BANK MANDIRI (EUROPE) LIMITED ( BMEL ) TERMS & CONDITIONS CARDINAL COURT 23 THOMAS MORE STREET, LONDON, E1W 1YY

Transcription

1 BANK MANDIRI (EUROPE) LIMITED ( BMEL ) TERMS & CONDITIONS CARDINAL COURT 23 THOMAS MORE STREET, LONDON, E1W 1YY Tel. No: (0207) Facsimile: (0207)

2 Bank Mandiri (Europe) Limited Terms of Business Contents Terms of Business 1. General Regulatory status Communication Postal, telephone, fax and instructions Current account Credits to and payments out of your account Uncovered payments Interest and charges Statements Third party commitments Our right of set off Our right of appropriation Our right of lien Our liability to you and your liability to us Information about you Termination No waiver Variation of terms Assignment Governing law and jurisdiction Complaints.. 11

3 1. General 1.1. Bank Mandiri (Europe) Limited is a provider of financial services. The Bank s registered office is: Cardinal Court, 23 Thomas More Street, London E1W 1YY. Registered in England under Company No Bank Mandiri (Europe) Limited offers a range of financial services. These Terms of Business set out the general terms and conditions that apply These Terms of Business should be read in conjunction with any other documents offering or confirming services and any other document relating to a particular service or facility. In the case of any contradiction between these Terms of Business and other documents the other documents shall have priority In these Terms of Business references to we us and our shall mean Bank Mandiri (Europe) Limited our parent company and any companies we or our parent company totally or partly own at any time. Reference to you and your means you and shall include (where appropriate) any person you authorise to give instructions on your behalf In cases where the expression you or your includes more than one person (for example joint account holders) it shall be taken to refer to all or anyone or more of them, and their obligations shall be joint and several. 2. Regulatory status 2.1. Bank Mandiri (Europe) Limited is authorised and regulated by the Financial Services Authority under firm reference number The Financial Services Authority is the principal regulatory body for financial services in the United Kingdom and can be contacted at: The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: Or by visiting their website 3

4 3. Communication 3.1. We may contact you by post, telephone, facsimile (fax) and computer (which in these Terms of Business includes the internet and any form of electronic message made by any type of electronic device) using the latest address, telephone / fax number or electronic mail address you have given us. It is your responsibility to ensure that we have your current contact details. You must provide us with such proof of change of address as we may request. We may refuse to implement any change of address until given all the proof required You can contact us at the appropriate address and telephone number we give you, or by computer following any user guidance we provide We may record or monitor telephone calls between us so that we can check instructions and make sure that we are meeting our service standards We will not be liable for any losses that you may incur as a result of your failure to comply or delay in complying with your obligations under this clause Postal, telephone, fax and instructions 4.1. You authorise us to accept any instruction (except standing instructions) by post, telephone, facsimile and computer without further authentication or confirmation. We may refuse to accept any instruction that does not appear to us to comply with any mandate until we have carried out an appropriate validation process which may include telephoning you to re-confirm the instruction You agree that we may accept instructions from any person representing themselves to be you or your agent, whether individually or jointly, in accordance with the signing mandate given to us These instructions will be at your risk and you hereby fully indemnify us and agree that we will not be responsible for any losses, including legal fees, which result from us acting on or refusing to act on instructions received in this way We can refuse to act on any instruction if: we have a good reason for thinking that you did not give us the instruction; the instruction is not clear; or we believe that by carrying out the instruction we might break a law, regulation, code or other duty which applies to us. 4

5 5. Current account You must maintain a current account with us throughout the life of any services or facilities unless we agree otherwise in writing. We may charge (in accordance with our Standard Tariff or as otherwise notified in writing) to your current account all amounts due in respect of any service or facility, and you will repay any resulting indebtedness on demand together with interest. 6. Credits to and payments out of your account 6.1. If we receive instructions and credits for an account before the relevant cut-off time on any working day we will process them on that day or on the date specified in your instructions. We will endeavour but do not guarantee to process instructions and credits received after the cut-off time on that day or on the date specified in your instructions. If we are not able to process instructions and credits received after the cut-off time on that day they will be processed on the next working day. Instructions and credits received for a non working day will be processed on the next working day. The cut-off time is the latest time each day that we can make payments or transfers from an account. We will tell you the cut-off times applicable to telephone and computer instructions Your statement balance will show credits when we receive them even if they include cheques which are not cleared. To calculate interest we generally treat cheques as cleared when we receive value for them from the relevant bank through the banking system. The funds become available for withdrawal when we are reasonably certain that the cheque paid into your account will not be returned unpaid by the issuer s bank. This is when you can start to use the value of the cheque and is normally on the fifth working day after the cheque is paid in, however, the bank can still return the cheque unpaid at a later date, e.g. for lack of funds. If it does so we will debit your account with the amount of the cheque If any cheque you have paid in is returned to us unpaid or any electronic or other payment you have received is recalled we will debit your account, whether or not it goes overdrawn and even if we allowed you to make a payment against the item If you make a payment from an account without giving the notice required for that account, we may make a charge or reduce the interest payable on the account Unless we agree otherwise, when you give us an instruction to make a payment we will decide how the payment will be sent To make an international payment, we may have to send payments through another paying bank and, if this is the case, we will use a paying bank that is either chosen: by us; or by a bank in the country the payment is being sent to and/or in the country whose national currency is being sent. 5

