Terms and Conditions

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Terms and Conditions

Terms and Conditions

1. Definitions

The following words and phrases appearing in these terms and conditions are to carry the meanings shown alongside.

Bank

 

The Saudi Investment Bank

Customer

 

The person or entity in whose name one or more accounts or portfolios have been opened with the Bank and that has accepted this agreement by pressing the "I Accept" button.

Electronic Banking (Service)

 

Any of the following:

  • The access and use by a Customer through a telephone, personal computer or any other electronic device, to the Customer's account or portfolio or to banking services or to any other information, including but not limited to Messaging and Trading, made available to the Customer by the Bank.

  • The submission by the Customer of any Instruction to or in relation to the Service.

Messaging

 

The sending of messages by the Bank to a Customer nominated telephone or any other electronic device.

Trading

 

The issuance of an instruction made by the Customer to the Bank through or in relation to the Service to trade, whether such trade is conditional or otherwise, in any instrument, including but not limited to stock, share, equity, option, fund, security, metal or commodity, through or in relation to any market that the Bank may have or may provide access to for such trades.

Instruction

 

One or more instructions recorded in an electronic form by the Customer and submitted by the Customer to the Bank through or in relation to the Service.

Service

 

Electronic Banking services as defined above.

Passwords

 

One or more confidential codes, values, tokens or security devices, whether used individually or in combination or together with other codes, values or tokens, whether initially established by the Bank and provided to the Customer or determined by the Customer.

Authorisation Codes

 

Any of the following:

  • One or more confidential codes provided by the Bank to the Customer in written, electronic or any other form.

  • Any derived value based on the confidential codes described above or based on Passwords or on both, that accompanies a Customer instruction and that the Bank, at its sole discretion, deems to be proof that such instruction originated from the Customer and is authentic.

User Identities

 

Confidential codes or values determined by the Bank and provided to the Customer in written, electronic or any other form and that is used by the Customer in conjunction with the Passwords or the Authorisation Codes to gain access to the Service.

Secrets

 

Any and all confidential information including, but not limited to, User Identities, Passwords, Authorisation Codes or any other information exchanged between the Bank and the Customer that allows, enables or assists the Customer in accessing the Service.

Customer Number

 

A Bank assigned value representing the Customer and that may be used in conjunction with the Secrets to gain access to the Service or to use the Service.

Call Restriction

 

A feature of that part of the Service that uses Telephony and that is available to the Customer as a preference of the Customer. The feature, when selected by the Customer, prevents the acceptance of Third Party Payment or Trading instructions, unless recognized by the Service as originating from a Customer predefined telephone line number.

Authorisation Code Restriction

 

A feature of that part of the Service that uses Telephony and that is available to the Customer as a preference of the Customer. The feature, when selected by the Customer, prevents the acceptance of Third Party Payment or Trading instructions by the Service, unless the correct Authorisation Code accompanies such instructions.

Predefined Payment Restriction

 

A feature of that part of the Service that uses Telephony and that is available to the Customer as a preference of the Customer. The feature, when selected by the Customer, prevents the acceptance of Third Party Payment instructions by the Service, unless the instruction refers to and is restricted by a predefined written notification to the Bank specifying the beneficiary and either the maximum amount or the maximum frequency or both of these, of such payment.

Customer Selected Restrictions

 

Those features that are selected by the Customer to apply to the Service and being any or all of Call Restriction, Authorisation Code Restriction and Predefined Payment Restriction and that are acceptable to the Bank.

Third Party Payment

 

An instruction made by the Customer to the Bank through or in relation to the Service to make payment to, or transfer funds to a third party or to the account of a third party.

Open Instruction

 

A Third Party Payment or Trading instruction made by the Customer without the Customer use of a safe and secure combination of the preferences:

  • Call Restriction

  • Authorisation Code Restriction

  • Predefined Payment Restriction

Nominee

 

Any and all of the following:

  • One or more third parties to whom the Customer has intentionally disclosed any or all of the Secrets.

  • One or more third parties to whom a Nominee has, with or without the knowledge and/or consent of the Customer, intentionally disclosed all or part of the Secrets.

  • Any other party or parties to whom any of the previously described third parties have, with or without the knowledge and/or consent of the Customer, intentionally disclosed all or part of the Secrets.

  • Any person that, through the failure of the Customer or the failure of any of the above mentioned parties to observe the terms and condition of article 8 and/or article 9 of this agreement, gains access to the Secrets.

Public Use

 

The use by the Customer of a public telephone network service, a telephone device or any equivalent unencrypted communications path as a means of accessing and using the Service.

