Current Accounts. The Account Holder understands and accepts that it is up to the absolute discretion of the Bank to pay any credit interest. In cases where the Account Holder’s deposits are subject to tax deduction (special defense contribution) according to the terms of the relevant laws regarding the deduction of tax from the interest earned on the Account Holder’s account, the Bank shall deduct the relevant amount from the interest earned on the Account ▇▇▇▇▇▇’s account. The Bank may provide a chequebook at the request of the Account Holder, to be used with current accounts. The Bank reserves the right at its sole discretion, or where required by Law or supervisory regulations, to refuse the issuing of a chequebook or to recall any unused cheques. The Account Holder has the obligation to keep the chequebook in a safe place and to take the necessary precautionary measures to prevent unauthorized use of cheques. In case of loss of part of the entire chequebook, the Account Holder has the obligation to immediately notify the Bank accordingly. The Account ▇▇▇▇▇▇ has the right to stop the payment of a cheque he/she/it has issued, providing the Bank with signed instructions and including all relevant data and information, such as issuing date, name of payee, amount, cheque number etc., as well as the reason for recalling the cheque. The Bank bears no responsibility if the cheque has already been paid. The Account Holder is responsible to indemnify the Bank for any damage suffered because of any non-payment of a cheque. Pursuant to the joint Directive of the Central Bank of Cyprus’ and the Commissioner of the Cooperative Societies’ Supervision and Development Authority regarding the opening and operation of current accounts and the creation of a Central Information Register for issuers of dishonored cheques* and other related matters, the holder of a current account who issues cheques that are subsequently dishonored, will be filed in the Central Information Registry (CIR). The filing of any person in the CIR results in the following: ⮚ Freezing of all the current accounts that the filed person may hold with any Bank or CCCSB, so that no withdrawals from or debits to such accounts are allowed except for amounts due to the relative Bank or CCCSB where the account is held. It is understood that the freezing of an account does not prevent the Bank or CCCSB from effecting a payment or allowing a debit to the account for the settlement of dishonored cheques that were issued before the notification of registration of their issuer, or for payment of insurance premiums, assigned to the Bank or CCCSB. ⮚ Compulsory return to the Bank or CCCSB of the chequebook of the filed person in the CIR within a period of 10 days from receipt of notification, provided that the filed person has been contacted by the Bank or CCCSB and has been informed of the restriction imposed on his/her/its account(s). Additionally, the customer must immediately specify to the Bank or CCCSB which cheques have been issued and have not been cleared (whether they are postdated or not), be able to at least indicate at the time of the chequebook’s return to the Bank or CCCSB and state the details of the issued but not yet cleared cheques (including the name of their beneficiaries, the date of issue or expiry date, and the amounts for which they were drawn). ⮚ The filed person is not allowed throughout the duration of the filing in CIR, to open a current account with the right to issue cheques on any Bank or CCCSB. The Bank, during its consideration of a prospective customer’s request to open a current account, shall ensure through research in the CIR, that the prospective customer is not a registered person and in the case of a legal entity prospective customer, that no member of its board is a registered person. The Account Holder hereby declares the following: ⮚ I/we have not issued any cheques on any account with any Credit Institution licensed by the Central Bank of Cyprus or CCCSB, which have been dishonored during the previous 12 months ⮚ I/we have been informed and are fully aware about the instructions issued by the Central Bank of Cyprus regarding the operation of current accounts. I/we are also aware that the issuers of dishonored cheques will be recorded in the CIR and that in case any cheques issued by me/us are dishonored, this information will be forwarded to the CIR together with my/our personal details. ⮚ I/we hereby irrevocably undertake to return on your first demand all the unutilized cheques in my possession Cheques deposited into a current account will be credited upon their final clearance. Cheques in foreign currency will be accepted for the credit of the account, at the Bank’s discretion, and will be converted to the currency of the account at the Bank’s exchange rate on the date of conversion. The cheques will be credited with value given in accordance with the Bank’s arrangements for each currency.
Appears in 1 contract
Sources: Terms and Conditions
Current Accounts. The Account Holder understands For the avoidance of doubt, references to "Deposits" in this section means Deposits in current accounts and accepts that it is up "Accounts" means current accounts.
