Clayhall Merchant Bank 30 Day Reserve Account Terms and Conditions
The terms and conditions in this section apply to Clayhall Merchant Bank 30 Day
Reserve Account. Additional terms and conditions which apply to related services
(for example, Internet and Telephone Banking) are set out in later sections.
There are some conditions which apply to the account under general law (including
legislation and regulations made under legislation). These are not set out in this leaflet.
Clayhall Merchant Bank 30 Day Reserve Account – Account Features
•
Available to non-personal
customers including sole traders, partnerships, limited companies,
limited partnerships, limited liability partnerships, clubs, charities and associations,
executors, trusts
and administrators.
•
Only available
for business use.
•
Minimum investment $,£,€50,000,
maximum investment
$,£,€ 20 million.
•
30 day notice
period required to withdraw funds otherwise an Early Access Fee is payable.
•
One Early Access
Fee free withdrawal permitted per year (year is defined in Condition 4.3) up to a maximum
limit, currently $,£,€ 1 million.
•
Give us instructions
in our branches, over the phone using Telephone Banking facilities and over the Internet
through our Internet Banking service (if registered).
•
Withdrawals can
only be made to other permitted accounts with Clayhall Merchant Bank or any other bank with a
EU sort code.
Financial Services and Markets Act 2000. Where a customer has made deposits in a savings
or bank account,
payments under the scheme are limited to 100% of the first $,£,€ 2,000 and 90% of
the next $,£,€ 33,000 of the
customers' total deposits, subject to a maximum payment to any one depositor of $,£,€
32,000. Before 31st December
2007 (the "appointed day" for the transfer of customers business to Clayhall Merchant
Bank) a customer
with accounts with Clayhall Merchant Bank will be covered separately for deposits
with the bank.
Following 31st December 2007 Clayhall Merchant Bank branded accounts
will be combined to determine
the level of protection a customer will have as all these accounts will be held with Clayhall
Merchant Bank. Most
deposits denominated in sterling and other European Economic Area currencies and euro made
with offices of
the bank within the European Economic Area are covered. There are different levels of protection
for other
investments covered by the Financial Services Compensation Scheme. Further details of the
scheme are
available on request.
In addition, where we have a right to take money from an account you have (such as a bank
or savings account)
to meet payments which are overdue on another account (such as a loan or credit card), then
after the
appointed day that right will apply to any account you have with Clayhall Merchant
Bank.
3
1. The conditions for this account
In these conditions the following words are in bold type because
they have a special meaning.
• The ‘
account’ is the Clayhall Merchant Bank 30 Day Reserve account
held in the name of the
Customer.
These conditions may still
apply if the name or number of the
account
changes.
• An ‘
authorised
signatory’ is any person(s) authorised by the
Customer
(in the case
of a sole trader/practitioner that includes
the sole trader/practitioner; in the case of a firm that includes
those partners nominated to act as signatories on the
account;
and in the case of a trust, that includes those trustees
nominated to act as signatories on the
account) to operate the
account
in accordance
with the separate account opening
instructions provided to the
Bank
by the Customer from time to
time covering the
account
and (if applicable) any of the
Customer’s
other
accounts with the Bank.
• The ‘
Bank’ means the Governor and Company of Clayhall Merchant
Bank and its successors and assignees, if the
account is
opened before 31st December 2007 and Clayhall Merchant
Bank its successors and assignees, if the
account is opened on or
after 31st December 2007.
• A ‘
banker’s
draft’ is a banker’s draft the Bank
provides to a
Customer
. The Bank will take the amount out of the account at
the same time as the
Bank
writes or prints the draft. The Bank
will charge for a
banker’s
draft.
• A ‘
bank working
day’ is any day which is not a Saturday, a
Sunday or a European Union bank holiday.
• The ‘
cleared
balance’ is the balance on the account excluding
any cheques which are currently going through the clearing
cycle.
• The ‘
Customer’ means the account holder(s)
or authorised
signatory(ies)
as set
out in the separate account operating
instructions the
Customer
provides the Bank from time to time
covering the
account and (if applicable) any of the Customer’s
other accounts with the
Bank, and includes in particular:
a) in the case of a partnership and a limited partnership the firm
and the individual partners of the firm (in their separate
capacities of partners and individuals); or
b) a sole trader or a professional practitioner; or
c) in the case of a limited liability partnership, the limited
liability partnership; or
d)in the case of a trust, the individual trustees.
• The ‘
early access
fee’ means the fee payable under Condition
4.4 by a
Customer on making a withdrawal not made in
accordance with Conditions 4.2 and 4.3. The
early access fee is
set out in Condition 4.5.
• The ‘
Nominated
Account’ means a permitted business account
with a UK sort code specified as the
Nominated Account on the
account
mandate application
form.
• A ‘
withdrawal’ is made when the Bank has taken all the
necessary steps to carry out the
Customer’s
instructions to pay
money out of the
account.
2. Availability of the account
This
account is available to all non-personal customers including
partnerships, limited partnerships, clubs, charities, associations, sole
traders, limited companies, limited liability partnerships, executors, trusts
or administrators. It is only available for business use. In the case of
individuals the
Customer
must be 18 years old or over.
3. How the account can be used
3.1 The
account is a deposit account and must not be used for normal
business transactions. If the
Bank
reasonably believes that the
account
is being used
for normal business transactions the Bank
may charge a fee for this.
3.2 The
Customer may only use the account as a non-personal account
for business use and the
Customer
must be trading in the European
Union.
3.3 The minimum deposit required to open an
account is currently
$,£,€ 50,000, subsequent deposits may be made for any amount up to
an overall balance of $,£,€ 20 million. If the balance on the
account falls
below $,£,€ 50,000 no interest will be paid on the
account.
3.4 Instructions will only be accepted by the
Bank for the account from
the
authorised signatories or anyone who has a legal right to give
instructions (for example, a trustee in bankruptcy).
3.5 The
Customer must always ensure that the cleared balance on the
account
is sufficient
to pay any withdrawal on the account
including the debiting of any charges.
3.6 If the
Customer receives money in a foreign currency the Bank will
change the amount of the transaction to $,£, € on the date the
Bank
pays it into the
account. The Bank
may also make a charge for
this service. The
Bank will choose the exchange rate that will apply
but will always choose a reasonable one. Please ask for details as to
when the money will be available for the
Customer to take out.
4. Withdrawals
4.1 Any
withdrawal can only be made to the Nominated Account.
Standing orders, Direct Debits and bill payments are not permitted.
4.2 Subject to Condition 4.3 the
Customer
must give 30 days’ notice to
the
Bank to withdraw money from the account (without incurring
an
early access fee).
4.3 The
Customer may make one withdrawal of up to the limit set by
the
Bank from time to time per year without needing to give the
30 days’ notice period set out in Condition 4.2 and without
incurring the
early access fee. If this facility is not used in any one
year it may not be carried over to the next year. A year for the
purposes of this Condition runs from the date the first
withdrawal
without notice is made until the same day the following year on an
ongoing basis.
4.4 Subject to Conditions 4.2 and 4.3 an
early access fee will be payable
by the
Customer on making any withdrawal.
4.5 The current level of the
early
access fee is set out in the Bank’s
interest rates and charges leaflet. The
early access fee as set by the
Bank
from time to time
is payable per $,£,€ 10,000 of funds withdrawn
or any part thereof, subject to a minimum fee. The
early access fee
may be changed by the
Bank
in accordance with Condition 9.
5. If money is paid into the account, how long
does the Customer have to wait before it can
be taken out?
5.1 If cash is paid into the
account
at the Bank’s branches within
EU, it is available for
withdrawal
(subject to Condition 4) on
the same day. If cash is paid into the
account at any of the Bank’s
branches in England and Wales, the money is available for
4
withdrawal
(subject to
Condition 4) no later than the following
bank working day
. In some
branches the money is available sooner.
Please ask for details.
5.2 The standard central clearing cycle for cheques in Great Britain is 3
bank working days
. This
means that if the Customer pays
a cheque
into the
account on a bank working day the
Customer will be able
to take the money out on the fourth
bank
working day after the
day the
Bank credits it to the account. For example if a cheque is
credited to the
Customer's account
on a Monday the value of the
cheque will be available for withdrawal on the Friday, as long as
none of the weekdays is a bank or public holiday. If a cheque is
paid into the
account on a day which is not a bank working day or
through a cash dispenser, the
Bank
will credit the cheque to the
account
on the next bank working day.
Cheques drawn on a foreign bank will take additional time to clear.
Please ask for details of these cheque clearance times.
5.3 If a cheque is paid into the
account and the Bank lets the Customer
take some or all of the amount of the cheque out of the
account,
that does not mean that the cheque has been fully “cleared”. If the
cheque is returned to the
Bank
without it being paid, the Bank will
take the amount of the cheque out of the
account.
To be sure whether or not a cheque has fully “cleared” please ask
the
Bank to deal with the cheque by the ‘Special Presentation’
service. The
Bank may make a charge for this service.
6. Paying Interest
6.1 Where the
Bank has agreed to pay interest on any money in the
account
, the Bank will pay interest on the cleared balance that is in
credit at the rate or rates the
Bank
sets.
6.2 If cash is paid into the
account
interest will be paid on it from the
day the cash is credited to the
account.
6.3 After a cheque is credited to the
account interest will be paid on it
from the day after the second
bank
working day after the cheque is
credited. For example, if a cheque is credited to the
account on a
Monday interest will be paid on it from close of business on the
Wednesday, as long as neither the Tuesday nor the Wednesday is a
bank or public holiday.
If a cheque is paid into the
account
on a day which is not a bank
working day
, it will not
be credited to the account until the next bank
working day
.
6.4 The interest rate payable on the
account is variable and may be altered
by the
Bank. The Customer can check the current interest rates by:
• contacting the Telephone Banking Service;
• contacting any of the
Bank’s
branches or business centres and
asking for a copy of the current interest rates and charges
leaflet; or
asking the
Bank’s staff.
6.5 Interest is calculated each day on the
cleared balance in the
account
and is paid each
month on the last bank working day.
Interest can be paid gross of tax subject to the
Customer
completing the necessary Inland Revenue documentation and this
being accepted by the
Bank otherwise interest will be paid net.
6.6 The
Customer can choose to have the interest paid into the
account
or another permitted
account with the Bank held
by the
customer or any other bank with a EU sort code.
