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I&M Service Guarantee
Terms and Conditions
Terms and Conditions
| 1.1 “Account” means any of the following I&M Bank accounts; Paygo account, Club account, Sapphire Foreign Currency account, Noble account, iMinVest Chama account, Diplomatic account, Business account and/or Business premier account held by a Customer with the Bank. |
| 1.2 “Transacting Account” means the Account from which the transaction was initiated from. |
| 1.3 “I&M”, “Us”, “We”, “Our”, “the Bank” means I&M Bank Limited, Kenya. |
| 1.4 “Customer”, “you”, “your” means a holder of an Account. |
| 1.5 “Cut off” means the designated time period for processing transactions. For Outgoing Local RTGS the Cut off time shall be 3:30 p.m. on Working days. |
| 1.6 “Working days” means Monday to Friday and excluding any public holidays. |
| 1.7 “Outgoing Local RTGS Transfer/International Transfer” Permissible Transaction Limits” means the regulated transaction amounts permitted for the specific type of transaction. |
| 1.8 “EUR” also EURO means European Union currency. |
| 1.9 “GBP” means the British Sterling Pound currency. |
| 1.10 “KES” means Kenya Shilling currency. |
| 1.11 “USD” means United States American dollar currency. |
| 1.12 “INR” means Indian Rupee currency. |
| 1.13 “ZAR” means South African Rand currency. |
| 1.14 “I&M Bank Terms & Conditions” means the I&M Bank Limited General Terms and conditions and/or any specific Terms & Conditions relating to our service (s) and/or product (s). |
| 1.15 “Online Processing” means outgoing Local RTGS transfers or Outgoing International transfers (TTs) Transactions done via OTG platform. |
| 1.16 “OTG”, “On the Go”, “OTG Platform”, “I&M On The Go (OTG) Mobile Application (APP)”, “I&M On The Go” and/or “(OTG) online platform (web)” means the banking application that is used to access banking services on a smart device and/or web browser. |
| 1.17 “In-App notifications” means transaction confirmation notifications displayed under the “notification” menu on OTG. |
| 1.18 “Outgoing Local RTGS Transfer”, “Local RTGS Transfer”, “Outgoing Local RTGS” means Outgoing Real-Time Gross Settlement (RTGS) Transfers processed online. |
| 1.19 “Outgoing International Transfer”, “International Telegraphic Transfer”, “TT” means Outgoing Telegraphic Transfer (TT/SWIFT) Transfers processed online. |
| 1.20 “Service Guarantee pay-out amount” means the amount that will be paid and credited to your I&M bank Account as will be determined and notified by I&M from time to time detailed further in clause 2 hereinafter. |
| 1.21 “Failure” means any disruption that hinders the Customer from completing or successfully remitting an Outgoing Local RTGS/International Telegraphic Transfer due to errors that the bank is responsible for. These Failures shall be denoted by but not limited to the following error messages: Please try again later. Unfortunately request couldn't be processed now. Please try again later Unfortunately service is unavailable. Please try again later or call Customer care on >>>> |
| 1.22 “Successful Outgoing Local RTGS Transfer/ International Telegraphic Transfer (TTs).” Means your Account has been debited and a payment processed notification delivered by way of either SMS, email, transaction advice or In-App notification to the Customer’s registered mobile number and/or email address respectively. |
| 1.23 “Bulk Transactions” “Batch Transactions” refers to Outgoing Local RTGS Transactions initiated by Corporate OTG users by way of a file upload. |
| 1.24 “Website” means the web portal https://www.imbankgroup.com/ or https://www.imbankgroup.com/ke/ such web address as may be designated by I&M from time to time. |
| 2.1 If any of your Outgoing Local RTGS Transfer(s) and/or Outgoing International Transfer(s) (TT/SWIFT) is unsuccessful due to a Failure on our part, we will compensate you as below with and/or without necessitating issuance of a demand from your end. |
| 2.1.1 Outgoing Local RTGS Transfers |
| 2.1.1.1 For Individuals Transactions where there is no concession: KES 500 per failed transaction up to a maximum pay-out of KES 5,000 per day. |
| 2.1.1.2 For Individuals Transactions where there is a concession: KES equivalent to the concession amount per failed transaction up to a maximum of 10 transactions per day. |
| 2.1.1.3 For Bulk Transactions with or without concessions: 50% of the bank charges up to a maximum of KES 50,000.00. |
| 2.1.2 Outgoing International Transfers: |
| 2.1.2.1 For Individuals Transactions where there is no concession: KES 1,250 per failed transaction up to a maximum pay-out of KES 12,500 per day. |
| 2.1.2.2 For Individuals Transactions where there is a concession: KES equivalent to the concession amount per failed transaction up to a maximum of 10 transactions per day. |
| 2.2 Service Guarantee payment will be paid out/credited to the transacting Account within five (5) Working days from the date of Failure. |
| 2.3 Service Guarantee pay-outs will be made ONLY on Working days. |
| 2.4 For foreign currency Accounts, equivalent KES amounts will be paid at the prevailing exchange rate at the date and/or time of pay-out. |
