Last modified: Jun 23, 2022, 04:52 (UTC+03:00)
1.1.1. Regarding basic concepts, “You”, “Client", “Customer" or “your” means the person or people in whose name we have opened and maintained the Account and your Company if you have a Payment Account/Current Account with us. “We” “DNBC Financial Group" or “us” means DNBC Financial Canada Limited.
1.1.2. We will act on your instructions in respect of your Account, unless we believe an instruction: has not been made by you; is ambiguous or unclear; is against the law; or has been made with fraudulent or criminal intent. We may also refuse to act on your instructions if we are required to for legal reasons or if you have broken the terms of your Agreement with us. We will get in touch with you as soon as possible if we have refused to act on your instruction, or held a payment instruction for a period of time, unless we are not allowed to for legal reasons. If you have authorized someone else to access and operate your Account (including any Third-Party Provider), we will need to see written evidence of this authorization before acting on their instructions.
1.1.3. By applying to open an Account with us, you confirm that: you are 18 years old or older; your Account is for personal use only; and this is your only Personal Current Account with us.
1.1.4. You will need to notify us if any of the confirmations mentioned above change or become false or misleading. You will fund into your Account using the Internet Banking Service, unless we agree otherwise in writing with you. If we ask you for further information (including tax information), you will provide us with this information as soon as possible. We will only ask for further information where it is necessary to be able to continue to operate your Account or is reasonable to do so in the circumstances.
1.1.5. The provisions of this Agreement that are applied to the Users only, shall not be applied to Clients who are non-Users and are acting under this Agreement and/or its Supplements for the purposes of their business, commercial, or professional activity.
1.2.1. You can transfer or send funds into your Account via the Mobile App or Internet Banking (“DNBCnet” or “App”). Funds paid through the App will be credited to your Account immediately.
1.2.2. Supporting documents could be required to provide for DNBC Financial Canada Limited’s staff for verification purposes. If you fail to provide sufficient supporting documents or the documents provided do not comply with our requirements, DNBC Financial Canada Limited can, at its sole discretion, reject your incoming payments and return to the originating account with a fee of 30 EUR/GBP/CHF/CAD (or 245 HKD) per transaction (depending on which currency you choose and register for your account).
1.3.1. You must have enough money in your Account to cover the full amount of any payment you wish to make. If you do not, we will normally refuse the payment.
1.3.2. When setting up a new payee in the App or Internet Banking, you must ensure all information provided is accurate and complete. If it is not, we may not be able to process a payment instruction to that payee or the payment may be delayed or fail to reach that payee. We will not be liable for any loss you suffer if you do not include all the necessary information for a new payee or if the information you provide is incorrect.
1.3.3. You are allowed to request adjustment or cancellation of the Payment Order details. However, the possibility of your request’s fulfillment depends on the processing time and cut-off schedule when clearing payment orders in the Non-SWIFT (including SEPA Credit Transfer System).
1.3.4. The payment-cancellation request is solely for your interest and does not fall under any responsibility or liability of DNBC Financial Canada Limited. Therefore, we are not liable to any damage/ loss induced by your decision on adjusting/canceling the payment orders. You must be well-aware of that: after the Payment Order is authenticated, it will be executed at any later time according to the Processing Time and Cut-off Schedule when clearing payment in our Non-SWIFT (including SEPA Credit Transfer System) which is designated by DNBC Financial Canada Limited, and you have no right to appeal under any circumstances.
1.3.5. If the Payment Order is cancelled/ adjusted due to unclear transactions and/or lack of documents, you will have to pay a cancellation/ adjustment fee, which will be deducted from your account. The fee for this cancellation/ adjustment is 10 EUR/GBP/CHF/CAD (or 80 HKD) applied for both Personal (depending on which currency you choose and register for your account) for Non-SWIFT (including SEPA Credit Transfer System) (SCT) and 50 EUR/GBP/CHF/CAD (or 410 HKD) for International Transfer (depending on which currency you choose and register for your account).
1.3.6. Regarding large transactions, DNBC Financial Canada Limited will charge a fee for checking documents and scanning KYC (Know-Your-Customer) compliance. This service fee is subject to change from time to time and more details are displayed on the Rates, Fees, and Charges sheet which is public on our website.