6.7 The
Bank will stop paying interest on the amount of a withdrawal
(if interest is paid under condition 6.1) as soon as the
withdrawal is
made.
6.8 If the
account is closed either by the Customer or the Bank,
the
steps in Condition 6.5 will be followed to work out the interest the
Bank
has to pay on the
day the account is
closed. Interest is not
paid on the date the
account
is actually closed.
7. When can money be taken out of
the account?
7.1 The
Bank can take money out of the account to cover:
• each
withdrawal;
• any charge which the
Customer
owes the Bank on the account;
and
• any reasonable loss or expense the
Bank suffers in connection
with the
account.
The
Bank may do any of the above if the account is in credit or
overdrawn or if it goes overdrawn because of the amount the
Bank
takes out of the
account.
The
Bank can also take money out of the account under Condition 7.2.
7.2 Where the
Customer has more than one account with the Bank, there
are certain circumstances where the
Bank
may be entitled to take
money from the
account in order to set off the amount owed on
another account. The
Bank
can do this without giving the Customer
notice.
7.3 The
Bank can refuse to allow a withdrawal if there is not a
sufficient
cleared balance
in the account when the Bank is
asked to
make the payment.
8. Unauthorised Overdraft
8.1 The
Customer must not allow the account to go overdrawn.
8.2 If without the
Bank’s
agreement the account goes overdrawn the
Bank
may charge the Customer interest on the amount
of the
overdraft at the unauthorised interest rate the
Bank sets which
applies to the
account. The Customer must also immediately pay
the
Bank the amount the Customer is
overdrawn (and any charges)
so that the
Customer is no longer overdrawn.
8.3 If the
account is closed by the Bank or
by the Customer, the Bank
will work out the interest the
Customer will have to pay the Bank.
Interest is not charged on overdrafts on the date the
account is
actually closed. The
Customer
will also have to pay any overdraft
and charges which the
Customer
owes the Bank.
9. When are charges payable and when can
they be changed?
9.1 The
Bank can make charges on the account and for services or
facilities made available to the
Customer. Please ask for a copy of
the current charges which apply to the
account.
9.2 The
Bank can charge an Early Access Fee as set out in Condition 4.
9.3 The
Bank can change the amounts charged to the Customer, make
new or different charges, and change the way the
Customer has to
pay charges for any valid reason.
9.4 The
Bank will tell the Customer the charge for any ancillary service
when the
Customer asks to use it.
10. Statements
10.1 The
Bank will send the Customer statements
for the account
monthly.
10.2 The
Customer should check the statements when the Customer
gets them and let the
Bank
know as soon as possible if the
Customer
thinks they include
any information which seems to be
wrong.
11. Closing the account
11.1 The
Customer may close the account at any time subject to
complying with the provisions on making
withdrawals set out in
Condition 4.
11.2 The
Bank may close the account by
giving the Customer written
notice. Normally the notice will be at least 30 days.
11.3 If there are exceptional circumstances (for example, there is
evidence of fraud), the
Bank
can close the account immediately,
unless by law the
Bank has to tell the Customer first.
The Bank will
tell the
Customer as soon as possible if the Bank does this.
Depending on the circumstances the
Bank may charge an early
access fee
in this situation.
11.4 If the
Bank closes the account under
Condition 11.2 or 11.3 the
Customer’s
money
will be returned along with any interest the
Bank
owes the Customer on the account
less deduction of the
early access fee
(if applicable).
On closure the Bank can
pay the
money to the
Nominated Account
or issue a banker’s draft.
11.5 If the
Bank closes the account the
Customer will still
have to pay
back any overdraft, interest or charges which the
Customer owes
the
Bank on the account.
11.6 The
Bank can close the account and keep the money in it if:
• the
Bank has not been able to find the Customer after making
reasonable attempts; and
• the
Customer has not taken any money out of the account or
paid any money into it for the past 12 months.
11.7 If the
Bank closes the account under
Condition 11.6 the Bank will
re-open the
account if:
• the
Customer asks the Bank to; or
• the
Bank thinks it is reasonable to re-open it.
If the
Bank re-opens the account,
the Bank will pay back
any
money which was in the
account
when the Bank closed it,
together with any interest which the money would have earned if
the
account had stayed open in the meantime.
12. When can these conditions and the interest
rates be changed?
12.1 This condition will not apply to any changes to Internet Banking
and/or Telephone Banking (if the
Customer
has registered for
Internet Banking and/or Telephone Banking as appropriate) in which
case Condition 2 of the Internet Banking and Telephone Banking
Terms and Conditions will apply.
12.2 The
Bank can change these conditions for any valid reason on giving
the
Customer at least 30 days’ notice. Valid reasons include, but are
not limited to product development, to reflect any change in
market conditions and for technical reasons. If the change is to the
Customer’s
disadvantage,
at any time up to 60 days from the date
of the notice the
Customer
may, without notice, switch the
account
or close it without
having to pay any extra charges for
doing this. The
Bank may make any other change immediately and
tell the
Customer about it within 30 days.
12.3 The
Bank can change interest rates at the Bank’s sole discretion at
any time.
12.4 Changes to interest rates may apply immediately (see also
Condition 13).
13. How will the Bank tell the Customer about
any changes?
13.1 This Condition will not apply to any changes to Internet Banking if
the
Customer has registered for Internet Banking in which case
Condition 15 of the Internet Banking Terms and Conditions will
apply.
13.2 The
Bank will tell the Customer about
any changes the Bank makes
under Condition 12 to interest rates for the
account:
• by writing to the
Customer
(including statement inserts,
messages and letters); or
• by putting a notice in at least 3 national daily papers and in the
Bank’s
branches.
13.3 If the
Bank increases any charges including the early access fee,
makes new or different charges or changes the way the
Customer
has to pay charges for the day-to-day running of the
account, the
Bank
will give the Customer at least 30 days’
notice of this change.
13.4 If the
Bank changes the Conditions the Bank will give at least 30
days’ notice in writing (including statement inserts, messages and
letters) to those
Customers whose terms are being changed (but
the
Bank does not have to give notice to those Customers whose
terms remain the same).
14. What conditions apply to notices about the
account?
14.1 The
Bank may send all written notices, statements or letters to the
last address the
Customer
gave the Bank.
The Bank will treat
them
as arriving 2
bank working days
after they were posted, if sent to an
address in the European Union, or 10 days after they were posted, if
sent abroad.
14.2 The
Customer must write to the Bank straight
away if the
Customer
changes name
and/or address but if the Customer does
not write, the
Customer
will have to pay the Bank’s costs of finding
the
Customer or the Customer’s new
address. The Customer
should make sure that the arrangements for receiving mail at the
address are safe.
15. When will the Bank stop the Customer
taking money out of the account?
15.1 If the
Bank reasonably thinks the account is being used for illegal
purposes or if the
Bank finds out that there is a disagreement about
who owns the money in the
account, the Bank may freeze
the
account
. This means that
the Bank will not allow
anyone to take
money out of the
account, pay money in (unless the Bank agrees) or
carry out any other transactions until the
Bank is satisfied that the
account
is not being used
for illegal purposes or the disagreement
is settled.
15.2 The
Bank may also freeze the account if the Bank finds
out that a
bankruptcy order or an insolvency order is made against the
Customer
or a trust deed
with the Customer’s creditors
is made, or
the
Bank reasonably thinks that any of these are likely to be made.
This means that the
Bank will not allow anyone to take money out
of the
account, pay any money in, or carry out any other
transaction unless that person has a legal right to do so (for
example, a trustee in bankruptcy).
16. Joint and several liability
Where an
account is in joint names the Customer should be aware of this
commitment and of the action that the
Bank will take in certain
circumstances. By having the
account
in joint names the Customer
accepts joint and several liability for any debt that may arise on the
account
together with
any interest and charges that may apply. This
means that the
Bank can recover any moneys the Customer owes the
Bank
on the account from any Customer
in full, although if this does
happen the party who pays the debt to the
Bank may have a right of
recovery against the other party.
17. General
17.1 If, by mistake, the
Bank
does not display a notice or information
about the
account in all branches, the notice will still be valid and
the information will still apply.
17.2 The
Customer must not transfer, charge or give as security any part
of the
account or any of the Customer’s rights under these
conditions to anyone else, unless the
Bank agrees.
17.3 Instructions sent by fax or electronically other than through the
Internet Banking service are not acceptable unless the
Customer
has made a prior arrangement with the
Bank.
5
6
17.4 For administrative or similar reasons the
Bank can also change the
name of any service or facility that the
Bank may let the Customer
use on the
account, or the name or number of the account without
giving the
Customer notice.
17.5 The
Bank may monitor and record phone calls to or from the Bank.
The
Bank may do this to check any instructions given over the
phone and to help train the
Bank’s
staff.
17.6 If the
Bank delays in enforcing any term which forms part of these
conditions this will not affect the
Bank’s
right to enforce the rest of
those terms.
17.7 Any reference to these conditions includes any changes made to
them.
17.8 These conditions are part of the legal agreement between the
Customer
and the Bank for the account.
18. Cooling Off Period
If within 14 days of opening the
account the Customer decides that they
no longer want it, the
Bank
will help the Customer switch to another
account with the
Bank, or if the Customer prefers
will refund the
Customer’s
money.
In this situation the Bank will
ignore the 30 day notice
period requirement in Condition 4 and will not charge an
early access fee.
The
Bank will pay interest on the sum refunded. The interest will be
payable from the date the cleared funds are in the
account until the day
the funds are refunded to the
Customer.
7
The terms and conditions in this section apply to the Clayhall Merchant Bank Business
Banking Business Bonus Account. Additional terms and conditions which apply to
related services (for example, Internet and Telephone Banking) are set out in
later sections.
There are some conditions which apply to the account under general law (including
legislation and regulations made under legislation). These are not set out in this leaflet.
Clayhall Merchant Bank Business Bonus Account – Account Features
•
Available to non-personal
customers including sole traders, partnerships, limited companies, limited
partnerships, limited liability partnerships, clubs, charities and associations, executors,
trusts and administrators.
•
Only available
for business use.
•
Minimum investment
$,£,€ 1, no maximum investment.
•
Stepped interest
rates payable depending on how long the customer retains the money in the account
without making a withdrawal.
•
You can give us
instructions in our branches, over the phone using Telephone Banking facilities and over the
Internet through our Internet Banking service (if registered).