Open Use

 

The use by the Customer of an Internet service provided for the public in environments including but not limited to Internet Cafés, airport lounges, hotels, resorts, shopping malls or such facilities made available by the Bank to the Customer in the Bank's Head Office or Branch premises.

Unsupervised Use

 

The use by the Customer of Internet services, using facilities other than those that the Customer knows to be under his own permanent control and supervision.

External Terms and Conditions

 

Any terms and conditions, including but not limited to any Account Opening Agreement, Credit Facility Agreement, General lending Conditions, Standard Terms and Conditions or any other terms and conditions between the Customer and the Bank that predate, or are subsequently signed by the Customer, in addition to the terms and conditions of this agreement and that otherwise govern the relationship between the Customer and the Bank.

Bank Business Day

 

Days, dates and time periods, as determined from time to time by the Bank, its service providers or its correspondents when banking business may be conducted.

Cut-Off

 

Dates and times determined from time to time by the Bank, its service providers or its correspondents and at which the Bank no longer accepts instructions for processing on that Bank Business Day.

Industry

 

Any or all governments, agencies, corporations, societies or other entities involved in the banking and finance, information technology, information security, telephony or communications sectors.

Industry Standard

 

The standards and norms for use, safety, non-disclosure of Secrets and security applicable to users of Electronic Banking services as made known from time-to-time to the public by the Industry.

2. Authority to act

The Customer hereby authorises the Bank:

  • To implement and act on all instructions, whether financial transactions or other instructions received by the Bank from the Customer through or in relation to the Service.

  • To respond to any enquiry received by the Bank from the Customer through or in relation to the Service.

  • To debit any and all amounts to the Customer’s accounts for any financial transactions, instructions or enquiries, including any fees, commissions or charges, effected through or in relation to the Service.

Notwithstanding the above, the Customer acknowledges and accepts, that the Bank reserves the right, without any obligation on the part of the Bank, to act on the instructions and enquiries of the Customer as it sees fit and in accordance with prevailing Bank rules and policies and any External Terms and Conditions. Any such External Terms and Conditions are not necessarily reproduced herein.

The Customer further acknowledges and accepts that the Bank may unintentionally yet in good faith act on a Customer instruction or enquiry made by the Customer through or in relation to the Service that may be in breach of the External Terms and Conditions. In such event, the Customer hereby accepts to indemnify the Bank against any claims, litigation, losses or damages incurred by any third party arising from the Bank acting on such instruction or enquiry.

3. Right not to Act

The Bank reserves the right to reject, for any reason whatsoever, and solely at the discretion of the Bank, and without any liability of any kind on the Bank:

  • Any application for enrolment to any part of the Service.

  • Any instructions or enquiries received from the Customer through the Service.

4. Fees and Charges

The Customer undertakes to pay any fees as determined by the Bank for any or all enrolment into the Service, changes to Customer preferences for the Service and use of the Service, and as the Bank may prescribe from time to time. The Bank reserves the right to implement or to amend these fees at any time. The Customer authorises the Bank to debit any of the Customer’s accounts for any or all fees due under this agreement.

The Customer accepts and acknowledges that the Customer’s receipt of information through Messaging depends on factors outside the Bank’s control and the Bank’s responsibilities for Messaging information delivery to the Customer, end when the Service determines that the Messaging carrier has accepted the information. The Customer acknowledges and accepts that any Messaging fees, which fees are periodically debited to the Customer, are accrued and become payable by the Customer on the Service determining that the Messaging carrier has accepted the information.

The Customer hereby accepts to indemnify the Bank against any and all claims, litigation, damages and losses, of any third party, whether arising directly or indirectly from or in relation to any fault or failure of the Messaging carrier to deliver, or of the Customer to receive any such Messaging.

5. Payment and Trading Instructions

The Customer acknowledges and accepts that the Bank acts on the Customer’s Trading and Third Party Payment instructions made to the Service as soon as is possible but always at a time and in a manner judged by the Bank to be convenient and appropriate to the nature of the Customer’s Trading and Third Party Payment instruction.

The Customer acknowledges and accepts that Trading and Third Party Payment instructions to parties outside the Bank depend on the subsequent preparation and transmission of orders, whether such are prepared automatically or manually, from the Bank to and/or through various third parties using transmission services that are outside the control of the Bank.

The customer acknowledges and accepts that the Bank reserves the right to act on Trading and Third Party Payment instructions made to the Service only during Bank normal working hours and subject to Cut-Off timings.

The Customer acknowledges and accepts that the Bank reserves the right to select any means of transmission convenient to the Bank and to transmit orders to and/or through any third party convenient to the Bank.

