The Bank is registered with the Isle of Man Financial Supervision
Commission for banking business under section 6 of the Banking
Act 1998. Registered office: PO Box 188, 5 Hill Street, Douglas,
Isle of Man, IM99 1UG. The paid up share capital and reserves
of Irish Nationwide (IOM) Limited as at 31st December 2005 were
in excess of £56 million. Copies of the latest audited accounts
of the Bank are available on request.
Irish Nationwide (IOM) Limited is a wholly owned subsidiary of
the Irish Nationwide Building Society. The Society has a Moody’s
Bank Deposit Rating of A-3/P2 and its latest Annual Accounts can
be viewed at www.inbs.ie
1.
1.1
1.2
1.3
1.4
1.5 |
Eligibility
The Bank only accepts customers who are of sound mind and who
meet our application eligibility requirements
In particular accounts are not available to residents of certain
countries.
It is Your responsibility to ensure that You are eligible to
agree to the Terms and Conditions and to operate Your account(s)
as envisaged in these Terms and Conditions under the laws of
the Isle of Man.
You warrant to Us that You are of sound mind and that You are
entitled to enter into the Agreement under the laws of the Isle
of Man.
The Bank does not accept customers who are less than eighteen
years of age (a “Minor”).
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| 2. |
Right to refuse to open an account or accept an instruction
or a deposit
The Bank reserves the right to refuse to accept a deposit, to
refuse to accept an instruction and to refuse to open an account
without giving prior written notice and without giving a reason
for any such decision.
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| 3. |
Exchange of information
You consent to the Bank sharing, exchanging and passing any
financial or other information concerning You that is necessary
in order to comply with the laws of the Isle of Man.
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4.
4.1
4.2
4.3
4.4
4.5 |
Instructions
You irrevocably authorise and request Us to honour and comply
with any order to withdraw any or all money on any account or
accounts in Your name. You shall be responsible for ensuring
that all instructions are correct and complete. The Bank may
refuse to carry out any transactions if it reasonably believes
that:
(i) the instruction is invalid, or
(ii) the instruction has not come from You.
The Bank does not accept instructions for payments to a third
party nor does The Bank accept instructions from a third party.
Payments by cheque will be sent by ordinary mail to Your recorded
address or to Your bank for credit to an account in Your name.
You accept that Our receipt and acknowledgement of Your instructions
cannot be considered as proof that the transaction thereby envisaged
has taken place and that You should check the status of the
transaction on a regular basis.
The value date of a transaction request is dependent upon matters
outside Our control and in particular international transactions
usually require at least two working days to be processed.
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5.
5.1
5.2 |
Facsimile Instructions
Where permissible, if You wish to give instructions to Us by
facsimile, You must complete the relevant sections of and return
to Us the “Fax Indemnity" Form. Where appropriate,
the “Fax Indemnity" Form will constitute part of
the Agreement.
Payment instructions given by facsimile may only be made to
the pre-designated account authorised by You on the “Fax
Indemnity” Form and any other account(s) in Your name(s)
advised to Us in writing.
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6.
6.1
6.2
6.3
6.4 |
Joint Accounts
Accounts may be held in the name of one or more persons up to
a maximum of four persons.
The first named person will be deemed to be the principal account
holder and beneficial owner. This person only will receive correspondence.
Each accountholder will be deemed to be a joint beneficial owner
of the funds.
Where one or more individuals is party to a joint account and
is resident for tax purposes in an EU Member State the account
will be classified as being fully subject to the requirements
of the EU Savings Directive.
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7.
7.1
7.2
7.3
7.4
7.5 |
Arrangements in the event of Disputes, Death, Divorce
& Bankruptcy
In the event of a dispute of whatever nature or type arising
between joint account holders, the Bank reserves the right to
suspend the use of any account subject to such dispute, pending
the resolution of the dispute.
In the event of the death of a sole account holder, the Bank
shall only accept instructions from the validly appointed executor(s)
or administrator(s) of the deceased and the Bank shall be entitled
to request documentation to its satisfaction as to the identity
of such persons and the validity of their appointment, such
as grant of probate/letters of administration issued by a Court
in the Isle of Man and a death certificate. On the death of
a Joint account holder, any monies in such an account will be
payable to the order of the surviving account holder(s), subject
to documentation to Our satisfaction being provided, such as
a death certificate.
In the event of divorce or other marital dispute, the Bank reserves
the right to suspend the use of an account subject to such dispute,
pending the resolution of the dispute.
In the event of Your death, bankruptcy, or winding-up, the Bank
shall settle all payments and instructions already given and
shall be entitled to exercise a right of set-off and lien over
all of Your accounts (including accounts in the name of the
Bank or of You jointly with others and whether denominated in
the same currency or not) to satisfy all outstanding payments
and instructions.