(URL: https://www.dnbcf.com/personal-account/fees )
1.4.1. If you wish to make an International Payment through the App, we will process this using the exchange rate and fees confirmed in the App at the time of making the payment. Other organizations are also involved in processing International Payments and we are not responsible for all stages of an International Payment. If we become aware that an International Payment has been rejected or delayed, we will try to help you retrieve the funds. If any funds are returned to you for any reason, they may need to be reconverted to EUR/GBP/CHF/CAD/HKD (depending on which currency you choose and register for your account) and you may receive less than you originally paid.
1.5.1. In case further compliance investigation has to be conducted for a transaction due to suspicious activities or abnormal operations, a legal fee paid by the Client for interview, document review, and transaction verification with related parties may be applied to both incoming and outgoing transactions.
1.5.2. This fee equals 200 EUR/GBP/CHF/CAD (or 1,650 HKD) (depending on which currency you choose and register for your account) + 0.5% of total transaction’s value. The minimum legal fee is 500 EUR/GBP/CHF/CAD (or 4,125 HKD) (depending on which currency you choose and register for your account) and the maximum legal fee is 3,000 EUR/GBP/CHF/CAD (or 24,750 HKD) (depending on which currency you choose and register for your account), regardless of transaction’s value. DNBC Financial Canada Limited reserves the right, at its sole discretion, to charge this fee directly from your Current Account, whether the transaction is approved or rejected.
1.6.1. If you suspect an incorrect or unauthorised payment has been made from your Account (for example, a direct debit which you previously cancelled), please get in touch with us immediately so we can assist as far as we can. If you have made a payment by mistake (for example, you use the wrong payee details), please let us know as soon as possible. We will try to help you recover the funds but we will not be liable for any loss you might encounter.
1.6.2. If we make a payment into your Account by mistake, we will take out the same amount without asking for your permission but will let you know what has happened. If someone else tells us they have made a payment into your Account by mistake, we will check with you first before returning the funds. If you disagree, we will not return the funds to the payer, but we may put the payer’s bank in contact with you directly
1.7.1. We will apply a prepaid monthly service charge for the maintenance of your Account. The amount and the timing of the Maintenance Fee will be set out in the Rates, Fees and Charges information sheet for Personal Account. The Maintenance Fee is non-refundable.
1.7.2. When the monthly Maintenance Fee is due, DNBC will automatically deduct the service fees from your Current Account. A negative Available Balance of your Account means that you incur a liability to DNBC for the corresponding amount. If you fail to pay off this Maintenance Fee by the due date, you will be subject to a late-payment overcharge fee which is 0.5% per day of the unpaid amount.
We will provide you with: monthly statements in PDF format through the App; and a paper copy of our Agreement on request.
You must keep your personal details up-to-date in the App. When we need to contact you, we will use the contact details we hold in the App. We will not be responsible for any losses which may incur to you as a result of us using contact details which are out of date.
We grant you a non-exclusive, non-transferable, royalty-free licence to use the App and software embedded in it to open and manage your Account. This licence will terminate immediately when you close your Account and delete the App
We may make updates to the App from time to time. We will let you know when we plan to do so and for how long the App will be unavailable (if at all). If we have an emergency or need to do unplanned maintenance on the App, we will try to let you know as soon as possible. You must upgrade the App when we make new versions available. If you do not (or you do not upgrade your phone’s operating system to the latest version available), certain features of the App may not work as intended. We are not responsible for the performance of the App on your phone if you do not update the App or your phone’s operating system to the latest version available.
2.3.1. install the App on, or transfer the App to, anyone else’s phone;
2.3.2. translate, adapt, vary, modify, violate, circumvent, reverse-engineer, decompile, disassemble, create derivative works or otherwise interfere with any element of the App or assist anyone else to do any of these things;
2.3.3. use the App in any unlawful manner or in contravention of any term of your Agreement with us;
2.3.4. collect or harvest any information or data from the App or our systems or attempt to decipher any transmissions to or from our systems;
2.3.5. upload any content, which is or may be considered violent, threatening, liable to incite racial hatred, in breach of confidence or privacy, discriminatory, defamatory, abusive, unlawful, pornographic, obscene, indecent, profane or which may cause annoyance or inconvenience to any other person; or
2.3.6. share your password, PIN or any other security detail, with any other person.
