Terms and Conditions

Quick Table of Contents:

    1. Introduction

    2. General Rules
      2.1 Bank's Liability
      2.2 Banking Secrecy
      2.3 Authorization
      2.4 Processing of Orders
      2.5 Banking Fees
    3. Terms of Banking Operations
      3.1 Current Account
      3.2 Deposit Account
      3.3 Payment Cards
      3.4 Termination of Agreement
      3.5 Savings Accounts
    4. Additional Conditions
      4.1 Setting-off Claims
      4.2 Performance of Due Diligence by the Bank
      4.3 Amending General Terms and Conditions
      4.4 Applicable Law

1 INTRODUCTION

1.1

These GENERAL TERMS AND CONDITIONS state the rules that govern the business relationship between GRIFFON BANK LIMITED (hereafter referred to as 'the Bank') and its Clients.

1.2

The transactions between the Bank and its Clients are subject to the provisions of these GENERAL TERMS AND CONDITIONS, the Offshore Banking Act 1996, the Money Laundering (Prevention) Act 2000, the Money Laundering (Prevention) Regulations Act 2001 and all other laws and secondary legislation of the Commonwealth of Dominica.

The currency of the Bank is U.S. dollars, and the following business activities shall be provided:

  • Personal and Corporate Current Accounts
  • Deposit Accounts
  • External and Internal Transfer of Funds
  • Issue of Payment Cards

1.3

The Bank will display these GENERAL TERMS AND CONDITIONS at its Registered Office, its Representative Offices, and on the Bank's web site. Any changes to the GENERAL TERMS AND CONDITIONS are immediately entered on the 'NEWS' page of its web site and the updated terms are immediately displayed at the Registered Office and Representative Offices and are available on the web site.

1.4 Definitions

  • Account Holder

    • An Account Holder is either a person with full contractual capacity, or a legally registered entity, which has a Current Account Agreement with the Bank and complies with the rights and duties therein. A Current Account can have only one Account Holder but an Account Holder can have more than one account. Account Holders may at their own discretion and risk delegate the rights to operate the account to an Authorized Person.
  • Authorized Person

    • An Authorized Person is a person with full contractual capacity authorized by an Account Holder to carry out certain banking transactions on the Holder's behalf. The authorization to do so must be in writing, signed, witnessed and received by the Bank.
  • Client

    • Both Account Holders and Authorized Persons are Clients of the Bank.
  • Cardholder

    • A Cardholder is: an Account Holder, an Authorized Person, or any other person permitted by the Account Holder, who is registered with the Bank to hold a Payment Card.
  • Agreement

    • This is an approved and accepted Current Account Application. A Current Account Application has to be approved and accepted before an Account Holder can use any of the Bank's services. The Bank reserves the right to change any of its conditions or services, (i.e. required minimum account balance, minimum deposit amount and maturity on Deposit Accounts, account maintenance charges, Payment Card charges, etc.) when deemed necessary. Any changes in the Bank's services are immediately published in the 'NEWS' page of its web site, and will be displayed at its Registered Office and at its Representative Offices.
  • Application

    • This is the standard Application that must be completed and signed by the prospective Client wishing to open a Current Account, stating acceptance of the GENERAL TERMS AND CONDITIONS.
  • Current Account

    • The first account that is opened at the Bank allowing Internal and External Transfer of Funds.
  • Deposit Account

    • An interest bearing account where the Client's funds are lodged for an agreed time period.
  • Internal Transfer

    • This is any transfer between two Griffon Bank Accounts.
  • External Transfer

    • This is any transfer that involves a Correspondent Bank.
  • Correspondent Bank

    • This is A bank or another financial institution that performs services for other banks in a banking center where the latter is not represented.
  • Security Deposit

    • This is an amount deposited by the Account Holder as security for certain bank transactions. This amount is a cover for the Account Holder's debts and related charges.
  • Order

    • This is any instruction made by the Account Holder or Authorized Person for debiting or crediting an account. The Order or instruction may be made electronically, or on paper using only the Bank's Standard Forms.
  • Standard Order Form

    • This is the official Bank Form, which should be used for recording data and Orders for Bank transactions. The Account Holder or Authorized Person must complete it clearly and legibly without corrections or amendments. To be valid, the form must be dated and signed by the Client. The Bank reserves the right to reject a Standard Order Form that has not been correctly completed.
  • Payment Card