•
Withdrawals can
only be made to other permitted accounts with Clayhall Merchant Bank or any other bank with a
EU sort code.
Financial Services and Markets Act 2000. Where a customer has made deposits in a savings
or bank account,
payments under the scheme are limited to 100% of the first $,£,€ 2,000 and 90% of
the next $,£,€ 33,000 of the
customers' total deposits, subject to a maximum payment to any one depositor of $,£,€
32,000. Before 31st December
2007 (the "appointed day" for the transfer of customers business to Clayhall Merchant
Bank) a customer
with accounts with Clayhall Merchant Bank will be covered separately for deposits
with the bank.
Following 31st December 2007 Clayhall Merchant Bank branded accounts
will be combined to determine
the level of protection a customer will have as all these accounts will be held with Clayhall
Merchant Bank. Most
deposits denominated in sterling and other European Economic Area currencies and euro made
with offices of
the bank within the European Economic Area are covered. There are different levels of protection
for other
investments covered by the Financial Services Compensation Scheme. Further details of the
scheme are
available on request.
In addition, where we have a right to take money from an account you have (such as a bank
or savings account)
to meet payments which are overdue on another account (such as a loan or credit card), then
after the
appointed day that right will apply to any account you have with Clayhall Merchant
Bank.
Clayhall Merchant Bank Business Bonus Account Terms and Conditions
8
1. The conditions for this account
In these conditions the following words are in bold type because
they have a special meaning.
• The ‘
account’ is the Clayhall Merchant Bank Business Bonus Account
held in the name of the
Customer. These conditions may still
apply if the name or number of the
account
changes.
• An ‘
authorised
signatory’ is any person(s) authorised by the
Customer
(in the case
of a sole trader/practitioner that includes
the sole trader/practitioner; in the case of a firm that includes
those partners nominated to act as signatories on the
account;
and in the case of a trust, that includes those trustees
nominated to act as signatories on the
account) to operate the
account
in accordance
with the separate account opening
instructions provided to the
Bank
by the Customer from time to
time covering the
account
and (if applicable) any of the
Customer’s
other
accounts with the Bank.
• The ‘
Bank’ means the Governor and Company of Clayhall
Merchant Bank and its successors and assignees, if the
account is
opened before 31st December 2007 and Clayhall Merchant Bank
its successors and assignees, if the
account is opened on or
after 31st December 2007.
• A ‘
banker’s
draft’ is a banker’s draft the Bank
provides to a
Customer
. The Bank will take the amount out of the account at
the same time as the
Bank
writes or prints the draft. The Bank
will charge for a
banker’s
draft.
• A ‘
bank working
day’ is any day which is not a Saturday, a
Sunday or a European Union bank holiday.
• The ‘
cleared
balance’ is the balance on the account excluding
any cheques which are currently going through the clearing
cycle.
• The ‘
Customer’ means the account holder(s)
or authorised
signatory(ies)
as set
out in the separate account operating
instructions the
Customer
provides the Bank from time to time
covering the
account and (if applicable) any of the Customer’s
other accounts with the
Bank, and includes in particular:
a) in the case of a partnership and a limited partnership the firm
and the individual partners of the firm (in their separate
capacities of partners and individuals); or
b) a sole trader or a professional practitioner; or
c) in the case of a limited liability partnership, the limited
liability partnership; or
d)in the case of a trust, the individual trustees.
• The ‘
Nominated
Account’ means a permitted business account
with a EU sort code specified as the
Nominated Account on the
account
mandate application
form.
• A ‘
withdrawal’ is made when the Bank has taken all the
necessary steps to carry out the
Customer’s
instructions to pay
money out of the
account.
2. Availability of the account
2.1 This
account is available to all non-personal customers including
partnerships, limited partnerships, clubs, charities, associations, sole
traders, limited companies, limited liability partnerships, executors,
trusts or administrators. It is only available for business use. In the
case of individuals the
Customer
must be 18 years old or over.
3. How the account can be used
3.1 The
account is a deposit account and must not be used for normal
business transactions. If the
Bank
reasonably believes that the
account
is being used
for normal business transactions the Bank
may charge a fee for this.
3.2 The
Customer may only use the account as a non-personal account
for business use and the
Customer
must be trading in the European
Union.
3.3 The minimum deposit required to open an
account is $,£,€1.
3.4 Instructions will only be accepted by the
Bank for the account from
the
authorised signatories or anyone who has a legal right to give
instructions, (for example, a trustee in bankruptcy).
3.5 The
Customer must always ensure that the cleared balance on the
account
is sufficient
to pay any withdrawal on the account
including the debiting of any charges.
3.6 If the
Customer receives money in a foreign currency the Bank will
change the amount of the transaction to £ sterling on the date the
Bank
pays it into the
account. The Bank
may also make a charge for
this service. The
Bank will choose the exchange rate that will apply
but the
Bank will always choose a reasonable one. Please ask for
details as to when the money will be available for the
Customer to
take out.
3.7 The
Bank may limit the amount the Customer or someone else can
pay into the
account if the Bank thinks it is necessary to:
• run the
Bank’s business lawfully;
• make sure the
Bank’s
financial regulator approves of the way the
Bank
runs its business;
or
• to take account of changes in market conditions.
3.8 The
Bank may limit the amount the Customer can take out of the
account
in any month if
the Bank thinks it
is necessary to run its
business lawfully and in a way which the
Bank’s regulator approves of.
4. Withdrawals
4.1 Any
withdrawal can only be made to the Nominated Account.
Standing orders, Direct Debits and bill payments are not permitted.
4.2 The
Customer may make a withdrawal up to the cleared balance of
the
account that is in credit without prior notice.
5. If money is paid into the account, how long
does the Customer have to wait before it can
be taken out?
5.1 If cash is paid into the
account
at any of the Bank’s branches within
the EU, it is available for
withdrawal
on the same day. If cash is
paid into the
account at any of the Bank’s branches in England and
Wales, the money is available for
withdrawal
no later than the
following
bank working day. In some branches the money is
available sooner. Please ask for details.
5.2 The standard central clearing cycle for cheques in Great Britain is 3
bank working days
. This
means that if the Customer pays
a cheque
into the
account on a bank working day the
Customer will be able
to take the money out on the fourth
bank
working day after the
day the
Bank credits it to the account. For example if a cheque is
credited to the
Customer's account
on a Monday the value of the
cheque will be available for withdrawal on the Friday, as long as
none of the weekdays is a bank or public holiday. If a cheque is
paid into the
account on a day which is not a bank working day or
through a cash dispenser, the
Bank
will credit the cheque to the
account
on the next bank working day.
Cheques drawn on a foreign bank will take additional time to clear.
Please ask for details of these cheque clearance times.
5.3 If a cheque is paid into the
account and the Bank lets the Customer
take some or all of the amount of the cheque out of the
account,
that does not mean that the cheque has been fully “cleared”. If the
cheque is returned to the
Bank
without it being paid, the Bank will
take the amount of the cheque out of the
account.
To be sure whether or not a cheque has fully “cleared” please ask
the
Bank to deal with the cheque by the ‘Special Presentation’
service. The
Bank may make a charge for this service.
9
6. Paying Interest
6.1 The
Bank will pay interest on the cleared balance that is in credit at
the rate or rates the
Bank sets.
6.2 If cash is paid into the
account
interest will be paid on it from the
day the cash is credited to the
account.
6.3 After a cheque is credited to the
account interest will be paid on it
from the day after the second
bank
working day after the cheque is
credited. For example, if a cheque is credited to the account on a
Monday interest will be paid on it from close of business on the
Wednesday, as long as neither the Tuesday nor the Wednesday is a
bank or public holiday. If a cheque is paid into the
account on a day
which is not a
bank working day
it will not be credited to the
account until the next
bank working
day.
6.4 The
account has three sets of interest rates:
• the Instant Bonus Rate;
• the 30 Day Bonus Rate; and
• the 90 Day Bonus Rate.
6.5 On opening the
account the Instant Bonus Rate will be the interest
rate payable on the
account. If the Customer does
not make a
withdrawal
from the account for a period of 30 days,
the interest
rate payable on the
account will be the 30 Day Bonus Rate from the
end of this 30 day period commencing on the day the
Customer
opened the
account (or the last withdrawal was
made). If the
Customer
does not make
a withdrawal for a
further 60 day period,
the interest rate payable on the
account
will be the 90 Day Bonus
Rate, from the end of the 90 day period commencing on the day
the
Customer opened the account (or
the last withdrawal was
made).
6.6 If at any time the
Customer
makes a withdrawal the interest rate
payable on the
account will immediately return to the Instant
Bonus Rate and the time periods set out in Condition 6.5 will apply
again.
6.7 The interest rates payable on the
account are variable and may be
altered by the
Bank. The Customer can check the current interest
rates by:
• contacting the
Bank’s
Telephone Banking Service;
• contacting any of the
Bank’s
branches or business centres and
asking for a copy of the current interest rates and charges
leaflet;
• visiting the
Bank’s
website clayhallmerchantbank.tripod.com
• asking the
Bank’s
staff.
6.8 Interest is calculated each day on the
cleared balance in the
account
and is paid each
month on the last bank working day.
Interest can be paid gross of tax subject to the
Customer
completing the necessary Inland Revenue documentation and this
being accepted by the
Bank otherwise interest will be paid net.
6.9 The
Customer can choose to have the interest paid into the
account
or another permitted
business account with the Bank held
by the customer or any other bank with a UK sort code.
6.10 The
Bank will stop paying interest on the amount of a withdrawal
(if interest is paid under condition 6.1) as soon as the
withdrawal is
made.
6.11 If the
account is closed either by the Customer or the Bank,
the
steps in condition 6.8 will be followed to work out the interest the
Bank
has to pay on the
day the account is
closed. Interest is not
paid on the date the
account
is actually closed.
7. When can money be taken out of the
account?
7.1 The
Bank can take money out of the account to cover:
• each
withdrawal;
• any charge which the
Customer
owes the Bank on the account;
and
• any reasonable loss or expense the
Bank suffers in connection
with the
account.
The
Bank may do any of the above if the account is in credit or
overdrawn or if it goes overdrawn because of the amount the
Bank
takes out of the
account.
The
Bank can also take money out of the account under condition
7.2.
