any cheques that are presented after the Account has been closed.
2.7 Account Holder(s) should NOT sign any cheques in blank or issue post-dated cheques. Stop payment of cheques may only be issued for those cheques that are declared as lost or stolen. The Bank will not be liable for any damages suffered due to post-dated cheques being presented to the Bank whether these are honoured or returned unpaid. Account Holder(s) is/are responsible to take reasonable precautions to prevent any forgeries on his/her/their cheques by third parties. Unless otherwise agreed, cheques are valid for a period of six months from the date on which they are drawn, after which they are considered as ‘stale’. Any alterations affected on cheques are to carry a full drawer’s signature next to the alteration. Requests for cheques may be made at the Bank’s Branches, by mail or telephone, or any other methods acceptable to the Bank.
3. WITHDRAWALS
3.1 The Account Holder(s) may not withdraw more funds than the amount of cleared funds available in the Account. The Bank reserves the right to charge debit interest on the Account should, for any reason, the Account become overdrawn. This is without prejudice to the Bank’s right, at any time and without giving any prior notice, to set-off the debit balance against any credit balance held in any account with the Bank.
3.2 Local Bank cheques (excluding Banif and Central Bank of Malta cheques) are subject to a three working day clearing cycle. If the Account Holder(s) withdraws money against uncleared deposits, he/she/they will be charged interest even though a credit balance is shown on the account. In the case of cheques drawn on foreign banks, the Bank reserves the right to retain funds unavailable for a longer period in line with accepted Banking practice.
3.3 Cheques deposited into the Account, drawn on another bank/branch are sent for payment to the respective Branch on which they are drawn. Withdrawals are not allowed against uncleared effects unless authorised by the Bank. Cheques deposited that are subsequently returned unpaid will be debited to the Account and returned to the Account Holder(s).
4. OVERDRAFT FACILITY
4.1 The Bank may agree with the Account Holder(s) to make an overdraft facility available on the Account. On the other hand, the Bank has the right to dishonour any cheques that may cause an Account to be overdrawn, unless the Account Holder(s) has a predetermined agreement. Cheques returned are subject to a fee, which will be determined by the Bank. The Bank reserves the right, at any time and without any prior notice, to set-off any debit balance incurred on an Account Holder(s) account against credit balances held by the same Account Holder(s). The Bank also reserves the right to charge a fee, in addition to the debit interest incurred, if the Account is allowed to be overdrawn. The Bank may also withdraw unutilised cheques and any debit or credit cards at its sole discretion if an unauthorized overdrawn position is not corrected.
5. DEBITS
5.1 The Account Holder(s) hereby authorise(s) the Bank to debit the Account all sums relating to commissions, expenses, postage and legal expenses payable in respect of services provided, in accordance with the Tariff of Charges published by the Bank.
5.2 Save for written instructions to the contrary, the Bank shall apply all direct debits to the Account, together with the respective expenses and charges.
5.3 Maintenance expenses shall be debited to the Account, the amount and frequencies of such expenses are published by the Bank in its Tariff of Charges.
5.4 When a debit or credit card is issued by the Bank, the latter shall be expressly authorized to debit the card costs and any debits arising from the use of the card, by debiting the Account.
6. CREDITS
6.1 Credits to the Account arising from the deposit of cheques or any other values other than cash money in national or foreign currency shall only be made available after the collection of such values.
7. INTEREST
7.1 Subject to the provisions of relative legislation it is the Account Holder(s) responsibility to decide whether Final Withholding Tax will be deducted from interest paid on accounts. This applies only to Account Holder(s) that is/are resident(s) in Malta.
7.2 In the absence of specific negotiations between the Bank and the Account Holder(s), the interest rate payable on a deposit account will be that established by the Bank from time to time. Customers will be given reasonable notice of changes in interest rates.
7.3 Debit interest is calculated on a daily basis and is debited to the respective account at the end of every calendar month. Interest will be charged at a rate and on such Terms and Conditions as the Bank shall establish from time to time.
7.4 The Bank may pay credit interest at a rate and on Terms and Conditions as it shall establish from time to time. Where applicable, credit interest will be paid in June and December or at any other frequency as established by the Bank. No interest will be paid on balances less than €150.
8. AMENDMENTS TO THE TERMS AND CONDITIONS
8.1 The Bank reserves the right to lay down further terms and conditions or to amend these terms and conditions (including any fees or charges) subject to giving reasonable notice to the Account Holder(s).