    • This is a plastic card issued by the Bank as a non-cash device to be used for payments, cash withdrawals and also as a safety instrument for Client identification.
  • Internet Bank

    • This is a communication system between Clients and the Bank using the World Wide Web, which allows Clients to monitor and manage their accounts.
  • Electronic Banking Operations

    • These are all Orders or other transactions that go through the Internet Bank using Login and Password and are signed with a Digital Signature. All the Electronic Banking Operations are archived on the Bank's computer database.
  • Digital Signature

    • For the purposes of the Electronic Banking Operations, a Digital Signature generated by the Internet Bank system replaces the Client's signature. The Digital Signature stored on a computer compact disc is delivered by courier service to the Client.
  • Internet Login and Password

    • This is the secret identification used for the execution of Electronic Banking Operations through the Internet Bank. Each Client receives a unique Internet Login and Password code that is prepared using the strictest safety measures. This Internet Login and Password is delivered to the Client by courier service.
  • Test Key Tables

    • A numerical table used as a security measure to facilitate the coding and de-coding of Orders that come via facsimile or mail.
  • Client Identification Code

    • This is the secret number that is used for Client identification over the telephone.
  • PIN (Personal Identification Number) Code

    • This is the secret number that comes with the Payment Card issued by the Bank. The Bank provides each Cardholder with a unique PIN Code prepared using the strictest safety measures, and it is delivered to the Client through secured e-mail or by a courier service.
  • Fees and Rates

    • Fees are the various charges for the Bank's services. Rates are the interest rates paid on Deposit Accounts.
  • ATM (Automated Teller Machine)

    • This is an automatic cash machine that can be accessed for cash withdrawals using a Payment Card and PIN Code. It is subject to the terms and conditions set out in the Payment Card Agreement. ATM machines accepting the Bank's Payment Card have their Logo displayed on the card.
  • POS (Point of Sale)

    • These are electronic devices, usually found in commercial outlets that can read the magnetic track on the Payment Cards and execute banking transactions. POS terminals accepting the Bank's Payment Card have their Logo on the card.
  • Acquirer

    • This is a financial institution that dispenses cash in Automated Teller Machines and collects a fee from the bank that issued the Payment Card. Their Logo is on the Payment Card.
  • International Card Association

    • This represents all the international organizations (Visa International, Europay International S.A., MasterCard International Inc. etc.) that have an agreement with the Bank for the issue and/or acquisition of their product.
  • Payment Card Application

    • This is the standard form Account Holders must fill out when they wish to apply for a Payment Card.
  • Payment Card Agreement

    • This is an approved and accepted Application for a Payment Card.
  • Enclosure

    • This is a document that is an integral part of the Payment Card Application and sets out the points concerning Cardholders, their cards, and/or a subsequent Application for a Payment Card.
  • Supplementary Payment Card

    • This Payment Card is issued to the Cardholder to replace a lost or destroyed card. It has the same validity as the original Payment Card.
  • Payment Card Transaction

    • This is any payment made or cash obtained using the Payment Card or the Payment Card number.
  • Authorization

    • An Acquirer can request the verification of a Payment Card Transaction and, depending on the reply given to this request, will execute or refuse the transaction.
  • Limit

    • This is the stipulated maximum number and/or value of transactions allowed to be made by a Payment Card.
  • Logo

    • This is a symbol on the Payment Card and the POS representing different facilities. When the Logo is displayed at the POS, it signifies that the Payment Card is accepted at that point.
  • Bank Issuer

    • This is the Bank that issues the Payment Card, (in this case, Griffon Bank Limited).
  • Clearing Bank

    • This is a bank that has a contract with other banks and the International Card Association and mediates between the two banks - the Acquirer and the Issuer.

2 GENERAL RULES

2.1 Bank's liability

    2.1.1

    The Bank is in no way responsible for damages or losses that occur due to military action or a natural disaster. The Bank cannot be held responsible and will not be held liable for loss or damage from disturbances to normal banking operations that are beyond the Bank's control.

    2.1.2

    If the Client provides false or incorrect data for the Agreement or any transaction, the Bank will not be held responsible for any damage that arises as a consequence.