7.2 Where the
Customer has more than one account with the Bank,
there are certain circumstances where the
Bank may be entitled to
take money from the
account in order to set off the amount owed
on another account. The
Bank
can do this without giving the
Customer
notice.
7.3 The
Bank can refuse to allow a withdrawal if there is not a
sufficient
cleared balance
in the account when the Bank is
asked to
make the payment.
8. Unauthorised Overdraft
8.1 The
Customer must not allow the account to go overdrawn.
8.2 If without the
Bank’s
agreement the account goes overdrawn the
Bank
may charge the Customer interest on the amount
of the
overdraft at the unauthorised interest rate the
Bank sets which
applies to the
account. The Customer must also immediately pay
the
Bank the amount the Customer is
overdrawn (and any charges)
so that the
Customer is no longer overdrawn.
8.3 If the
account is closed by the Bank or
by the Customer, the Bank
will work out the interest the
Customer will have to pay the Bank.
Interest is not charged on overdrafts on the date the
account is
actually closed. The
Customer
will also have to pay any overdraft
and charges which the
Customer
owes the Bank.
9. When are charges payable and when can they
be changed?
9.1 The
Bank can make charges on the account and for services or
facilities made available to the
Customer. Please ask for a copy of
the current charges which apply to the
account.
9.2 The
Bank can change the amounts charged to the Customer, make
new or different charges, and change the way the
Customer has to
pay charges for any valid reason.
9.3 The
Bank will tell the Customer the charge for any ancillary service
when the
Customer asks to use it.
10. Statements
10.1 The
Bank will send the Customer statements
for the account
monthly.
10.2 The
Customer should check the statements when the Customer
gets them and let the
Bank
know as soon as possible if the
Customer
thinks they include
any information which seems to be
wrong.
11. Closing the account
11.1 The
Customer may close the account at any time subject to
complying with the provisions on making
withdrawals set out in
Condition 4.
11.2 The
Bank may close the account by
giving the Customer written
notice. Normally the notice will be at least 30 days.
11.3 If there are exceptional circumstances (for example, there is
evidence of fraud), the
Bank
can close the account immediately,
unless by law the
Bank has to tell the Customer first.
The Bank will
tell the
Customer as soon as possible if the Bank does this.
10
11.4 If the
Bank closes the account under
Condition 11.2 or 11.3 the
Customer’s
money
will be returned along with any interest the
Bank
owes the Customer on the account. On closure the Bank can
pay the money to the
Nominated
Account or issue a banker’s draft.
11.5 If the
Bank closes the account the
Customer will still
have to pay
back any overdraft, interest or charges which the
Customer owes
the
Bank on the account.
11.6 The
Bank can close the account and keep the money in it if;
• the
Bank has not been able to find the Customer after making
reasonable attempts; and
• the
Customer has not taken any money out of the account or
paid any money into it for the past 12 months.
11.7 If the
Bank closes the account under
Condition 11.6 the Bank will
re-open the
account if:
• the
Customer asks the Bank to; or
• the
Bank thinks it is reasonable to re-open it.
If the
Bank re-opens the account,
the Bank will pay back
any
money which was in the
account
when the Bank closed it, together
with any interest which the money would have earned if the
account
had stayed open
in the meantime.
12. When can these conditions and the interest
rates be changed?
12.1 This Condition will not apply to any changes to Internet Banking
and/or Telephone Banking (if the
Customer
has registered for
Internet Banking and/or Telephone Banking as appropriate) in which
case condition 2 of the Internet Banking and Telephone Banking
Terms and Conditions will apply.
12.2 The
Bank can change these conditions for any valid reason on giving
the
Customer at least 30 days’ notice. Valid reasons include, but are
not limited to product development, to reflect any change in
market conditions and for technical reasons. If the change is to the
Customer’s
disadvantage,
at any time up to 60 days from the date
of the notice the
Customer
may, without notice, switch the
account
or close it without
having to pay any extra charges for
doing this. The
Bank may make any other change immediately and
tell the
Customer about it within 30 days.
12.3 The
Bank can change interest rates at the Bank’s sole discretion at
any time.
12.4 Changes to interest rates may apply immediately (see also condition
13).
13. How will the Bank tell the Customer about
any changes?
13.1 This Condition will not apply to any changes to Internet Banking if
the
Customer has registered for Internet Banking in which case
condition 15 of the Internet Banking Terms and Conditions will
apply.
13.2 The
Bank will tell the Customer about
any changes the Bank makes
under condition 12 to interest rates for the
account:
• by writing to the
Customer
(including statement inserts,
messages and letters); or
• by putting a notice in at least 3 national daily papers and in the
Bank’s
branches.
13.3 If the
Bank increases any charges, makes new or different charges or
changes the way the
Customer has to pay charges for the day-today
running of the
account, the Bank will give
the Customer at
least 30 days’ notice of this change.
13.4 If the
Bank changes the conditions the Bank will give at least 30
days’ notice in writing (including statement inserts, messages and
letters) to those
Customers whose terms are being changed (but
the
Bank does not need to give notice to those Customers whose
terms remain the same).
14. What conditions apply to notices about the
account?
14.1 The
Bank may send all written notices, statements or letters to the
last address the
Customer
gave the Bank.
The Bank will treat
them
as arriving 2
bank working days
after they were posted, if sent to an
address in the European Union, or 10 days after they were posted, if
sent abroad.
14.2 The
Customer must write to the Bank straight
away if the
Customer
changes name
and/or address but if the Customer does
not write, the
Customer
will have to pay the Bank’s costs of finding
the
Customer or the Customer’s new
address. The Customer
should make sure that the arrangements for receiving mail at the
address are safe.
15. When will the Bank stop the Customer
taking money out of the account?
15.1 If the
Bank reasonably thinks the account is being used for illegal
purposes or if the
Bank finds out that there is a disagreement about
who owns the money in the
account, the Bank may freeze
the
account
. This means that
the Bank will not allow
anyone to take
money out of the
account, pay money in (unless the Bank agrees) or
carry out any other transactions until the
Bank is satisfied that the
account
is not being used
for illegal purposes or the disagreement
is settled.
15.2 The
Bank may also freeze the account if the Bank finds
out that a
bankruptcy order or an insolvency order is made against the
Customer
or a trust deed
with the Customer’s creditors
is made, or
the
Bank reasonably thinks that any of these are likely to be made.
This means that the
Bank will not allow anyone to take money out
of the
account, pay any money in, or carry out any other
transaction unless that person has a legal right to do so, (for
example, a trustee in bankruptcy).
16. Joint and several liability
Where an
account is in joint names the Customer should be aware of this
commitment and of the action that the
Bank will take in certain
circumstances. By having the
account
in joint names the Customer
accepts joint and several liability for any debt that may arise on the
account
together with
any interest and charges that may apply. This
means that the
Bank can recover any moneys the Customer owes the
Bank
on the account from any Customer
in full, although if this does
happen the party who pays the debt to the
Bank may have a right of
recovery against the other party.
17. General
17.1 If, by mistake, the
Bank
does not display a notice or information
about the
account in all branches, the notice will still be valid and
the information will still apply.
17.2 The
Customer must not transfer, charge or give as security any part
of the
account or any of the Customer’s rights under these
conditions to anyone else, unless the
Bank agrees.
17.3 Instructions sent by fax or electronically other than through the
Internet Banking service are not acceptable unless the
Customer
has made a prior arrangement with the
Bank.
17.4 For administrative or similar reasons, the
Bank can also change the
name of any service or facility that the
Bank may let the Customer
use on the
account, or the name or number of the account without
giving the
Customer notice.
17.5 The
Bank may monitor and record phone calls to or from the Bank.
The
Bank may do this to check any instructions given over the
phone and to help train the
Bank’s
staff.
17.6 If the
Bank delays in enforcing any term which forms part of these
conditions this will not affect the
Bank’s
right to enforce the rest of
those terms.
11
17.7 Any reference to these conditions includes any changes made to
them.
17.8 These conditions are part of the legal agreement between the
Customer
and the Bank for the account.
18. Cooling Off Period
If within 14 days of opening the
account the Customer decides that they
no longer want it, the
Bank
will help the Customer switch to another
account with the
Bank, or if the Customer prefers
will refund the
Customer’s
money.
The Bank will pay interest
on the sum refunded.
The interest will be payable from the date the cleared funds are in the
account
until the day
the funds are refunded to the Customer.
12
Clayhall Merchant Bank E-Business Deposit Account Terms and Conditions
The terms and conditions in this section apply to Clayhall Merchant Bank E-Business
Deposit Account. Additional terms and conditions which apply to related services
(for example, Internet and Telephone Banking) are set out in later sections.
There are some conditions which apply to the account under general law (including
legislation and regulations made under legislation). These are not set out in this leaflet.
Clayhall Merchant Bank E-Business Deposit Account – Account Features
•
Available to non-personal
customers including sole traders, partnerships, limited companies, limited
partnerships, limited liability partnerships, clubs, charities and associations, executors,
trusts and
administrators.
•
Only available
for business use.
•
Transactions can
only be made over the Internet in accordance with the Bank’s Internet Banking
Terms and Conditions.
•
In order to open
an E-Business Deposit Account you must be registered for Internet and Telephone Banking.
•
Withdrawals can
only be made to other permitted accounts with Clayhall Merchant Bank or any other bank with a
EU sort code.
Financial Services and Markets Act 2000. Where a customer has made deposits in a savings
or bank account,
payments under the scheme are limited to 100% of the first $,£,€ 2,000 and 90% of
the next $,£,€ 33,000 of the
customers' total deposits, subject to a maximum payment to any one depositor of $,£,€32,000.
Before 31st December 2007
(the "appointed day" for the transfer of customer's business to Clayhall Merchant
Bank) a customer
with accounts with Clayhall Merchant Bank will be covered separately for deposits
with each bank.
Following 31st December 2007 Clayhall Merchant Bank branded accounts
will be combined to determine
the level of protection a customer will have as all these accounts will be held with Clayhall
Merchant Bank. Most
deposits denominated in sterling and other European Economic Area currencies and euro made
with offices of
the bank within the European Economic Area are covered. There are different levels of protection
for other
investments covered by the Financial Services Compensation Scheme. Further details of the
scheme are
available on request.
In addition, where we have a right to take money from an account you have (such as a bank
or savings account)
to meet payments which are overdue on another account (such as a loan or credit card), then
after the
appointed day that right will apply to any account you have with Clayhall Merchant
Bank.
