AMENDED NOV 20TH 2017
UPDATE TO TERMS AND CONDITIONS DUE TO CHANGE OF JURISDICTION
As a result of the Change of Jurisdiction notice published here the following Terms and Conditions have replaced the previous Terms and Conditions on the effective date in the Notice, November 20th 2017.
Terms and Conditions
NOTE: The following Terms and Conditions apply to Euro Pacific Intl. Bank, Inc. (the “Bank”, “EPB”) and its subsidiaries or affiliates regarding any Demand Deposit, time deposit or precious metals accounts. The products are governed by the laws and regulations of Puerto Rico and regulated by the Office of the Commissioner of Financial Institutions (“OCIF). The Customer agrees to apply the terms of this Agreement to additional jurisdiction(s) not covered by this Agreement (at the date an Instruction is sent by the Customer in relation to opening an account in such jurisdiction(s)), and the Bank shall provide the applicable jurisdiction specific terms (if any) for such jurisdiction(s) which the Customer will be deemed to have accepted by the issuance of any Instruction regarding such jurisdiction(s).
In this Demand Deposit Account(s) (the “Account” or “Accounts”) Agreement (this “Agreement”) the words “you” and “your” mean the natural person, either individual or jointly (the Account(s) “Holder(s)” or “Depositor”) that has opened an Account with Euro Pacific Intl. Bank Inc. (the “Bank”). The words “we”, “us”, and “our” mean the Bank.
As used in this Agreement, the Term “Account” means any Demand Deposit Account, and a Demand Deposit means a deposit received by the Bank which is withdrawable by you on demand.
PURPOSE OF THE INDIVIDUAL AND CORPORATE ACCOUNT(S)
Your account with us are governed by the Terms and Conditions set forth in this Agreement. Your Account(s) are subject to this Agreement and may only be used for personal, family or household purposes, not for commercial or business purposes. Euro Pacific Intl. Bank Inc. is an International Financial Entity organized under the Laws of Puerto Rico authorized to offer banking services. The Bank may, at its option, cancel the Account(s), without responsibility, if knowns or suspect that the account(s) are being used for illegal purposes.
Unless otherwise expressly agreed in writing, our relationship with you will be that of debtor and creditor. We owe you the amount of your deposit. Any internal policies or procedures that we may adopt more than any reasonable banking standard and usage are solely for our own benefit and will not impose a higher standard of care than otherwise would apply in their absence.
The accountholder(s) and any authorized individuals agree to use the Account (s) and the services described hereinafter for legitimate purposes, in accordance with the Terms and Conditions of this Agreement. With the acceptance of these terms through our online banking, you, as the Account Holder, will agree that the Account will be subject to this Agreement, which may be periodically amended, including but not limited to, amendments related to the administration of your Account, wire transfers, internal transfers and any transfer of funds by other means including electronically.
You are also bound by the local Puerto Rico jurisdictional laws that apply to the deposit accounts in Puerto Rico, and that apply to International Financial Entities. We reserve all our rights under applicable laws and expect you to fulfill your legal obligation to us under this Agreement and under the applicable law.
BANK SERVICE DAYS AND HOURS
The banks business hours are Monday through Friday excluding holidays. Bank hours and holiday closures are posted on our website www.europacbank.com, the business hours and days may be subject to change. Verify the website for the most up to date information.
To open an Account at the Bank, you as a Holder(s) are required to, among other things, complete an initial registration form. Your signature (s) with the “Bank”: The signature of the Holder(s), whether by means of a Signature Card or electronic signature, will become the authorized signature on the Account.
The Bank will carry out a due diligence process before opening any account on behalf of you. To help the Government fight the funding of Terrorism and Money Laundering Activities, local laws require all financial institutions to obtain verify and record information that identifies each person who request to open an account.
When you as an individual or corporate person request to open an Account, pursuant to the requirements of the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (The “US Patriot Act”), we are required to obtain, verify and record information that identifies each individual who is authorized to use the Account, the information includes at very minimum the full name, residential address of each individual, the social security number or other equivalent and the date of birth and other information that will allow us to identify each such individual in accordance with the Patriot Act.
When you open an Account, we will ask for your name, address, date of birth, national identity document, social security number, contributory (tax) identification number and other available information that will allow us to identify you. You will be requested to provide evidence of your driver’s license, passport or any other government official or authorized identifying document. You agree to furnish all forms and documents we require to open the Account. Even if you have been a customer with us for some time, we may still ask you for this information and documentation because we may not have done so in the past. You agree that we do not have to open an Account or allow you any transaction from the Account until we receive all forms and documents we require.
