1.1 Your relationship and agreement with us and the law that applies to your account
Unless otherwise stated, these Terms apply to all your Accounts with us through which we provide banking, fiduciary deposit and currency conversion (foreign exchange) servicest o you. Your legal relationship with us is governed by these Terms, together with:
- Conditions for the use of VELTA as amended from time to time. View;
- All information entered on our systems as part of the account opening process or as may be amended thereafter from time to time to include new or additional information provided to us by you, and upon which you expect us to rely;
- the Product Schedules that apply to your Accounts as amended from time to time. View
- our Privacy Notice as amended from time to time. View;
- any specific terms as may be set out and accepted by you together with all declarations or other affirmations as to accuracy of information and all other positive authorisations made by you as part of the online account opening process;
- the terms set out in any other documents which we may agree with you from time to time,
and together these documents comprise ‘the’, ‘this’ or ‘our’ Agreement.
In entering into this Agreement with us you certify that you are eligible to open an Account with us and that you meet the criteria for being a restricted depositor. As a restricted depositor you undertake to inform us if at any time you cease to qualify as a restricted depositor. In addition, if you are an individual you must be aged 18 years or over.
In entering into this Agreement with us you certify that you understand that no deposit placed with Capital International Bank Limited has protection under any depositor compensation scheme.
These Terms and associated documentation are available on our Website (or upon request).
These Terms (as amended from time to time) supersede and replace any other terms or agreements which may have previously been in force between us.
These Terms and our Agreement are governed by Isle of Man law and the courts of the Isle of Man have exclusive jurisdiction over any disputes between us.
1.2. Definitions - Bank services
In these Terms the following words have the following meanings:
You or your - means any client operating one or more Accounts with us. Where you’ve authorised anyone else to operate your CCA, you or your refers to any one, both or all of you depending on the context. In the case of entities, you or your(s) also refers to directors, officers and employees or trustees.
We, us or our - means Capital International Bank Limited (“CIB”), a company incorporated in the Isle of Man, which is licensed by the Isle of Man Financial Services Authority (“FSA”) for the provision of restricted deposit taking services (class 1(2)) and whose registered office and principal place of business is Capital House, CircularRoad, Douglas, Isle of Man, IM1 1AG
and together you and we are the parties to this Agreement.
Account(s) – means any CCA together with any, Fixed Term and Notice Accounts
Acting On Behalf Of (AOBO) – refers to a concession described in the Isle of Man Anti Money Laundering & Countering the Financing of Terrorism Code “Persons in a regulated sector acting on behalf of a third party”
BACS – means the Bankers Automated Clearing System, which is a system that provides for the clearing and settlement of 3-day value sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.
Beneficiary Bank - means the bank holding the bank account of the receiver of a payment.
Business Day – a weekday (Monday to Friday), excluding UK bank holidays. Note bank or public holidays in the jurisdiction in which your currency is maintained may determine the value date for a transaction. Some services may be used on non-business days, but instructions given by you on such days will be treated as carried out on the next business day.
Business Hours - 08.30 to 17.30GMT (BST) on a business day or such other hours as may be communicated to you by us from time to time.
CCA – is the abbreviated term for a Capital Call Account, see section 2.1.
CHAPS - means the Clearing House Automated Payments System which is a system that provides for the clearing and settlement of same day value sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.
Cleared Funds - means those funds standing to the credit of your Accounts which are available for transactional purposes or which will be included when calculating interest.
Correspondent Bank(s) – means any bank and/or payment service provider with whom we contract for the purposes of providing foreign exchange or clearing services.
Credit Interest – is the interest amount applied to a credit balance on your account, in the currency of that account at the then prevailing interest rate (as detailed in the relevant Product Schedule from time to time) or as otherwise agreed between us.
Cut-Off Times - means the latest times for receipt of your foreign exchange instruction, payment instruction, internal transfers or receipt of incoming funds by us in respect of the provision of the payments on a certain business day and as specified in the Product Schedules from time to time.
Debit Interest – is the interest amount applied to a debit balance on your account, in the currency of that account at the then prevailing interest rate (as detailed in the relevant Product Schedule from time to time) or as otherwise agreed between us.
Deposit Limit – means the maximum amount of funds you may have across all of your combined CCA and Fixed Term and Notice Accounts during and at the end of a Business Day.
