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Direct Banking Terms and Conditions

THE PRESENT DOCUMENT INCLUDES THE REVISED TERMS AND CONDITIONS WHICH WILL APPLY AS OF 31.8.06 FOR EXISTING CUSTOMERS AND IMMEDIATELY FOR NEW CUSTOMERS.

[1]  [DEFINITIONS]

In these Conditions, unless the context otherwise requires:

"Account" means an account of a Customer with the Bank which the Bank has agreed may be accessed by that Customer by means of the Direct Banking Service (details of the Accounts that can be accessed by a Customer at any time can be obtained by the Customer on request from the Bank);
"Agent System" means the system, which enables Customers to access and utilise the Direct Banking Service with the assistance of an Agent;
"Agent" means a Bank employee who assists a Customer to access and utilise the Direct Banking Service;
"Approved Payee" means a public utility company or other natural or legal person company, which has been approved by the Bank as a company to which a Bill Payment can be made;
"Authorized Person"  means any natural or legal person authorized by the Customer to access on his behalf the Direct Banking Service and includes any person that may from time to time be authorized by the Customer  either as an additional authorized person or in substitution of an  authorized person."Automatic Self-Service System" means the automated system, which enables the Customer to access and utilise the Direct Banking Service without the assistance of an Agent;
"Bank" means the Bank of Cyprus Public Company Limited, its successors assigns and all subsidiary and related companies.
"Bill Payment" means the payment of a utility bill or other bill by the transfer of funds by the Customer from an Account to the Account of an Approved Payee using the Direct Banking Service;
"Business Day" means a day on which the Bank is open for general banking business in Cyprus and a "Non-Business Day" shall be construed accordingly;
"Conditions" means these terms and conditions as amended, extended or replaced by the Bank from time to time and notified to the customer in accordance with paragraph 15 below;
"Customer" means a person or legal entity that is entitled to access and use the Direct Banking Service in accordance with paragraph 2 below and includes any authorized person as specified by the present Conditions while acting in his personal capacity;
"DIGIPASS" means the device granted to the Customer upon application which is  activated with the use of special codes and enables the Customer to execute transactions above the maximum limits specified by the Bank from time to time in www.bankofcyprus.com.
"Direct Banking Service" means the system provided by the Bank from time to time to enable Customers to access and utilise services provided by the Bank using telephone, internet or other technology-based communications.
"Funds Transfer" means the transfer of funds to and from accounts maintained with the Bank or other banks in Cyprus or abroad using the Direct Banking Service whether these accounts are in the name of the Customer or in the name of an Approved Payee or third party;
"Operating Instructions" means the instructions issued from time to time by the Bank governing the use and operation of the Direct Banking Service;
"PIN" means the Personal Identification Number given to or created by a Customer in accordance with the Operating Instructions for use by that Customer with that Customer's Subscriber Number and includes the number given and/or created by a Customer for use with DIGIPASS.
"Registration Form" means the application form completed by a Customer applying to the Bank to avail of the Direct Banking Service;
"Services" means those services from time to time provided by the Bank which may be accessed and utilised through the Direct Banking Service so as: 

  • to receive information regarding his accounts
  • effect fund transfers
  • effect payments in favour of third parties Approved Payees
  • make use of any other Services that the Bank may offer through Direct Banking from time to time

Full details regarding Services offered may be obtained from the Direct Banking Service or any branch of the Bank.

"Subscriber Number" means the number allocated by the Bank to a Customer for use by that Customer in conjunction with the PIN given to or created by that Customer;
" Third Party" means natural persons or legal entities in whose favor, transfer of funds is made by using the Direct Banking Service.
 In these Conditions the singular shall include the plural and vice versa and reference to any gender shall include all genders.

[2] [USE OF SERVICE AND APPLICATION OF THESE CONDITIONS]

2.1 The Direct Banking Service may be accessed and utilised by Customers who:

  • have completed and submitted to the Bank a Registration Form;
  • have received from the Bank a Subscriber Number (this indicates the Bank's acceptance of the Customer's Registration Form); and
  • have been given and/or created a PIN in accordance with the Operating Procedures.

The Bank may in its absolute discretion without assigning any reason refuse to accept a Registration Form.

2.2 These Conditions govern the use of the Direct Banking Service and the Customer shall be bound by them.

2.3 The Customer undertakes to comply strictly with these Conditions and the Operating Instructions (which are designed to minimise the risk of unauthorised use of the Direct Banking Service) and to indemnify the Bank in respect of any loss or damages which may arise as a consequence of the Customer's non-compliance with these Conditions and the Operating Instructions. The Bank shall not in any circumstances be liable to the Customer for any direct or indirect loss or any loss of data or loss of profit suffered or incurred by the Customer.