Any disputes that You have with the Bank may be referred to
The Financial Services Ombudsmen Scheme which, under the Fair
Trading (Amendment) Act 2002 (Manx Legislation), enables independent
dispute-resolution where the dispute is unresolved.
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| 8. |
No charges or assignment
You may not charge, assign or transfer any interest in or to
Your account(s).
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| 9. |
Set-Off etc
You agree that the Bank may, without prior notice, set-off,
combine or consolidate any or all of Your existing accounts
(including accounts in the name of the Bank or of You jointly
with others, and denominated in whichever currency) or any other
amount which is payable by Us to You, and the Bank may set-off,
apply or transfer any sum standing to the credit of any one
or more of such accounts against or towards any liabilities
arising on any account whether such an account is designated
as a deposit account or in any other manner.
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| 10. |
Interest
The Bank may pay You interest gross without deducting or withholding
any tax depending on all applicable laws. You may be liable
for tax in Your country of residence for interest earned on
Your account(s). Any such tax charge or liability is Your sole
responsibility and the Bank shall not advise You in respect
of such Tax or be liable for its payment. In the event that
the Bank is required to make a deduction or withholding for
such tax charge or liability on any sums payable by the Bank
to You, the Bank shall have no liability to You in respect of
any loss suffered by You as a result of any such deduction or
withholding. In the event that the Bank is required to make
a payment in respect of tax as a result of Your failure to pay
such tax, You agree to indemnify and reimburse Us for any such
payments and Our reasonable costs incurred.
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11.
11.1
11.2 |
Charges and Fees
Details of the charges applicable to Your account(s) are available
on request from Us.
You agree that You are liable for and that You will indemnify
Us in respect of any legal costs, charges or expenses that the
Bank reasonably incurs in defending or taking proceedings arising
from the operation of any one or more of Your accounts.
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12.
12.1
12.2 |
Statements
The Bank shall prepare statements of account and post these
to You at least once a year.
You agree that You have 14 days from the date of such statements
in which to object to any matters set out in such statements
and that thereafter You will be deemed conclusively to have
accepted all matters set out therein as true and accurate in
all respects.
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13.
13.1
13.2
13.3 |
Warranties
To the extent permitted by law, all warranties, terms, conditions,
descriptions, representation or advice given or implied as to
the fitness, quality or suitability for any purpose or otherwise
of the Bank’s services (where applicable) supplied are
expressly excluded.
No agent, representative or introducer of the Bank is authorised
to make any warranties, representations or statements regarding
the Bank’s services and/or the Third Party services and
the Bank shall not in any way be bound by any such unauthorised
warranties, representations or statements.
The Bank expressly disclaims any warranty that data or communications
sent or received using the services meets local legal requirements
to effect a binding transaction or produce material that will
be admissible as evidence in legal proceedings.
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| 14. |
Information
You must inform Us immediately in writing of any changes to
Your details as given to Us either in the course of application
or at any subsequent date.
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| 15. |
Records Conclusive
Our internal records, whether on paper, microfilm, by electronic
recording or otherwise, shall, in the absence of manifest error,
be conclusive evidence of all account balances, debits and credits
as between You and Us.
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16.
16.1
16.2
16.3
16.4
16.5
16.6 |
Communications
You agree that the Bank may only hold Your personal details
given by You or other people during your relationship with the
Bank, in the Bank’s database. This includes all details
given by You on application forms during financial reviews and
interviews, including the Bank’s analysis of Your banking
transactions and what the Bank knows from operating Your accounts,
including any information obtained by the Bank as a result of
enquiries made, including third parties associated with You.
All information referred to above about You may be held by the
Bank. This information, subject to any financial services regulations
and the law, may be disclosed to the Bank and may also be recorded,
analysed, assessed, used and held by the Bank for the following
purposes - the information held by the Bank may be used to update
information to provide You with services, identify products
and services which You might be suitable for, assess lending
and insurance risks, recover debts, prevent and detect fraud,
and update the Bank’s own records.
The information held by the Bank about You is confidential and
will only be disclosed outside the Bank when you give Your consent,
it is needed by Your agents or other involved in running accounts
and services for You, You or others need to investigate or prevent
crime, the law permits or requires it even without Your consent
or there is a duty to the public to reveal such information.
The Bank agrees that upon request, and the payment of a fee,
the Bank will provide you with a copy of the information held
by the Bank, in line with the Data Protection Act 2002 (as the
same may be amended, replaced, or re-enacted from time to time).