Domestic Payment - means an outgoing payment made in sterling by BACS, Faster Payment or CHAPS, where the Beneficiary/Receiver Bank is located within the UK, the Channel Islands, the Isle of Man or Gibraltar.
The European Economic Area (EEA) – comprises the member states of the European Union together with Iceland, Liechtenstein and Norway.
Faster Payment - means a payment made in sterling, of an amount no more than the current limit imposed by our Correspondent Bank, which is a system that provides for same day clearing and settlement of sterling credits within the UK, the Channel Islands, the Isle of Man and Gibraltar.
Fixed Term Account - means a deposit account with a predetermined maturity date.
Foreign Exchange Instruction - means the foreign exchange instruction authorised by you via VELTA (or otherwise as agreed) to enable a foreign exchange trade to be processed across your defined accounts.
FSA – means the Isle of Man Financial Services Authority. The address of the FSA is PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT.
Group – means the Capital International Group of companies comprising Capital International Group Limited (“CIG”) and each of its subsidiaries. Capital International Bank Limited is a wholly owned subsidiary of CIG.
IBAN - means the International Bank Account Number which is an internationally recognised code which identifies a particular bank account in the banking system.
Intermediary Bank - means any bank other than a Beneficiary Bank/Receiver Bank which is involved in the execution of a Payment.
Internal Transfer or Account Transfer - means a movement of funds from one account held by you with us to another account held by you with us in respect of the same legal entity. Internal transfers do not include transfers to other accounts held with us by other clients.
International Payment - means an Outgoing Payment made by SWIFT in any currency where the Beneficiary Bank/Receiver Bank is located outside the UK, the Channel Islands, the Isle of Man and Gibraltar, or in a currency other than Sterling.
Inward Payment - means a receipt to be credited to any account of yours identified as the Beneficiary or Receiver of the payment.
Loss - means any loss, damage, charge, cost, payment or expense, including any arising out of a claim by a third party.
Notice Account - means a deposit account with a prerequisite notice of withdrawal period.
Outgoing Payment - means a payment where you instruct us to debit the corresponding funds from your Account(s) held with us in order to remit to a Payee / Beneficiary.
Payment Instruction - means the payment instruction authorised by you via VELTA (or otherwise as agreed) to enable us to make an Outgoing Payment.
Payee / Beneficiary - means the entity or person identified in your payment instruction as the payee, beneficiary or the recipient pursuant to your Payment Instruction.
Payer / Remitter - means the entity or person identified in the inward payment as the sender or the remitter of the inward payment and from whose account the corresponding funds have been debited.
Player Protected Account - a specific designation within the gaming sector required as part of licensing.
Pooled Client Account - enable Licensed Firms to hold the Client Money of more than one Client in a single (pooled) Client Account. Clients are not able directly to instruct the bank to carry out transactions.
Product Schedule - means the schedule of accounts and services provided by us from time to time to include details of any fees, charges, interest rates and other rules applicable to those accounts.
Remitter Bank - means the originating bank which is identified as the sending or remitting bank from which the incoming funds have been sent.
SEPA - is the Single European Payments Area in which you can make and receive payments in Euro under the same basic conditions, rights and obligations regardless of your location in the European Union. (Please note that SEPA payments are not available, unless otherwise advised. Payments received via this scheme will be rejected by our agents).
Sort Code - means a bank identifier code which is a code consisting of 6 digits and which identifies a particular bank branch in the UK, the Channel Islands, the Isle of Man or Gibraltar.
SWIFT - means the Society for Worldwide Interbank Financial Telecommunication.
SWIFT ID/Bank Identifier Code (BIC) - means the internationally recognised code consisting of 8 or 11 alphanumeric characters which identifies a particular bank in the SWIFT system.
Transaction - any payment, receipt or foreign currency conversion.
Transactional Account - means any CCA used by you for day-to-day banking transactions (please note that Inward Payments and Outgoing Payments can only be transacted through a CCA account or CTA if held).
UK - means United Kingdom of Great Britain and Northern Ireland.
Value Date - means:
- in respect of outgoing payments, the date on which your account will be debited and funds are no longer available to you; or
- in respect of inward payment, the date on which funds are applied to your account and are made available to you.
VELTA - means the online portal system by which we provide access to our products and services
VELTA Secure Messages – a secure communication channel used to allow those authorised to send and receive messages and provide instructions;
Website - www.capital-iom.com