6 6.7. If we have to make an international payment through another bank, we will give you an indication of the date on which the payment should be received by that bank. This does not mean that the person the payment is being sent to will receive the payment on the same day. This will depend on the banking practice of the country concerned In making an international payment we are acting for you. You will have to comply with any relevant local laws and you agree to hold us harmless against all obligations and responsibilities we incur as a result of acting for you. 7. Uncovered payments 7.1. We do not accept any obligation to make uncovered payments unless we have agreed to do so in writing. An uncovered payment is a payment where there are insufficient cleared funds standing to the credit of the account from which the payment is to be made, or an insufficient agreed credit facility, to meet that payment and all the other payments requested, disregarding uncleared credits to that account Unless we have specifically agreed otherwise with you, we may demand the repayment of, or reduction in, your credit facility at any time without notice. Until you repay us in full we will charge interest and fees both before and after any court order in our favour for repayment. 8. Interest and charges 8.1. Interest and charges are payable in accordance with the terms governing a particular facility or service. Details of our general charges are contained in our Standard Tariff. Details of the BMEL lending rate is available on our website Interest on facilities with a variable rate of interest is payable monthly or as otherwise agreed in writing on our usual charging days and on final repayment of the indebtedness. Interest accrues on the daily cleared debit balance on the account(s) concerned at the agreed rate(s) and is compounded monthly (both before and after demand and/or judgement) Interest on any indebtedness from time to time in excess of agreed facilities will be charged at our penalty interest rate or such other rate as we shall specify All costs, charges and expenses incurred or suffered by us, including legal costs, arising at any time in connection with any service or facility or with any related security or guarantee are payable by you on demand. 9. Statements 9.1. We will provide statements showing all amounts added to or taken from your account since the previous statement. You must check your statement carefully and tell us as soon as possible if it includes something that appears to you to be wrong or not made in accordance with your instructions. 6

7 9.2. We will correct any entries we make by mistake to your account as soon as possible after you tell us about them or we notice them We may put messages on your statements to tell you about changes to this agreement. 10. Third party commitments We must approve the wording of any commitment that we are asked to enter into (such as but not limited to letters of credit, bonds or guarantees). It is your responsibility to take independent advice upon the effect of the terms of any such commitment You will, on demand, pay to us an amount equal to the full face value of any contingent or future liabilities incurred by us at your request (such as but not limited to letters of credit, bonds or guarantees). We may hold any such payment in our own name and may use it to meet such liabilities. 11. Our right of set-off We may use any amounts you have on any account (either in your own name or jointly with anyone else) with us in any currency to pay any sum due from you to us. We may use any sum that we owe you to pay any sum due from you to us in respect of any account You shall not be entitled to set off any credit balance against any amount that you owe us We may reverse any credit or transfer made into your account in error, howsoever made, or subsequently found to have been perpetrated by a fraud Our rights under this clause 11 are in addition to and do not diminish any other right which we may have to recover any sum which you owe to us. 12. Our right of appropriation Where more than one debt is owing we may use the whole or any part of any repayment to reduce or discharge the principal amount of your indebtedness as we may select, to meet any accrued interest or to discharge any other liability you have to us. 13. Our right of lien We shall have a lien over securities of any kind and other items deposited by you or on your behalf with us (including cheques given to us for collection). 7

8 14. Our liability to you and your liability to us We will be liable to you for any loss, injury or damage resulting from any failure, delay or error in carrying out your instructions (however caused) but our liability will be the lower of: the amount of such loss, injury or damage; and the amount of any interest you do not receive or any interest you have to pay as a result of such failure, delay or error We will not be liable to you if we do not act on your instructions for any reason under clause 4.1 or if we cannot carry out our responsibilities as a result of anything that we cannot reasonably control. This includes, but is not limited to any computer systems failure, failure of electricity or any other power supply and industrial disputes We will not be liable to you in any circumstances for: loss of business, loss of goodwill, loss of opportunity, loss of profit; and any type of special, consequential or indirect loss whatsoever To compensate us for the additional costs we have to pay if you do not comply with these Terms of Business we will charge (in addition to our standard charges) the amount of any other losses and reasonable costs which we or our agents suffer in acting on your instructions or resulting from the effect of any local laws or regulations on payments made in accordance with your instructions or as a result of any breach of these Terms of Business. These include, but are not limited to, the cost of tracing you, notifying you of the breach, communicating with you about the breach and enforcing payment of any amount due to us Joint account holders are individually and jointly liable for money owed to us unless we have agreed otherwise in writing. We have the right to demand repayment from all or any account holders for all or part of such money You will be liable if you have not exercised reasonable control over the operation of, and access to, your account and our services You acknowledge that you are solely responsible for, and that we have no responsibility for, your observance and compliance with any laws, regulations or rules applicable to your use of the services provided by us including, but not limited to, any laws, regulations or rules in your or any other jurisdiction relating to tax, foreign exchange and / or capital control and for reporting or filing requirements that may apply as a result of your country of citizenship, domicile, residence, taxpaying status or where the services provided by us maybe conducted. 8

