1. Bank accounts

• You hereby acknowledge and agree that no Account will be opened until all of the documentation required by I&M Bank Limited is received.
• You agree always to provide to us: your current residential address and postal address; a functioning telephone/cell phone and email address number at which we can reach If you do not keep your contact details up to date and ensure any cell phone number or email address that you have provided to us is functioning, you are at risk of not receiving important communications from us that may affect your legal position. You hereby undertakes to notify I&M Bank of any change in the information provided in the account opening form completed and signed at the time of opening of the Account.
• You agree that we may use any of the contact details that you have last provided to us for all legal purposes.
• The Customer agrees that if the Customer is, or becomes, a national, resident or taxpayer of the United States of America, I&M Bank has the right to disclose to governmental authorities in the United States of America details of all transactions in the Account without I&M Bank incurring any obligation or liability in respect of such disclosure or the accuracy thereof whether to the Customer or ot6herwise.

Delivery of communications

• You agree as follows: When we send items to you by post, they are deemed to be delivered within 4 days after the date of posting (the ‘Post Delivery Period’), and when we send you emails, SMSs, or other electronic messages, they are deemed to be delivered by the end of the day we send them (the ‘Electronic Communication Delivery Period’), unless you can on reasonable grounds show otherwise.
• If you claim that you did not receive a communication from us or received it later than the Post Delivery Period in the case of an item sent by post, or the Electronic Communication Delivery Period in the case of an email, SMS, or other electronic communication, and you cannot show on reasonable grounds that you kept your contact details up to date and ensured any telephone/cellphone number or email address that you have provided to us was functioning at the relevant time, then where our Agreement or an agreement for one of our products or services provides for us to notify you of something in writing that takes effect on delivery of the notification, or when a period has elapsed after delivery of the notification, the notification will take effect in accordance with the Post Delivery Period or the Electronic Communication Delivery Period, as applicable.

 Account statements

• Statements: Unless otherwise requested, monthly statements of account and transaction advices will be available to the Customer through I&M Bank’s Online Services, herein e-Statement. The Customer agrees to notify I&M Bank within twenty-four (24) hours if they are unable to access their e-Statement. If we receive no notification of access failure, the Customer shall be deemed to have accessed the e-Statement.
• You shall report any omission, inaccuracy or incorrect entry in the hard copy or e-Statement, in writing, to I&M Bank within fourteen (14) days of accessing the Statement or delivery hard copy Statement. Otherwise, the statement shall be deemed correct and conclusive (whether sent by post or electronically via e-mail) in accordance with the timelines indicated in this clause and the Customer may not thereafter raise any objections to the e-Statements.
• The Customer releases and discharges I&M Bank, its employees, officers, representatives and assigns from any liability, claim, demand or damages resulting (either directly or indirectly) from the generation, delivery or handling of the Customer’s e-Statement and/or from any errors, delays in transmission or unauthorized alteration, usage, and/or manipulation of the data contained in an e-Statement or otherwise caused as a result of the delivery of an e-Statement and further waives all rights, claims, and/or demands against I&M Bank its employees, officers, representatives and assigns in relation to such liability, claim, demand or In addition to the above, the Customer acknowledges the risk that data received/delivered through the internet/e-mail including any confidential information may be accessed/ seen by third parties. The Customer releases and discharges I&M Bank, its employees, officers, representatives from and waives any right that accrues to the Customer at law against I&M Bank, its employees, officers, indirectly, due to such unauthorized access by or disclosure of confidential information to third parties.
• If the Customer is unable to access a Statement of Account for any period, it is the responsibility of the Customer to request a Statement of Account from I&M Bank within thirty (30) days of the date on which such Statement of Account would normally have been made availed. The Customer acknowledges the risk that is associated with data received/delivered through the internet and/or e-mail including the risk that confidential information might be accessed and/or viewed by third parties. The Customer hereby releases and discharges I&M Bank, its employees, officers and representatives with regard to any and all damages suffered by the Customer directly or indirectly due to such unauthorized access by or disclosure of confidential information to third parties, provided that I&M Bank maintains reasonable information technology safety standards.
• The Customer hereby acknowledges and agrees that the storage of information including, without limitation, the user name, password, account information, account activity, information on the transactions conducted on the Account and any other information stored by the Customer on his personal or business computer or storage device, wherever located, shall be stored at the Customer’s risk and I&M Bank shall not be responsible for any unauthorized access by or disclosure of such information to third parties.
• I&M Bank will ensure reasonable security measures before transmitting any information or data to the Customer by e-mail, internet or mobile phone.
• The Customer agrees that I&M Bank may, at its sole discretion, restrict or terminate the Customer’s use of I&M Bank’s Online Services.
• Should the Customer request I&M Bank for paper-based statements, such statements shall be provided to the Customer upon payment of the applicable fees, as stated in the Bank’s current tariff guide from time to time.

