Terms & Conditions
1. DEFINITIONS
1.1 In the present conditions except if the text requires otherwise:
“Co-Operative” means the Limassol Co-Operative Savings Ltd.
“Definitions and conditions” means the present terms and conditions as are amended, expanded or replaced from time to time by the Co-Operative and are notified to the client according to paragraph 16 below.
“Application for Subscription Registration” means the form which is completed and signed by the Client, who submits application to the Co-Operative for subscription to the I-Banking Service.
“Subscriber’s Number” means the number, which is provided by the Co-Operative to the Client to be used by him in connection with the PIN to be granted access to the I-Banking Service and to render him capable to effect transactions through this Service.
“Automatic Assistance System” means the automatic system which enables the Client to have access and use the I-Banking Service without the assistance of a Clients Assistance Officer.
“Approved Beneficiary” means Organization of public benefit or other legal or natural person, who have been approved by the Co-Operative as the Organization or the person to whom a payment of Bill can be made.
“Authorized Person” means any natural person having being authorized in written by the Client to have access on behalf of him to the Services provided through the I-Banking Service and includes any person whom may be authorized from time to time by the client either as additional authorized person or in replacement of an existing one, always with a written statement.
“Working Day” means the day on which the Co-Operative is open for general banking works in Cyprus and a “Non-Working Day” shall be interpreted accordingly.
“Clients Assistance Officer” means the bank clerk who assists the Client to have access and to use the I-Banking Service.
“Account” means account of a client in the Co-Operative, in connection with the Co-Operative has agreed that the Client may have access to it through the I-Banking Service (details of the Accounts to which the Client may have access, may be given to the Client from the Co-Operative, when he requests so).
“Money Transfer” means the transfer of money to and from accounts which are kept in the client’s name to the Co-Operative or to any other Bank or Co-Operative institution in Cyprus or abroad.
“Client” means natural or legal person who is entitled to have access and to use the Automatic Banking Service according to paragraph 2 and it includes and any authorized person as is determined in the present terms and conditions when acting in his personal capacity.
“Bill Payment” means the payment by the client of a Bill of Organization of public benefit or other bill through the transfer of money from one account to the Approved Beneficiary’ s Account using the I-Banking Service.
“PIN” means the secret Personal Identification Number which is given and/or created by a Client, according to the Instructions of Use, for use by the Client together with the Client’s Subscriber Number. It is understood that the use of the Personal Identification Number is equivalent and has the same force with the signature of the user.
Clients Assistance Officer System” means the system, which enables the Clients to have access and to use the I-Banking Service, with the assistance of a Clients Assistance Officer.
“I-Banking Service” means the system, which is provided by the Co-Operative from time to time to enable the Clients to have access and use the services provided by the Co-Operative through telephone, the internet or other communication device based in technology.
“Services” means the services provided from time to time by the Co-Operative, to which the Client may have access and use through the I-Banking Service in order:
• to obtain information about his accounts
• to effect money transfers
• to effect payments for the benefit of third Approved Beneficiaries
• to make use of any other Services which the Co-Operative may offer through the I-Banking from time to time.
1.2 In the present terms and definitions interpretation any reference to the single will include the plural as well and vice-versa and reference to any gender shall include and the other gender as well.
2. ACCESS TO THE SERVICE
2.1 The I-Banking Service is offered to the Account Holder and/or the user according to the terms, the instructions of use, as well as any other terms and/or regulations which the Co-Operative will decide from time to time and notify to the user in any such manner it deems proper. Access to and use of the I-Banking Service may be granted to Clients who:
• have completed and submitted to the Co-Operation an Application for Registration and have received from the Co-Operative a Subscriber’s Number evidencing the Co-Operatives approval of the Client’s Application for Registration and
• have received and/or created the PIN according to the Operation Procedures.
The Co-Operative may, at its absolute discretion, refuse to accept the Application for Registration, without it being bound to give reason for its non-acceptance.
2.2 The above conditions govern the use of the I-Banking Service and the Client will be bound by them.
2.3 The Client undertakes to comply fully with those Conditions (which aim to minimize the danger of unauthorized use of the I-Banking Service) and to indemnify the Co-Operative as regards any damage or loss that may occur as a result of the client’s non-compliance with those Conditions and the Instructions of Use. The Co-Operative in none situation will be liable as against the Client for any direct, indirect or other damage or any loss of data or loss of profit which the Client suffers or may suffer.