The Customer acknowledges and accepts that the Bank may, at its sole discretion, reject or cancel, without any recourse by the Customer or by any third party, any instruction that, in the opinion of the Bank alone, would contravene any regulation or guideline relating to the prevention of money laundering or terrorism.

The Customer acknowledges and accepts that the Bank’s External Terms and Conditions as applicable to Trading and to Third-Party Payments, which are not necessarily reproduced herein, apply to Customer instructions for such orders and payments made to the Service.

6. Stop Cheque Payment Order

The Customer acknowledges and accepts that, in the event of any Customer instruction to the Service to stop a cheque payment that the Customer hereby undertakes to:

  • Notify the Bank in writing in the event that such stop cheque payment instruction is to be cancelled.

  • Indemnify the Bank against any and all claims, litigation, damages and losses, of any third party, whether arising directly or indirectly from or in relation to the Bank acting on the Customer instruction.

  • Not hold the Bank responsible or in any way liable should the Bank pay, certify or accept any such cheque through oversight or through any other cause.

  • Execute any additional indemnification or other document required by the Bank in connection with or related to the Customer instruction.

The customer acknowledges and accepts that the Bank reserves the right to act only on such stop cheque payment instruction after the Bank has determined, solely at its own discretion, that it has been sufficiently indemnified by the Customer and that the Customer has the right, whether in law or otherwise, to give such instruction.

The customer acknowledges and accepts that the provision by or through the Service of the means whereby the Customer may issue such instruction does not confer to the Customer the right to issue such instruction to the Bank nor does it oblige the Bank to accept and act on such instruction.

7. Currency Exchange

The Customer acknowledges and accepts that, in the event of any Customer instruction to the Service that requires currency exchange, the Bank has the right to perform such currency exchange at the Bank currency exchange rates in effect at the time. The Customer further acknowledges and accepts that, in the event the Bank has no such currency exchange rates in effect at that time, the Bank may perform such currency exchange at the time such rates come into effect.

The Customer acknowledges and accepts that the Bank’s External Terms and Conditions as applicable to currency exchange, which are not necessarily reproduced herein, apply to Customer instructions that are made through or in connection with the Service where such instructions require such exchange.

8. Uses and Risk of Disclosure

The Customer confirms that the Customer is aware of the security risks and of the Customer’s means of safeguarding against these risks arising from or in relation to the Customer or Nominee use of the Service.

The Customer further acknowledges and agrees that the Customer will, in the Customer’s use of the Service, always follow:

  • Industry Standard guidelines and recommendations as existing or as published or made available by the Industry, from time to time, relating to use, safety, non-disclosure and security.

  • Any Bank notified guidelines and recommendations as existing or as made available by the Bank from time-to-time, related to use, safety, non-disclosure and security.

The Customer acknowledges and accepts that any use of the Service by the Customer or any Nominee that falls outside the guidelines and recommendations as enumerated in the previous paragraphs, is associated with risk of disclosure of any or all of the Secrets and that any consequential losses, damages, claims or litigations arising from such use, are the sole liability of the Customer.

The Customer acknowledges that Public Use, Open Use or Unsupervised Use by the Customer or by any Nominee of the Service, is associated with risk of disclosure of any or all of the Secrets and that any consequential losses, damages, claims or litigations arising from such use, are the sole liability of the Customer.

The Customer acknowledges and agrees to exercise the utmost care in all personal use of the service including any Public Use, Open Use or Unsupervised Use of the Service.

9. Telephony

The Bank hereby advises the Customer in respect of those parts of the Service that uses Telephony that it accepts no liability whatsoever for any claim, litigation, losses or damages, whether consequential, arising directly or indirectly, from the use by the Customer or by any Nominee of Open Instructions to or in connection with the Service.

The Bank recommends that the Customer strictly follow all of the guidelines below in the Customer use of Telephony in connection with Trading or Third Party Payment instructions from the Customer to the Service:

  • Select the Call Restriction feature for such instructions and issue such instructions only from those phone line numbers subject to such restriction.

  • Select the Predefined Payment Restriction feature for all such instructions with maximum amount and with maximum frequency.

  • Select the Authorised Code Restriction feature for all such instructions.

The Customer hereby accepts to indemnify the Bank against any and all claims, litigation, damages and losses of any third party, whether arising directly or indirectly from or in relation to the Customer or any Nominee use of the Service for any Open Instructions issued by the Customer or any or all Nominees.

The Customer shall strictly follow the manufacturer’s, service provider’s and/or suppliers recommendations in respect of security of handsets and SIM cards, including but not limited to mobile telephones, GSM or other cell phone services or any other handsets communicating through radio wavelengths, used with or in relation to the Service.

