Please read this page carefully. It provides you with important information about your account. The information herein may be amended, modified, varied, or reviewed by the bank from time to time with or without notice to you.
A The Bank
The information on this page and any further instructions and conditions that may be prescribed by the Bank from time to time are the terms of the agreement between you and Ultraviolet Microfinance Bank Ltd. When you sign the account application form you accept these terms as binding on you.
B Your Account
1. You will assume full responsibility for the genuineness, correctness, and validity of all endorsements appearing on all cheques, orders, and bill notes. negotiable instruments and receipts or others deposited in your accountY
2. The bank will not be responsible for any loss or damage to funds deposited with the bank due to any future Government order, laws, levy, tax, embargo, moratorium, exchange restrictions or any other cause beyond our control.
3. Your account may be debited for any service charge set by the bank from time to time.
4. All notices or letters will be sent to the address supplied by you and will be considered duly delivered and received at the time it is delivered.
5. Unless authorized and/or agreed to by the bank. The bank will not be liable for funds and/or cheques handed over to members of its staff outside banking hours or outside the bank’s premises.
6. Any anomaly in the entries on your bank statements must be brought to the attention of the bank within 21 days of the date thereof and failure to give such notice absolves the Bank from all liabilities arising therefrom.
7. The Bank may exercise its general lien or any similar right it is entitled to by law and without any notice to you whenever necessary, combine, consolidate all or any of your accounts with the Bank and set off or transfer any sum or sums standing to your credit to liabilities in other accounts.
8. I/we understand that my/our account will be classified as inactive/dormant if not operated for a period of 365 days.
9. We understand that you may decline this application without being required to state a reason.
10. That cheques cannot be paid into my savings account and that funds can only be withdrawn from my savings account by me in person.
11. The Bank is hereby authorized to debit my/our account for the cost of the search to be carried out on an account holder which is a business name or limited liability company
12. Where there is a dispute between officers, shareholders, and/or directors of a corporate account holder the Bank may at its discretion stop further operation of the account without any liability whatsoever until the dispute is resolved to the satisfaction of the Bank.
13. The Bank shall stop further transactions on an account upon receipt of a relevant order of the court, a government agency order, or instruction with or without notice to you
14. The Bank may initiate or roll over reinvest on your behalf any monies standing to the credit of your account in any of your investment securities, time deposits, treasury bills, or commercial papers whether guaranteed or not until contrary instructions are given by you.
15. If you do not have the required satisfactory form of identification, we may still open a savings account for you if you are appropriately introduced by a person known to us. However, transactions on your account shall be limited to the prescribed limits set from time to time until you provide the required/satisfactory form of identification
16. Any deposits/payments made into your account(s) by you or any third party shall be assumed to have emanated from you and/or authorized by you.
C.Cheques
1. A chequebook will be issued to you by the Bank upon the opening of the account and subsequently upon your request and the cost shall be debited/charged to your account
2. All cheques or other instruments/forms signed by you (or either both of you if a joint account or multiple Signatories) will be honored by the Bank and your account will be debited for such cheques whether such account is in credit or overdrawn or may become overdrawn in consequence of such debit.
3. The Bank is under no obligation to honor any cheque drawn on your account unless there are sufficient funds in the account to cover the value of the said cheque and such cheques may be returned to you unpaid.
4. The Bank may exercise its discretion in allowing withdrawals against uncleared cheques Where the cheques are returned unpaid thereafter the Bank shall reserve the right to hold on to the returned cheques and take any further action it. Deems appropriate to recover the value of the cheque from you.
5. You must ensure that your checkbook is kept in a safe place to prevent unauthorized persons from gaining access to same and neglect of this precaution may be a ground for any consequential loss being charged to your account
6. If your cheque book is lost, missing, or stolen you must notify the Bank immediately in writing. The Bank shall not be held liable for any unauthorized use of your cheque book Where the loss or Otherwise of same has not been duly notified to the Bank
7. Your account will only be credited with the value of a cheque lodged with us after the requisite clearing period in accordance with the rules of clearing in force at the time of lodging the cheque.
8. The Bank requires that you confirm a cheque drawn on a current account of an amount of N100,000.00 and above or as may be reviewed from time to time failing
5. You must ensure that your checkbook is kept in a safe place to prevent unauthorized persons from gaining access to same and neglect of this precaution may be a ground for any consequential loss being charged to your account
6. If your cheque book is lost, missing, or stolen you must notify the Bank immediately in writing. The Bank shall not be held liable for any unauthorized use of your cheque book Where the loss or Otherwise of same has not been duly notified to the Bank
7. Your account will only be credited with the value of a cheque lodged with us after the requisite clearing period in accordance with the rules of clearing in force at the time of lodging the cheque.
8. The Bank requires that you confirm a cheque drawn on a current account of an amount of N100,000.00 and above or as may be reviewed from time to time failing which the cheque shall be returned with “Drawer’s confirmation required endorsed thereon
D. Overdrawn Account
Overdrafts may be available to current account customers upon arrangement. If you do not have such an arrangement and your account is overdrawn, the bank may charge you an extra fee and interest at our current rate for unauthorized borrowing. If your account does not have enough cleared funds to cover an amount you want to draw, we may return your cheque unpaid.
E. Paying interest
The Account shall bear interest at a rate as may from time to time be fixed by the Bank. You will be liable for the payment of the interest charges at the rate fixed by the Bank from time to time for any sum(s) standing to the debit of a current account. An account may also be debited for the Bank usual banking charges, interests, commissions, etc.
F. Termination of agreement
1. Either party may terminate this agreement at any time by informing the other in writing
2. Where you are terminating the agreement it becomes effective where any cheques and amounts drawn on the account have been paid and cheque book issued to you are sent back to the Bank. Where the Bank is terminating the agreement and your account is overdrawn, you must pay all sums outstanding on the account, otherwise the Bank may take appropriate legal action for recovery
G. Joint Holders
In addition to the foregoing in the case of joint accounts, the following shall apply if one of the holders dies
1. Any money for the time being standing to the credit of your joint account(s) may be held to the order of the survivor.
2. Anything held by the Bank either by way of security or for safe custody or any purpose whatsoever other than for collection of the joint accounts shall be held to the order of the survivor and the personal representatives of the deceased, acting jointly.
3. Any liability incurred ‘by joint account holders to the Bank -in respect of your instructions (whether in the form of borrowing or otherwise) shall be joint and several.
H Indemnity
We/I hereby agree to indemnify Ultraviolet Microfinance Bank Ltd. in full against any action, claim, proceedings, or act, arising from this account or representations made by us/me in respect of this account or for whatsoever in connection with this account. We/l further confirm that all our/my dealings in respect of this account shall not be contrary to any subsisting regulation in force whether in Nigeria or any other country from time to time
I Disclaimer Clause
The Bank disclaims any liability for any funds or assets deposited by you which are subsequently found to have been derived from illegal sources or activities. You confirm that the funds/assets deposited are not derived from any illegal sources or activities.
J. The Bank may collect, use and disclose information provided in the course of the bank-customer relationship to the CBN and the Credit Bureaus, and the Credit Bureaus may use the information for any approved business purposes as may from time to time be prescribed by CBN and/or any relevant statute.
ACCOUNT OPENING REQUIREMENT
- PASSPORT PHOTOGRAPH OF EACH SIGNATORY
- IDENTIFICATION CARD OF EACH SIGNATORY
- UTILITY BILL RECEIPT
- TWO REFERENCE FORMS (CURRENT ACCOUNT ONLY)