Fees

• You agree to pay: a monthly fee where applicable for your Account, which fee is debited to your Account monthly in arrears; and fees for transactions which are debited to your Account either at the time of the transaction or monthly in arrears.
• We offer a range of price and benefits choices from which you select the one most suitable for you. We can change our fees and will notify you through notice in any daily newspaper and via our website before the change takes effect.
• You hereby acknowledge reviewing of the Bank’s Tariff Guide and understand that the fees and charges set out therein may be revised from time to time by the Bank. The Bank’s new Tariff Guide will be available at I&M Bank’s branches and on its website.
• I&M Bank may modify at any time the rate of interest, fees, charges or other amounts applicable to any Account, product or If, at any time, for any reason, the balance of an Account falls below I&M Bank’s prevailing minimum balance limits during a month, you shall pay and I&M Bank shall be entitled to debit from the Account I&M Bank’s applicable service charges. I&M Bank may charge interest on any debit balance in an Account at I&M Bank’s prevailing rate of interest.

Maintaining a credit balance

• Unless we have granted you a credit facility on your Account, you agree to maintain a credit balance at all times. We may, in our sole discretion, allow you to have a debit balance within a limit and for as long as appears appropriate to us as an informal credit facility to assist you on a short term basis.
• You agree to pay interest and/ or fees on any debit balance that arises as specified in the Bank’s Tariff Interest is charged on a debit balance daily at the end of the day and is debited to your Account monthly in arrears. Fees are debited at the time of the transaction to which they relate, or monthly in arrears.
• I&M Bank may debit an Account even if such action results in (or increases) a debit balance. Such right shall be without prejudice to I&M Bank’s right to refuse to allow such debits. The Customer shall, at all times, be responsible for the debit balance in an Account and for obligations arising out of or in connection with the account.

Debits & Credits on Account

• I&M Bank is not obliged to make a debit from an Account which might result in or increase a debit balance. If the total amount of debits to an Account at any time would otherwise result in a debit balance or exceed the immediately available funds in an Account, I&M Bank may decide which debits it will make (in whole or in part) and in the order it selects.
• A debit balance can arise on your Account when you do not have a credit facility if:
  • • your credit balance is insufficient to pay the Bank’s fees when they are debited to your Account, or
    • if allowed to draw against cheques that have been credited to your Account before collection of payment from the drawer’s bank, and the cheque is stopped or dishonored, or
    • other debits passed to your Account exceed your credit balance (e.g. we allow a payment through to assist you although your credit balance is insufficient, or we reverse a credit made to your Account in error). A debit balance may affect your credit profile.
• Withdrawals are permitted only on presentation of orders acceptable to I&M Bank as to form and signature or through acceptable electronic All transmission costs, service charges and any other charges and expenses whatsoever of any kind relating to withdrawals from an Account will be paid by the Customer in full without deduction or set-off immediately upon demand or by debit from the relevant Account.