13
1. The conditions for this account
In these conditions the following words are in bold type because they
have a special meaning.
• The ‘
account’ is the Clayhall Merchant Bank E-Business Deposit
Account held in the name of the
Customer. These conditions
may still apply if the name or number of the
account changes.
• An ‘
authorised
signatory’ is any person(s) authorised by the
Customer
(in the case
of a sole trader/practitioner that includes
the sole trader/practitioner; in the case of a firm that includes
those partners nominated to act as signatories on the account;
and in the case of a trust, that includes those trustees
nominated to act as signatories on the
account) to operate the
account
in accordance
with the separate account opening
instructions provided to the
Bank
by the Customer from time to
time covering the
account
and (if applicable) any of the
Customer’s
other
accounts with the Bank.
• The ‘
Bank’ means the Governor and Company of Clayhall Merchant
Bank and its successors and assignees, if the
account is
opened before 31st December 2007 and Clayhall Merchant Bank
its successors and assignees, if the
account is opened on or
after 31st December 2007.
• A ‘
banker’s
draft’ is a banker’s draft the Bank
provides to the
Customer
. The Bank will take the amount out of the account at
the same time as the
Bank
writes or prints the draft. The Bank
will charge for a
banker’s
draft.
• A
‘bank working
day’ is any day which is not a Saturday, a
Sunday or a European Union bank holiday.
• The ‘
cleared
balance’ is the balance on the account excluding
any cheques which are currently going through the clearing
cycle.
• The ‘
Customer’ means the account holder(s)
or authorised
signatory(ies)
as set
out in the separate account operating
instructions the
Customer
provides the Bank from time to time
covering the
account and (if applicable) any of the Customer’s
other accounts with the
Bank, and includes in particular:
(a) in the case of a partnership and a limited partnership the
firm and the individual partners in the firm (in their separate
capacities of partners and individuals); or
(b) a sole trader or a professional practitioner; or
(c) in the case of a limited liability partnership, the limited
liability partnership; or
(d) in the case of a trust, the individual trustees.
• ‘
Internet Banking’ means the internet banking facilities operated
by the
Bank the terms and conditions for which are set out at
the end of this leaflet.
• A ‘
withdrawal’ is made when the Bank has taken all the
necessary steps to carry out the
Customer’s
instructions to pay
money out of the
account.
2. Availability of the account
2.1 This
account is available to all non-personal customers including
partnerships, limited partnerships, clubs, charities, associations, sole
traders, limited companies, limited liability partnerships, executors,
trusts or administrators. It is only available for business use. In the
case of individuals the
Customer
must be 18 years old or over. The
Customer
must be registered
for Internet Banking with the Bank to
open an
account.
3. How the account can be used
3.1 The
account is a deposit account and must not be used for normal
business transactions. If the
Bank
reasonably believes that the
account
is being used
for normal business transactions the Bank
may charge a fee for this.
3.2 The
Customer may only use the account as a non-personal account
for business use and the
Customer
must be trading in the European
Union.
3.3 The minimum deposit required to open an
account is $,£,€1.
3.4 Instructions will only be accepted by the
Bank for the account from
the
authorised signatories or anyone who has a legal right to give
instructions (for example, a trustee in bankruptcy).
3.5 The
Customer must always ensure that the cleared balance on the
account
is sufficient
to pay any withdrawal on the account
including the debiting of any charges.
3.6 If the
Customer receives money in a foreign currency the Bank will
change the amount of the transaction to $,£,€, on the date the
Bank
pays it into the
account. The Bank
may also make a charge for
this service. The
Bank will choose the exchange rate that will apply
but will always choose a reasonable one. Please ask for details as to
when the money will be available for the
Customer to take out.
3.7 Payments can only be made into the
account through the interaccount
transfer facility available on
Internet
Banking.
3.8 The
Bank may limit the amount the Customer or someone else can
pay into the
account if the Bank thinks it is necessary to:
• run the
Bank’s business lawfully;
• make sure the
Bank’s
financial regulator approves the way the
Bank
is run; or
• to take account of changes in market conditions.
3.9 The
Bank may limit the amount the Customer can take out of the
account
in any month if
the Bank thinks it
is necessary to run its
business lawfully and in a way which the
Bank’s regulator approves of.
4. Withdrawals
4.1 Any
withdrawal can only be made through the inter-account
transfer facility available with
Internet
Banking. Standing orders,
Direct Debits, bill payments, transfer to additional accounts outside
the
Bank, Keycard foreign transactions and cheque withdrawals are
not permitted. The funds can be paid to any other permitted
account held by the
Customer
with the Bank or any other bank
with a UK sort code.
4.2 Instructions to transfer money to or from the
account to or from
other accounts held with the
Bank
which are received on or after
6pm will be effected on the next
bank
working day.
4.3 Regular payments can be made to the
account by standing order.
Payments into the
account over the branch counter by Bank Giro
Credit at any branch or bank, or by post are not permitted.
4.4 The
Customer may make a withdrawal up
to the balance of the
account
without prior
notice.
5. Paying Interest
5.1 Where the
Bank has agreed to pay interest on any money in the
account
, the Bank will pay interest on the cleared balance that is in
credit at the rate or rates the
Bank sets.
14
5.2 The interest rate payable on the
account is variable and may be
altered by the
Bank. The Customer can check out current interest
rates by:
• visiting the
Bank’s
website clayhallmerchantbank.tripod.com
• contacting any of the Bank’s branches or business centres
and
asking for a copy of the current interest rates and charges
leaflet;
• asking the Bank’s
staff;
• contacting the Telephone Banking Service.
5.3 Interest is calculated each day on the cleared balance in the
account
and is paid each
month on the last bank working day.
Interest can be paid gross of tax subject to the
Customer
completing the necessary Inland Revenue documentation and this
being accepted by the
Bank, otherwise interest will be paid net of
tax.
5.4 The
Customer can choose to have the interest paid into the
account
or another permitted
account with the Bank held by the
Customer
or any other
bank with a EU sort code.
5.5 The
Bank will stop paying interest on the amount of a withdrawal
(if interest is paid under Condition 5.1) as soon as the
withdrawal is
made.
5.6 If the
account is closed either by the Customer or the Bank,
the
steps in Condition 5.3 will be followed to work out the interest the
Bank
has to pay on the
day the account is
closed. Interest is not
paid on the date the
account
is actually closed.
6. When can money be taken out of the
account?
6.1 The
Bank can take money out of the account to cover:
• each
withdrawal;
• any charge which the
Customer
owes the Bank on the account;
and
• any reasonable loss or expense the
Bank suffers in connection
with the
account.
The
Bank may do any of the above if the account is in credit or
overdrawn or if it goes overdrawn because of the amount the
Bank
takes out of the
account.
The
Bank can also take money out of the account under Condition 6.2.
6.2 Where the
Customer has more than one account with the Bank,
there are certain circumstances where the
Bank may be entitled to
take money from the
account in order to set off the amount owed
on another account. The
Bank
can do this without giving the
Customer
notice.
6.3 The
Bank can refuse to allow a withdrawal if there is not a
sufficient
cleared balance
in the account when the Bank is
asked to
make the payment.
7. Unauthorised Overdraft
7.1 The
Customer must not allow the account to go overdrawn.
7.2 If without the
Bank’s
agreement the account goes overdrawn the
Bank
may charge the Customer interest on the amount
of the
overdraft at the unauthorised interest rate the
Bank sets which
applies to the
account. The Customer must also immediately pay
the
Bank the amount the Customer is
overdrawn (and any charges)
so that the
Customer is no longer overdrawn.
7.3 If the
account is closed by the Bank or
by the Customer, the Bank
will work out the interest the
Customer will have to pay the Bank.
Interest is not charged on overdrafts on the date the
account is
actually closed. The
Customer
will also have to pay any overdraft
and charges which the
Customer
owes the Bank.
8. When are charges payable and when can they
be changed?
8.1 The
Bank can make charges on the account and for services or
facilities made available to the
Customer. Please ask for a copy of
the current charges which apply to the
account.
8.2 The
Bank can change the amounts charged to the Customer, make
new or different charges, and change the way the
Customer has to
pay charges for any valid reason.
8.3 The
Bank will tell the Customer the charge for any ancillary service
when the
Customer asks to use it.
9. Statements
9.1 The
Bank will send the Customer statements
for the account
quarterly.
9.2 The
Customer should check the statements when the Customer
gets them and let the
Bank
know as soon as possible if the
Customer
thinks they include
any information which seems to be
wrong.
10. Closing the account
10.1 The
Customer may close the account at any time.
10.2 The
Bank may close the account by
giving the Customer written
notice. Normally the notice will be at least 30 days. The
Bank may
also suspend or withdraw the Service (as defined in the
Internet
Banking
Terms and Conditions).
10.3 If there are exceptional circumstances (for example, there is
evidence of fraud), the
Bank
can close the account or suspend the
Service (as defined in the
Internet
Banking Terms and Conditions)
immediately, unless by law the
Bank has to tell the Customer first.
The
Bank will tell the Customer as soon as possible
if the Bank
does this.
10.4 If the
Bank closes the account under
Condition 10.2 or 10.3 the
Customer’s
money
will be returned along with any interest the
Bank
owes the Customer on the account. On closure the Bank can
pay the money to any other permitted account of the
Customer
with the
Bank or any other bank with a EU sort code or issue a
banker’s draft
to
the Customer for which
a charge will be payable.
10.5 If the
Bank closes the account the
Customer will still
have to pay
back any overdraft, interest or charges which the
Customer owes
the
Bank on the account.
10.6 The
Bank can close the account and keep the money in it if:
• the
Bank has not been able to find the Customer after making
reasonable attempts; and
• the
Customer has not taken any money out of the account or
paid any money into it for the past 12 months.
10.7 If the
Bank closes the account under
Condition 10.6 the Bank will
re-open the
account if:
• the
Customer asks the Bank to; or
• the
Bank thinks it is reasonable to re-open it.
If the
Bank re-opens the account,
the Bank will pay back
any
money which was in the
account
when the Bank closed it, together
with any interest which the money would have earned if the
account
had stayed open
in the meantime.
11. When can these conditions and the interest
rates be changed?
11.1 This condition will not apply to any changes to
Internet Banking
and/or Telephone Banking (if the
Customer is registered for
Internet Banking
and/or
Telephone Banking as appropriate) in
which case Condition 2 of the
Internet
Banking and Telephone
Banking Terms and Conditions will apply.