3. CLIENT’S OBLIGATIONS AND SAFETY
3.1 The Client agrees to:
• take all necessary precautions to avoid a malicious use of his Subscribers Number and of the PIN
• keep the Subscriber’s Number and the PIN in a safe place
• to destroy any notice for his Subscriber’s Number as soon as he receives it.
• not to disclose his Subscriber’s Number or the PIN to any other person.
• To avoid the use of PIN which can easily be detected such as birthday dates, telephone numbers etc.
• Not to write the PIN on anything that can be carried or is connected with the Subscriber’s Number in a way that it could be revealed or otherwise be available to any third person.
• Not to make or to omit to make any other act which may allow the irregular or unauthorized access or use of the I-Banking Service. He is responsible for the disconnection and deletion of any information from any telephone device, computer or other equipment that is being used for access to the I-Banking Service, before he moves away or leaves unsafe such telephone or computer or equipment.
3.2 The Client will notify immediately the I-Banking Service at the address: Gladstonos 97, 3032 Limassol, Cyprus, telephone no: 25 856000 or if calling from abroad to Cyprus: +357 25 856000, in case:
• The Subscriber’s Number or the PIN is disclosed to other unauthorized person.
• Unauthorized or irregular transactions have been filed in any of his accounts.
• The Subscriber’s Number or the PIN or any note or other document which bears the Subscriber’s Number or the PIN is lost, stolen or being copied.
• The Client after such telephone notification is obliged as within reasonable time notify and in written the Service.
The Client is obliged to check carefully the transactions and the statements of his accounts and notify the Service immediately in case of disputes.
Until the I-Banking Service is notified, the Client is liable for all unauthorized or irregular transactions but his liability is limited to the whole amount of One Hundred Seventy One Euro (EUR 171) or to any other amount which may be determined by Law. It is understood that the Client is liable for all transactions made by any person who knew the Subscriber’s Number and/or the PIN and was acting with the verbal or ostensible authorization of the Client. The Client will be liable for all transactions made without any restriction as regards the amount, if he acted maliciously or serious negligence. There is presumption of serious negligence in case the Client has acted in breach of the safety conditions contained in terms 3(1) and 3(2).
3.3 If the Client has notified the Co-Operative according to paragraph 3.2, then neither the Subscriber’s Number nor the PIN will be able to be used for access or use of the I-Banking Service. If the Client wishes to continue benefit from the I-Banking Service, then he will have to submit to the Co-Operative application for the issue of a new Subscriber’s Number and PIN.
3.4 The Co-Operative may, without being obliged to, record or audit telephone conversations for reasons of security and education and to keep samples of services quality.
3.5 The archives of the I-Banking Service, including the records and/or the transcripts which are made according to the above paragraph, will be able to be used as evidence in any dispute and will consist conclusive proof and evidence. The Client agrees not to object to the acceptance of such archives as evidence in any court procedure for the reason that they are not originals or they are in a form other than written or they are the product of a computer.
4. AUTHORIZATION TO THE CO-OPERATIVE
4.1 The Client authorizes and gives order to the Co-Operative to act on the basis of all the instructions and orders received through the I-Banking Service provided that the instructions and orders are verified as to their authentication from the Subscriber’s Number and the PIN. Even though the Co-Operative may from time to time demand other additional evidence of personal identification, it will not be obliged to do so and it can act on the basis of those instructions and orders, without taking additional meters to secure that the instructions or orders are authentic.
4.2 A Clients Assistance Officer when providing assistance for access and/or use of the I-Banking Service, may refuse to act according to any instruction or order for information through the I-Banking Service, if the Clients Assistance Officer believes or deems that the access to and/or the use of the I-Banking Service is made in an irregular or unauthorized manner. The Co-Operative will not be liable for any omission of the Clients Assistance Officer to act so. Instructions or orders received through the Automatic Assistance System are usually subject to automatic process. However, if during such process the Co-Operative believes that the instruction or order is irregular or unauthorized, or exceeds a certain value or determined limits, it may terminate or refuse to execute such instruction or order. The money limits and/or values are shown on the application and the web-site of the Co-Operative.