    2.1.3

    The Bank is not liable for any damages that arise from the loss or mutilation of the Payment Card issued by the Bank, nor from loss of a PIN Code or an Internet Bank Login and Password, nor for any indiscretions on the part of a Client, unless the damage arises after the date when the Payment Card was correctly stopped. The Bank is not liable for Client losses that arise due to Clients negligence or failure to stop a Payment Card.

    2.1.4

    The Bank is in no way responsible for damages or losses that occur due to lost or stolen Internet Bank Login and Password, and the Digital Signature once the three are used together.

    2.1.5

    To prevent and combat money laundering, the Bank enforces the rules and regulations defined in applicable international treaties.

2.2 Banking Secrecy

    2.2.1

    Any and all data in the Bank's possession that relates to the financial position, economic management, Client's personal environment or circumstances including their Agreements with the bank are completely confidential and secret.

    2.2.2

    Any person who may acquire confidential or secret information during the course of their activity in connection with the Bank have the obligation to keep all such information confidential with no time limitation.

2.3 Authorization

    2.3.1 Right of disposal of Account Holders

    Before executing payment Orders and other instructions, the Bank shall check the validity of the Client as follows:

    • In the case of the Internet Bank facility, the Order authority will be verified by the Client Login and Password as well as by the Digital Signature generated by the Internet Bank system.
    • In the case of account management through facsimile, the Order authority will be verified by matching the signature on the facsimile with the one on the signature card of the Application and by the Test Key generated using the Test Key Tables issued to the Client.
    • In the case of Payment Cards, by the card number and the PIN Code, or - depending on the Acquirer's decision - by the signature matching the signature on the card plus presentation of a legal document confirming the personal identity (e.g. passport).

    If the Client's entitlement to operate an account has been cancelled, the relevant Payment Card, PIN Code, Internet Login and Password and specimen signature of the Client cannot be used for further Orders.

    The Bank shall not be liable for any consequences resulting from the execution of any false or forged Order if it is shown that, even after diligent examination, it was impossible to discover the falseness or forged nature thereof.

    2.3.2 Authorized Persons

    Account Holders may grant the right to manage their account to any person so authorized by them, provided that such delegation is made in the Application. An Account Holder is entitled to withdraw the authorization at any time, in writing. In the event of the Account Holder's death, all authorizations are automatically null and void. The Authorized Person and the Account Holder shall hold joint and individual liabilities for all Orders and instructions given to the Bank.

    2.3.3 Inheritance

    A person inheriting the balance of an account acquires the right of disposal only after proof of the execution of the legal testament has been presented to the Bank. Such a person does not become the Account Holder; therefore his/her instruction may only extend to the transfer of the final account balance, after the deduction of relevant closing costs and charges.

2.4 Processing of Orders

    2.4.1 Receipt of Orders

    All Orders given to the Bank dealing with Client Accounts should be made through the Internet Bank or by facsimile on the Bank's Standard Order Forms.

    All Orders must have the name and number of the bank accounts, both the Client's and the target account. The

    Bank is not responsible for the correctness of the data concerning the target account, and is in no way responsible for verifying the correctness of the said data, thus the Bank can in no way be liable for any loss or damage that may arise due to incorrect target account names or numbers.

    The Bank provides its Clients with:

    • An Internet Bank Client Login and Password and a Digital Signature generated by the Internet Bank system,
    • A facsimile Test Key Table and the Bank's Standard Order Forms
    • A Payment Card, once the Payment Card Application has been approved.

    The Bank is entitled to execute those Orders given by a Client and received by the Bank, and to debit and credit an account in accordance with these GENERAL TERMS AND CONDITIONS.

    The content and time of the Order or other instruction given by a Client is as follows:

    • In the case of an Internet Bank operation, by electronic data,
    • In the case of facsimile, by the completed Standard Form, and
    • In the case of Payment Card Transactions, by the certificate/receipt printed by the POS or ATM.

    2.4.2 Forwarding of Orders, involving a Corresponding Bank

    Unless specified in the Order itself, the Bank chooses the method of forwarding Orders. Forwarding is executed at the expense and risk of the Client. The Bank can only be held responsible for any damage arising from forwarding errors, misunderstandings with the Client or the Correspondent Bank, or other organizational units of the Bank. The Bank is entitled to use a Correspondent Bank in the execution of Orders, but if the Client nominates a Correspondent Bank, the Bank is not liable for any subsequent losses.