The Customer hereby accepts to indemnify the Bank against any and all claims, litigation, damages and losses of any third party, whether arising directly or indirectly from or in relation to the Customer or Nominee failing to strictly follow such manufacturers, service providers and/or suppliers recommendations.

10. Ownership of Tokens

The Customer acknowledges and accepts that any token provided by the Bank to the Customer, including but not limited to security hardware devices, magnetically encoded cards or chip-embedded cards, are and remain the property of the Bank. The Customer acknowledges and accepts that any such token shall be promptly returned, at the Customer’s cost, to the Bank on termination or cancellation of the Services or of this agreement. The Customer further acknowledges that in the event that such token is lost, misplaced, damaged or not returned within 30 days of termination or cancellation, that the Customer will be liable to the Bank for the Bank’s costs, solely as determined by the Bank, for the replacement of such token.

11. Disclosure by the Customer

The Customer shall take the utmost care to safeguard the Secrets and shall not divulge, or cause to be divulged, the Secrets to any third party except in the event that such disclosure is intentional on the part of the Customer. In such event, that third party whether named to the Bank by the Customer or otherwise, shall be considered a Nominee of the Customer.

12. Nominees

The Customer acknowledges and accepts that the Customer shall be liable for any and all usages and consequences of such usages of the Service by any or all Nominees as though each such Nominee were the Customer. The Customer hereby accepts to indemnify the Bank against any claim, litigation, and losses or damages whether direct or indirect by any third party, from the Bank considering and acting on instructions or enquiries from Nominees.

The Customer acknowledges, confirms and accepts that the Bank has no obligation whatsoever, nor incurs any liability whatsoever, in considering any or all Nominees to be the Customer.

The Customer acknowledges and accepts that the Customer is solely liable for all acts of the Nominees, whether those acts are in conformity to, or in breach of the terms and conditions of the Service.

The Customer acknowledges and accepts that any or all Nominees are de-facto granted by the Customer, those same rights to use the Service as those of the Customer and that such Nominees may be empowered through those rights to extend, modify or alter those rights and/or the Secrets. In such event, the Customer acknowledges and accepts that the Customer remains solely liable for all acts of the Nominees, whether those are in conformity to or in breach of the terms and conditions of this Service.

The Customer acknowledges and accepts that the Bank neither makes nor is obliged to make any determination, other than automatic access and usage controls within the Service that rely on the Secrets and on the Customer Selected Restrictions, as to the right to use the Service.

The Customer hereby accepts to indemnify the Bank against any claim, litigation, losses or damages of any third party whether arising directly or indirectly as a result of the Bank acting on instructions or enquiries made or in relation to the Service where such instructions or enquiries were accompanied by the Secrets and subject to the Customer Selected Restrictions.

The Customer hereby accepts to indemnify the Bank against any claim, litigation, losses or damages of any third party whether arising directly or indirectly from any Nominee and irrespective of whether such Nominee is known to the Bank, legally competent or known or unknown to the Customer.

13. Suspension of Services

The Customer shall notify the Bank immediately and in writing in the event of the unintentional disclosure, loss or theft of any or all of the Secrets.

In such event, and on receipt of the Customer’s written notification, the Bank shall make its best efforts, always subject to the Bank’s normal working hours, to stop all future use of the Service. The Customer agrees and acknowledges that the Bank shall not be held liable for any unauthorised usage of the Service prior to the receipt by the Bank of the Customer’s written notification of the unintentional disclosure, loss or theft of any or all of the Secrets.

14. Service Arrangements

The Customer is solely responsible for any or all the necessary arrangements with third parties, including but not limited to, telecommunication providers or Internet Service Providers, for services, support, fees, charges or any other costs required or incurred by the Customer to use the Service.

The Customer is solely responsible for any or all necessary equipment, software, services or related tools, including but not limited to telephone equipment, telecommunication lines, computers, operating systems, Internet browsers, for services, support, fees, charges or any other costs required or incurred by the Customer to use the Service.

15. Intended use

The Customer acknowledges and accepts that the Customer is responsible for using the Service only in accordance with its intended use. The Customer acknowledges and accepts that the Customer shall be liable for all damages, claims or litigations arising from any inappropriate use of the Service by the Customer or any or all of the Nominees.

The Customer shall use the Service only in accordance with applicable governmental and statutory regulations in force from time-to-time, including but not limited to money laundering, financing of terrorism, and exchange control.

The Customer acknowledges and accepts that the Customer shall be solely liable for all damages, claims or litigations arising from any use of the Service by the Customer or any or all of the Nominees in contravention of such governmental or statutory regulations.

