User Bancorp - offshore accounts made easy...

Terms and Conditions
Quick Table of Contents:

1. Introduction

2. General Rules
2.1 USER BANCORP's Liability
2.2 USER BANCORP's Secrecy
2.3 Authorization
2.4 Processing of Orders
2.5 USER BANCORP's Fees

3. Terms of USER BANCORP' Operations
3.1 Current Account
3.2 Deposit Account
3.3 Payment Cards
3.4 Terminations of Agreement
3.5 Savings Accounts

4. Additional Conditions
4.1 Setting-off Claims
4.2 Performance of Due Diligence by USER BANCORP
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 USER BANCORP Limited (hereafter referred to as 'USER BANCORP') and its Clients.

1.2
The transactions between USER BANCORP and its Clients are subject to the provisions of these GENERAL TERMS AND CONDITIONS, the Offshore Companies Act 1993, the Money Laundering (Prevention) Act 1992, the Money Laundering (Prevention) Regulations Act 1992 and all other laws and secondary legislation of New Zealand
The currency of USER BANCORP is offered in different currencies, and the following business activities shall be provided:

• Personal and Corporate Current Accounts
• Deposit Accounts
• External and Internal Transfer of Funds
• SWIFT Wire Transfers in and out
• Issue of debit/prepaid Cards

1.3
USER BANCORP will display these GENERAL TERMS AND CONDITIONS at its Registered Office, its Representative Offices, and on the USER BANCORP'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 USER BANCORP 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 USER BANCORP.

Client
Both Account Holders and Authorized Persons are Clients of USER BANCORP.

Cardholder
A Cardholder is: an Account Holder, an Authorized Person, or any other person permitted by the Account Holder, who is registered with USER BANCORP 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 USER BANCORP's services. USER BANCORP 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 USER BANCORP'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 USER BANCORP 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 USER BANCORP Accounts.

External Transfer
This is any transfer that involves a Correspondent Bank or Financial Institution.

Correspondent Bank
This is a Bank or another Financial institution that performs services for other "Bank's or USER BANCORP's 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 USER BANCORP transactions. This amount is a cover for the Account Holder's ts and related charges.

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

Standard Order Form
This is the official USER BANCORP Form, which should be used for recording data and Orders for USER BANCORP 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. USER BANCORP reserves the right to reject a Standard Order Form that has not been correctly completed.

Payment Card
This is a plastic card issued by USER BANCORP as a non-cash device to be used for payments, cash withdrawals and also as a safety instrument for Client identification.

Internet Banking - USER BANCORP
This is a communication system between Clients and USER BANCORP 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 USER BANCORP using Login and Password and are signed with a Digital Signature. All the Electronic Banking Operations are archived on the USER BANCORP's computer database.

Digital Signature
For the purposes of the Electronic Banking Operations, a Digital Signature generated by the Internet USER BANCORP 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. 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 USER BANCORP. USER BANCORP 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 USER BANCORP's services and can be accessed by clicking here. 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 USER BANCORP'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 USER BANCORP'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 USER BANCORP that issued the Payment Card. Their Logo is on the Payment Card.

International Card Association
This represents all the international organizations (Visa International, Euro pay International S.A., MasterCard International Inc. etc.) that have an agreement with USER BANCORP 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.

USER BANCORP Issuer
This is the Bank that issues the Payment Card.

Clearing Bank
This is a Bank that has a contract with other "Banks and USER BANCORP's and the International Card Association and mediates between the two Parties - the Acquirer and the Issuer.

2 GENERAL RULES

2.1 USER BANCORP's liability

2.1.1
USER BANCORP is in no way responsible for damages or losses that occur due to military action or a natural disaster. USER BANCORP cannot be held responsible and will not be held liable for loss or damage from disturbances to normal Banking operations that are beyond the USER BANCORP's control.

2.1.2
If the Client provides false or incorrect data for the Agreement or any transaction, USER BANCORP will not be held responsible for any damage that arises as a consequence.