7.1 If required by the Bank, to open a current account, the absolute discretion Customer must place an initial Deposit of not less than the amount prescribed by the Bank from time to time.
7.2 Save for deposit/payment via ATM, the Customer must use the Deposit forms of the Bank to pay any credit interestin making a Deposit. In cases where The Customer’s copy of a Deposit Slip is not a valid receipt unless it is validated by the Account HolderBank’s deposits are subject to tax deduction (special defense contribution) according to the terms computer terminal or is signed by an officer of the relevant laws regarding Bank and with the deduction of tax from the interest earned on the Account HolderBank’s account, the Bank shall deduct the relevant amount from the interest earned on the Account ▇▇▇▇▇▇’s accountrubber stamp impressed there on. The Bank may provide alter any incorrect entry in a chequebook at Deposit Slip and shall advise the request Customer of such alteration. If the Customer does not object to any such alteration within seven (7) Business Days of the Account Holderdate of such advice (or such other period as imposed or recommended by the rules and regulations of the Jurisdiction or any other relevant authority discharging its functions in the Jurisdiction) the Customer shall be deemed conclusively to have accepted the altered Deposit Slip as true and accurate in all respects. Any material alteration on any Deposit Slip will invalidate the receipt unless it is signed by an officer of the Bank. The Bank shall not be responsible or liable for any delay or error in crediting the Customer’s account in the event of any malfunctioning of the Bank’s computer systems of any of its terminals.
7.3 The application for cheque books should be made on the Bank’s prescribed forms or by any other method prescribed by the Bank. Cheques may not be drawn on the Bank except on those supplied by the Bank bearing the account number of the current account. A Customer who wishes to withdraw cash may do so with the prior consent of the Bank by using the prescribed cheque, prescribed withdrawal slips or such other instruments or forms as may be required by the Bank.
7.4 The Customer shall exercise care when writing out a cheque so as not to facilitate fraud. The Bank shall have the right to dishonour and return cheques where the signature of the Customer differs from the specimen supplied to the Bank. No alterations whatsoever shall be used with current accountsmade on the cheques. The Bank reserves the right at its sole discretion, to dishonour and return cheques which in the Bank’s absolute opinion bear any form of alteration (whether countersigned by the Customer/drawer or where required by Law otherwise) or supervisory regulations, the Bank has reasons to refuse doubt the issuing of a chequebook or to recall any unused cheques. The Account Holder has the obligation to keep the chequebook in a safe place and to take the necessary precautionary measures to prevent unauthorized use of cheques. In case of loss of part genuineness of the entire chequebookCustomer’s identity or fingerprint clarity, the Account Holder has affixing of the obligation to immediately notify fingerprint or the Bank accordingly. The Account ▇▇▇▇▇▇ has the right to stop the payment of a cheque he/she/it has issued, providing the Bank with signed instructions and including all relevant data and information, such as issuing date, name of payee, amount, cheque number etc., as well as the reason for recalling authority on the cheque. The Bank bears no responsibility if Customer shall not affix any company seal/rubber stamp/personal seal on the cheque has already been paidas this will be disregarded in the clearing process.
7.5 Cheques drawn on banks outside the Jurisdiction, postal orders and money orders may also be received for Collection, but the proceeds will only be credited after receipt of payment by the Bank. The Account Holder Bank is responsible entitled to refuse to accept for Collection Payment Instruments drawn in favour of third parties. Payment Instruments drawn on banks in the Jurisdiction will be credited to the Customer’s account on the same day but the Customer may not draw against the same until the proceeds thereof have been received by the Bank (unless the Bank has otherwise agreed in advance).
7.6 Cheques and other negotiable instruments deposited by the Customer will be returned to the Customer at its last recorded address with the Bank at the Customer’s own risk and expense if they are dishonoured.