    2.4.3 Processing of Orders

    Debit Orders are processed on the next banking day following receipt of the Orders. Credit Orders in the Client's favor are processed on the next Banking day following the credit amount being lodged with the Bank.

    The Bank will only process debit Orders if there are sufficient funds in the Client's account to cover the Order and all related charges, and costs. The Bank does not execute partial payments. Costs and losses arising from non-execution due to insufficient funds are charged to the Client in full.

    2.4.4 Communication

    All communication between the Bank and its Clients should be in writing. Both parties must answer questions raised by each other and draw each other's attention to any mistakes or negligence that may be observed.

    Written notices from the Bank shall be deemed as dispatched if and when the file copy is in the Bank's possession and a postal or telecommunication certificate proves that the Client received the notice.

    Written notices from the Bank shall be deemed as delivered to the Client after the usual delivery period provided that they were sent to the Client's usual address, registered or otherwise known to the Bank, notwithstanding that the address belongs to a third party authorized to receive documents on behalf of the Client.

    In certain circumstances information concerning a Client's account can be disclosed over the telephone if and only if the Client uses their Client Identification Code.

    2.4.5 Modification and Withdrawal of Orders and other instructions

    No Order given through the Internet Bank can be withdrawn or modified. The only way to rectify an incorrect Order is to send a new contra Order, which must be done via the Internet Bank. If a Client wishes to correct an External Transfer Order sent by facsimile, it must be done in writing. In the event that loss or damage results from incorrect or false data or information supplied by the Client, then the Client is liable to the Bank and to any other banks collaborating and processing relevant bank data.

2.5 Banking Fees

    2.5.1 Fees, Commissions, Charges and Other Related Expenses

    Bank Fees or charges are levied on the Client's account for use of Bank facilities, either as a fixed sum or as a percentage of the amount of the transaction. The Client's account is debited for any additional expenses incurred during the processing of Client Orders, e.g. courier fees, third party charges and commissions.

    Relevant banking service Fees are specified in the Bank's website. The Bank is entitled to amend the Fees at any time and Clients can obtain information about amendments through the Bank's website. If a particular agreement contains a special regime of interest and/or charges and commissions different from those indicated in the Bank's web site, these conditions can only be modified in such manner as is defined in the Agreement.

    2.5.2 Interest Rates

    The Rates of interest are specified on the Bank's web site. The interest earned upon maturity of a Deposit Account is automatically credited to the Client's Current Account.


3 TERMS OF BANKING OPERATIONS

3.1 Current Account

    Before entering into a business relationship, the Bank is obliged to undertake due diligence with respect to the Client and to the persons acting for and on behalf of the Client, in order to protect the probity of the banking relationship and to avoid money laundering.

    A Current Account is opened for a Client when their Application has been accepted and approved. This account is used for the management of funds. Any person or a legally registered entity that has completed and provided all requested documents and who complies with the other specific requirements of the Bank can open a Current Account with the Bank. The account bears the name of the Account Holder who controls the operations of the account, unless the Account Holder gives the authority to a third person who is registered with the Bank as an Authorized Person.

    If any requested information is not forthcoming, the relationship already initiated is discontinued, and any funds held to the order of a prospective Client is returned only to the source from which they came and not a third party.

    The Bank receives debit and credit Orders, manages and keeps records of Client's Current Accounts in accordance with these GENERAL TERMS AND CONDITIONS. Debiting and crediting of the account can only be done via wire bank transfer or Payment Card Transactions - the Bank does not accept cash transactions.

    Clients are able to monitor their account through the Internet Bank 24 hours a day, 7 days a week.

    3.1.1 Obligations of the Account Holder relating to a Current Account

    On signing a Current Account Application the Client declares to be fully aware of the legal obligations and applicable legislation relevant to the account, and undertakes not to use the account for any illegal activity or money laundering. If the Bank has reasonable grounds to suspect the infringement of these conditions, the Bank reserves the right not to execute the Client's Orders and to notify its Supervisory Authority.

    Account Holders must monitor their Current Account balance and lodge the funds necessary for the Bank to execute Orders and to settle charges, Fees and expenses.