4.3 The Co-Operative is not obliged to cancel or amend any instruction or order received through the I-Banking Service. If the Clients asks so, the Co-Operative will make reasonable efforts for cancellation or amendment before the execution of any order or instruction, but it will bear no liability if it does not do so.
4.4 The Co-Operative may refuse to act on the basis of any instruction or order, until it is verified in written and signed by the Client.
5. OBLIGATIONS OF THE CLIENT
5.1 The Client will provide and will keep at his own expenses, a telephone lime, computer or other equipment, which is necessary for access to the I-Banking Service and he will secure that such equipment fulfils all technical and other conditions which are determined by the Co-Operative in the Operation Instructions.
5.2 The Client will secure that all instructions given by him to the Co-Operative, through the I-Banking Service are accurate and completed. The Client cannot cancel or change instructions which have been given and when given they will be irrevocable and binding for the Client.
5.3 The Client will pay all fees and charges which are, from time to time, payable for access and use of the I-Banking Service.
5.4 The Client will immediately notify in written the Co-Operative for any change of his address.
6. THE USUAL CONDITIONS CONTINUE TO APPLY
6.1 The I-Banking Service is a method of access and use of the services provided by the Co-Operative. Therefore, except in so far those conditions provide otherwise, all orders concerning the Accounts and all the terms and conditions which apply to the Accounts remain in full force and application. Specifically it is mentioned that:
The Client cannot use the I-Banking Service to withdraw money from one account, without giving the notification period required from the terms which apply for the account. Therefore, any instruction for transfer of capitals, payment of account or other transaction, which results withdrawal from account which is received through the I-Banking Service will require from the Client to give withdrawal notice which is required for such account so as to enable the Co-Operative to execute the instructions. Failure of the Client to do so, will have as a result the delay in the execution of his instruction, or at the discretion of the Co-Operative, the imposition of a charge, according to the practice of the Co-Operative which is followed from time to time, payable by the Client to the Co-Operative.
The Client cannot use the I-Banking Service to create any debt to the Co-Operative or to cause the creation of an overdraft or the excess of any overdraft or other limit in current or other account. As a consequence, any instruction for Transfer of Capitals, Bills Payment or other transaction resulting to the withdrawal from an account and is received through the I-Banking Service will require that the Client has sufficient balances in the Account or a sufficient overdraft or other disposable balance in his Account so as the Co-Operative will be able to execute the instruction.
The Client accepts that money transfers for the benefit of third person are effected under the condition that those are acceptable by the third person. If the third person has not accepted the transaction, the money transfer will be cancelled and the Client will be notified.
7. PROCESSING OF TRANSACTIONS
7.1. The Co-Operative intents that the instructions and orders received through the I-Banking Service be processed as soon as possible, within reasonable limits. According to this policy, the Co-Operative intents (subject to any suspension of provision of Services according to paragraph 8.1)) to keep the following time-limits as regards the processing of transactions.
• Instructions received before 13.00 of any working day will be processed on the same day.
• Instructions received after 13.00 will be processed on the next working day.
• Money Transfers may reach the account of the Approved Beneficiary on the day which the instruction was given or on the next working day.
• Payments of Bills will require at least 2 working days to reach the Account of the Approved Beneficiary.
However failure to comply with the said time-limits will not create any liability on behalf of the Co-Operative as against the Client.
7.2. A Clients Assistance Officer may terminate a telephone conversation made by a Client if the behavior of the client is improper or if the Client involves the Officer to offending or non-serious orders.
8. PROVISION OF SERVICES
8.1 Even though the Co-Operative wishes to have the Automatic Assistance System at the disposal of the clients 24 hours a day, there will be instances where for technical reasons, reasons of safety, labor disturbance, administrative or for any other cause beyond the control of the Co-Operative, some or all services normally provided through the I-Banking Service will not be provided. Therefore, the Co-Operative may, from time to time and without having any liability as against the client, suspend temporarily any or all the services.