You agree to use your Account and other services described in this Agreement, only for valid purposes and pursuant to the applicable laws and regulations, including those aimed at preventing money laundering. You also acknowledge that in compliance with internal Bank policies and or provisions of applicable law and regulations of the US Treasury Department, including the regulations of the Office of Foreign Asset Control (“OFAC”), we may be compelled to freeze or withhold funds and to submit them to the appropriate authorities.
At our request, you will have to provide evidence of your occupation, your sources of personal or corporate income and the origin or nature of the funds to be deposited in the Account, among other information. The Bank reserves the right to require any document relevant to the identity of the Accountholder(s), the identity of the authorized signatories and/or the origin of the funds. Also, as required by the Unlawful Internet Gambling Prohibition Act Enforcement Act, (12 CFR 233) transactions associated with illegal betting on the Internet are prohibited. Specifically, the Law prohibits any person who engages in betting businesses or who knowingly accepts payments that are related to the participation of any person in illegal betting on the Internet to open an account at a financial institution. Our customers should not initiate or receive electronic transfers, checks or credit or debit transactions that are prohibited by law.
DISCLOSURES OF SPECIFIC TERMS AND CONDITIONS APPLICABLE TO YOUR ACCOUNT(S)
The Account(s) shall be subject to the Terms and Conditions set forth in this Agreement. In order to constitute, perfect, maintain and guarantee the Account(s) you agree to execute, complete and deliver the instruments or documents that the we may require from time to time.
- Your acknowledgement of the terms and conditions as well as the registration on the Banks online banking system is your signature for the account. For withdrawal and for other purposes relating to any Account you have with us, we are authorized proceed with the transaction(s) with the request iniitated via your onlne banking account. The bank has implemented various layers of security to confirm that only a person that has access to (1) your online banking username and password and (2) your security key, may request a wire transfer. It is the sole responsibility of the account holder(s) to safeguard your username, password and security key and you release us from all liability for processing wires via this method.
- The authorized signatories acknowledge and accept that they are jointly and severally liable to the Bank for any charges or obligations incurred in the Account.
- For the purposes of this Agreement, the person (s) or authorized firm (s) shall mean those whose name (s) and signature (s) appear at the end of this Agreement, Signature card or whose name (s) and signature (s) appear in those contracts and/or documents that the Holder(s), from time to time, at his option, subscribe. Provided that, in accordance with the foregoing, any authorized person or authorized signature is authorized to endorse to deposit to the Account, to make withdrawals of money against it, to deposit to credit the Account, to exercise, all the powers and rights of a Holder(s) in joint account, as set forth in this Agreement. The Holder(s) exonerates the Bank from any responsibility for the withdrawals of funds or obligations made in this way against the Account.
- The accountholder agrees that the Bank will not incur liability if it refuses to honor an instruction thereof if the Bank understands or believes in good faith that such instruction is not genuine.
- The Bank will only accept transfers of funds initiated through our secure online banking system but will have discretion to accept other methods when duly signed by the account Holder(s) and verified by the bank.
- Any change or modification to unauthorize a person or authorized signature in the Corporate Account will be notified to the Bank by means of providing all of the required documentation to identify the individual and to substantiate the change in the corporate structure and authorization The Notification of changes or modifications of authorized persons or signatures shall be made within a period of five (5) business days to allow the Bank to take appropriate action for modification or change. The Failure to provide timely notice within the aforementioned period will imply a waiver by the Holder(s) of any claim against the Bank.
- You agree that, after the Bank has received written notice of any Account, including the change or revocation of authorized signatures for a period of not less than five (5) days the Bank shall continue to be authorized to accept any document or instrument including the signature (s) of any previous authorized signature (s) of the Account. In the event that the Holder(s) request a change in the title of the Account or a change with respect to any of the authorized firms, the Bank shall have discretion to require the closing of the Account and the opening of a new Account.