If you do anything which is prohibited under this clause, you may be responsible for any losses we suffer as a result
When you download the App, you will be required to provide certain Security Information. You are responsible for keeping your phone, the App and the Security Information secure and confidential. You must let us know if you think anyone else is accessing your Security Information or has otherwise managed to unlawfully access your Account. We will never ask you for your passcode, PIN or password, so you must not share these with other people, even if you think they work for us.
You must not delete the App from your phone until all of your Accounts have been closed and any remaining funds have been returned to you.
In order to continue to provide you with your Account, we carry out certain checks, including identity, fraud and credit checks, on a regular basis. We also update credit bureaus and other data sources from time to time in respect of your Account.
We are required to collect certain information about you and your Account in order to share this with the Canada tax authority and tax authorities in other countries. If we ask for any information from you, which is required for us to comply with our tax reporting obligations, you must provide this to us as soon as possible, otherwise we may need to close your Account. We may also be required to withhold certain funds from your Account and pay these to the relevant tax authorities in certain circumstances. We will let you know as soon as possible if we are required to do this
3.3.1. You can let us know if you wish to close your Account at any time by getting in touch with us. If you wish to close your Account, you must repay all amounts you owe us and delete the App from your phone. You will not be able to reopen your Account once it has been closed.
3.3.2. We may close your Account by providing you with a written notice two months in advance .
3.3.3. We may also close your Account immediately without notifying you at all if any of the following things happen: we suspect you are using your Account for criminal or fraudulent purposes or someone else is using your Account without your authority; we do not have sufficient information to operate your Account or it turns out you were not entitled to open an Account in the first place; your behavior towards our staff makes it difficult for us to deal with you (for example, you are threatening or abusive towards our staff); you are no longer entitled to have an Account with us or you do not accept any revised Agreement; you do not pay any, fees or charges on time; you do not have any transaction on your account within 06 months; you go into bankruptcy, enter into an individual voluntary arrangement, have a debt relief order or trust deed lodged against you or enter into any other form of analogous circumstances; you die; or you break the terms of our Agreement in any way (including, in particular, if you do anything in the paragraph above entitled “Things you must not do”).
3.3.4. If any of the events mentioned above happens, you are responsible for canceling all payments in and out of your Account and deleting the App from your phone. On closure of your Account, if there are funds remaining in the Account, we will either transfer these on your instruction to an account with another bank or send a cheque to the address we hold for you at the time of closure. If you want to close your Account but still owe us money, we may keep your Account open and seek to recover the money from you using our standard recoveries procedures. On closure of your last Account with us, our Agreement will terminate. However, certain paragraphs of our Agreement will remain in force given their nature and context.
3.3.5. The fee for closing an account within 12 months is 200 EUR/GBP/CHF/CAD (or 1,650 HKD) (depending on which currency you choose and register for your account). After one year, it will be free of charge.
3.4.1. business losses incurred, including loss of profits, loss of business, business interruption or loss of business opportunity;
3.4.2. losses incurred as a result of your inability to access the App;
3.4.3. losses incurred as a result of you doing anything set out in paragraph entitled “Things you must not do” above;
3.4.4. losses incurred as a result of using a third-party app on your phone in connection with a feature or service (for example, when sending a message via Settle Up);
3.4.5. losses incurred as a result of abnormal or unforeseeable circumstances outside our reasonable control, including delays or failures caused by problems with another system or network, data processing failures, mechanical breakdown or industrial action;
3.4.6. losses or costs incurred where a regulatory requirement means we must break our Agreement;
3.4.7. losses incurred as a result of your negligence, fraud or breach of any of the terms of our Agreement;
3.4.8. losses incurred as a result of you sharing your information, Security Information or the App with any other person.
We may make changes to your Agreement with us. We will either do this immediately if the changes are in your favour, or with at least two months’ advance notice so you can consider the changes we have made. If you do not wish to accept any changes we may make, you can close your Account at any point before the new Agreement comes into force.
We own or licence all intellectual property rights in our brand and name, our software, the App and all related materials. No right (including intellectual property right) in these things will vest in you at any time.
