I GENERAL
1.1 These Terms and Conditions constitute part of the agreement between Irish Permanent (IOM) Limited (the “Bank”) and its customer. The Application Form, Indemnity re telephone, facsimile, telex and e-mail instructions (the “Indemnity”) (where applicable) and these Terms and Conditions shall together constitute the entire agreement between the Bank and its customer (hereafter referred to as the “Agreement”).
1.2 Funds deposited with the Bank are accepted on the following terms and conditions which are in addition to any special conditions relating in particular to matters such as interest, term or notice as may apply to an account. In the event of any conflict between these Terms and Conditions and any special conditions, the special conditions shall prevail.
1.3 The Bank may at its absolute discretion and without giving any reason refuse to accept a deposit from any person.
1.4 No deposits may be made and no deposited funds may be withdrawn other than at the principal place of business of the Bank in Douglas or at such other place in the Isle of Man as the Bank may specify. No deposit or withdrawal request or other notice of any kind concerning an account shall be valid unless and until received at the principal place of business of the Bank in the Isle of Man. No deposits or withdrawals may be made in the United Kingdom or the Republic of Ireland.
1.5 The customer may, with the prior approval of the Bank, transfer all or part of the deposit to another person on payment of such fee as the Bank may from time to time determine. No such transfer shall be valid unless made in a form approved by the Bank and until registered in the records of the Bank which may nevertheless refuse to permit a transfer without giving any reason.
1.6 The customer shall notify the Bank immediately of any change of name or address and shall produce such evidence of a change of name and address as the Bank may require.
1.7 The customer shall notify the Bank immediately of any change of signatories or other matters which affect the information provided to the Bank in the Application Form, and/or Indemnity and shall provide the Bank with such evidence of any such variation as the Bank may require.
1.8 Any person becoming entitled to a deposit in consequence of the death, bankruptcy, insolvency or incapacity of the customer may, on such evidence being produced and on payment of such fee (if any) as the Bank may from time to time require, be registered as the holder of such deposit. In the event that such registration is refused (for whatever reason), the Bank shall repay the said deposit with interest up to but not including the date of repayment at the rate currently being paid on that type of account in accordance with the repayment instructions contained in the Application Form or in accordance with the law as appropriate.
1.9 Except in the case of fixed term deposits, the Bank shall have the power to amend at any time the rate of interest payable on deposits without notice to the customer. The Bank may in its absolute discretion and from time to time apply different rates of interest to different parts of the amount invested by the customer according to the balance in the account. Details of the Bank’s current rates of interest applicable to available classes of deposit are available on request. The calculation and application of interest to specific deposits or classes of deposit shall be contained in the special conditions applicable to such deposits.
1.10 The Bank may from time to time without notice to the customer at its absolute discretion discontinue, suspend, limit or resume the issue of any deposit or class of deposits.
1.11 The Bank may, at its absolute discretion and without giving any reason, give to the customer (other than the holder of a fixed term deposit) not less than fourteen days’ notice of its intention to repay the deposit in whole or in part and may at the expiration of such notice make such payment, provided always that the customer shall be paid interest on the whole or part of his deposit at the rate currently being paid by the Bank on such deposit or class of deposit. Any such payment shall be made to the holder of such deposit unless the Bank is instructed by the customer to the contrary in the Application Form.
1.12 In the event that:
- for a period of two years no transactions other than the crediting of interest have taken place and the balance of the account is less than £100 (or the currency equivalent); or
- for a period of five years no transactions other than the crediting of interest have taken place and the balance of the account is equal to or more than £100 (or the currency equivalent); and
- in either case the customer cannot be traced after reasonable enquiry, the Bank shall be entitled to close the account and the customer shall be deemed to have forfeited the balance to the Bank provided that the Bank may thereafter at its absolute discretion reopen the account and re-credit the monies previously forfeited upon satisfactory proof of ownership of the account.
1.14 The Bank may from time to time make charges for any transactions it undertakes on behalf of or services it provides to the customer in accordance with its latest published tariff and may vary those charges from time to time at its absolute discretion. The Bank may recover any such charges from the customer by debit to customer’s account or otherwise. The customer hereby agrees to indemnify and keep indemnified the Bank against any charges levied by third parties through whom the Bank has remitted funds or to whom the Bank has sent cheques or other instruments for collection and credit to the customer’s account.