ACCOUNT OWNERSHIP DISPUTES
If there is any uncertainty or conflict demand regarding the ownership of the Account or its funds, or we are unable to determine any person’s authority to give is instructions, we are requested by law enforcement or a state or local agency to freeze the account or reject a transaction, or if we believe a transaction may be fraudulent or may violate any law; we may in our sole discretion: (i) freeze the account and refuse transaction until we receive written valid proof) of each person right’s and authority over the Account and its funds; (ii) refuse transactions (iii) require the closing of an Account, or any change in the account regardless of the number of authorized signers on the Account; (iv) request instructions from a court of competent jurisdiction at your expense regarding the account or transaction; or (v) continue to honor instructions given to us by persons who appear as authorized signers in accordance to our records.
POWER OF ATTORNEY
You may wish to appoint an agent (an attorney in fact) to conduct transaction on your behalf. This can be done by presenting to us a general or a specific Power of Attorney (“POA”) in form and substance satisfactory to us and such additional information that will allow us to identify your agent as we may request. A POA terminates under Puerto Rican law when it is revoked by you, or when the person given the power resigns, or when you or such person dies, becomes insolvent, files for bankruptcy or when you become incompetent. We may continue to honor the transactions of the agent until we have received written notice or knowledge of the termination of authority and we have a reasonable opportunity to respond to such notice or knowledge. You and your estate agree not to hold us responsible, for any loss or damages you may incur because of our actions following instructions from your agent acting under a valid POA. We have no duty or agreement to monitor or insure that the agent is acting for your benefit.
Withdrawals may be made through initiating electronic wire transfers through our secure online banking system. You may process withdrawal and funds transfer requests, electronic debits, payment orders, and other requests for funds from your Account received by us during any Business Day in whatever order we choose. Withdrawals from your Account may be subject to a service charge, as disclosed in each of your Account’s Fee Disclosures. We may also, in our sole discretion, place a “hold” on funds in your Account in an amount equal to a withdrawal or funds transfer request, electronic debit, payment order, or other request for funds from your Account, as soon as we receive any electronic or other notice of the request for funds. If we do this, we do not have to make the funds that are subject to a “hold” available to you for withdrawal or to honor any debit from your Account, apart from the request for funds that was the reason for our putting the funds on “hold.”
Once the request has been received the bank will proceed to process the transaction with in one (1) business day or less if all of the required information has been provided. The “Bank” conducts wire transfers through Correspondent Banks therefore, your wire transfer will be sent through these and various intermediary banks prior to reaching the beneficiary bank. This may make the time for a transfer to be received anywhere from one (1) to seven (7) business days. The Bank does not guarantee the time that it takes for your wire to reach the beneficiary.
- The Holder(s) agree to indemnify the “Bank” and keep it free from, and against, any claims, damages, losses or liability of any kind, including attorney’s fees, for errors or delays in the return of any effect turned on the Account, when the delay or error are Caused for reasons not attributable to the “Bank”.
- The “Bank” will not be responsible for transactions that cannot be completed because the funds are subject to Judicial claims or similar restrictions. The “Bank” will not be responsible for delays that occur Due to errors made by or imputable to the Holder(s), such as; Errors in the identification of the Holder(s) or Of the Account or errors in the wire request.
Transactions Posting Priority
The bank will credit your account assuming that the transaction received has passed all verifications. Including, but not limited to, Compliance verifications for possible sanctioned persons, businesses or countries as well as operational verifications regarding correct account numbers and transaction purpose. The transactions you make in the Account will be posted in the following order:
Debits will be posted according to the following posting priorities:
- Other miscellaneous fees, such as service fees, overdraft fees etc.
CLOSING AN ACCOUNT
Pursuant to signing this Agreement, you agree that we reserve the right to close the Account at any time and without providing any reason, to notice to you sent to your last known address and that we reserve the right to require that the balance credited to your Account be withdrawn within the timeframe specified in said notice. If you fail to withdraw the money credited to the account within the time frame stated in the notice, we may close the account and send the funds to abandoned property without incurring in any liability to you. The Bank is authorized to return any transactions presented for payment without paying it after the Account has been closed, and you release us from any and all liability said return may cause. In addition, we may refuse to accept, without prior notice, deposits to be credited to the Account, and you release us from any and all liability said refusal may cause.
An Account is also cancelled when you withdraw all of your balance, and you state your wish to stop receiving Account services. We may, at any time, close an Account with a zero balance.
INDIVIDUAL, JOINT AND SEVERAL ACCOUNTS:
The Account (s) may be established as individual accounts, or joint and several accounts (“and/or”).