| 3.1 KES |
| 3.2 USD |
| 3.3 GBP |
| 3.4 EUR |
| 4.1 USD |
| 4.2 GBP |
| 4.3 EUR |
| 4.4 INR |
| 4.5 ZAR |
| 5.1 The Outgoing Local RTGS Transfer payment should be processed via OTG on or before the cut-off time as stipulated in definition 1.5. |
| 5.2 This Service Guarantee shall only apply in respect to transactions that are permissible on the I&M On the Go App, including but not limited to, Permissible Transaction Limits. |
| 5.3 This Service Guarantee shall only apply to the Retail and Corporate Accounts stipulated in definition 1.1. |
| 5.4 Processing of any Outgoing Local RTGS Transfer/International Transfers shall be subject to the I&M Bank Terms & Conditions as defined in definition 1.14. |
| 5.5 This Service Guarantee will not apply to members of staff and/or their immediate family members or households (whether related or not). |
| 5.6 This Service Guarantee will not apply for activities outside and/or beyond I&M’s control relating to Outgoing Local RTGS Transfer or International Transfers. |
| 5.7 This Service guarantee will not apply, if there has been prior communication of a scheduled service interruption by the Bank affecting or relating to Outgoing Local RTGS Transfer, International Transfers or OTG. |
| 5.8 This Service Guarantee will only apply to retail Customers who have accessed OTG and have initiated and successfully submitted an Outgoing Local RTGS Transfer or International Transfers which has failed due to bank Failure reasons as defined in 1.21. |
| 5.9 This Service Guarantee will only apply to corporate Customers who have initiated an Outgoing Local RTGS Transfer or International Transfers that has been successfully submitted by the final approver and consequently fails due to bank Failure reasons as defined in 1.21. |
| 5.10 This Service Guarantee will not apply in the event of any Failure or loss as a result of an error on the part of the Customer such as but not limited to:- insufficient funds, invalid/wrong beneficiary details, wrong SWIFT details/format and dormant Accounts. |
| 5.11 This Service Guarantee will not apply in the event of issues at the beneficiary or correspondent bank(s). |
| 5.12 This Service Guarantee shall only apply to errors and/or delays deemed by the Bank, at its sole discretion as error and /or delays on the part of the Bank that would warrant payments as herein before stipulated. In determining the I&M delay and/or error, I&M shall be guided by this Service Guarantee and/or any other condition that I&M may in its sole discretion deem necessary. |
| 5.13 This Service Guarantee will only apply to Outgoing Local RTGS Transfers or Outgoing International Transfers that meet the provisions of Anti Money Laundering Laws, Rules and Regulations and all other prevailing Statutes, Laws and Regulations. |
| 5.14 If the Bank at any time determines (at its sole and absolute discretion) that any of the eligibility requirements set out in these terms and conditions was not or has not been complied with by the Customer but compensation has been erroneously received by the Customer, the Bank reserves the right to recover any/all the compensation erroneously received by the Customer in accordance with the Bank’s General Terms and Conditions and any other legal remedy available to the Bank at the Customer’s own risk as to costs thereof and incidentals thereto. |
| 5.15 Any complaints dispute related to this Service Guarantee must be received by the Bank within 30 days, from the time the Outgoing Local RTGS Transfer/International Transfer was submitted. |
| 5.16 In the event of any inconsistency between the provisions of this Service Guarantee and any provision of the I&M Bank Terms & Conditions, the I&M Bank Terms & Conditions shall govern, control, and prevail. |
| 5.17 The Bank reserves the right to withdraw this Service Guarantee at any time without notice. |
| 5.18 Any tax, liabilities, charges payable to the Government or any other authority, body or any other participating establishment which may arise or accrue to the Customer as a result of the Bank making any Compensation to the Customer while in the performance of this Service Guarantee shall be borne by the Customer. |
| 5.19 This Service Guarantee does not constitute a legal contract between the Bank and the Account holder. |
| 5.20 In case of changes in any rule, regulation or order of any statutory authority in relation to these Terms and Conditions, the Bank reserves the sole authority and right to modify or cancel the Terms and Conditions in order to give effect to the said requirements. |
| 5.21 Neither this Agreement nor any action taken by the Bank pursuant to it or any Compensation made to the Customer shall in any way be construed as an admission by the Bank of any liability, wrongdoing, or violation of law, regulation, contract or policy and the Bank specifically disclaims any liability to or wrongful acts against the Customer, on the part of itself, its employees or its agents. |
| Notwithstanding anything to the contrary contained herein, I&M shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. |