    3.1.2 Opening of a Current Account

    The Bank does not enter into a business relationship with a prospective Client based solely upon data supplied by them. Documents, certificates and data will be verified before accepting the Application. A unique Current Account number is allocated once the Application has been accepted and approved.

    Once all the conditions for opening a Current Account have been satisfied the Bank allots the Client with a six- digit Client Identification Code, to be used for telephone communication with the Bank. This Client Identification Code is not an Account Number. Depending on the selected method of account management, the Client receives an Internet Bank Login and Password, and a Digital Signature and/or a facsimile transfer Test Key Table and its Standard Forms. These codes are sent separately and individually by international courier services to the Client's registered address.

    The Bank accepts no liability for any damage that arises from the execution or non-execution of any Order or other instruction given prior to the Current Account Application being fully approved and the Agreement coming into effect.

    The Internet Bank Login and Password, and the Digital Signature can only be changed by the Bank when a Client sends a written request to do so stating why the Login and Password, and/or the Digital Signature should be changed.

    3.1.3 Types of Orders that can be carried out on a Current Account

    The Bank accepts Orders for Internal Transfers between Client accounts or for External Transfers to another bank account, either through the Internet Bank, by facsimile or by use of a Payment Card.

    The Bank will not execute any Order if there are insufficient funds on the Client's account. When adequate funds become available to cover the Client's debit Order the Client must issue a new Order. The Client is responsible for all losses that arise because of insufficient funds.

    The Bank has the right to debit the Current Account without notification if an entry has to be corrected, or if any account charges or Fees have to be recovered.

    3.1.4 Debit Entry on Current Accounts

    The Bank processes any Orders on a Current Account according to the time and date they were received. Orders received during the bank's opening hours are deemed as received on that day. Orders received after banking hours are deemed as received on the following banking day.

    The Bank executes Internal Orders accepted before closing time on the same Banking day. For an External Transfers, two additional banking days are required.

    When a Client transacts business using the Internet Bank the date and time of the arrival of the Order are considered the same as those recorded on the Bank's database. The Orders are dealt with in the order that the Bank receives them.

    3.1.5 Credit entry on a Current Account

    The Current Account number is necessary for the Bank to process credit operations. If no account number is used, or it is given incorrectly, the Bank may (but is not obliged) to use the Account Holder's name to execute the Order.

    Once the Bank has recorded the credit entry in its correspondent account, the Client's account is credited on the next banking day.

    3.1.6 Closure of a Current Account

    If an Account Holder wishes to discontinue their Current Account they must give sixty(60) days notice to the Bank. A Current Account may also be closed if the Account Holder has not complied with the account opening stipulations within thirty(30) days of the Bank receiving and approving the original account Application.

    The Bank has the right to freeze the balance of an account and to reject all subsequent Orders as soon as the Bank has received the account closure notice. After the fixed period of sixty days the Bank transfers - after deducting all Fees - the remaining balance of the Client's Current Account to another account in accordance with the Client's directions.

3.2 Deposit Account

    3.2.1 Opening of a Deposit Account

    Deposit Accounts are only opened for Current Account Holders who give the Bank instructions to do so. The deposit Order is given through the Internet Bank or on the Bank's Standard Form. The requested deposit amount is transferred from the Current Account to the newly opened Deposit Account on the day following the receipt of the Order once the funds are available on the Current Account. The Client can monitor the Current and Deposit Account through the Internet Bank.

    The Bank's web site specifies the rates of interest on Deposit Accounts. The opening date of interest is the date when the initial credit transaction took place on the Deposit Account. At maturity, the interest earned on the Deposit Account is credited to the Client's Current Account. The Deposit Account is automatically renewed the day after its maturity for the same period as that of the original deposit unless the Bank has received other instructions.

    3.2.2 Types of Deposit Accounts

    The Deposit terms are for periods of 12, 24 or 36 months, and the currency is US dollars.

    3.2.3 Withdrawal of Deposits

    The Bank transfers amounts held in a Deposit Account back to the Client's Current Account when instructed by the Client.

    If the Deposit Account is closed on the original expiry date, the Bank credits the amount of the deposit and the interest earned to the Client's Current Account the day after the Bank receives the Order to close the Deposit Account.

    If the Deposit Account is closed before maturity, the Bank credits the amount of the deposit and the interest earned to the Client's Current Account, and the Bank debits the Clients Current Account for withdrawal before maturity.