The individual account includes a single Account Holder(s) whether in a personal account or a corporate account.
Joint and Several Accounts (and/or):
This option is available for Corporate Bank account holders as well as personal account holders. If an Account is held jointly between two or more individuals, and the relationship between the owners is stated in such Account as “_____ and/or_____” (“Joint and Several Account”), all deposits are the property of the Depositors indicated on the Account, and we may release all or any part of the amount in the Account to honor withdrawals, orders or requests from any Depositor named on the Account. Each Depositor has the right to make withdrawals, make special arrangements related to the Account and close the Account. Any depositor may access their account via online banking services and initiate a request for a wire transfer.
The Depositors are owners of the funds deposited in the Account, and are joint and several creditors of us. We may respond for the total amount of funds to any of the Depositors.
Each Depositor authorizes us to set-off the amounts owed by any of the Depositors against the total funds in the Account, even if only one of the Depositors is responsible. This is a joint and several obligations of all the Depositors and our right will prevail, irrespectively of which one of you makes deposits in the Account. You agree that a notice sent by us to one of the Depositors will be deemed as sent to the other Depositors.
We may use the funds to satisfy a debt, judicial or administrative order, or judgment against any person named on the Account if ordered to do so by a court of law or administrative agency.
The Account Holder(s) may access their account statement on the Bank’s website. You are responsible of notifying us if you change your email address. If we do not have a valid address for you, we cannot notify you when a new statement is available online. The Account statement will show all the transactions in the account during the period covered in the statement.
If you wish to keep copy of an electronic Account statement, you will have the option to print it or save it in your personal computer’s hard disk. The Bank will have the electronic Account statement available online at the Bank’s website for at least one hundred eighty (180) days from the date in which the statement was made availableTo access the electronic Account statement, you understand and agree that you must be registered and active to access the Banks website and that you assume total responsibility for retaining a copy of the electronic Account statements.
You agree to review each statement, receipt, and any other items we send or otherwise make available to you, with reasonable care as soon as you receive them in order to identify: (i) Any missing deposits you may have made or any withdrawal or transfer you did not make. (ii) In case of errors, discrepancies or unauthorized transactions not involving an electronic funds transfer, or if you have any questions regarding the information provided in said documents, please call us at 1-888-527-4041 (During regular business hours Monday to Friday 8:00 am to 4:00pm AST) or write to us through our secure internal messaging system. (for transactions involving electronic fund transfers please refer to the error resolution section of this Agreement). When contacting us you must: (i) State your name and number for the Account in question; (ii) Describe the error or direct deposit, which you question and explain as clearly as possible why you think a mistake has been made or why you need further information; (iii) indicate the dollar amount for the alleged error or problem. The Account statement will be deemed correct unless you promptly notify us after identifying any error, discrepancy or unauthorized transaction not involving an electronic funds transfer. The Bank will not be held liable for any unauthorized charge to the Account if: (a) you fail to notify us through a sworn statement of any unauthorized charge, (b) the payment orders were so expertly forged that any reasonable person could not have been able to detect said forgery or alteration. For additional information about problems with electronic fund transfer transactions, see the error resolution section of this Agreement.
If we receive a subpoena or other legal request to produce documents related to your Account, we will have the right to debit from the account mentioned in the request or, in the absence of specific mention in the request, from any Account that you have with us the related amount pursuant to the provisions established in each of your Account’s Disclosures.
- You will pay us the monthly service charge corresponding to the type of Account chosen.
- You acknowledge that the charges stipulated in each of your Account’s Disclosures do not include additional services that you may request and that are not established in this Agreement, including, for example, charges for reproducing and delivering documents and information.
- You authorize us to monthly debit the Account the applicable monthly service charge and any additional charges for the services you have requested.
- We may change the service charges from time to time upon written notice to you at least thirty (30) days prior to the effective date of the change.
- Any additional change or requirement requested by you in relation to this Agreement may entail a revision of the service charges stipulated in each of your Account’s Disclosures.
- We will not be liable for rejecting transactions or withdrawals due to insufficient funds in the Account as a result of a charge that has been processed pursuant to the terms of this Agreement.
Dormant and Inactive/Abandoned Deposit Accounts /Unclaimed Funds
Dormant Account Charges: To the extent allowed by law and after any required notice to you, we may impose a reasonable monthly service charge, as reflected in each of your Account’s Disclosures, for all dormant Accounts. Accounts are considered dormant after no transactions have been registered for a period of time as defined in your Disclosure, computed from the date the last deposit, withdrawal, pre-authorized transaction, or check was made, exclusive of interest, fees or other adjustments made by us.