7.7 The Customer shall indemnify the Bank for any damage suffered because from or against all Losses which arises from or by reason of the Collection of any non-payment of a cheque. Pursuant to Payment Instrument, dividend, warrant or other instruments presented by the joint Directive of Customer for Collection or the Central Bank of Cyprus’ and the Commissioner of the Cooperative Societies’ Supervision and Development Authority regarding the opening and operation of current accounts and the creation of a Central Information Register for issuers of dishonored cheques* and other related matters, the holder of a current account who issues cheques that are subsequently dishonored, will be filed in the Central Information Registry (CIR). The filing guaranteeing of any person in endorsement or endorsements, discharge or discharges on the CIR results in the following: ⮚ Freezing of all the current accounts that the filed person may hold with any Bank or CCCSB, so that no withdrawals from or debits to same and every such accounts are allowed except for amounts due to the relative Bank or CCCSB where the account is held. It is understood that the freezing of an account does not prevent the Bank or CCCSB from effecting a payment or allowing a debit to the account for the settlement of dishonored cheques that were issued before the notification of registration of their issuer, or for payment of insurance premiums, assigned to the Bank or CCCSB. ⮚ Compulsory return to the Bank or CCCSB of the chequebook of the filed person in the CIR within a period of 10 days from receipt of notification, provided that the filed person has been contacted guarantee given by the Bank or CCCSB and has shall be deemed to have been informed given at the request of the restriction imposed Customer.
7.8 When the Bank accepts or incurs liability for or at the request of the Customer the Bank shall have a banker’s lien on his/her/its account(s). Additionallyall Customer Property and funds, the customer must immediately specify monies, securities and other valuables belonging to the Bank or CCCSB Customer which cheques have been issued and have not been cleared (whether they are postdated or not), be able to at least indicate at in the time hands of the chequebook’s return to Bank (including any securities and valuables kept with the Bank or CCCSB and state the details of the issued but not yet cleared cheques (including the name of their beneficiaries, the date of issue or expiry date, for safe custody) and the amounts for which they were drawn). ⮚ The filed person is not allowed throughout the duration of the filing in CIR, to open a current account with Bank shall have the right to issue cheques on any Bank or CCCSB. The Bank, during its consideration of a prospective customerretain the same and return the Customer’s request to open a current account, shall ensure through research in the CIR, that the prospective customer is not a registered person and in the case of a legal entity prospective customer, that no member of its board is a registered person. The Account Holder hereby declares the following: ⮚ I/we have not issued any cheques Payment Instruments drawn on any account with any Credit Institution licensed by the Central Bank of Cyprus or CCCSB, which have been dishonored during the previous 12 months ⮚ I/we have been informed and are fully aware about the instructions issued by the Central Bank of Cyprus regarding the operation of current accounts. I/we are also aware that the issuers of dishonored cheques will be recorded in the CIR and that in case any cheques issued by me/us are dishonored, this information will be forwarded to the CIR together with my/our personal details. ⮚ I/we hereby irrevocably undertake to return on your first demand all the unutilized cheques in my possession Cheques deposited into a current account will be credited upon their final clearance. Cheques in foreign currency will be accepted for the credit of the account, at the Bank’s discretion, and will be converted to the currency of the account at the Bank’s exchange rate on the date of conversion. The cheques will be credited with value given in accordance with the Bank’s arrangements for each currencyCustomer.
Appears in 1 contract
Sources: Master Agreement
Current Accounts. For the avoidance of doubt, references to "Deposits" in this section means Deposits in current accounts and "Accounts" means current accounts.
7.1 If required by the Bank, to open a current account, the Customer must place an initial Deposit of not less than the amount prescribed by the Bank from time to time.
7.2 The Account Holder understands and accepts that it is up to Customer must use the absolute discretion Deposit forms of the Bank to pay any credit interestin making a Deposit. In cases where The Customer’s copy of a Deposit Slip is not a valid receipt unless it is validated by the Account HolderBank’s deposits are subject to tax deduction (special defense contribution) according to the terms computer terminal or is signed by an officer of the relevant laws regarding Bank and with the deduction of tax from the interest earned on the Account HolderBank’s account, the Bank shall deduct the relevant amount from the interest earned on the Account ▇▇▇▇▇▇’s accountrubber stamp impressed there on. The Bank may provide alter any incorrect entry in a chequebook at Deposit Slip and shall advise the request Customer of such alteration. If the Customer does not object to any such alteration within seven (7) Business Days of the Account Holderdate of such advice (or such other period as imposed or recommended by the rules and regulations or any other relevant authority the Customer shall be deemed conclusively to have accepted the altered Deposit Slip as true and accurate in all respects. Any material alteration on any Deposit Slip will invalidate the receipt unless it is signed by an officer of the Bank. The Bank shall not be responsible or liable for any delay or error in crediting the Customer’s account in the event of any malfunctioning of the Bank’s computer systems of any of its terminals.