3.3 Payment Cards

    3.3.1 Signing a Payment Card Agreement

    To become a party to a Payment Card Agreement, the applicant must already be a Client of the Bank, and the Application is processed only when all necessary information concerning the Cardholder and the Payment Card is submitted.

    The Payment Card Agreement comes into effect when the Bank accepts and approves it. The Bank reserves the right to refuse to issue a Payment Card within 30 days of confirmed receipt of Application, without offering any reason therefore, even though the Application forms have been properly completed, signed by the Client and presented to the Bank.

    An Enclosure is an integral part of the Payment Card Agreement. If the designated Cardholder is not a Client, the Enclosure concerning the applicant for the secondary-card shall be signed not only by the applicant but also by the Account Holder.

    When the Bank accepts and approves the Application for the Payment Card, the Cardholder will be provided with the following:

    • The Payment Card(s) and
    • A PIN envelope(s) relating to the Payment Card(s) separately mailed.

    The PIN Code is a security measure and should be known only by the Cardholder. If the envelope containing the PIN Code is damaged or if there is a suspicion that it has been tampered with, the Cardholder should not accept the Payment Card with that particular PIN, but should apply for a new PIN Code stating the reason therefore.

    3.3.2 Modification of a Payment Card Agreement

    The Client must sign an Application to modify an original Agreement, and only then is it effective. However the Bank is entitled to modify the content of these General Terms and Conditions unilaterally and with immediate effect.

    3.3.3 Termination of a Payment Card Agreement

    Both the Bank and the Cardholder have the right to terminate a Payment Card Agreement without stating a reason by giving 30 days written notice to the other party, the period of notice commences on the date the written notice is issued.

    If either party violates the Payment Card Agreement then this Agreement is terminated immediately. Also, if during the 30 days notice given, the Current Account Agreement becomes invalid then the Payment Card Agreement is immediately terminated.

    The Payment Card is annulled in the following situations:

    • At the end of the 30 day termination period
    • When the Current Account Agreement is terminated
    • On the death of the Account Holder or in the case of a legal entity, on the order of its liquidation or winding up.

    3.3.4 Payment Card Provisions

    The Payment Card, with the name of the Cardholder (and the legal entity if necessary) is delivered to the Cardholder within a maximum of 30 days following the approval of the Payment Card Agreement. A sealed envelope containing the PIN is sent separately by international courier service.

    The Payment Card is held and used by the Cardholder, but it remains the property of the Bank. The Payment Card is not transferable, nor can it be used as a pledge for security of deposit as a guarantee.

    The Cardholder must sign the Payment Card on the strip on the reverse side of the card and verify all data engraved on it.

    3.3.5 Validity and Renewal of the Payment Card

    The Payment Card is valid for 3 years from the date of issue, until the 24th hour of the last day of the validity period engraved on the front of the card. Five (5) days before the expiry date, the Bank provides the Cardholder with a new Payment Card (with the same parameters but a new expiration date), once there is:

      1. No adverse reports concerning the Cardholder that would negatively influence the issuing of a Payment Card, i.e. no information that could be seriously injurious to the Account Holder's reputation.

      2. That the Account Holder did not cancel the renewal of the Payment Card 30 days before the expiry date of the card in use.

    3.3.6 Stopping a Payment Card

    The Account Holder, the Cardholder or the Bank can stop the Payment Card by notifying the other party in writing. If the Payment Card gets stolen or lost, the Account Holder or the Cardholder must stop the Payment Card immediately. The order to stop a Payment Card cannot be withdrawn even if the Card is found. The Client can, but is not obliged to request a supplementary Payment Card. If the Payment Card is damaged, the card must be stopped for the Cardholder's own security.

    The Bank has the right to stop the Payment Card in the following situations:

    • The Bank learns that the Card has been stolen or lost, even if the Card has not been stopped.
    • The Account Holder or Cardholder fails to adhere to the terms of the Payment Card Agreement
    • The Payment Card Agreement has been terminated.

    When a Payment Card has been stopped or damaged, it should, if still in the possession of the Cardholder, be cut in two and sent back to the Bank.

    If the request for the card to be stopped is in writing: the name of the Cardholder, the number of the Payment Card, the motive for stopping the card and any legal action taken by authorities must be stipulated.

