What is a dormant account?
10.1 If no withdrawal, deposit, fund transfer or use of electronic banking services is made on a savings account (excluding fixed deposit) for 24 consecutive months or current/cheque account for 12 consecutive months, or such other period that we notify to you, we classify the account as dormant.
Fees for dormant accounts
10.2 If the balance of a dormant account:
- falls below a minimum limit set out in the Service & Price Guide, we may close the account and use any credit balance to pay the dormant account fee set out in the Service & Price Guide or as notified by us; or
- is above the minimum limit set out in the Service & Price Guide, we may debit the dormant account fee set out in the Service & Price Guide or as notified by us until the account is closed, unless prohibited by law.
11 Closing accounts
When we may close accounts
11.1 We may close a savings account, fixed deposit , current/cheque account, joint account at any time. We need not give a reason for doing so. If we do so, we pay you the balance of the account in the manner we determine.
Return of cheque books
11.2 If a current/cheque account is closed, you must ensure that any unused cheque books are returned to us.
12 Foreign Exchange
Entering into foreign exchange transactions
12.1 If you are interested in entering into a foreign exchange transaction, you should contact us to discuss your requirements.
Foreign exchange transactions involve various risks including movements in currency rates. You can make losses and that is a risk you take. If you do not understand the risks or are not willing to accept the risks or make losses, you should not enter into foreign exchange transactions with us.
- You must decide for yourself whether you should participate in foreign exchange transactions at all and, if you do, about each individual foreign exchange transaction.
- Our role is not to give advice, recommendations or warnings to you. We do not monitor your foreign exchange transactions or movements in currency rates for you – this is your responsibility.
- Anything we, including any of our officers, employees or agents, say to you is opinion only. You may not rely on it or hold us liable for it, even if it is wrong. Similarly, you may not hold us liable if we fail to give you advice, recommendations or warnings.
- We will not be liable for your losses in any circumstances.
12.2 Our banking agreement for foreign exchange transactions and the terms of all foreign exchange transactions constitute a single agreement between you and us.
12.3 If we enter into a foreign exchange transaction with you orally, the foreign exchange transaction is made from the time you and we make the oral deal.
12.4 On each date on which we enter into a foreign exchange transaction with you, you will be taken to represent that:
- You have made your own independent decisions to enter into that foreign exchange transaction and whether that foreign exchange transaction is appropriate or proper for you based on your own judgement and on advice from advisers that you have considered necessary; and
- You are not relying on any communication from us as advice or a recommendation or a guarantee of result in connection with any foreign exchange transaction and we are not a fiduciary or advisor to you in connection with our banking agreement or any foreign exchange transaction.
12.5 Subject to what follows, you and we must make the payments required under each foreign exchange transaction in accordance with Part F (Payments) of the Customer Terms in the currency required under the foreign exchange transaction.
12.6 We and you may agree from time to time the manner of settling transactions, or particular types of transactions.
12.7 If you fail to make a payment under any foreign exchange transaction on its due date or for any reason you are not able to honour your commitment on the due date, the bank has the right to reverse the foreign exchange transaction and debit the loss of closing out the FX position including interests to your account.
12.8 The Bank may at its discretion withhold payment of monies due to you under any foreign exchange transaction until such time as it is satisfied that it has received or will receive the amount due from you.
12.9 You will honour foreign exchange transactions even in case your instruction is cancelled by the bank due to any signature mismatch, call back failure, discrepancy in instruction, insufficient funds, sanctions etc. You can give a fresh instruction to the Bank within three working days of booking the deal.
12.10 For foreign exchange transactions that require currency conversion, the Bank will convert the currency of the payment at the rate of exchange prevailing for purchasing and selling the relevant currency at the time of processing of the transaction.
12.11 For booked foreign exchange transactions, the Bank will convert the currency of the payment at the rate of exchange prevailing for purchasing & selling the relevant currency at the time of booking the foreign exchange transaction.
12.12 You acknowledge that any foreign exchange transactions for the same day value are subject to the time when the instruction of booking such transaction is received as we have cut-off times relating to the geographical location of the payment destination.
12.13 If you and we owe each other amounts under our banking agreement for foreign exchange transactions in the same currency on the same day, then, unless otherwise agreed, the party owing the higher amount must pay the difference between those amounts. In those circumstances the other party does not make a payment.
Termination and close out
12.14 We may terminate all of the foreign exchange transactions if:
- a default occurs; or
- You do not send the original / physical instruction to us within two working days from the date of booking the foreign exchange transaction.
- You disclaim, repudiate or challenge the validity of our banking agreement or any part of it.
12.15 If we terminate or close out foreign exchange transactions under clause, you must also pay us on demand our costs in connection with terminating foreign exchange transactions.
- Unless the contrary intention appears, in these terms:
- a reference to a time of day is a reference to Cote d’Ivoire time; and
- a default is “continuing” if it has not been waived, or remedied to the satisfaction of the other party.