15
11.2 The
Bank can change these conditions for any valid reason. Valid
reasons include, but are not limited to product development, to
reflect any change in market conditions and for technical reasons.
The
Bank will give the Customer at
least 30 days’ notice but
reserves the right to make a change which is not to the
Customer’s
disadvantage immediately and to tell the
Customer about it within
30 days.
11.3 The
Bank can change interest rates at the Bank’s sole discretion at
any time.
11.4 Changes to interest rates may apply immediately (see also
Condition 12).
12. How will the Bank tell the Customer about
any changes?
12.1 This condition will not apply to any changes to
Internet Banking if
the
Customer has registered for Internet Banking, in which case
Condition 15 of the
Internet Banking
Terms and Conditions will
apply.
12.2 The
Bank will tell the Customer about
any changes the Bank makes
under Condition 12 to interest rates for the
account:
• by writing to the
Customer
(including statement inserts,
messages and letters); or
• by e-mail to the most recent address held on the
Bank's records
(if any) or by way of broadcast message appearing on the Service
(as defined in the
Internet Banking
Terms and Conditions)
noticeboard or posted on the
Bank's
public website.
12.3 If the
Bank increases any charges, makes new or different charges or
changes the way the
Customer has to pay charges for the day-today
running of the account, the
Bank
will give the Customer at
least 30 days' notice of this change by the methods described in
condition 12.2.
12.4 If the
Bank changes the conditions the Bank will give at least 30
days' notice by the methods described in 12.2 to those
Customers
whose terms are being changed (but the
Bank does not need to give
notice to those
Customers
whose terms remain the same).
13. What conditions apply to notices about the
account?
13.1 Condition 15 of the
Internet
Banking Terms and Conditions applies
to notices about the
account.
13.2 The
Customer must write to the Bank straight
away if the
Customer
changes name,
address and/or e-mail address but if the
Customer
does not write,
the Customer will have to pay the Bank’s
costs of finding the
Customer
or the Customer’s new address. The
Customer
should make sure
that the arrangements for receiving
mail at the address are safe.
14. When will the Bank stop the Customer
taking money out of the account?
14.1 If the
Bank reasonably thinks the account is being used for illegal
purposes or if the
Bank finds out that there is a disagreement about
who owns the money in the
account, the Bank may freeze
the
account
. This means that
the Bank will not allow
anyone to take
money out of the
account, pay money in (unless the Bank agrees) or
carry out any other transactions until the
Bank is satisfied that the
account
is not being used
for illegal purposes or the disagreement
is settled.
14.2 The
Bank may also freeze the account if the Bank finds
out that a
bankruptcy order or an insolvency order is made against the
Customer
or a trust deed
with the Customer’s creditors
is made, or
the
Bank reasonably thinks that any of these are likely to be made.
This means that the
Bank will not allow anyone to take money out
of the
account, pay any money in, or carry out any other
transaction unless that person has a legal right to do so (for
example, a trustee in bankruptcy).
15. Joint and several liability
Where an
account is in joint names the Customer should be aware of this
commitment and of the action that the
Bank will take in certain
circumstances. By having the
account
in joint names the Customer
accepts joint and several liability for any debt that may arise on the
account
together with
any interest and charges that may apply. This
means that the
Bank can recover any moneys the Customer owes the
Bank
on the account from any Customer
in full, although if this does
happen the party who pays the debt to the
Bank may have a right of
recovery against the other party.
16. General
16.1 The
Customer must not transfer, charge or give as security any part
of the
account or any of the Customer’s rights under these
conditions to anyone else, unless the
Bank agrees.
16.2 Instructions sent by fax or electronically other than through the
Internet Banking
service
are not acceptable unless the Customer
has made a prior arrangement with the
Bank.
16.3 For administration or similar reasons, the
Bank can also change the
name of any service or facility that the
Bank may let the Customer
use on the
account, or the name or number of the account without
giving the
Customer notice.
16.4 The
Bank may monitor and record phone calls to or from the Bank.
The
Bank may do this to check any instructions given over the
phone and to help train the
Bank’s
staff.
16.5 If the
Bank delays in enforcing any term which forms part of these
conditions this will not affect the
Bank’s
right to enforce the rest of
those terms.
16.6 Any reference to these conditions includes any changes made to
them.
16.7 These conditions are part of the legal agreement between the
Customer
and the Bank for the account.
17. Cooling Off Period
If within 14 days of opening the
account the Customer decides that the
Customer
no longer wants
it, the Bank will help the Customer switch to
another account with the
Bank, or if the Customer prefers
will refund the
Customer’s
money.
The Bank will pay interest
on the sum refunded. The
interest will be payable from the date the cleared funds are in the
account
until the day
the funds are refunded to the Customer.
16
Internet Banking Terms and Conditions
1. Definitions
In these terms and conditions which shall be governed by Scots law:-
“Account” means any account(s) held by the Bank in the name of the
Customer, whether in single or joint names other than specific types of
accounts that cannot be used in conjunction with the Service details of
which the Bank will provide to the Customer on request.
“Application” means the application in respect of Internet Banking available
from the Websites or (as the case may be) the application form overleaf.
“Bank” means the Governor and Company of Clayhall Merchant Bank and its
successors and assignees, if the account is opened before 31st December
2007 and Clayhall Merchant Banks successors and assignees, if the
account is opened on or after 31st December 2007.
“Customer” means an individual, partnership, company, local authority, or
other body corporate, trust or unincorporated association or entity which
has accepted these terms and conditions for the provision of the Service.
Where the Customer is more than one person or entity the liability of
each to the Bank shall be joint and several.
“Nominated User” means a person or persons permitted to use the
Service on behalf of the Customer which shall be:
(a) the person or persons so named in the Application; and
(b) any person or persons notified to the Bank pursuant to Clause 5;
and
(c) such other person or persons who may replace the persons referred
to in (a) and (b) above from time to time at the sole discretion of
the Customer, subject to the Customer notifying the Bank in writing
prior to the replacement.
“On-Line Help” means the help files accessed from the Websites that
assist users in the use of the Service, as amended from time to time by
the Bank.
“Secured Input” means the procedures which the Bank may advise the
Customer or any Nominated User of from time to time to enable use of
the Service which shall include without limitation a user identification
code.
“Service” means the Internet Banking service provided by the Bank that
enables the Customer to obtain access to information and give
instructions to the Bank via the Websites or via telephone and thereby:
(a) obtain information on any Account including transactions and
standing instructions;
(b) transfer funds to and from any Account (subject to any account
restrictions agreed separately with the Customer);
(c) instruct transfers to third parties’ accounts; and
(d) use the other facilities which the Bank may from time to time
incorporate into the Service;
all to the extent that the Service permits from time to time.
“Websites” means the websites through which the service may be
accessed as notified to the Customer from time to time, which may
constitute computer server equipment and programs owned and operated
by the Bank and or the Bank’s business partners.
2. Terms and Conditions
These terms and conditions are subject to the operating terms and
conditions relating to the Account(s) as previously notified by the Bank.
Subject to Clause 4, in the event of a conflict, the operating terms and
conditions relating to the Accounts will apply. The Bank may vary these
terms and conditions at any time by giving to the Customer not less than
30 days’ notice of any change to these terms and conditions, save where
the change needs to be made sooner to protect the security of the
Service or the Account or where the change is dictated by circumstances
beyond the Bank’s control. If the change is clearly to the detriment of the
Customer the Bank will notify the Customer personally and ignore the 30
days’ notice period which applies to termination of the Service.
Changes to these terms and conditions will be made to:
(a) reflect a change in market conditions, good banking practice or
legislation;
(b) reflect a development or change in the services or facilities the
Bank provides; or
(c) ensure the good management or competitiveness of the Bank’s
business.
Changes may be notified either in writing or by way of a broadcast
message appearing on the Service noticeboard or posted on the Bank’s
public website or by e-mail to the most recent e-mail address held on the
Bank’s records (if held).
By accessing the Service, Customers and Nominated Users are deemed to
accept the terms and conditions applicable from time to time to the
Service.
3. Telephone
By accepting these terms and conditions the Customer and any
Nominated User will be able to access the Service via one of the Bank’s
designated telephone banking services. The Bank may record telephone
calls made by the Customer or any Nominated User to the Bank so that
the Bank has a record of instructions given to it. The Bank may also listen
to such calls to help it improve the quality of its service.
4. Joint Accounts
The Service may be used in connection with joint Accounts provided that
all Account holders consent to operation of the Account via the Service
(whether or not any of them wish to take advantage of the Service
themselves) by a single Account holder and that any single Account
holder to a joint Account may validly give instructions via the Service to
the Bank in accordance with Clause 5. Any consent given pursuant to this
Clause 4 shall supersede any other existing arrangements that may apply
to the operation of such joint Account.
5. Security
To enable the Customer to use the Service the Bank will notify the
Customer or any Nominated User from time to time of its Secured Input.
A Customer may inform the Bank, in writing, of the name(s) of any
additional persons that are to become Nominated Users and, as
appropriate, the relevant authority levels for each of those persons.
The Bank will then notify that Nominated User of any changes to the
Secured Input that may be necessary.
A Customer may by informing the Bank set new or replacement authority
levels for any Nominated User acting on its behalf and may set different
authority levels for different Nominated Users. The Customer must notify
the Bank in writing of the removal of any Nominated User’s authority.
Neither the Customer nor any Nominated User shall disclose to nor allow
anyone else use of or access to its Secured Input. The Customer shall take
all reasonable precautions (including where appropriate implementing and
maintaining adequate security measures) to ensure that the Secured Input
17
remains secret and confidential to the Customer and any Nominated User
and that the Secured Input is not disclosed to anyone else. Should the
Customer suspect that the Secured Input has become known to an
unauthorised person or suspects any misuse of or breach of
confidentiality or secrecy in respect of the Secured Input the Customer
shall immediately contact the Bank. In any event the Secured Input
passwords shall be changed at least once every twelve consecutive
calendar months.
The Customer and any Nominated User shall comply promptly with all
changes or requests for changes to its Secured Input whenever so notified
or requested by the Bank.
6. Acting on Customer Instructions
The Bank is irrevocably and unconditionally authorised by the Customer
to act on all instructions (in whatever form) received in respect of the
Customer’s Account via the Service and to debit and credit the relevant
Account with the amount of all transactions initiated through the Service.