Inactive/Abandoned Accounts/Unclaimed Funds (“Escheated Account”): Your Account will be deemed to have been abandoned and will be considered inactive and the funds in it unclaimed if for five (5) years since the date of last contact from you, the Account is unclaimed by you or by a person with rights to it unless, during that five (5) year term: (i) the funds in the Account have been reduced by withdrawal of funds or increased by deposits (exclusive of interest, fees or other adjustments made by us Balance Forwarded to the State: If your account is deemed abandoned, as provided above, the balance of your Account will be forwarded to OCIF as required by applicable Puerto Rico law. Thereafter, you may recover the money by making a claim directly to the OCIF within the applicable period provided by law. OCIF can be reached at www.ocif.gobierno.pr.
On June 30, 2000, the Congress of the United States of America enacted the Electronic Signatures in Global and National Commerce Act (E – Sign Act) to ensure the legality of electronic contracts. For these purposes, as the Bank will send the statements, disclosures and other communications to the Holder(s) electronically, the Holder(s) and authorized signatories acknowledge, accept and agree to the following:
- Receive the statements of account in the email address provided to the Bank and / or access the statements of account on the website of the “Bank”.
- All disclosures and any information that the “Bank” sends to the Holder(s) may be sent electronically. The information provided in electronic format will not be delivered or physically submitted (on paper).
- The present consent covers all transactions carried out in the Account (s).
- The Holder shall have the right to withdraw his consent at any time to receive or
- The Holder(s) will be required to provide his / her e-mail address and to notify any changes to that address. The electronic address changes must be notified via the online banking secure messaging system
However, withdrawal of consent will entail the cancellation of products and services that could be accessed by the Holder(s) electronically.
PREPAID CARD AND ACCESS TO AUTOMATIC CASHERS
- The Euro Pacific Prepaid MasterCard is issued by Prepaid Financial Services Limited pursuant to a license from MasterCard International Incorporated. Prepaid Financial Services Limited is regulated and authorized by the Financial Conduct Authority, registration number 900036. Registered Office: 36 Carnaby Street London W1F 7DR. The full Terms and Conditions for the Card can be found by logging into https://mycard.europacbank.comwith your card number and PIN.
- The Euro Pacific Prepaid MasterCard® (“Card”) provided by the “Bank” to the Cardholder under this Agreement shall be non-transferable and the exclusive property of the “Bank” and shall be obliged to return it immediately upon request of the “Bank” “Or when the designated account is closed. The same will be returned to the “Bank” when it so requires. Any breach of the terms and conditions of this Agreement, shall entitle the “Bank” to cancel without prior notice the privilege of using any issued card and to demand its immediate return.
- The instrument through which the Account (s) will be accessed through ATMs will be the Card and a personal identification number (PIN), also known as an access code. To avoid unauthorized use of the Card, the Card Holder undertakes and undertakes to maintain the confidentiality of such a secret number in order to avoid the use of the Card by unauthorized persons, and also undertakes not to disclose the secret number Not carry the same writing next to the Card.
- The Card Holder may request the issuance of additional Card (s), both for the Account Holder(s) or Co-Holder(s), if any, and for the signatures authorized in the Account (s). Except as provided in the Disclosure of the Terms for Electronic Funds Transfer, any debit to the Account (s), corresponding to funds withdrawn through the use of any of the instruments authorized by the “Bank” and the number Secret, will be valid, and the Holder(s) will be liable for such withdrawal and relieves the “Bank” of any liability for any loss that may (i) Suffer from the use of such instruments and secret numbers.
- The Cardholder undertakes to notify the “Bank” for hours and working days if the access number is subtracted from it, or if it becomes aware of unauthorized person (s) or has reason to believe that This situation exists. In such case, it is obliged not to use the Card and return it to the “Bank” having removed part of the magnetic stripe by cutting the card.
- The Card will be used by the Account Holder(s) or Co-Holder(s), if any, to use ATMs, provided that all such transactions are subject to verification Automatic or manual later. The effective date of the transactions carried out during non-working banking hours or holidays shall be the next business day.