8.2 In accordance with the provisions of paragraph 8.3. and 16 below, the Co-Operative will be entitled to terminate forever the I-Banking Service provided that it will give to the clients a warning of 30 days.
8.3 The Co-Operative may from time to time, always complying with the provisions of paragraph 16 below and provided that it will give warning of 30 days to the client, add, withdraw, suspend, modify or otherwise change all or any Services to which access and use through the I-Banking Service may be made.
9. FEES AND CHARGES
The Co-Operative will be entitled to collect fees and to charge the Clients for the transactions which are being effected through the I-Banking Service with the amounts which are shown on the web-site of the Co-Operative. The Co-Operative may review the above allowances the circumstances for their imposition and the manner of their being charged
10. INFORMATION FOR THE ACCOUNT BALANCE
Any balance of a loan account given through the I-Banking Service may not represent the total amount which is required for the full discharge of the specific loan account.
11. LIMITS IN THE TRANSACTION AMOUNTS
The Co-Operative reserves the right to limit the frequency and the amount of the transactions which are made by the user for safety reasons. The maximum limits may be altered and new limits may be introduced by the Co-Operative at its absolute discretion.
12. DEATH OF CLIENT
Despite death or incapability of a Client, the Co-Operative will be allowed to provide all required information and to execute all instructions given through the I-Banking Service with the use of the Subscriber’s Number and of the PIN until the Co-Operative receives a proper written notice for such death or incapability.
13. JOINT ACCOUNTS
13.1 “Joint Account”. When an account is kept in the Co-Operative from one or more Clients and the order for the Joint Account allows the Co-Operative to act on the basis of instructions given from one of the holders of the account then the access may be made through the I-Banking Service with the written consent of the holders of the account.
13.2 If the Co-Operative is notified in written for a disagreement between the holders of a Joint Account, the Co-Operative may forbid withdrawals from such Joint Account and, at its discretion, it may not allow any transactions regarding this Joint Account until the Co-Operative receives new written order from all the holders of the account.
14. TERMINATION
14.1 The Co-Operative may terminate the right of any Client to have access and use of the I-Banking Service by sending to him a notice by mail, by fax, by e-mail or by telephone or in any other way (electronic or other).
• At any time provided that a warning of at least 30 days will be given to him.
• Immediately in the event of breach, non-execution or non-compliance by the Client of any Terms or Conditions of the Use Instructions or of any other agreement with the Co-Operative.
• Immediately in the event of bankruptcy, or other contractual incapability of the Client.
• Immediately in the event of death of the Client.
14.2 The Client may terminate the use of the I-Banking Service at any time with a written notice or via telephone to the I-Banking Service at the number or address which is determined in the present terms.
15. DISCLOSURE OF INFORMATION
15.1 In accordance with the provisions of Paragraph 14.2, information concerning the Client will not be disclosed by the Co-Operative, except upon the express consent of the3 Client or where it is obliged or allowed by Law.
15.2 Information provided from the Client in the Application for Registration will be kept by the Co-Operative, except if the Client has indicated the contrary in the Declaration for the Processing of his Personal Data and/or in the Application for Registration, and they may be used for purposes of advertising to the customer of products and services by the Co-Operative, except if the Client has indicated the contrary in the Application for Registration, the Client consents to such use for the purposes of any legislation which may be enacted as regards the Protection of Data (as this may be altered or replaced from time to time) or otherwise.
16. AMENDMENT OF THESE CONDITIONS
The Co-Operative reserves the right at any time to complete or alter the present Terms according to the market conditions, the good banking practice, the offered products, the policy of the Co-Operative, the sufficiency of the systems, of relevant laws or for any other reason which will be notified to the Client at the time he receives the notification for such alteration. If the alteration is neither in the benefit nor to the detriment of the Client the notification will be made at least 30 days before its application. The Client will reserve the right within a period of 60 days to terminate the present agreement in accordance with the provisions of the terms of the present agreement.
17. LAW APPLICABLE – JURISDICTION
The present conditions will be governed from and will be interpreted according to the Laws of the Republic of Cyprus and the Client is submitted to the jurisdiction either of the Courts of Cyprus or the submission to Arbitration which the Client upon signing of the present application accepts according to articles 52 of the Law on Co-Operative Companies.