[3] [SECURITY CONDITIONS]

3.1 The Customer agrees:

  • to keep the Subscriber Number, PIN and DIGIPASS (where applicable) safe; 
  • to destroy any advice concerning the the Subscriber Number immediately on receipt;
  • not disclose the Subscriber Number or the PIN to any other person;
  • to avoid using a PIN that may be easily determined such as birth dates, telephone numbers etc.
  • not to note the PIN on anything carried or associated with the Subscriber Number or on DIGIPASS or in any form which is comprehensible or otherwise accessible to a third party.
  • not to do or omit to do anything else that might allow the improper or unauthorized access to or utilisation of the Direct Banking Service; 
  • to be responsible for disconnecting and clearing any information from any telephone, personal computer or other equipment used to access the Direct Banking Service before leaving such telephone, personal computer or equipment unattended.
    3.2 The Customer shall immediately notify the Direct Banking Service at 97 Keryneias Avenue, 2nd floor, Platy Aglantzias, telephone: 800.00.800, or if calling from outside Cyprus: +357 22 848000 if:
  • the Subscriber Number or the PIN is revealed to-another person; 
  • unauthorised or irregular transactions are recorded on an Account;or 
  •  the Subscriber Number or the PIN or any note or other form bearing the Direct        Banking Number or the PIN is lost, mislaid, stolen or copied
  • DIGIPASS or the DIGIPASS PIN has been lost, misplaced or stolen;

The Customer agrees to carefully check all transactions and statements of his Accounts and immediately notify the Bank in case of discrepancies.

Until the Bank is notified the Customer will be liable for all unauthorized or improper transactions but his liability is limited to the total amount of one hundred Cyprus Pounds (CP100) or such other amount as may be fixed by Law. The Customer will be liable to the Bank for any transaction carried out by any other person who acquired possession of the the Subscriber Number and/or the PIN and/or was in possession of DIGIPASS and/or the DIGIPASS PIN and was acting under the express or implied authority of the Customer. The Customer will also be liable for all transactions without any limit as to the amount, if the Customer acted fraudulently or with gross negligence. Gross negligence shall be presumed where the Cardholder acted in breach of the security conditions of paragraphs 3(1) and 3(2).

3.3 If the Customer has made a notification to the Bank in accordance with paragraph 3.2 then neither the Subscriber Number nor the PIN may be used to access or utilise the Direct Banking Service and if the Customer wishes to continue to avail of the Direct Banking Service the Customer must apply to the Bank for the issue of a new Subscriber Number and PIN and/or create the PIN in accordance with the Operating Instructions.

3.4 The Bank may, but shall not be obliged to, record or monitor telephone conversations for security and training purposes and to maintain quality service standards.

3.5. Direct Banking Service records, including the recording and transcripts made according to paragraph 3.4 may be used in evidence in any dispute and shall be conclusive thereof. The Customer agrees not to contest the admission of such records as evidence in any legal proceedings based on the fact that they are not original or that they are in a form other than writing or are the product of a computer.

[4] [AUTHORITY TO BANK]

4.1 The Customer authorises and instructs the Bank to act on all instructions and requests that are received through the Direct Banking Service provided the instructions and requests are authenticated by the relevant Subscriber Number and PIN. Although the Bank may from time to time require other additional means of personal identification it shall not be obliged to do so and it may act on such instructions and requests without taking any further steps to ensure that the instructions or requests are genuine.

4.2 An Agent may decline to act on any instruction or request for information received through the Direct Banking Service when providing assistance to a Customer to access and/or use the Direct Banking Service if the Agent believes that the Direct Banking Service is being accessed and/or used in an irregular or unauthorised manner but the Bank shall not be liable for any failure on the part of an Agent to do so. Instructions or requests received through the Automatic Self Service System will normally be processed automatically. However, if during such processing the Bank believes that the instruction or request is irregular or unauthorised  or exceeds specified values or determined limits it may terminate or decline to process  the request. The limits and/ or values are as shown in the Registration Form and the Bank's web page.

4.3 The Bank is not obliged to cancel or amend any instruction or request that is received through to Direct Banking Service. The Bank shall use reasonable efforts to act on a request of the Customer for cancellation or amendment prior to execution of the request or instruction but shall have no liability if it does not do so.

4.4 The Bank may decline to act on any instruction or request until it has been confirmed in writing and signed by the Customer.