2.1.3
USER BANCORP is not liable for any damages that arise from the loss or mutilation of the Payment Card issued by USER BANCORP, nor from loss of a PIN Code or an Internet 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. USER BANCORP is not liable for Client losses that arise due to Clients negligence or failure to stop a Payment Card.

2.1.4
USER BANCORP is in no way responsible for damages or losses that occur due to lost or stolen Internet Login and Password, and the Digital Signature once the three are used together.

2.1.5
To prevent and combat money laundering, USER BANCORP enforces the rules and regulations defined in applicable international treaties.

2.2 USER BANCORP Secrecy

2.2.1
Any and all data in the USER BANCORP's possession that relates to the financial position, economic management, Client's personal environment or circumstances including their Agreements with USER BANCORP 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 USER BANCORP 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, USER BANCORP shall check the validity of the Client as follows:
a) In the case of the Internet USER BANCORP facility, the Order authority will be verified by the Client Login and Password as well as by the Digital Signature generated by the Internet USER BANCORP system.
b) 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.
c) 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).
d) 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.
e) USER BANCORP 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 USER BANCORP.

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 USER BANCORP. 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 USER BANCORP dealing with Client Accounts should be made through the Internet USER BANCORP or by facsimile on the USER BANCORP's Standard Order Forms.

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

USER BANCORP 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 USER BANCORP can in no way be liable for any loss or damage that may arise due to incorrect target account names or numbers.

USER BANCORP provides its Clients with:
a) An Internet Client Login and Password and a Digital Signature generated by the Internet USER BANCORP system,
b) A facsimile Test Key Table and the USER BANCORP's Standard Order Forms, if applicable.
c) A Payment Card, once the Payment Card Application has been approved.

USER BANCORP is entitled to execute those Orders given by a Client and received by USER BANCORP, 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:
a) In the case of an Internet operation, by electronic data,
b) In the case of facsimile, by the completed Standard Form, and
c) 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, USER BANCORP chooses the method of forwarding Orders. Forwarding is executed at the expense and risk of the Client. USER BANCORP 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 USER BANCORP. USER BANCORP is entitled to use a Correspondent Bank in the execution of Orders, but if the Client nominates a Correspondent Bank USER BANCORP is not liable for any subsequent losses.

2.4.3 Processing of Orders
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 USER BANCORP.
USER BANCORP will only process it Orders if there are sufficient funds in the Client's account to cover the Order and all related charges, and costs. USER BANCORP 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 USER BANCORP 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 USER BANCORP shall be deemed as dispatched if and when the file copy is in the USER BANCORP's possession and a postal or telecommunication certificate proves that the Client received the notice.
Written notices from USER BANCORP 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 USER BANCORP, 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 System 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 System 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 USER BANCORP and to any other Bank's collaborating and processing relevant USER BANCORP data.

2.5 USER BANCORP Fees

2.5.1 Fees, Commissions, Charges and Other Related Expenses
USER BANCORP Fees or charges are levied on the Client's account for use of USER BANCORP 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 related to any of USER BANCORP or subsidiaries' products and services.
Relevant USER BANCORP service Fees are specified in the USER BANCORP's website and can be accessed by clicking here. USER BANCORP is entitled to amend the Fees at any time and Clients can obtain information about amendments through the USER BANCORP's website. If a particular agreement contains a special regime of interest and/or charges and commissions different from those indicated in the USER BANCORP'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 USER BANCORP's web site. The interest earned upon maturity of a Deposit Account is automatically credited to the Client's Current Account.

3 TERMS OF USER BANCORP OPERATIONS

3.1 Current Account
Before entering into a business relationship, USER BANCORP 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 USER BANCORP 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 USER BANCORP can open a Current Account with USER BANCORP. 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 USER BANCORP 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.
USER BANCORP 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 USER BANCORP transfer or Payment Card Transactions - USER BANCORP does not accept cash transactions.
Clients are able to monitor their account through the Internet System 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 USER BANCORP has reasonable grounds to suspect the infringement of these conditions, USER BANCORP 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 USER BANCORP to execute Orders and to settle charges, Fees and expenses.

