Common use of Banking Services Clause in Contracts

Banking Services. 7. Opening a corporate account 7.1 If you are not a Micro-enterprise you agree that Regulations 66(1), 67(3) and (4), 75, 77, 83, 91 and 94 of the Payment Services Regulations 2017 do not apply, and that the provisions set out in "unauthorised payments" with the introduction "If you are not a Micro- enterprise apply instead. To open an account, the sole trader, partners, directors of the company, office bearers of the club, society or other entity, must be at least 18 years old and complete such documentation as we may require. 7.2 When you apply to open an account with us, we will ask you for certain information (including, without limitation to, both the business and principal’s proof of identity, proof of address and financial standing) to help protect you, us and third parties against fraudulent use of the banking system. You must tell us of any variations of these documents or the facts contained in them after you have provided them to us. 7.3 We will check the validity of any identification document you provide to prove your identity, with the issuing authority of that document. repayment of the full amount owed to us, and not just a share of it, from all or any of the authorised signatories. 7.4 Where an account is operated by more than one authorised signatory then, unless we have agreed otherwise, the following conditions will apply: (a) any of you can independently give us instructions in relation to your account, including giving payment orders to withdraw some or all of the money in an account, changing contact details or methods, or applying for new products or services. Any instruction given by one of you will commit the rest of you. (b) if there is a dispute between you which we know about, we may insist that both or all of you authorise instructions to us even if the account mandate allows operation by a single individual. (c) we will contact only one of you unless there is a specific legal requirement to contact all of you. You can tell us which of you to contact, but if you do not do so, we will contact the first person listed on our records. The person we contact is responsible for sharing the information we send with the other account holders. 7.5 The authorised signatories and/or authorised persons to a limited company’s or limited partnership’s account are not personally responsible for money owed to us unless we have a separate agreement with them. 7.6 We will accept instructions given in accordance with the relevant account mandate. You can give us instructions either in person by visiting a Branch or in writing. 7.7 You must keep your, passwords and other security details secure. If you think someone else may know the security procedures/details including business, personal and/or account details you must tell us immediately by visiting our Branch or calling them on the phone numbers available in section 4 above or on our Website. If you fail to do so, you may be liable for all instructions that we receive and act on even if the instruction was not given by you. 7.8 Unless we can show that you have been fraudulent, grossly negligent or have not complied with the conditions above, we will refund your account with any payments we make which you can demonstrate were not authorised by you. We will have no further liability to you. We can ask you for all the information you have about the misuse of security procedures/details, which we may pass to the appropriate authority. 7.9 We will do all that we reasonably can to prevent a breach of security, resulting in unauthorised access to your accounts and the information we hold about you. As long as you have not breached the above conditions, we will accept liability for any loss or damage to you resulting from any breach of security. 7.10 We can act on instructions given by you on a document bearing your original signature(s); (subject to our verification and security procedures being satisfied). You agree that we may rely on any information quoted in an instruction as correct. 7.11 We can refuse to act on any instruction if: (a) we believe that you did not give us the instruction; or (b) the instruction is not clear or is incomplete; or (c) we believe that by carrying out the instruction we might break a law, regulation, code or other duty which applies to us; or (d) we believe that the instruction requires further validation/verification.