The Customer acknowledges that the supply of the Secured Input when
contacting the Bank via the Service is sufficient evidence for the Bank to
assume that it is dealing with the Customer without the Bank being
required to make any further enquiry or need to verify such authority or
instruction and the Bank may act on such authority or instruction or
purported authority or purported instruction accordingly. Once the
Customer has told the Bank of any misuse of or breach of confidentiality
or secrecy in respect of the Secured Input the Bank will take steps to
prevent the Secured Input being used to access any Account. Until the
Bank has been told of this, the Customer will be responsible for any
authority or instruction given using the Customer’s Secured Input, even if
it was not given by the Customer or a Nominated User. The Bank will not
be liable for having acted on such instructions. Normally, the Bank will pay
back into the appropriate Account the amount of any payments the Bank
makes after the Customer or a Nominated User has informed it of any
security problems. However, if the Bank can show that the Customer or a
Nominated User has acted fraudulently or has been grossly negligent the
Customer may be responsible for all payments made by the Bank and all
losses on the Account.
Instructions received via the Service will only be accepted by the Bank
when the Customer has the right to use the Service and this has not been
withdrawn or suspended for any reason. Provision of the Service will not
entitle the Customer to overdraw any Account if borrowing arrangements
have not been made with the Bank or to overdraw in excess of any limit
agreed by the Bank.
The Customer acknowledges that notwithstanding anything stated in this
Clause 6, the Bank reserves the right to withdraw the Service if it has any
suspicion that the Secured Input has or may have been disclosed to any
unauthorised person or if it has reasonable grounds to believe that the
Service is being used illegally or fraudulently. The Customer further
acknowledges that in exceptional circumstances the Bank may at any time
until further notice withdraw or suspend the operation of the Service but
will promptly notify the Customer of any such withdrawal or suspension.
7. Customer Obligations
When using the Service the Customer shall at its own expense provide
and maintain facilities suitable for gaining access to the Service and shall
be responsible for ensuring that these meet any requirements specified by
the Bank from time to time. If the Customer is using the Service for
business purposes, it shall make suitable contingency arrangements
including back up procedures in accordance with any good industry
practice applicable to the Customer to cover system or operating failures
or suspension or withdrawal of the Service. The Customer shall comply
with the requirements and directions of the On-Line Help, use the Service
only for the purposes specified in the On-Line Help, and ensure that all
instructions given are clear, correct and complete.
The Customer shall let the Bank know immediately if it becomes aware of
any failure to receive or delay in receiving any authorisations or
instructions through the Service, or any payment or transfer of funds
made or to be made pursuant to such authorisations or instructions, or
any known or suspected error or fraud in or affecting the sending or
receiving of any such authorisations or instructions or payment or transfer
of funds, or any known or suspected error affecting the user data, or any
programming error, defect or corruption of any such authorisations or
instructions. A Customer shall use its reasonable endeavours to assist the
Bank in any remedial steps proposed by the Bank in relation to any such
failure, delay, error, defect or corruption.
The Customer shall not delete, amend or alter in any way any proprietary
notices, trademarks or service marks appearing on any materials furnished
to it in connection with these terms and conditions or the Service.
It is up to the Customer to check the Service and the Bank’s public
website regularly for any notices applicable to the Customer.
8. Financial Information available via the
Service
The financial information available by means of this Service is for
reference purposes only as all transactions may not have been updated in
the Bank’s books. The timing of processing may vary depending on
whether the transactions are processed manually or electronically and
some transactions will be updated immediately while others will not be
processed until after the close of business.
This may result in the information available to Customers via the Service
not reflecting transactions in the Bank’s hands which have yet to be
processed. Similarly, items showing on screen may not yet have been
checked for validity or approved for payment and may not be credited or
debited to the Account on the subsequent completion of the Bank’s
checking procedures. Whilst the Bank shall use reasonable endeavours to
ensure that all financial information available through the Service is
regularly reviewed and is accurate, the Bank shall not be liable for any loss
incurred or damage suffered by the Customer by reason or in
consequence of any such financial information not being complete,
accurate or up to date. In view of the contents of this Clause 8 and
without prejudice to these terms and conditions the Bank reserves the
right and is hereby authorised (where in its reasonable opinion it is
necessary or appropriate to do so for the proper management of the
Accounts) to reverse any transaction entry (including in respect of unpaid
cheques) and make the necessary adjustments to the Accounts.
The records that the Bank from time to time maintains of authorisations
and instructions received and payments and transfers of funds and any
transactions effected by the Customer or any of its Nominated Users or
the Bank in connection with the Service shall, to the extent of such
records and in the absence of mistake, error, or oversight, be conclusive
proof and evidence of such authorisation, instructions, payments,
transfers and transactions and their respective constituents and the times
at which they were sent, received or effected.
18
9. Charges
The Bank reserves the right to charge the Customer a fee for the right to
use the Service. The Bank may introduce such fee or vary the basis of any
existing fee by giving to the Customer not less than 30 days’ personal
notice.
10. Proprietary Information
The documentation and information supplied to the Customer and any
Nominated User in connection with the Service, including without limit
the Secured Input (the “Proprietary Information”) is the confidential
information of the Bank. The copyright, service marks, trade marks and all
other intellectual property rights in the Proprietary Information wherever
in the world enforceable shall at all times remain vested in the Bank or, if
the terms of any contract the Bank has with any licensor otherwise
specify, in such licensor. The Customer shall take all reasonable steps to
protect the Proprietary Information and shall notify the Bank if it
becomes aware of any breach of any of the Bank’s intellectual property
rights in the Proprietary Information. The Customer acknowledges that it
does not own any right of copyright or other intellectual property rights
in the Proprietary Information.
The Customer shall not take copies, transfer, sell, lease, rent, make
available to third parties or charge or otherwise deal with the Proprietary
Information.
If the Customer accesses the Service from a country outside the European
Union, the Customer shall be responsible for complying with the laws
and regulations of that country.
11. No warranty
The Bank does not warrant that the use of the Service will meet the
Customer’s requirements or that the operation of the Service will be
uninterrupted or error free.
If the Customer is a company or otherwise acting for the purposes of its
trade, business or profession, then except as expressly set out in these
terms and conditions all conditions, warranties, terms and undertakings
express or implied, statutory or otherwise, in respect of the provision of
the Service or otherwise are hereby excluded.
12. Liability
Subject to any terms implied by law or by the rules of any regulatory
body and which cannot be excluded, the Bank shall not be liable in
contract, tort (including negligence), delict or otherwise:
(a) for the fraud of the Customer or Nominated User;
(b) for any downtime, unavailability, failure, malfunction, distortion or
interruption to the Service, whether caused by a failure in the
Websites, or any communications means or otherwise;
(c) for any omission, error, discrepancy, ambiguity in any Customer or
Nominated User instructions, for any failure by the Customer or
Nominated User to use the Service in accordance with these terms
and conditions, the On-Line Help or any other instructions provided
by the Bank from time to time (whether in writing, electronically or
orally) or any misuse or abuse of the Service by the Customer or
any neglect or default by the Customer or any loss or damage
caused or suffered by the Customer’s equipment as a result of being
connected to the Service;
(d) for indirect or consequential loss or damage or loss of profit,
opportunity, goodwill, or for loss of or damage to data or for
secondary or indirect loss or damage or for damage to or loss of
anticipated savings;
(e) for force majeure, including, without limitation, industrial disputes,
any act or omission by any third party or the revocation of any
licence held by the Bank in connection with the Service or any
other act or omission outside of the Bank’s control; and
(f) for any loss or damage incurred by the Customer through use of
financial information available through the Service, whether or not
such information is current.
Nothing in these Conditions shall limit the Bank’s liability to the Customer
for fraud by the Bank or for death or personal injury resulting from its
negligence or that of its employees or agents.
The Customer shall be responsible for any such loss which may be
incurred by the Bank as a consequence of any material breach by the
Customer of these terms and conditions and the Customer will indemnify
the Bank against any claims made against the Bank for recompense for
such loss and any costs incurred by the Bank in connection with such
claim.
13. Termination
These terms and conditions between the Bank and the Customer may be
terminated by either party giving to the other not less than 30 days’ prior
written notice at any time.
The Bank may terminate access to the Service immediately by written
notice in the event that:-
(a) the Customer or any third party takes steps to wind up, dissolve or
submit a petition for bankruptcy relating to the Customer; or
(b) the Customer is insolvent or makes any arrangement or composition
with its creditors; or
(c) a liquidator, trustee, receiver, administrator, administrative receiver
or similar officer is appointed over the undertaking or assets of the
Customer; or
(d) any creditor executes diligence against the Customer, whether
effectual or not, or any distress or execution is levied or enforced
against the Customer or any garnishee order is made and served; or
(e) the Customer materially breaches these terms and conditions.
Termination shall be without prejudice to all accrued rights, remedies and
obligations and to the provisions of Clauses 10 and 12 which shall
continue in full force and effect.
14. General
These terms and conditions are personal to the Customer and none of the
rights, benefits or obligations hereunder may be assigned or subcontracted
either in whole or in part by the Customer.
The waiver by the Bank of a breach or default of any of the provisions of
these terms and conditions by the Customer shall not be construed as a
waiver of any succeeding breach of the same or any other provisions nor
shall any delay or omission on the part of the Bank to exercise or avail
itself of any right, power or privilege that it has or may have under these
terms and conditions operate as a waiver of any breach or default by the
Customer.
15. Notices
All notices given to the Bank in connection with these terms and
conditions must be in writing and sent to the Customer’s Account holding
Branch marked for the attention of the manager or to Ecommerce,
post or facsimile transmission. Any notice, which is sent (a) by ordinary
(first class) post,
shall be deemed to have been served 2 working days after the time of
posting or (b) by facsimile transmission, shall be deemed to have been
served when transmitted, if transmitted during working hours and
otherwise on the next working day after transmission.
All notices given to the Customer by the Bank in connection with these
terms and conditions (save as expressly stated otherwise in these terms
and conditions) shall be in writing or sent by e-mail to the most recent email
address held on the Bank’s records (if held) or by way of a broadcast
message appearing on the Service noticeboard or posted on the Bank’s
public website. Any notice sent in writing shall be sent to the Customer at
19
the latest address held on the Bank’s records by ordinary (first class) post.
