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Terms & Conditions

Payroll

Account Opening Request for Companies

 

All transactions conducted by the NBG shall be subject to the following terms and conditions: 

1.  Remittances and Collection

a.  Remittances whether made directly or transferred from any other account or party, and any other amounts deposited with any branch(s) or correspondent bank(s), shall be deemed as provisional balance until actual receipt of the sums transferred or confirming due validity of such transfers; and NBG shall have the right to cancel such transfers. 

b.  No amounts approved to be collected by NBG shall be credited except after actual collection is properly completed. Nevertheless, non-use of these rights by NBG shall not be interpreted as waiver thereof, and NBG shall be entitled to use from time to time at its sole discretion.

c.  For the purpose of collection of any amounts, NBG shall be entitled- at its sole discretion- to nominate a principal or subsidiary agents to carry out the collection process, and shall, for this purpose, have the right to dispatch the collection documents to the said agent under the liability of account holders, and such principal or branch agents shall be deemed as agents for account holders. 
2.  Release From Liability

a.  We hereby declare that NBG, its correspondent banks and agents are released from the liability for any failure by NBG’s correspondent or drawee banks to cash cheques, bills of exchange, payment orders or any other documents, and for retention thereof or rejection to return same to NBG as a result of documents’ loss or forgery, insufficient balance or for whatever reason, and we agree to receive an authentic copy of such cheques, documents or payment orders.

b.  We further declare that NBG, its correspondent banks or agents are released from the liability for any failure or delay in preparing a non-acceptance or non-payment protestor on the legally prescribed dates with respect to the commercial papers deposited with NBG for the purpose of collection or as guarantee, and we also release NBG, its correspondent banks and agents from any liability arising out of undertaking any legal proceedings by NBG to force the debtor to pay our entitlements according to banking general rules and customs. 

c.  NBG shall not be held liable for any losses occurring as a result of mail correspondence, such as the delay or loss of any documents, including commercial papers (cheques or bills), documents, payment orders, notices collection requests, disbursement suspension requests and/or statements of account, and NBG shall be entitled to deduct or redeem any amounts dully added to the account and have not been collected as a result of such mail correspondence. 

d.  NBG shall not be liable for returning the original cheques, papers, payment orders without disbursement thereof due to the failure to add or delay in adding the amounts deposited through NBGs’ branches, correspondent banks or agents, in case of the bank has no default. 

3.  Stop Payment Rules (pursuant to the New Trade Law no.17 of 1999):

Cashing process shall be stopped in writing by account holders using their NBG-authorized signatures, provided that stop notice shall be received by NBG prior to actual cashing of cheque. and disbursement suspension requests to be provided two working days before disbursement and on a condition that the requests to be legally updated, and the bank has the right to reject the disbursement suspension request if it’s not compatible with laws or if the requests were provided after the actual disbursement.

4.  Withdrawal from Account

Withdrawal from an account should be applied by virtue of the banking cheques   prepared and delivered to account holders who shall be solely liable for any loss, theft or misuse of such NBG-delivered cheques and for withdrawal of bearer cheques by account holders. Withdrawal may also be made by account holder in person by virtue of withdrawal receipts drawn on the NBGs’ official papers. 

5.  Statements of Account

a.  Unless otherwise provided herein, NBG hereby agrees to provide account holders with monthly account statement provided that the maximum limit of dispatch shall not exceed three months.

b.  Account holders hereby declare that notices and statements of account sent by NBG shall be deemed valid, recognized and identical to NBG’s records and registries, if no objections are raised by account holders by virtue of a written notice within 15 days from the date of dispatch of such notices or statements of account.

c.  We hereby declare the validity and enforceability of the notices or the statements of accounts sent by NBG by mail to the recently known addresses of account holders. 

d.  We further declare that our explicit or implicit acknowledgement of a balance for an upcoming period shall be deemed as acknowledgement of the balance for the previous period.

6.  Debiting and Operation of Accounts    

a.  NBG shall have the right to make an account debit regarding the stamp, commissions and any other due expenses, and may also claim that account owners settle these expenses.   

b.   NBG shall not be held liable for any account balance decrease resulting from imposition of attachment, taxes or official claims. NBG shall not also be questioned for any withdrawal or currency exchange restrictions set by public authorities. 

c.  At its sole discretion, NBG may have the option either to approve or reject cashing any cheques drawn thereon by account holders in currencies other than the currency in which the account is opened. In case of approving their request, their account shall be debited with an equivalent amount duly calculated on the basis of the exchange rate prevailing in NBG on the day of cashing, provided that account holders shall assume the full liability for the exchange rate fluctuation risks during the period between cheque- drawing date and cheque- cashing date

d.  NBG shall be entitled to debit any Customer’s account in settlement of any cheques submitted to NBG and drawn on the Customer, if no sufficient balance is available in the account on which the cheque was drawn. Customer shall be deemed as authorized NBG to effect such debit and shall not recourse NBG in whatever legal manner for such transactions. 

e.  Issuance of cheques’ books shall be limited only to holders of current accounts or any other types of accounts duly elected by NBG. NBG shall also be entitled to reject issuance of cheques’ books to any Customer, with revealing reasonable reasons for example  to name a few (clients credit history, continuing clients returned cheques,……etc.).   