DEATH OF THE HOLDER(S)
Upon the death of one of the Holders, the surviving Holder(s), his/her heirs or surviving spouse must immediately notify us. Regardless of the source of information we will codify the Account and Freeze its funds pursuant to all applicable laws. We will comply with our legal obligations, without taking into consideration which Holder owns the funds. Deposited funds may not be withdrawn until the heirs or persons with interest in the funds, follow the applicable legal steps, including the cancelation of any applicable statutory liens on the decedent’s asset as required by the Secretary of the Treasury of Puerto Rico.
Please be advised that in order for us to meet our regulatory and compliance obligations we will be increasing the levels of control and monitoring we perform.
You should be aware that:
- transactions may be delayed, blocked, frozen or refused where we have reasonable grounds to believe that they breach Puerto Rico law or sanctions (or the law or sanctions of any other country). Where transactions are delayed, blocked, frozen or refused EPB and its correspondents are not liable for any loss you suffer (including consequential loss) howsoever caused in connection with any deposit product;
- we may from time to time require additional information from you to assist us in the above compliance process; and
- where legally obliged to do so, we will disclose the information gathered to regulatory and/or law enforcement agencies, other banks, other members of Euro Pacific Intl. Bank Inc, it’s subsidiaries, service providers or to other third parties.
You provide EPB the following undertakings and indemnify EPB against any potential losses arising from any breach by you of such undertakings:
- you will not initiate, engage in or effect a transaction that may be in breach of Puerto Rico law or sanctions (or the law or sanctions of any other country); and
- the underlying activity for which any deposit product is being provided does not breach any Puerto Rico law or sanctions (or the law or sanctions of any other country).
The confidentiality of your Account (s) is subject to applicable laws in Puerto Rico. However, the Bank may disclose information about your Account, without your prior consent when permissible under applicable laws. In addition, you expressly authorize the Bank to disclose information to third parties in accordance with any applicable law, regulation and / or order to governmental entities if the Bank understands that any law or regulation has been violated.
Our Consumer Privacy Notice describes personal information we may collect about you, including your name, address, telephone number and other information we receive from you, information about your Account and transactions and information that we receive from various sources. You authorize us to disclose this information as permitted by applicable law and the privacy preferences that you may have expressed.
LIMITATIONS OF LIABILITY
- The “Bank” shall not be liable to the Account Holder for the good faith payment by the “Bank” of any Transfer or payment, in the event that the Holder(s) for his own negligence contributes substantially to a Material alteration of the instructions or to any unauthorized signature thereof.
- In case of non-compliance or gross negligence on the part of the “Bank” or for not exercising a care with any of the provisions of this Agreement, it (the “Bank”) shall only Material damages suffered by the Holder(s). The measure of damages for the lack of exercise ordinary care in the handling of an effect is the amount of the effect, reduced by that amount that could not have been obtained even with the Exercise of ordinary care. The Holder(s) agrees and agrees that the “Bank” shall not be obligated to compensate for damages and mental anguish, damage to the reputation, business and activities of the Holder(s).
- The “Bank” shall not be liable for breach of any provision of this Agreement if it is caused by circumstances beyond the control and responsibility of the “Bank”, including, but not limited to, not limited to: fire, accidents, suspension of electric power service, mechanical failures in equipment Used to provide services, terrorism, communications failures and communication systems, Explosions, floods, hurricanes, or any act of God or force majeure.
- The rights of the “Bank” under this Agreement shall be understood to be cumulative, rather than mutually and therefore the choice of a right by the “Bank” will not affect or limit any other right or remedy within the reach of the “Bank”.
- The Account Holder agrees and agrees that any cause of action arising out of or arising out of this Agreement shall lapse if It is not exercised, or is claimed before one (1) year has passed. This statement and Acceptance shall oblige the Holder(s), the commercial entity, as well as its directors, officers, employees and agents, Successors, assignors, etc.
- In case the “Bank” is notified or receives any process, summons, notification, order, request, Execution, limitation, interdiction, attachment, encumbrance or other legal process (hereinafter referred to as Jointly or severally the “Process”), or any form of claims that may be at the discretion of the “Bank” the “Bank” will have discretion, without incurring liability to the Holders(s), to retain Payment, withdrawal or transfer of funds from the Account until the claim or process is canceled or terminated to the satisfaction of the “Bank”. In such case, the Holder(s) agrees and agrees that the “Bank” will not have any Obligation to notify the Holders(s) of a process with respect to any account of the Bank in the “Bank”. The “Bank” may charge to the Account of the Holder(s), without prior notice or consent of the Holder(s), any expense, cost, including reasonable attorney’s fees (and legal appeal fees), which the “Bank” may incur for responding or complying with any process in relation to the Holder(s) or any account with the “Bank”.