3.1.2 Opening of a Current Account
USER BANCORP 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 USER BANCORP allots the Client with a Client Identification Code, to be used for telephone communication with USER BANCORP. This Client Identification Code is not an Account Number. Depending on the selected method of account management, the Client receives an Internet 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.
USER BANCORP 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 Login and Password, and the Digital Signature can only be changed by USER BANCORP 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
USER BANCORP accepts Orders for Internal Transfers between Client accounts or for External Transfers to another USER BANCORP account, either through the Internet USER BANCORP, by facsimile or by use of a Payment Card.
USER BANCORP 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.
USER BANCORP 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
USER BANCORP processes any Orders on a Current Account according to the time and date they were received. Orders received during the USER BANCORP's opening hours are deemed as received on that day. Orders received after hours are deemed as received on the following Banking day.
USER BANCORP 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 the date and time of the arrival of the Order are considered the same as those recorded on the USER BANCORP's database. The Orders are dealt with in the order that USER BANCORP receives them.

3.1.5 Credit entry on a Current Account
The Current Account number is necessary for USER BANCORP to process credit operations. If no account number is used, or it is given incorrectly, USER BANCORP may (but is not obliged) to use the Account Holder's name to execute the Order.
Once USER BANCORP 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 USER BANCORP. A Current Account may also be closed if the Account Holder has not complied with the account opening stipulations within thirty (30) days of USER BANCORP receiving and approving the original account Application. For closure of the account, a fee similar to the min. withheld deposit/min. balance stated in the fee schedule will be deducted. A Current Account can also be closed if fees or unpaid services or products related to USER BANCORP, its subsidiaries and partners are not covered by the min. withheld deposit/min. balance to be held at all time.
USER BANCORP has the right to freeze the balance of an account and to reject all subsequent Orders as soon as USER BANCORP has received the account closure notice. After the fixed period of sixty days USER BANCORP transfers - after deducting all Fees or costs - 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 USER BANCORP instructions to do so. The deposit Order is given through the Internet USER BANCORP or on the USER BANCORP'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.
The USER BANCORP'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 USER BANCORP has received other instructions.

3.2.2 Types of Deposit Accounts
The Deposit terms are for periods of 6, 12, 24 or 36 months, and the currency has been agreed to.

3.2.3 Withdrawal of Deposits
USER BANCORP transfers amounts held in a Deposit Account back to the Client's Current Account when instructed by the Client after maturity Date
If the Deposit Account is closed on the original expiry date, USER BANCORP credits the amount of the deposit and the interest earned to the Client's Current Account the day after USER BANCORP receives the Order to close the Deposit Account.
If the Deposit Account is closed before maturity, USER BANCORP credits the amount of the deposit and the interest earned to the Client's Current Account, and USER BANCORP 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 USER BANCORP, 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 USER BANCORP accepts and approves it. USER BANCORP 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 USER BANCORP.
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 USER BANCORP 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 USER BANCORP 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 USER BANCORP 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:
a) At the end of the 30 day termination period
b) When the Current Account Agreement is terminated
c) 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 USER BANCORP. 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 a pre determined period 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, USER BANCORP provides the Cardholder with a new Payment Card (with the same parameters but a new expiration date), once it has been determined that:.
a) 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.
b) 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 USER BANCORP 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.
USER BANCORP has the right to stop the Payment Card in the following situations:
a) USER BANCORP learns that the Card has been stolen or lost, even if the Card has not been stopped.
b) The Account Holder or Cardholder fails to adhere to the terms of the Payment Card Agreement
c) 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 USER BANCORP.
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 USER BANCORP has been requested to stop a Payment Card, it is fully effective within 24 hours.
Once the cancellation is effective USER BANCORP accepts liability for:
a) All charges arising from executed transactions with the lost or stolen Payment Card.
b) 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 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 USER BANCORP's website, but they are always subject to the available balance on the account. To determine the available balance on the Current Account, USER BANCORP 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 USER BANCORP. The Acquirer (acceptor) is entitled to refuse the Payment Card if a wrong PIN Code is given, if there is an instruction from USER BANCORP 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 USER BANCORP 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 USER BANCORP 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
USER BANCORP 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, USER BANCORP must be informed immediately. If necessary the Account Holder, along with the secondary Cardholders for that account, should send a written claim to USER BANCORP enclosing the necessary documents if one of the following situations arise:
a) A problem with the plastic Payment Card or with the PIN Code
b) A problem with a POS or Acquirer
c) A non-acknowledged transaction
d) A failed transaction
e) A problem concerning the settlement of a transaction
f) A legal problem concerning the Payment Card