    Once the Bank has been requested to stop a Payment Card, it is fully effective within 24 hours.

    Once the cancellation is effective the Bank accepts liability for:

    • All charges arising from executed transactions with the lost or stolen Payment Card.
    • All related charges to the Current Account.

    3.3.7 Provision for a Supplementary Payment Card

    The Account Holder can apply for the issue of a Supplementary Payment Card either through the Internet Bank or in writing. These cards are only issued on request once the previous card has been effectively cancelled.

    3.3.8 Use of the Payment Card

      3.3.8.1 The Payment Card can be used for

      • Cash withdrawals
      • Payment for goods and services

      Deposits cannot be made with the Payment Card.

      Payment Cards are used through electronic devices (ATM, POS terminals) with on-line verification. The Cardholder receives a copy of the transaction slip or receipt. Payment Cards can be used in the official local currency, or where local legislation allows and the Acquirer permits, in other currencies.

      Transactions are executed according to the Rates and Fees section of the Bank's website, but they are always subject to the available balance on the account. To determine the available balance on the Current Account, the Bank takes into account reversible transactions. When more than one Payment Card exists for one account, all the transactions initiated by the Cardholders have an influence on the current balance.

      Depending on the type of transaction, the Acquirer can limit the number of transactions or the sum usable (for each transaction or totally), and those Limits may be lower than the Limits given by the Bank. The Acquirer (acceptor) is entitled to refuse the Payment Card if a wrong PIN Code is given, if there is an instruction from the Bank or if there is any uncertainty about the identity of the Cardholder.

      3.3.8.2 Cash Withdrawal

      Cash withdrawals using a Payment Card are possible:

      • At an ATM: this transaction is carried out using the Payment Card and the PIN Code.
      • In a bank branch: this transaction is executed using the Payment Card, and if necessary the PIN Code.
      • At a cash withdrawal point: this transaction is executed using the Payment Card, and if necessary the PIN Code.

      The Acquirer is entitled to verify the identity of the Cardholder by requesting to see a legal identification document (passport or drivers license or identity card), and to record the number of such a document. The Cardholder must sign the transaction slip.

      3.3.8.3 Payment for Goods or Services

      The Payment Card can be used as payment for goods and services following the same procedure as for withdrawals at a bank branch or a cash withdrawal point.

      The Cardholder can only use the Payment Card for payment of goods and services that were actually utilized. It is not possible to have a cash pay back at a POS, the sum under question is credited back to the account by a charge back transaction.

    3.3.9 Miscellaneous Provisions

    The Bank automatically debits the Current Account with all the Fees and charges pertaining to Payments Card transactions. All other Fees relating to the Payment Card Agreement are specified in the Fees and Rates page of its website.

      3.3.9.1 Claims

      In the event that an Account Holder disagrees with the Current Account balance or information concerning Payment Card Transactions, the Bank must be informed immediately. If necessary the Account Holder, along with the secondary Cardholders for that account, should send a written claim to the Bank enclosing the necessary documents if one of the following situations arise:

      • A problem with the plastic Payment Card or with the PIN Code
      • A problem with a POS or Acquirer
      • A non-acknowledged transaction
      • A failed transaction
      • A problem concerning the settlement of a transaction
      • A legal problem concerning the Payment Card

      3.3.9.2

      It is in the Account Holder's own interest to inform the Bank about any damage as soon as possible after the event, as the claim period for Payment Card Transactions is limited by the International Card Associations. The claim should be lodged with the Bank at the latest in thirty (30) days after the transaction, otherwise the Bank is not obliged to act and forward the matter to the International Card Association.

      The Bank will examine the claim within thirty (30) days after its receipt, and

      • If it refuses the claim, the Bank will give notice to the Account Holder concerning the refusal,
      • Any sum accepted after examination of the claim will be credited to the Current Account with the value date of the incorrect transaction,
      • Any claims concerning the International Card Association or its member bank will be forwarded to them by the Bank. Examination of those claims is performed under the rules of the International Card Association.

      3.3.9.3

      The Bank can initiate a counter-claim if it can show that the damage occurred was due to the Cardholder's fault. If appropriate, the Bank is also entitled to advise its regulatory authority.