1.15 The Bank may agree from time to time at the request of the customer to accept instructions to hold all correspondence. Such instructions will be accepted at the Bank’s absolute discretion and without liability on the part of the Bank for any breach of the instructions, howsoever caused. The Bank reserves the right to contact the customer in the event that the Bank deems it necessary to convey information to the customer concerning the contract between the Bank and its customer and the customer hereby acknowledges and agrees that such limited correspondence may be forwarded as required.
1.16 The Bank reserves the right to alter these Terms and Conditions or any of them upon giving one month’s notice in writing which notice may be by specific notice to the customer or by general notice published in a newspaper.
1.17 Any letter, notice or document sent to the customer by post to him at his last notified address shall be deemed to have been duly served 48 hours after having been posted if such address in the Isle of Man or the United Kingdom or 7 days after having been posted if such address is outside the isle of Man or the United Kingdom. Any letter, notice or other document sent to the Bank shall be deemed to have been received when actually received at the Bank’s principal place of business in the Isle of Man.
1.18 The Agreement between the Bank and its customer shall be governed by and construed in accordance with Isle of Man law and the parties to the Agreement hereby agree to submit to the non-exclusive jurisdiction of the courts of the Isle of Man.
1.19 We may record or monitor telephone calls between us so that we can check instructions and ensure that we are meeting our service standards.
II ACCOUNT INFORMATION/STATEMENTS
2.1 The Bank will issue a separate confirmation advice in respect of each transaction on a customer account. Statements of account are available only on request.
III CUSTOMER COMPLAINTS
3.1 The Bank has in place a procedure for handling customer complaints, details of which are available on request. In the first instance customers should contact their Relationship Manager with details of their complaint and in the event that the complaint is not resolved to the satisfaction of the customer he should contact the Managing Director of the Bank.
3.2 If you have any complaints about the quality of service we provide do not hesitate to contact us at the address below. Complaints we cannot settle can be referred to the Financial Services Ombudsman Scheme for the Isle of Man (complaints from private individuals only). A copy of our internal complaints handling procedures which include details of the Financial Services Ombudsman Scheme is available on request.
3.3 The Bank is licensed to conduct banking and investment business by the Isle of Man Financial Supervision Commission to whom complaints may also be addressed.
IV CUSTOMER CONFIDENTIALITY
4.1 The Bank shall at all times keep confidential the affairs of its customers and former customers and shall not disclose details of customers’ accounts or their names and addresses to third parties, including other companies in the same group, except as follows:-
- where the Bank is compelled by law to do so;
- where there is a duty to the public to disclose;
- where the interest of the Bank require disclosure
- where disclosure is made at the request of or with the consent of the customer.
4.2 Disclosure of information to credit reference agencies in the event of undisputed personal debts which are in default and where no satisfactory proposals for repayment have been received following formal demand will be made only after the Bank has given the customer 28 days’ notice. Where the Bank has acquired the legal right to sell mortgaged or charged property this information may also be disclosed to credit reference agencies after the giving of 28 days’ notice to the customer.
4.3 The Bank shall at all times comply with the Data Protection Act 2002 when obtaining and processing customers’ data. The customer shall have the right of access to their personal records held on computer during normal banking hours at the Bank’s principal place of business in the Isle of Man.
4.4 The Bank may from time to time be required to reply to status enquiries from other Bank’s in respect of its customers and the Bank will notify the client of any such request that it has received and to which it has responded.
V MARKETING OF SERVICES
5.1 The Bank may, unless specifically requested by the customer in writing not to do so, pass the customer’s name and address to other companies in the same group (within the Isle of Man) for marketing purposes and the provision of services to the customer shall not be dependent on the giving of such consent. There is provision in the Application Form for the customer to indicate his/her/its instructions to the Bank in respect of this clause by ticking the relevant box.
5.2 The Bank may at all times ensure that its marketing information complies with all relevant legislation and regulations made thereunder, that it is fair and reasonable and that it does not contain misleading information.
VI LOAN FACILITIES
6.1 In considering whether or not to make available loan facilities to the customer the Bank will take account of information which shall include:-
- prior knowledge of the customer’s affairs gained from past dealings;
- information obtained from credit reference agencies;
- information supplied by the customer;
- credit scoring;
- age and capacity of the customer; and
- the customer’s ability to repay (with the aim of avoiding over-commitment by the customer.