[5] [OBLIGATIONS OF CUSTOMER]

5.1 The Customer shall provide and maintain at the Customer's own expense any telephone, personal computer or other equipment needed to access the Direct Banking Service and shall ensure that such equipment satisfies all technical and other requirements specified by the Bank in the Operating Instructions.

5.2 The Customer shall ensure that all instructions given by the Customer to the Bank through the Direct Banking Service are accurate and complete. The Customer cannot cancel or change instructions once given and instructions once given shall be final and binding on the Customer.

5.3 The Customer will pay all fees and charges from time to time payable for accessing and utilising the Direct Banking Service in accordance with the Bank's standard fees and charges from time to time applicable.

5.4 The customer shall immediately notify the Bank of any change of address.

[6] [NORMAL CONDITIONS CONTINUE TO APPLY]

6.1 The Direct Banking Service is a method of accessing and utilising services provided by the Bank. Accordingly, save to the extent that these conditions provide otherwise, all mandates relating to the Accounts and all terms and conditions applicable to the Accounts remain in full force and effect. In particular:

  • the Customer may not use the Direct Banking Service to withdraw funds from an Account without giving the period of notice required by the terms applicable to the Account. Accordingly, any instruction for a Funds Transfer, Bill Payment or other transaction involving a withdrawal from an Account received through the Direct Banking Service will require the Customer to give the notice of withdrawal required for the Account in order to enable the Bank to complete the instructions. Failure to do so may result in a delay in the execution of the instruction or, at the Bank's discretion, a charge payable by the Customer to the Bank according to the Bank's practice from time to time.
  • the Customer may not use the Direct Banking Service to create any indebtedness to the Bank or cause any overdraft or other limit to be exceeded unless the Bank has previously agreed that indebtedness or limit. Accordingly, any instruction for a Funds Transfer, Bill Payment or other transaction involving a withdrawal from an Account received through the Direct Banking Service will require the Customer to have sufficient cleared funds in the Account or a sufficient overdraft or other limit available on the Account in order to enable the Bank to complete the instruction.
  • The Customer acknowledges that transfer of funds in favor of third parties are made under the express condition that such these will be accepted by the third party. If such third party declines the transaction, the transfer will be reversed under advice to the Customer.

[7] [PROCESSING OF TRANSACTIONS]

7.1 It is the Bank's intention that instructions and requests received through the Direct Banking Service will be processed as quickly as practicable. In accordance with that policy it is the Bank's intention that (subject to any suspension of Services pursuant to paragraph 8.1) the following timescales will apply to the processing of transactions:

  • Instructions received before 13.30 on any Business Day will be processed the same day;
  • Instructions received after 13.30 will be processed on the next Business Day;
  • Funds Transfers may reach the transferee's account on the day of instruction or on the next business Day;
  • Bill Payments will take at least 2 Business Days to reach the Approved Payee's account;
    A failure to meet these timescales will not however result in the Bank incurring any liability to the Customer.

7.2 An Agent may terminate a telephone call made by a Customer if the Customer becomes abusive or engages the Agent in vexatious or frivolous requests.

[8] [AVAILABILITY OF SERVICES]

8.1 Although it is the Bank's intention that the Automatic Self Service System will be available to Customers 24 hours a day, there will be occasions when due to technical, security, maintenance, industrial action, administrative or other reasons (whether within the control of the Bank or not) some or all of the Services normally available through the Direct Banking Service will not be available. Accordingly the Bank may from time to time, without incurring any liability to the Customer, temporarily suspend any or all of the Services for such periods, as the Bank shall determine.

8.2 Subject to paragraphs 8.3 and 15 hereinafter, the Bank shall, on giving 30 days notice to Customer, be entitled to terminate permanently the Direct Banking Service.

8.3 The Bank may from time to time and subject to the provision of paragraph 15 hereinafter and upon giving to the Customer 30 days notice, add to, withdraw, suspend, amend or otherwise alter all or any of the Services, which may be accessed and utilised through the Direct Banking Service. Details of the Services available from time to time will be given in the Operating Instructions. The Bank may amend, supplement or replace the Operating Instructions from time to time.

[9] [FEES AND CHARGES]

The Bank shall be entitled to charge fees and charges to Customers accessing and utilising the Direct Banking Service and from time to time to alter such fees and charges. Full details of all fees and charges from time to time payable by Customers for accessing and utilising the Direct Banking Service appear on the Website of the Bank.. The Bank has the right to vary such fees and charges, the circumstances in which they apply and the procedure for debiting the same to the Account and/or introduce any other fees and charges in relation to this agreement. Any such variation and/or imposition will be binding on the Customer who will be informed at least 30 days before such variation and/or imposition takes effect. Upon receipt of the notice the cardholder has a right to terminate the agreement in accordance with paragraph 15.