3.3.9.2
It is in the Account Holder's own interest to inform USER BANCORP 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 USER BANCORP at the latest in thirty (30) days after the transaction, otherwise USER BANCORP is not obliged to act and forward the matter to the International Card Association.
USER BANCORP will examine the claim within thirty (30) days after its receipt, and
if it refuses the claim, USER BANCORP 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 USER BANCORP will be forwarded to them by USER BANCORP. Examination of those claims is performed under the rules of the International Card Association.

3.3.9.3
USER BANCORP can initiate a counter-claim if it can show that the damage occurred was due to the Cardholder's fault. If appropriate, USER BANCORP is also entitled to advise its regulatory authority.
USER BANCORP does not accept any responsibility for losses caused by use of the Payment Card and the PIN Code together. USER BANCORP 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 USER BANCORP. USER BANCORP 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 USER BANCORP 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 USER BANCORP may reject any such instructions.
Once the closure is effective USER BANCORP stops all related services, i.e:

• The Internet Banking
• 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
USER BANCORP or its subsidiaries is entitled to close a Client's Current Account and any related accounts or other business relations or delivery of products marketed on USER BANCORP's or subsidiaries' website(s) instantaneously and with immediate effect if the Client fails to respect his or her Agreement with USER BANCORP or if the Client's activity violates any legal regulations (inter alia international regulations against money laundering) or violates the interests of USER BANCORP and refund can not be claimed when products, services or consultancy work has been initiated.
USER BANCORP 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 USER BANCORP 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 Multi-Currency. Minimum balance of the savings account is 5000.00 for personal account or 10,000.00 for corporate account in their respective currency. To open the Savings Account, current account holder has to send free format message to USER BANCORP via Internet System 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. Account holders can transfer funds from/to current account to savings account via Internet free of charge. The interest as specified on USER BANCORP 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 withdrawn 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 USER BANCORP, USER BANCORP 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 USER BANCORP
While USER BANCORP has an Agreement with the Client, USER BANCORP has the right to verify that the Client is entitled to initiate the requested transaction, and to check the data registered with USER BANCORP. 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, USER BANCORP is entitled to refuse any Order and may, if it thinks fit, terminate the Agreement with notice.

4.3 Privacy Policy
All information given to USER BANCORP 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 USER BANCORP.
Certain information can only be divulged to certain local authorities if a judge order is obtained under the due process of law in New Zealand, on the reasonable suspicion that New Zealand's laws are being contravened. Law strictly forbids it 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 USER BANCORP's website. An updated form of the GENERAL TERMS AND CONDITIONS are displayed at the USER BANCORP'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 USER BANCORP, however he or she must notify USER BANCORP 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 New Zealand only. The responsible judicial court is the High Court of Justice, New Zealand

CONTACT INFORMATION:

BELIZE

Postal Address/Support:
User Bancorp Ltd
co/Wire Secure Inc.
Lagoon Street , San Pedro,
Ambergris Caye, Belize, C.A.
Telephone +501 206 206 5
Telefax +64 9 353 1598

Xunantunich, Mayan Temple Site
--------------------------------------
NEW ZEALAND

Registered office:
User Bancorp Ltd
412 Lake Road, Takapuna,
Auckland, New Zealand

Milford Sounds, one of the eight
wonders of the world close to
Queenstown...

Share