9 15. Information about you Information we hold about you will not be disclosed to anyone, other than where: we are legally required to disclose, or we have a public duty to disclose, or our interests require disclosure, or the disclosure is made with your consent, or as set out in the terms below To prevent crime, to verify your identity and to recover debt, we may exchange information (both within the UK and, where appropriate, overseas) with affiliates, subsidiaries and other group companies, and, where appropriate, with fraud prevention and debt recovery agencies and other organisations including other financial services providers We may record, exchange, analyse and use relevant information about you and your relationships with us (including the nature of your transactions) for credit assessment, market research, insurance and administrative purposes. This may include information provided by you, or someone acting on your behalf Relevant information may also be exchanged with affiliates, subsidiaries, group companies and others, for audit purposes and if required by appropriate governmental and non-governmental regulators or ombudsmen We are required to keep the information we hold about you up-to-date. You must advise us of any changes to your personal details or other information we hold about you Corporate customers are required to provide us with a list of names of the Directors, Secretary and other officers of the Company and to immediately advise us in writing of any changes. In the case of private companies customers will provide details of all beneficial owners (held directly or indirectly) of the company s shares and advise us in writing of any changes. We will be entitled to act upon the information so given. Corporate customers are also required to provide us with certified copies of any Special Resolutions or other documents amending the Company s Memorandum and Articles of Association or other instrument comprising its constitution from time to time To ensure that we carry out your instructions accurately, to help us to continually improve our service and in the interests of security, we may monitor and/or record your telephone calls with us. Any recordings remain our sole property. 9

10 15.8. We will obtain your written consent before providing a bankers reference about you, however, if we receive a request from another financial services institution to verify your identity for money laundering prevention purposes, we will provide this information. 16. Termination We can end our banking relationship with you by telling you in writing. We will give you at least 30 days notice. Any benefit, services or facilities we provide will end as soon as your account is closed We can end our banking relationship with you if your account shows a nil balance and has been inactive for in excess of one year. Any benefit, services or facilities we provide will end as soon as your account is closed We may take action to close your account immediately in exceptional circumstances such as if we reasonably believe that: you are not eligible for an account; or you have given us any false information at any time; or you or someone else is using the account illegally; or it is inappropriate for a person authorised to give instructions on your account to operate it; or you have been in serious or persistent breach of these Terms of Business or any additional terms which apply to an account, service or facility. Regulatory controls and sanctions prohibit us from continuing to operate your account. It becomes illegal for us to continue to operate your account with us for whatever reason We may choose not to close your account until you have repaid any money you owe us. 17. No waiver We may occasionally allow you extra time to comply with your obligations or decide not to exercise some of our rights. However, we can still insist on the strict application of these Terms and conditions later on. 10

11 17.2. Variation of terms We may change these Terms of Business (including our charges) and introduce changes to our services at any time by telling you about the changes. Changes will normally be caused by market conditions, changes in the cost of providing a service to you, changes in legal or other requirements affecting us, or any other good reason We will inform you about any changes to our Terms & Conditions, by putting notices on your statements or by sending you a separate written notice by post or electronically Apart from changes to our interest rates, which we can apply immediately, we will normally give you at least 30 days' notice of any changes. However we may introduce changes as soon as we give you notice, if we consider they are necessary to take account of any legal or regulatory requirement or if we consider we can improve the service(s) by introducing technical or procedural amendments. 18. Assignment We may transfer all or any of our rights in relation to your account. We may also transfer any of our obligations but only to someone we reasonably consider capable of performing them. You may not transfer any of your rights or obligations in relation to any account, service or facility. 19. Governing Law and Jurisdiction These Terms of Business and any documents governing specific services or facilities shall be governed by the laws of England and Wales. You and we submit to the non-exclusive jurisdiction of the courts of England and Wales. 20. Complaints Full details of our formal complaints procedure (which maybe amended from time to time) are available on our website or on request We will acknowledge your complaint promptly and keep in contact until all enquiries are completed. We would always aim to resolve your complaint at this stage. However, if a complaint cannot be resolved by our internal complaints procedures, you will be entitled to make a complaint to the Financial Ombudsman Service: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR,

12 20.3. If a dispute cannot be resolved by our internal complaints procedure or by the Financial Ombudsman Service, the English Courts will have jurisdiction to hear a dispute If you want to make a complaint about the service that you are receiving from us your first point of contact should be the person or people you usually deal with. You can tell us about your concern in writing or by telephone. 12