7.3 The application for cheque books should be made on the Bank’s prescribed forms or by any other method prescribed by the Bank. Cheques may not be drawn on the Bank except on those supplied by the Bank bearing the account number of the current account. A Customer who wishes to withdraw cash may do so with the prior consent of the Bank by using the prescribed cheque, prescribed withdrawal slips or such other instruments or forms as may be required by the Bank.
7.4 The Customer shall exercise care when writing out a cheque so as not to facilitate fraud. The Bank shall have the right to dishonour and return cheques where the signature of the Customer differs from the specimen supplied to the Bank. No alterations whatsoever shall be used with current accountsmade on the cheques. The Bank reserves the right to dishonour and return cheques which in the Bank’s absolute opinion bear any form of alteration (whether countersigned by the Customer/drawer or otherwise) or the Bank has reasons to doubt the genuineness of the Customer’s identity or fingerprint clarity, the affixing of the fingerprint or the authority on the cheque. The Customer shall not affix any company seal/rubber stamp/personal seal on the cheque as this will be disregarded in the clearing process.
7.5 Cheques drawn on banks outside Singapore, postal orders and money orders may also be received for Collection, but the proceeds will only be credited after receipt of payment by the Bank. The Bank is entitled to refuse to accept for Collection Payment Instruments drawn in favour of third parties. Payment Instruments drawn on banks in Singapore will be credited to the Customer’s account on the same day but the Customer may not draw against the same until the proceeds thereof have been received by the Bank (unless the Bank has otherwise agreed in advance).
7.6 Cheques and other negotiable instruments deposited by the Customer will be returned to the Customer at its sole discretion, last recorded address with the Bank at the Customer’s own risk and expense if they are dishonoured.
7.7 The Customer shall indemnify the Bank from or where required against all Losses which arises from or by Law or supervisory regulations, to refuse the issuing of a chequebook or to recall any unused cheques. The Account Holder has the obligation to keep the chequebook in a safe place and to take the necessary precautionary measures to prevent unauthorized use of cheques. In case of loss of part reason of the entire chequebookCollection of any Payment Instrument, dividend, warrant or other instruments presented by the Account Holder has Customer for Collection or the obligation to immediately notify guaranteeing of any endorsement or endorsements, discharge or discharges on the same and every such guarantee given by the Bank accordingly. The Account ▇▇▇▇▇▇ has shall be deemed to have been given at the request of the Customer.
7.8 When the Bank accepts or incurs liability for or at the request of the Customer the Bank shall have a banker’s lien on all Customer Property and funds, monies, securities and other valuables belonging to the Customer which are in the hands of the Bank (including any securities and valuables kept with the Bank for safe custody) and the Bank shall have the right to stop retain the payment same and return the Customer’s Payment Instruments drawn on any account of the Customer.
7.9 Any cheque drawn on the Bank shall be in the form of the Bank’s cheques issued to the Customer for that Account. The cheque must be drawn in the Account Currency. If a cheque he/she/it has issuedis drawn in any other currency, providing the Bank with signed instructions and including all relevant data and information, such as issuing date, name of payee, amount, cheque number etc., as well as the reason for recalling may return the cheque. The Bank bears no responsibility if may refuse to honour any cheque where in the cheque has already been paid. The Account Holder is responsible to indemnify the Bank for any damage suffered because opinion of any non-payment of a cheque. Pursuant to the joint Directive an officer of the Central Bank of Cyprus’ and the Commissioner of the Cooperative Societies’ Supervision and Development Authority regarding the opening and operation of current accounts and the creation of a Central Information Register for issuers of dishonored cheques* and other related mattersBank, the holder of a current account who issues cheques that are subsequently dishonored, will be filed in signature differs from the Central Information Registry (CIR). The filing of any person in the CIR results in the following: ⮚ Freezing of all the current accounts that the filed person may hold with any Bank or CCCSB, so that no withdrawals from or debits to such accounts are allowed except for amounts due to the relative Bank or CCCSB where the account is held. It is understood that the freezing of an account does not prevent the Bank or CCCSB from effecting a payment or allowing a debit to the account for the settlement of dishonored cheques that were issued before the notification of registration of their issuer, or for payment of insurance premiums, assigned specimen furnished to the Bank or CCCSB. ⮚ Compulsory return by the Customer to the Bank or CCCSB authorise operation of the chequebook Account. The Bank may refuse to make cash payments where the word “bearer” has been cancelled on the cheque presented for payment.