Any notice sent in writing shall be deemed to have been served 2 working
days after the time of posting. Any notice given to the Customer by the
Bank by e-mail shall be deemed served when it has left the Bank’s
premises. Any notice given to the Customer by way of a broadcast
message appearing on the broadcast noticeboard or posted on the Bank’s
public website shall be deemed to be served at the time it appears or (as
the case may be) is posted.
16. Unenforceable provisions
In the event that any provision of these terms and conditions is held
unenforceable, it will not affect the validity and enforceability of the
remaining provisions and will be replaced by the enforceable provision
that comes the closest to the intention underlying the unenforceable
provision.
17. Jurisdiction
The parties hereby accept the non-exclusive Jurisdiction of the Court of
Session in the Hague.
20
1. In these Terms and Conditions:
‘Account(s)’ means any Business Banking account(s) held by us in your
name.
‘the Agreement’ means the Agreement for operation of the Service
between you and us, the terms of which are these terms and conditions
together with the terms applicable to any mandate or other application
form or document that you may complete or sign in relation to the
Service, all as varied from time to time.
‘Business Banking Account’ means any account offered by us from time to
time under the name “Business Banking” and includes but is not limited to
the Business Current Account, Business Bonus Account, Direct Business
Cheque Account, Treasury Cheque Account, 30 Day Reserve Account and
EBusiness Deposit Account.
‘we/us’ means the Governor and Company of Clayhall Merchanr Bank and
our successors and assignees, if the account is opened before 31st
December 2007 and Clayhall Merchant Bank our successors and
assignees, if the account is opened on or after 31st December 2007.
‘you’ means the business which has applied for the Service.
‘Nominated User’ means any individual authorised by you to use the
Service on your behalf.
‘Access Code’ is the personal password advised to the Service by a
Nominated User.
‘Service’ means the service known as Clayhall Merchant Bank Telephone
Banking provided by us to enable you to contact us by telephone and thereby:-
a) obtain information relating to the Account(s) including transactions
and standing instructions.
b) transfer funds to and from the Account(s).
c) request from us the supply of items, such as chequebooks and
statements, which relate to the Account(s).
d) use any other facilities which may be available from the Service.
2.
The Service is provided
subject to these terms and conditions,
which are in addition to and should be read together with any other
terms and conditions, mandates or agreements relevant to the
Account(s). We may vary the terms and conditions after giving you
not less than one month’s notice except where legislation requires
an immediate change.
3. Fees/Charges
a) We have authority to debit your Account(s) with charges relating to
the following services:-
i) Orders for Foreign Currency and/or Foreign Drafts
ii) Bank Drafts, CHAPS payments and other sterling fund transfers
iii) International Payments
iv) Stock Exchange purchases and sales
Details of such charges are available on request from us. We reserve
the right to apply charges for further services which may be
introduced.
4.
a) Each Nominated User must keep details of his/her Access Code
secret. A Nominated User will not disclose the Access Code giving
access to the Service to any person other than Service staff.
b) You and the Nominated Users will take all reasonable precautions
to prevent unauthorised use of the Service and unauthorised access
to the Account(s).
c) If you suspect that the Access Code has become known to someone
else, you shall immediately notify Service staff and arrange to
change the Access Code.
d) If you have or a Nominated User has deliberately or negligently
disclosed the Access Code to someone else, you will be liable for
any transactions on the Account(s). Under these circumstances we
will not be liable for any losses incurred by you as a result of our
disclosure of information regarding the Account(s).
e) If a Nominated User forgets his/her Access Code at any time
he/she will be required to advise us by telephoning the Service
Staff whereupon arrangements will be made to have the Access
Code reset. For security purposes and to maintain the highest level
of service, all telephone conversations between Nominated Users
and Service staff may be recorded and certain calls may be
monitored by our staff.
5.
We are authorised by
you to act on all instructions received in
respect of the Account(s), via the Service, and to debit and credit
the Account(s) with the amount of all transactions initiated via the
Service provided that, with regard to verbal instructions, they are
authenticated by the use of:
(a) the Access Code, and
(b) any other procedures which may be agreed in writing between you
and us. As a further security measure, the Nominated User may be
asked a small number of personal questions.
In cases involving the transfer of funds from your Account, the
maximum sum which can be authorised in any one business day is
limited to $, £,€ 50,000.
6.
Provision of the Service
will not entitle you (or a Nominated User
acting on your behalf) to overdraw the Account(s) if borrowing
arrangements have not been made with us nor to overdraw in excess
of any borrowing limit agreed by us.
7.
We will not be responsible
for any loss suffered by any party should
the Service be unavailable by reason of
(a) any industrial action;
(b) the failure of your or our telephone equipment; or
(c) any other circumstances not reasonably within our control.
8.
In order to protect
you, us and the banking systems we are entitled
immediately to suspend or withdraw all or part of the Service if:-
(a) the Account(s) is/are being operated outwith the terms of this
Agreement, or
(b) we have reasonable grounds to believe that the Service may be
being used negligently, illegally or fraudulently, or
(c) we believe that security of our systems used to provide the Service
may be compromised.
In any such circumstances, we reserve the right to reverse or recall
any transactions made through the Service. Otherwise we will
terminate the Service and the Agreement only after giving not less
than one month’s notice.
You will remain liable for all transactions or obligations (and related
interest and charges) which are incurred before and after
termination.
9.
The financial information
available by means of the Service is for
reference purposes only. The timing of processing of transactions
through our books may vary depending on whether they are
processed manually or electronically and on whether they can be
Telephone Banking Terms and Conditions
21
updated immediately or will not be processed until after the close
of business. It may therefore be that the Account(s) information
available through the Service will not reflect transactions that may
be in our hands but which have not been processed or may reflect
transactions which have still to be verified for payment. We shall
not be liable for any loss incurred or damage suffered by you by
reason or in consequence of any such financial information not
being complete or up to date.
SHOULD ANY NOMINATED USER ACCESS ANY OF THEIR PERSONAL
ACCOUNTS THROUGH TELEPHONE BANKING THE FOLLOWING TERMS
AND CONDITIONS WILL APPLY TO THE EXCLUSION OF THE
FOREGOING TERMS AND CONDITIONS.
1. In these Terms and Conditions:
‘Account(s)’ means any account(s) held by us in your name, either in single
or joint names. If the account is in joint names, the Service is available
only if the mandate for the account allows operations by either of the
joint named account holders.
‘Agreement’ means the Agreement for operation of the Service between
you and us, the terms of which are these terms and conditions together
with the terms applicable to any mandate or other application form or
document that you may complete or sign in relation to the Service, all as
varied from time to time.
‘we/us’ means the Governor and Company of Clayhall Merchant Bank, if the
account is opened before 31st December 2007 and Clayhall Merchant Bank,
if the account is opened on or after 31st December 2007.
‘you’ means the Nominated User (being a person authorised to use the
Service in connection with a Business Banking Account) acting in their
personal capacity who has completed the necessary security
requirements for the Service.
‘Access Code’ is the personal password advised to the Service by you.
‘Service’ means the service known as Clayhall Merchant Bank Telephone
Banking provided by us to enable you to contact us by telephone and thereby:
a) obtain information relating to the Account(s) including transactions
and standing instructions.
b) transfer funds to and from the Account(s).
c) request from us the supply of items, such as chequebooks and
statements, which relate to the Account(s).
d) use any other facilities which may be available from the Service.
2.
The Service is provided
subject to these terms and conditions,
which are in addition to and should be read together with any other
terms and conditions, mandates or agreements relevant to the
Account(s). We may vary the terms and conditions after giving you
not less than one month’s notice except where legislation requires
an immediate change.
3.
a) You must keep details of your Access Code secret. You will not
disclose the Access Code giving access to the Service to any person
other than Service staff.
b) You will take all reasonable precautions to prevent unauthorised
use of the Service and unauthorised access to the Account(s).
c) If you suspect that the Access Code has become known to someone
else, you shall immediately notify Service Staff and arrange to
change the Access Code.
d) If you have deliberately or negligently disclosed the Access Code to
someone else, you will be liable for any transactions on the
Account(s). Under these circumstances we will not be liable for any
losses incurred by you as a result of our disclosure of information
regarding the Account(s).
4.
We are authorised by
you to act on all instructions received in
respect of the Account(s) either in writing or verbally via the
Service and to debit and credit the Account with the amount of all
transactions initiated by either means provided that, with regard to
verbal instructions, they are authenticated by the use of:
(a) the Access Code, and
(b) any other procedures which may be agreed in writing between the
Customer and the Bank.
In cases involving the transfer of funds from your Account, the
maximum sum which can be authorised in any one business day is
limited to $,£,€ 50,000.
For security purposes and to maintain the highest level of service,
all telephone conversations between you and Service staff may be
recorded and certain calls may be monitored by Service staff.
5.
Provision of the Service
will not entitle you to overdraw the
Account(s) if borrowing arrangements have not been made with us
nor to overdraw in excess of any borrowing limit agreed by us.
6.
We will not be responsible
for any loss suffered by any party should
the Service be unavailable by reason of
(a) any industrial action;
(b) the failure of your or our telephone equipment; or
(c) any other circumstances not reasonably within our control.
7.
In order to protect
you, us and the banking systems, we are entitled
immediately to suspend or withdraw all or part of the Service if:
(a) the Account(s) is/are being operated outwith the terms of this
Agreement, or
(b) we have reasonable grounds to believe that the Service may be
being used negligently, illegally or fraudulently, or
(c) we believe that security of our systems used to provide the Service
may be compromised.
In any circumstances, we reserve the right to reverse or recall any
transactions made through the Service.
* Otherwise we will terminate the Service and the Agreement only after
giving not less than one month’s notice.
* You will remain liable for all transactions or obligations (and related
interest and charges) which are incurred before and after termination.
8.
The financial information
available by means of the Service is for
reference purposes only. The timing of processing of transactions
through our books may vary depending on whether they are
processed manually or electronically and on whether they can be
updated immediately or will not be processed until after the close
of business. It may therefore be that the account information
available through the Service will not reflect transactions that may
be in our hands but which have not been processed or may reflect
transactions which have still to be verified for payment. We shall
not be liable for any loss incurred or damage suffered by you by
reason or in consequence of any such financial information not
being complete or up to date. Telephone calls may be recorded for
security purposes and may be monitored under our quality control
procedures.