16. Notification

The Customer hereby authorises the Bank to send notifications and correspondence relating to the Service by electronic means including, but not limited to, fax, telex, and electronic mail or by means of the Service itself. The Customer must take all necessary measures to ensure the security and privacy of such notifications and correspondence.

The Bank reserves the right to amend the terms and conditions at any time and the Bank shall notify such amendments to the Customer. The Bank undertakes to notify the Customer of such amendments in a manner selected by the Bank. The continued use of the Service by the Customer or by any Nominee after such amendments constitutes acceptance by the Customer of such amendments.

The Customer shall promptly notify the Bank of any changes to the Customer’s mailing address, telephone numbers or any other means of contact with the Customer by the Bank.

17. Recording and Confidentiality

The Customer hereby authorises the Bank to electronically record any or all communications, whether voice or otherwise, between the Customer and the Service and acknowledges and accepts that such recordings made by the Bank shall be acceptable as evidence of such communications in any legal proceedings, resolution of any dispute or in any arbitration.

The Bank will not disclose to any third party any information concerning the Customer’s use of the Service unless such disclosure is (a) required by law or by banking regulations, (b) authorised by the Customer, (c) required to effect a Customer instruction or enquiry or (d) required to resolve or support resolution of a dispute or claim of any kind or (e) required by a bank mandate or by any External Terms and Conditions.

The Customer accepts and acknowledges that the Bank may, without recourse by the Customer or any Nominee, make such disclosures as stated above.

The Customer accepts to indemnify the Bank against any claim, litigation, losses or damages of any third party arising from the Bank making disclosure of the Customer’s use of the Service.

18. Losses, Damages

The Bank shall not be liable for any losses or damages incurred by the Customer or any Nominee, whether arising directly or indirectly, as a result of the Customer's or Nominee’s breach or violation of these terms and conditions.

The Bank shall not be liable for any losses or damages incurred by the Customer, whether arising directly or indirectly, as a result of the Service being unavailable, unreliable or inaccessible, whether such was caused by the Bank or any third party provider upon which the Service relies.

19. Termination

The Customer may, by virtue of a written notification sent to the Bank, terminate this agreement. In such event, and on receipt of the Customer’s written notification, the Bank shall make its best efforts, always subject to the Bank’s normal working hours, to cancel the Customer's future use of the Service.

The Customer agrees and acknowledges that the Bank shall not be held liable for any usage of the Service prior to the receipt by the Bank of the Customer’s written notification of termination of this agreement, always subject to the Bank’s normal working hours.

The Bank may, at its sole discretion, terminate this agreement and cancel the Customer's use of the Service at any time and without prior notification to the Customer and without liability of any kind.

The Customer agrees and acknowledges that any liability of the Customer relating to instructions or enquiries made by the Customer or by any Nominee through or in relation to the Service, prior to receipt of written notification of termination by the Customer or such termination by the Bank, shall survive such termination.

20. General

The Bank does not warrant that the Service is fit for any particular purpose nor does the Bank warrant:

  • That the Service will operate without interruption.

  • That the Service is error free.

  • That the information provided by the Service is current, accurate or relevant.

No failure by the Bank to exercise and no delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such rights, powers or privileges preclude any other or further exercise thereof. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

This agreement does not grant to the Customer any additional rights to operate any account, or any additional rights to make any instruction, whether financial transaction or other instruction or enquiry over and above any such rights already granted to the Customer through any External Terms and Conditions.

The terms and conditions of this agreement shall be governed and construed in accordance with the laws, rules and regulations of the Kingdom of Saudi Arabia. In the event of any dispute, the Bank and the Customer irrevocably provide to the exclusive jurisdiction of the Committee for Settlement of Banking Disputes in Saudi Arabia.

Words and phrases used in this agreement, whether expressed in singular or plural form shall be interpreted to apply in whatever forms the Bank, at its sole discretion, and from time to time, deems relevant.

Words and phrases used in this agreement, whether expressed in masculine, feminine or neutral gender shall be interpreted to apply in whatever genders the Bank, at its sole discretion, and from time to time, deems relevant.

Headings and numbering used in this agreement are provided solely for the purpose of clarity and shall not be interpreted as forming or modifying any part of, any of the terms and conditions of this agreement.

21. Customer declaration

The Customer hereby accepts to indemnify the Bank against any and all claims, litigation, damages and losses of any third party, whether arising directly or indirectly from or in relation to the Customer’s enrolment into or use of the Service.

The Customer acknowledges and agrees that the Customer has read and understood and is bound by all of the terms and conditions of this agreement.

22. Language

Notwithstanding that this agreement is written in both Arabic and in English languages, the Arabic language version shall prevail as the legal basis.