7.  Accounts Unity and Set-Off 

a.  All our accounts in NBG branches shall be deemed as one integrated account, including the accounts opened in foreign currency, and NBG shall be entitled to withdraw and/or otherwise deal with any NBG branch other than the branch in which the account is opened. 

b.  Any account balance shall be deemed as security and/or means for settlement of any other account, including the time-deposits made in the name of the Customer and the value of commercial instruments deducted by NBG, deposited as security or surety or submitted for collection, such that NBG may consider all accounts recorded in our name in NBG’s registries as one account. 

c.  We hereby agree to finally and irrevocably authorize NBG, without the need for prior notice, to make a set-off between any amount due to NBG in whatever form and any amount in our possession or in our accounts. If the required amounts are in a currency other than the currency of our accounts, NBG shall be entitled to sell  or transfer same at the exchange rate duly declared by NBG on the day of sale or transfer, and to use the sale or transfer proceeds for settlement of the said due amounts together with their interest and commissions.

8.  Commissions and Charges

a.  NBG shall have the right to amend the commissions, charges and the minimum limit of account balances, and notify Customers through NBG branches, NBG web-site or NBG Customer Service Call Center 

b.  If services are rendered or account transactions are made, account holder shall be indebted to NBG for the related charges and commissions duly declared by NBG. Such charges and commissions shall then be deducted directly from the Customer’s account, and the account holder shall explicitly and irrevocably agree to above as of the date of signing the bank account-opening contract. 

c.  Commission and charge prices declared in the NBG prospectus shall be deemed an integral part of the terms and conditions of the current NBG account-opening contract, and the account holder’s signature of such contract shall be deemed as irrevocable and unconditional declaration of his/her full awareness of the said prices and his/her immediate approval of any changes or additions applied by NBG for maintenance of account. 

d.  NBG shall be entitled to add any charges, obtain any expenses or amend any currently applied fees regarding all account services; which amendments shall be applicable from the date thereof, shall be binding on Customers and shall be declared in the NBG branches and web-site.

9.  Bank Transfers 

We hereby declare that in case of our issuance of bank transfer orders, NBG shall be entitled to delay execution the bank transfer order to the end of the day and may not execute the order except after obtaining the currency in which the order is issued, obtaining the required approvals regarding the balance status or obtaining the documents required by NBG from the account holders, without any liability upon NBG in this regard.

10. Account Closure and Enforcement of NBG Rights

a.  Without a prior notice, NBG may reject any amounts required to be added to the account, may at its sole discretion and without revealing reasons close the account, may from time to time amend or change the afore-mentioned terms and conditions and serve notice on the Customer regarding closure of account without revealing reasons.  

b.  NBG’s failure to use any rights stated in the above general terms and conditions shall not be interpreted as waiver thereof, and NBG shall have the right to apply these rights at any time.

11. Correspondences and Notices

a.  We hereby agree that all correspondences and notices be sent by express mail, fax, telex, e-mail or any other modern means of communication duly approved by NBG. 

b.  We further permit NBG to keep our files with all contained applications, instructions and correspondences either signed by account holders or send by e-mail as well as any other documents using the microfilm or PC achieving… etc; and hereby declare that the extracted copies are authentic and having the full res-judicata (the full power of proof), and further acknowledge due validity of our signatures contained in the documents kept in the above manner. 

12. Confidentiality of Accounts

a.  Pursuant to CBE Law No. 88/2003, (Section Four, Articles 97 and thereafter regulating the accounts confidentiality), account holders hereby permit NBG to have access to their accounts, obtain any information and exchange same with any other banks operating in Egypt, Governmental or Non-Governmental authorities. 

b.  NBG shall have the right to reveal the data and provide the documents of account holders, if they are subject to a court order or a tax attachment, or in case of death (when a legitimate inheritance declaration is submitted). 

13. In active accounts 

In case that the account has no transactions for six months or more, the account will turn into an inactive status automatically which will require the presence of one of the authorized signers to operate the account along with a valid ID, commercial register in order to update our records and to re-activate the account once again. 

14. Management of Banking Activities

a.  We hereby permit NBG, in case of using ATMs, credit cards or any other banking activities, to manage these activities through specialized entities contracting with NBG, without considering this management as violation of the accounts confidentiality. 

b.  In case of using telephone messages to make some banking transactions, as    specified by NBG and amended from time to time, we hereby permit NBG to register the telephone conversations; and hereby admit their validity and correctness. In this respect, NBG may use these registered telephone conversations or messages at any time believed to be appropriate.

15. In Case of Current Account (Without Interest)                  

a.  The minimum limit for opening this account is contained in the NBG’s price list.

b.  This account is opened for individuals and companies.

c.  Monthly expenses shall permanently be debited from this account.

Issuance of cheques’ books shall be limited only to holders of current accounts or any other types of accounts duly elected by NBG. NBG shall also be entitled to reject issuance of cheques’ books to any Customer, with revealing reasonable reasons for example  to name a few (clients credit history, continuing clients returned cheques,……etc.).   

16. In Case of Payroll Account: 

a.  Interest is calculated on a daily basis on cleared credit balances.

b.  The interest is paid quarterly into the holder’s account;

c.  The rates of interest paid on the account(s) and the balances in relation to which such rates are payable are displayed in all The Bank’s branches;

d.  The Bank reserves the right to change the interest rates at any time. These changes will be communicated in the tariff lists across all branches 

e.  There is a salary advance feature associated with this account.

f.  This account can only be opened for individuals

A monthly service charge will be charged to the account. The amount of which is determined in the tariff list on display in any of The Bank’s branches in Egypt.

17. Applicable Law and Courts' Jurisdiction    

a.  It was expressly agreed that Egyptian Law shall be applicable with respect to fulfillment of the terms and conditions herein. 

b.  It was also agreed, expressly, decisively and irrevocably, that  competent Courts geographically and in kind shall have the jurisdiction to review any legal proceeding and settle any dispute which may arise between us and NBG.