Our Terms & Conditions

1. Definitions
“Bank” refers to [Your Bank’s Name].
“Customer” refers to the individual or entity that holds an account with the Bank.
“Account” means any banking facility held with the Bank.
“PIN” means Personal Identification Number.
“Services” refer to the financial products and services offered by the Bank.
2. Account Opening and Maintenance
The Customer must provide valid identification and documentation in line with the Bank’s Know Your Customer (KYC) policy.
The Bank reserves the right to accept or reject any application at its discretion.
The Customer must promptly inform the Bank of any changes to personal information.
3. Use of Accounts
Customers must not use the account for any unlawful or prohibited activity.
Joint account holders are jointly and severally responsible for the operation of the account.
All deposits must be made in accordance with the Bank’s policies and applicable laws.
4. Security and PIN
Customers are responsible for keeping their PINs, passwords, and access credentials confidential.
The Bank shall not be liable for any loss resulting from unauthorized access due to Customer negligence.
In the event of suspected fraud or compromise, the Customer must notify the Bank immediately.
5. Fees and Charges
The Bank may charge fees as outlined in its Tariff Guide.
Bank Fees and Charges Notice
Subject: Applicable Fees on VAT, SWIFT Transactions, COT and Related Penalties
Reference Code: F&C/2025/07
1. Value Added Tax (VAT)
A Value Added Tax (VAT) of 7.5% or more shall be charged on all eligible banking transactions, including but not limited to:
Account maintenance fees
Transfers
Transaction processing services
Electronic banking fees
Note: This is in line with the Uk VAT Act CAP V1 LFN 2004 (as amended)].
2. SWIFT Transfer Charges For all international transfers via the SWIFT network:
Item Charge Type Rate/Fee
Outward SWIFT Transfers Flat fee + % of amount $5,000 + 0.5%
Incoming Transfers Handling fee $2,000
Correspondent Bank Fee Based on destination Varies ($3,000–$7,000)
Important: All SWIFT transactions must carry valid SWIFT codes for destination institutions. Incorrect codes may result in delays or rejections, which may attract rectification fees up to $5,000.
3. Commission on Turnover (COT)
In accordance with current banking regulation, COT is charged at:
$1.00 per $1,000 debit transaction (0.1%)
Applies to all current accounts on total monthly debits.
4. Penalty for Incomplete Deposits on Charges
Where a customer deposits less than the required amount for VAT, SWIFT, or COT-related fees:
The incomplete payment shall attract a daily penalty of 2.5% of the unpaid balance.
After 5 business days of default, an additional administrative fine of $2,000 will be applied.
Continued non-payment beyond 10 working days may result in:
Temporary account restriction
Ineligibility for fund transfers
Reporting to the credit bureau
5. General Provisions
All charges are exclusive of VAT unless stated otherwise.
Customers are encouraged to ensure accurate and complete deposits to avoid service interruptions or penalties.
The Bank reserves the right to revise fees periodically in compliance with regulatory directives.
Fees may include, but are not limited to, maintenance charges, withdrawal fees, transfer fees, and penalty charges for returned items.
The Bank reserves the right to revise charges upon reasonable notice.
6. Electronic Banking
The Bank may offer Internet, Mobile, and USSD banking services.
Customers use these services at their own risk and must take appropriate security measures.
The Bank is not responsible for issues arising from system downtimes, network failure, or force majeure.
7. Statements and Records
Account statements shall be made available monthly via electronic or physical means.
Customers must report any discrepancies within 14 days of receiving the statement.
Failure to report shall constitute acceptance of the statement.
8. Suspicious and Illegal Transactions
The Bank reserves the right to freeze, block, or close accounts found to be involved in fraudulent, suspicious, or illegal activities.
The Bank may report such activities to regulatory or law enforcement agencies.
9. Liability and Indemnity
The Bank shall not be liable for losses due to force majeure, including but not limited to natural disasters, war, cyberattacks, or government restrictions.
The Customer agrees to indemnify the Bank against claims or losses arising from the Customer’s misuse of services.
10. Account Closure
Either party may terminate the banking relationship with written notice.
All obligations (including outstanding charges) must be settled prior to closure.
The Bank may close an account without prior notice if fraud, abuse, or policy breach is suspected.
11. Amendments
The Bank reserves the right to amend these Terms and Conditions at any time.
Notice of amendments shall be communicated via email, SMS, or public notice on the Bank’s website or premises.
12. Governing Law
These Terms and Conditions shall be governed by the laws of United State
13. Dispute Resolution
Any dispute shall first be resolved amicably through negotiation.
If unresolved, it shall be referred to arbitration or a competent court within the Bank’s jurisdiction.