COSTS, CHARGES AND FEES
The Cardholder hereby agrees and acknowledges that all applicable costs, charges and fees in connection with the issue or usage of the Card can be deducted automatically from the Cardholder’s Funds. The details of the costs, charges and fees as currently in force are available in the booklet accompanying the Card. Such costs, charges and fees are subject to change by I&M Bank from time to time, and the latest applicable costs, charges and fees can be ascertained by calling I&M Call Centre.
The costs, charges and fees include withdrawal fee and currency conversion rate and could include further/additional costs/charges/fees or otherwise as required by third parties (as illustrated below): Withdrawal Fee is applicable and will be deducted from the Funds for each withdrawal made by the cardholder from an ATM. Additionally, costs/charges/fees or otherwise as assessed and made applicable by the owners/ operators of the Shared Network would also be applicable and will be deducted from the Funds for each withdrawal from an ATM comprised in a Shared Network.
The cardholder herein agrees to pay and/or authorizes the Bank to debit his/her card account with the Fees and any Charges on the card as set out in the Fees schedule communicated to the cardholder. Unless specified, all Fees will be debited from the Card account in the Base Currency currently defined as Rwanda Shillings. If no sufficient funds are available in the Base currency wallet to accommodate the charges, the Bank shall recover the Fees from any wallets by converting the nominated currency wallet to Base Currency equivalent using the day’s currency conversion rate.
If the Cardholder uses Funds in a currency other than the default currency in which the Card was issued or selected currency wallet, the conversion rate will stand increased by an additional 3% (or such higher/ other rate as I&M Bank may specify from time to time), and which will be deducted from the Funds. Such rate may be altered or modified by I&M Bank, without the consent of the Cardholder and such that altered or modified shall also become applicable and will be deducted from the Funds. The details of the conversion rate are specified in the clause entitled ‘Currency Conversion Rates’. In a situation that the Funds are not sufficient to deduct such costs, charges and fees, I&M Bank reserves the right to recover the same directly from the Cardholder and/or from any accounts (including joint accounts) maintained by the Cardholder with I&M Bank or its group companies, and further, to deny/decline or block conduct of any further Transactions through the use of the Card.
Any statutory levy including duties or taxes payable as a result of the use of the Card shall be the Cardholder’s responsibility and if imposed on/recovered/sought to be recovered from I&M Bank (either directly or indirectly), such statutory levy shall be deducted from the Funds and/or recovered directly from the Cardholder and/or from any accounts (including joint accounts) maintained by the Cardholder with I&M Bank or its group companies.