[10] [ACCOUNT BALANCE INFORMATION]

10.1 While the Bank of Cyprus Group currently operates an on-line system, which enables immediate updates to Accounts, the time necessary to complete the processing of instructions and requests may vary depending on whether they can be immediately processed and on the nature of the instruction or request. Accordingly the Customer acknowledges that account balance information given through the Direct Banking Service is as up-to-date as the Bank's systems permit at the time of the Customer's enquiry but it may not reflect transactions that are in hand, but which still have to be processed or verified. The Bank will not be liable for any loss suffered by reason of any Account balance information not being accurate or up-to-date.

10.2 Any loan account balance provided through the Direct Banking Service may not represent the total amount required to settle that loan account.

[11] [DEATH OF A CUSTOMER]

Notwithstanding the death or incapacity of a Customer the Bank shall be entitled to provide all information requested and execute all instructions given through the Direct Banking Service with the use of that Customer's Subscriber Number and PIN until the Bank has received notice of such death or incapacity.

[12] [JOINT ACCOUNTS]

12.1 Where an account is held with the Bank by two or more persons (a "Joint Account") and the mandate for that Joint Account allows the bank to act on instructions given by any one of the account holders then it may be accessed through the Direct Banking Service if all the account holders so consent.

12.2 If the Bank has notice of a dispute between the holders of a Joint Account, the Bank may cease to permit withdrawals from that Joint Account and, subject to the Bank's discretion, dealings may not be permitted on that Joint Account until the Bank receives a new written mandate from all the account holders.

[13] [TERMINATION]

13.1 The Bank reserves the right to terminate the entitlement of any Customer to access and utilise the Direct Banking Service by writing by post, fax or e-mail or telephoning or sending a communication by any other means (electronic or otherwise) to the Customer:

  • at any time subject to giving at least 30 Days notice to the Customer;
  • forthwith on the breach, non-performance or non-observance by the Customer of any of these Conditions or the Operating Instructions or any other agreement with the Bank; and
  • forthwith on the bankruptcy or other contractual incapacity of the Customer.
    13.2 The Customer may terminate the use of the Direct Banking Service at any time by notice in writing οr a telephone call to Direct Banking at the number or address specified in paragraph 3.2.

[14] [DISCLOSURE OF INFORMATION]

14.1 Subject to paragraph 14.2, information concerning the Customer will not be disclosed by the Bank except with the express or implied consent of the Customer or where otherwise required or permitted by law.

14.2 Information provided by the Customer on the Registration Form will be held by the Bank and, unless the Customer has indicated to the contrary on the Declaration regarding Personal data and/or on the Registration Form, may be used to market to the Customer products and services available from the Bank, or any other entity in the Bank of Cyprus Group and, unless the Customer has indicated to the contrary on the Registration Form, the Customer consents to such use for the purposes of any legislation which may be enacted concerning the protection of Data (as the same may be amended or superseded from time to time) and otherwise.

[15] [VARIATIONS OF THESE CONDITIONS]

The Bank reserves the right at any time to supplement or change these Conditions to reflect changes in market conditions, good banking practice, the products offered, the Bank's policy and system capabilities, relevant laws or for any other reason as may be communicated to Customer at the time of notification of the change. If the change is to the advantage of the, Customer it will take immediate effect and the Customer will be notified within 30 days. If the change is neither to the Customer's advantage or disadvantage, the Bank will give at least thirty days notice, before making the change. If the change is to the Customer's disadvantage the Bank will give at least thirty days notice before making the change. The Customer will thereafter have the right to terminate this agreement within a further period of sixty days subject always to clause 13 of these terms, without having to pay any extra charges.


[16] [RESOLUTION OF DISPUTES]

Failure by the Bank to deliver the standard of service expected by the Customer, or if in the Customer's opinion the Bank has made a mistake, the Customer must immediately refer the matter to the Direct Banking Service for clarifications and correcting any mistake if necessary. However if the Customer is dissatisfied he must ask to be informed of the Bank's internal complaints procedure. If however the dispute is not resolved the Customer can refer the matter to the appropriate committee of the Central Bank of Cyprus.

[17] [GOVERNING LAW]

These Conditions shall be governed by and construed in accordance with the laws of Cyprus and the Customer submits to the jurisdiction of the courts of Cyprus.


*Please note: Should you wish to have a copy of these terms and conditions in larger print they will be made available on request.

 

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