      The Bank does not accept any responsibility for losses caused by use of the Payment Card and the PIN Code together. The Bank is not responsible for losses caused by the International Card Association or its members, arising from non-execution of a transaction which does not result in any direct financial loss on the current account maintained with the Bank. The Bank will forward such claims to the affected parties.

3.4 Termination of Agreement

    3.4.1 Standard closure of accounts

    A Client can close their Current Account with the Bank by giving sixty (60) days written notice, or for the case of Deposit Accounts, at the maturity of the deposit. The closure commences on the day a party issues the written notice. Once the closure has come into effect the Client can no longer give instructions concerning accounts, and the Bank may reject any such instructions.

    Once the closure is effective the Bank stops all related services, i.e:

    • The Internet Bank
    • Account management by facsimile
    • Payment Cards

    Any funds remaining after the closure of the account are transferred to any other external account as indicated in the closure notice.

    3.4.2 Extraordinary Closure

    The Bank is entitled to close a Client's Current Account and any related accounts instantaneously and with immediate effect if the Client fails to respect his or her Agreement with the Bank or if the Client's activity violates any legal regulations (inter alia international regulations against money laundering) or violates the interests of the Bank.

    The Bank has the right to immediately stop Payment Cards connected to a Current Account if there is the possibility that the card has been misused, or if an authority or the International Card Association gives notice of a stoppage. If this occurs the Bank has the right to terminate the Client's other accounts.

3.5 Savings Accounts

    Any current account holder - private or corporate is entitled to free Savings Account opening and management. Eligible currencies for the savings accounts are USD and EUR. Minimum balance of the savings account is 5,000.00. To open the Savings Account, current account holder has to send free format message to Griffon Bank via Internet Bank module with request. Then accounts managers open the corporate savings account or private savings account send the confirmation to the current account holder via Internet Bank. Account holders can transfer funds from/to current account to savings account via Internet Bank free of charge. The interest as specified on Griffon Bank website will be earned on full balance of the savings account if funds stay on this account for minimum of one month. However interest will be earned and accrued only starting from the 1st calendar day of the month and ending at the last calendar day of the month. For example if funds where transferred to the savings account on 26th of the months, there will be no interest for this month and accruals will start only from the 1st day of the next month. Also if accruals started on the 1st day of the month, but funds where withdrawed on 20th day of the same months, there will be no interest paid for these 20 days. Interest accrued and paid to the same savings account on the last day of the month.


4 ADDITIONAL CONDITIONS

4.1 Setting off claims

If the Client owes any money to the Bank, the Bank is entitled to defer any payment Orders, and can also set off its own claims against any credits for the Client's Current Account.

4.2 Performance of Due Diligence by the Bank

While the Bank has an Agreement with the Client, the Bank has the right to verify that the Client is entitled to initiate the requested transaction, and to check the data registered with the Bank. Provided these requests are reasonable the Client cannot object to these control procedures. If the Client does not comply with such a request for supplementary information or verification, the Bank is entitled to refuse any Order and may, if it thinks fit, terminate the Agreement with extraordinary notice.

4.3 Privacy Policy

All information given to Griffon Bank by its clients is kept in the strictest confidence; this includes all application forms, declaration of Source of Funds forms and all other communication between the client and the bank.

Certain information can only be divulged to certain local authorities if a judge order is obtained under the due process of law in the Commonwealth of Dominica, on the reasonable suspicion that Dominica's laws are being contravened. It is strictly forbidden by law for anyone who performs his duties or exercises his functions to disclose any information thus received.

4.4 Amending General Terms and Conditions

Any changes that are made to these GENERAL TERMS AND CONDITIONS are found on the 'News' page of the Bank's website. An updated form of the GENERAL TERMS AND CONDITIONS are displayed at the Bank's Registered Office and Representative Offices. Clients are deemed to be apprised of and bound by these changes. Nevertheless the Client is entitled to object to these amendments in respect to his or her own Agreement with the Bank, however he or she must notify the Bank in writing within 30 thirty days of the amendments being published, or the Client looses the right to object.

4.5 Applicable Law

Applicable law concerning interpretation and enforcement of the provisions of these GENERAL TERMS AND CONDITIONS is the law of the Commonwealth of Dominica. The responsible judicial court is the High Court of Justice, Roseau, Commonwealth of Dominica.