The Bank may record and keep records of Your communications
with Us, whether electronic, written, by telephone or in any
other manner whatsoever. The Bank may retain any such records
for so long as the Bank may consider appropriate.
The Bank cannot guarantee the security and integrity of e-mails
sent over a public e-mail system. It is possible for e-mails
sent via a public e-mail system to be deliberately or accidentally
intercepted or corrupted. The Bank will not accept instructions
sent to it over a public e-mail system. The Bank will not be
liable for any breaches of confidentiality or losses or damages
of whatever nature which arise through the use of a public e-mail
system.
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| 17. |
Variation of the Agreement
The Bank may alter the Agreement from time to time. Any such
alteration shall be notified to You by notice, such notice will
state when such alteration will come in to force.
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| 18. |
Transfer
You accept that the Bank, a wholly owned subsidiary of the Irish
Nationwide Building Society (“the Parent Company”),
may transfer the Agreement and the location of Your account(s)
to another subsidiary of the Parent Company on giving You at
least one month’s prior written notice to that effect.
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19.
19.1
19.1.1
19.1.2
19.2 |
Termination
The Bank may terminate the Agreement and/or withdraw access
to Your account(s) on giving You at least ten business days
prior written notice to that effect;
immediately if You breach any terms of the Agreement, become
bankrupt or otherwise incapable of being and continuing to be
a party to the Agreement;
immediately where there are good grounds so to do and You shall
be immediately informed both as to the termination and the grounds,
such grounds to be in the absolute discretion of the Bank.
You may terminate the Agreement at any time by giving us not
less than ten business days written notice to that effect, save
that such termination will be without prejudice to Our accrued
rights and Your outstanding liabilities and obligations to Us.
Further, such of the Terms and Conditions and, if applicable,
any other terms and conditions as the Bank may deem necessary
shall survive such termination for so long as You may have any
outstanding liabilities and obligations to Us.
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20.
20.1
20.2 |
Force Majeure & Limitation of Liability
The Bank shall not be liable to You for any delay or failure
to comply with any obligations under the Agreement arising out
of any cause or causes outside Our reasonable control, including,
but not limited to, any act of God, fire, act of government
or state, war, civil commotion, insurrection, embargo, inability
to communicate with third parties for whatever reason, failure
of any computer system, dealing system or settlement system,
prevention from or hindrance in obtaining any energy or other
supplies, labour disputes of whatever nature, late or mistaken
payment by any agent, electronic or telecommunication failure
and where relevant unavailability of access to the Internet
or failure of Internet service provider or in any other manner
whatsoever whether similar to the foregoing or not.
The Bank shall not be liable for any indirect, special, incidental
or consequential loss or damage that may arise in respect to
Your use of Your account(s).
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| 21. |
Waiver
No failure or delay on Our part to exercise any power, right
or remedy under the Agreement shall operate as a waiver thereof,
nor shall any partial exercise by Us of any power, right or
remedy prevent any other or alternative exercise thereof or
the exercise of any other power, right or remedy. The remedies
provided in the Agreement are cumulative and are not exclusive
of any remedies provided by law.
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| 22. |
Severability
Each of the provisions of the Agreement are severable from the
others and if at any time one or more of such provisions not
being of a fundamental nature, is or becomes illegal, invalid
or unenforceable, the validity, legality and enforceability
of the remaining provisions of the Agreement shall not in any
way be affected or impaired.
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| 23. |
Notices
Any notice given pursuant to the Agreement shall be in writing.
In the case of any notice served by first class post to the
usual or last known address of the intended recipient the notice
shall be deemed delivered 14 days following despatch where the
recipient's address is within the European Union and 28 days
following despatch where the recipient's address is outside
the European Union. A notice sent by Us electronically shall
be deemed to be delivered 7 days after its transmission
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24.
24.1
24.2
24.3 |
Law and Jurisdiction
You agree that the Agreement and in particular the Terms and
Conditions are governed by and shall be construed in accordance
with the laws of the Isle of Man. You and the Bank agree that
the Courts of the Isle of Man are a proper forum for any court
proceedings in connection with the Agreement and the Terms or
anything arising there from and You submit to the jurisdiction
of such court.
The Bank and You agree that nothing herein shall preclude the
right to bring proceedings in any other Court of competent jurisdiction
as the Bank may elect and that legal proceedings in any one
or more jurisdiction shall not prejudice legal proceedings in
any other jurisdiction. You may also be subject additionally
to applicable laws in force in countries in which You are a
resident.
Reference to legislation in any terms and conditions are accurate
at this time and are references to laws and regulations currently
in force in the Isle of Man and are subject to changes of such
laws and regulations.
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APRIL 2005 |