7.10 Any alteration on a Payment Instrument, save for cheques, must be confirmed by the drawer’s full signature. The Bank may dishonour any Payment Instrument where the alteration is confirmed by an incomplete signature or by initials only.
7.11 The Bank may mark a Payment Instrument as ‘good for payment’ for another bank and the Customer’s Account will be debited immediately with the amount of the filed person Payment Instrument so marked.
7.12 Overdrafts are allowed only if there is an arrangement with the Bank. The rate of interest chargeable in the CIR within a period respect of 10 days from receipt of notification, provided that the filed person has been contacted any overdraft shall be as determined by the Bank or CCCSB from time to time and has been informed interest will be calculated on a daily basis with monthly rests.
7.13 The Customer may countermand a cheque by a written notice specifying the serial number of the restriction imposed on his/her/its account(s). Additionally, the customer must immediately specify to the Bank or CCCSB which cheques have been issued and have not been cleared (whether they are postdated or not), be able to at least indicate at the time of the chequebook’s return to the Bank or CCCSB and state the details of the issued but not yet cleared cheques (including the name of their beneficiariescheque, the date of issue or expiry dateissue, the payee’s name (if any) and the amounts amount. Any stop payment Instructions or countermand of payment made otherwise than in writing shall not be binding on the Bank. The Bank shall not be responsible or liable for which they were drawn). ⮚ any loss or damage suffered by the Customer where the countermanding or stopping of payment Instructions cannot be effected due to any delay and/or oversight by the Customer in issuing such Instructions to the Bank and in such circumstances, the Bank shall be entitled to debit the full amount of any cheque paid.
7.14 The filed person is not allowed throughout the duration of the filing in CIR, to open Bank may levy or impose a current account with the right to issue cheques service charge on any Bank or CCCSB. The Bank, during its consideration of a prospective customer’s request to open a current account, shall ensure through research in the CIR, that the prospective customer is not a registered person and in the case of a legal entity prospective customer, that no member of its board is a registered person. The Account Holder hereby declares the following: ⮚ I/we have not issued any cheques on any account with any Credit Institution licensed by the Central Bank of Cyprus or CCCSB, which have been dishonored during the previous 12 months ⮚ I/we have been informed and are fully aware about the instructions issued by the Central Bank of Cyprus regarding the operation of current accounts. I/we are also aware that the issuers of dishonored cheques will be recorded in the CIR and that in case any cheques issued by me/us are dishonored, this information will be forwarded to the CIR together with my/our personal details. ⮚ I/we hereby irrevocably undertake to return on your first demand all the unutilized cheques in my possession Cheques deposited into a current account will be credited upon their final clearance. Cheques in foreign currency will be accepted for the credit of the account, at the Bank’s discretion, and will be converted to the currency of the account at the Bank’s exchange rate on the date of conversion. The cheques will be credited with value given in accordance with the applicable rules and regulations.
7.15 The Bank may close any Customer’s Account at any time without disclosing or assigning any reason by giving such notice as the Bank shall, in its absolute discretion, determine or the notice period as may be imposed or recommended by the applicable rules and regulations.
7.16 Upon the closing of any Account all cheques issued to the Customer by the Bank shall become the property of the Bank and the Customer shall forthwith return the same to the Bank’s arrangements .
7.17 Any Payment Instruments presented to the Bank will be retained by the Bank after payment for each currencya period of two (2) years or such other period as may be imposed or recommended by the applicable rules and regulations from the date of payment. Thereafter, such Payment Instruments will be destroyed unless the Customer applies to the Bank for the return of any particular Payment Instrument before the expiry of that period.
Appears in 1 contract