1. DEFINITION OF PARTIES
a. The Bank shall mean IRON Bank Limited, a company duly incorporated under the laws of Nigeria.
b. The Customer shall mean the person(s) or entity in whose name(s) the account is opened and operated.
2. ACCOUNT OPENING AGREEMENT
a. This agreement shall be binding on the Bank and the Customer upon the opening of the account.
b. The Bank reserves the right to decline any application for account opening without assigning any reason.
c. The Bank shall not be liable for any loss or damage arising from such decline.
3. SIGNATURES
a. The Customer undertakes to notify the Bank immediately of any change in the authorized signatories.
b. The Bank shall not be liable for any unauthorized transactions until such notification is received.
c. All signature cards must be duly completed by each signatory to the account.
4. DEPOSITS
a. All deposits shall be subject to verification and confirmation by the Bank.
b. The Bank reserves the right to refuse any deposit without assigning any reason.
c. Deposits may be subject to holds as determined by the Bank's policies.
5. WITHDRAWALS
a. Withdrawals shall be made in accordance with the mandate given by the Customer.
b. The Bank may require additional documentation for large withdrawals.
c. All withdrawal instructions must be properly authorized.
6. CHARGES AND COMMISSIONS
a. The Customer agrees to pay all charges and commissions as may be determined by the Bank from time to time.
b. Such charges may be debited from the Customer's account without prior notice.
c. A schedule of charges shall be made available to the Customer upon request.
7. STATEMENTS
a. The Bank shall provide periodic statements of account to the Customer.
b. Any discrepancies must be reported within 30 days of receipt of statement.
c. Failure to report discrepancies within the specified period shall constitute acceptance of the statement.
8. CONFIDENTIALITY
a. The Bank undertakes to maintain confidentiality of Customer information.
b. Information may be disclosed as required by law or regulatory authorities.
c. The Customer consents to such disclosure where legally required.
9. INDEMNITY
a. The Customer agrees to indemnify the Bank against all losses arising from the operation of the account.
b. This indemnity shall survive the closure of the account.
c. The Bank's liability shall be limited to the amount in the Customer's account.
10. ACCOUNT CLOSURE
a. Either party may close the account by giving written notice.
b. The Bank may close the account immediately in case of breach of terms.
c. All outstanding obligations must be settled before closure.
11. FORCE MAJEURE
a. The Bank shall not be liable for delays or failures due to circumstances beyond its control.
b. Such circumstances include but are not limited to natural disasters, strikes, and government actions.
12. GOVERNING LAW
a. This agreement shall be governed by the laws of Nigeria.
b. Any disputes shall be subject to the jurisdiction of Nigerian courts.
13. AMENDMENTS
a. The Bank may amend these terms and conditions at any time.
b. Notice of amendments shall be given to the Customer.
c. Continued use of the account constitutes acceptance of amendments.
14. ELECTRONIC BANKING
a. The Customer may access electronic banking services subject to separate terms.
b. The Customer is responsible for maintaining security of access credentials.
c. The Bank shall not be liable for unauthorized access due to Customer negligence.
15. DORMANT ACCOUNTS
a. Accounts with no activity for specified periods may be classified as dormant.
b. Dormant accounts may be subject to additional charges.
c. Reactivation procedures shall apply for dormant accounts.
16. COMPLIANCE
a. The Customer agrees to comply with all applicable laws and regulations.
b. The Bank may require additional documentation for compliance purposes.
c. Non-compliance may result in account restrictions or closure.
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