VII FOREIGN EXCHANGE FACILITIES
7.1 The Bank shall make available to its customers facilities for foreign exchange conversion and for payments and receipts in foreign currency. Detailed information including information on charges for the provision of such services and exchange rates is available on request.
VIII CONDITIONS APPLICABLE TO SPECIFIC TYPES OF ACCOUNT
Joint Accounts
8.1 Deposits by more than one person shall be deemed to be held jointly and shall not be held for customers as tenants in common (that is on the basis that each named account holder has a separate and distinct claim to a portion of the deposit). In the event of the death of a joint account holder, on the production of a valid and acceptable form of death certificate, the balance of the account will be vested in the survivor(s).
8.2 Joint holders of a deposit shall be entitled to nominate the order in which they are named in the records of the Bank. The first named joint holder shall be treated as the representative joint holder and shall be the only joint holder entitled to receive communications from the Bank.
8.3 Where all joint holders for the time being have given written authorisation for any one of them or for an agent to withdraw the deposit or to receive any interest or bonus paid in respect of such deposit, the receipt of payment by or evidence of payment to a person so authorised shall be a good discharge to the Bank for any payment made to that person.
8.4 Where the Bank in its absolute discretion has reason to believe that any mandate to accept an individual signature is at an end it shall not be liable for any loss arising as a result of suspending payment or requesting all the signatures of all joint holders pending clarification by written agreement or court order.
Non-Personal Accounts
8.5 The customers agree that they shall be jointly and severally liable for overdraft, loan or other credit facilities or accommodation which shall be granted on any account or accounts in the name of Executors, Trustees, Partners or Unincorporated Associations together with all interests, costs, commission and other banking charges and expenses.
8.6 The customers agree that in the event of the death of any one or more of them the Bank is to pay to or deliver to or to the order of his successors in title or to the survivor of survivors of them (where applicable) all money, securities, deeds, documents and other property whatsoever standing to the credit of or held by the Bank for any account or accounts in the name of the Executors, Trustees, Partners or Unincorporated Association.
8.7 The customer agrees that nothing in the arrangements between the Bank and the customer shall be treated as constituting an implied agreement restricting or negating any lien, charge, pledge, right of set-off or other rights the Bank may have existing or implied by law.
8.8 The customer agrees that in addition to any lien, charge, pledge, right of set-off or other rights the Bank may at any time and without notice to the customer combine or consolidate all or any account or accounts with the Bank in its name and liabilities to the Bank and set-off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards satisfaction of any of the liabilities of the customer to the Bank on any other account or in any other respect whether such liabilities be actual or contingent primary or collateral.
8.9 The customer agrees that in the event of the Bank receiving any ambiguous or conflicting instructions regarding any account in its name the Bank shall be entitled to act or decline to act as the Bank sees fit and that the Bank shall not be liable to the customer for any losses it sustains.
Death of Sole Account Holder
8.10 On the death of the sole account holder it is a requirement of Isle of Man law that a Grant of Probate or Letters of Administration be obtained in order for the balance of the account to pass to the beneficiaries of the deceased account holder’s estate. Where balances are relatively small the Bank may agree at its absolute discretion to waive such a requirement upon satisfactory proof of a beneficiary’s entitlement to the balance of the account.
IX CLEARANCE OF CHEQUES/DRAFTS
9.1 Cheques or drafts drawn in Sterling on Banks which are members of the Bank Automated Clearing system (“BACS”) will be sent for clearance through the Bank’s clearing bank in the Isle of Man and shall be considered to be cleared funds for interest purposes in the customer’s account on the fourth working day after payment into the customer’s account. Funds so credited may only be withdrawn on or after the sixth working day from payment into the customer’s account.
9.2 For all other cheques and drafts clearance for interest and withdrawal purposes will depend on the currency of the instrument and the Bank and country on which it is drawn. Full details of the procedures and clearance times of such cheques and drafts are available on request.
X LEGAL EXPENSES INDEMNITY
10.1 The customer hereby agrees that he shall on demand by the Bank promptly pay to the Bank such amounts as shall be sufficient to indemnify the Bank against its cost in respect of legal fees reasonably incurred in seeking advice in relation to the operation of this Agreement where the Bank deems such advice to be necessary as a result of any action of the customer and/or any inquiry by any third party in relation to the customer’s account with the Bank which is outside the normal course of the customer’s relationship with the Bank including, but not limited to, all reasonable legal fees incurred in connection with defending any proceeds brought directly against the Bank in relation to the customer’s account with the Bank.