- The accountholder agrees to defend, indemnify and hold harmless the “Bank”, as well as its directors, Officers, employees and agents, from all claims, damages, judgment, penalty, cost and expense (Including those expenses and attorney’s fees) that result from the “Bank” having acted in Accordance with the provisions of this Agreement and have exercised the rights and prerogatives that this Contract grants you.
Funds deposited in the Account (s) are not insured by the Government of Puerto Rico or other insurance companies. The institution is a full reserve institution therefore the client’s deposits are available at any given moment for withdrawal.
- The Holder(s) agrees and acknowledges that in the event of an order or attachment order issued by a court or competent authority, the “Bank” will freeze and / or deliver the funds available in the Account(s) shall be those not encumbered by the Debts of the Holder(s) with the “Bank” at the time of such processing. The freezing and / or delivery of said funds will be carried out according to the terms of the order or requirement of and without the need to issue prior notice to the Holder(s).
- The “Bank” shall have no obligation to challenge, contest or challenge the terms of an order or claim any defense that the Holder(s) may have against the person or Entity promoting the order or attachment request. The “Bank” will strictly comply with the terms of any order or attachment requirement, until it is filled with relief or resolution Issued by the court or authority that issued the order or request for garnishment, leaving it ineffective. The presentation to the “Bank” of evidence of payment of the debt or discharge of the obligation that gave rise to the Order or attachment requirement shall not be sufficient for the “Bank” to terminate the embargo or Freezing of funds.
- If the order or attachment order is issued against the funds of any of the Holders of (“And / or”) or a joint account (“y”), the “Bank” shall proceed with the freezing and / or Delivery of funds according to the terms of the order or requirement, without the need to make determination About the ownership of the funds or the origin of the order or request.
NOTIFICATIONS AND NOTICES
The Holder(s) agrees to notify the Bank in writing of any change of address by providing the notarized utility bill or accepted equivalent. The “Bank” reserves the right to close the account (s) if any falsification has been committed in the authorized firms or Fraud in the Account (s) or has not complied with any of the rules of this Agreement, or if the Account (s) Been handled improperly. The “Bank” reserves the right to close the Account (s) of the Holder(s) in any moment. Likewise, the “Bank” may, without prior notice, refuse to receive an electronic wire transfer for the Account (s) Headlines). To close these Accounts, the “Bank” must send notice to the Cardholder(s) by email or internal messaging system requiring you to withdraw the money, if there is balance in your favor in the Account (s) Within the term that the “Bank” designates in the written communication.
The “Bank” reserves the right at any time to amend, modify or revoke this Agreement, which shall have the Validity that is indicated in the notification to the effect.
In the event that one or more of the provisions of this Agreement are declared to be invalid, unlawful or in any way, the remaining provisions thereof shall remain in full force and shall be interpreted As if invalid, illegal or non-enforceable provisions were never part of this Agreement.
In this Agreement, the use of the singular shall include the plural; The use of the plural will include the singular; And the use of the pronouns of Any gender will include the others.
APPLICABLE LAWS AND REGULATIONS
The Account (s) shall be subject to the applicable laws and regulations, as well as to the regulations of the “Bank” that are in force from time to time and to be adopted in the future. This Agreement and all inherent documents, And / or derivatives thereof shall be governed by and construed in accordance with the laws of Puerto Rico. The Holder(s) agrees to submit to the jurisdiction and jurisdiction of the forum chosen by the “Bank” and waive Expressly to object to the selection of the forum based on lack of convenience or competence. The Holder(s) Any right they have on trial by jury in any action or proceeding to exercise or defend their rights Under, or otherwise related to this Agreement.
All terms and conditions stipulated in this Agreement shall be deemed valid and accepted by the account Holder(s) Person(s) authorized by signing the request for the account pre-approval, or by performing acts Affirmative statements indicating the acceptance of the same, such as: the use of the Account through deposit of funds or withdrawal thereof. Both the Account Holder(s) and the authorized signatories and successors in interest, are jointly and severally Comply with all the terms, conditions and obligations contemplated in this Agreement.