If you are in arrears or owe us any money for any reason, we may set off amounts you hold with us in any Account against the amounts you owe us. This means there will be less money available for you in your Accounts. We will only exercise this right where we consider it is reasonable to do so and, where practicable, once we have given you notice in advance.
If we do not insist that you perform your obligations under our Agreement, it does not mean you do not have to. If we choose not to exercise our rights immediately, this does not constitute a waiver of our rights and we may choose to do so at a later date. Each term of our Agreement operates independently and if any such term is deemed to be unlawful or unenforceable, this will not affect any other term of our Agreement. Our Agreement is governed by Canada law and the Canada courts will have exclusive jurisdiction to settle any dispute arising out of or in connection with our Agreement
We may reduce your Limit or cancel your registration entirely at any time on provision of written notice to you.
If you become aware of or suspect that there is unauthorized activity on your Account, you must get in touch with us immediately to let us know.
If you believe you have lost money as a result of fraudulent or other criminal activity on your Account, we may ask you to provide more information for us to assess how the losses have arisen and who is responsible. If we ask you for any such information, you must provide it as soon as possible in all circumstances.
5.1. When the Client is a Payer, the Payment Order is considered received by DNBC (calculation of the time period of execution of such Payment Order starts) on the day of its receipt, or, if the moment of receipt of the Payment Order is not a business day of DNBC, the Payment Order is considered received on the nearest business day of DNBC.
5.2. A Payment Order received by DNBC on a business day of DNBC, but not during business hours set by DNBC, is considered received on the nearest business day of DNBC.
5.3. Payment Orders for payments within the DNBC System are executed immediately (up to a few minutes, unless the Payment Transaction is suspended due to cases set forth by legal acts and the present Agreement), regardless of the business hours of DNBC.
5.4. DNBC has the right to record and store any Payment Orders submitted by any of the means agreed on with DNBC, and to record and store information about all Payment Transactions performed by the Client or according to Payment Orders of the Client. Records mentioned in the present clause may be submitted by DNBC to the Client and/or third persons who have the right to receive such data under the basis set forth in the legislation, as evidence confirming the submission of Payment Orders and/or executed Payment Transactions.
5.5. Payment Orders submitted by the Client shall comply with the requirements for the submission of such Payment Orders and/or content of the Payment Order set by legal acts or DNBC. Payment Orders submitted by the Client shall be formulated clearly and unambiguously, shall be executable, and contain the clearly stated will of the Client. DNBC does not undertake responsibility for errors, discrepancies, repetitions and/or contradictions in Payment Orders submitted by the Client, including but not limited to, correctness of the details of the Payment Order submitted by the Client. If the Payment Order submitted by the Client does not contain enough data or contains deficiencies, DNBC, regardless of the nature of the deficiencies in the Payment Order, can refuse to execute such Payment Order, or can execute it in accordance with the data provided in the Payment Order.
5.6. DNBC has the right to refuse to execute the Payment Order in case of a reasonable doubt that the Payment Order or the documents submitted by the Client or an authorised representative of the Client, are not in line with the requirements set forth by legislation and/or DNBC, or DNBC has reasonable doubt regarding the authenticity and veracity of said documents. If DNBC has reasonable suspicion that the Payment Order has been submitted not by the Client or the Client’s legal representative, or suspicion regarding the authenticity of the submitted documents, or other suspicion regarding the legitimacy or the content of the submitted Payment Order, DNBC has the right to require the Client to confirm the submitted Payment Order additionally and/or submit documents confirming the rights of the persons to manage the funds held in the Account or other documents indicated by DNBC in a way acceptable to DNBC at expense of the Client. In the cases provided for in this clause, DNBC acts with the aim to protect the legal interests of the Client, DNBC, and/or other persons, thus, DNBC does not undertake the responsibility for losses which may arise due to refusal to execute a submitted Payment Order.
5.7. The Client shall ensure a sufficient amount of money in a relevant currency in their Account for the Payment Order to be executed.
5.8. Before executing a Payment Order submitted by the Client, DNBC has the right to require the Client to provide documents proving the lawfulness of the origin of funds related to the Payment Order. In case the Client fails to submit such documents, DNBC has the right to refuse to execute the Payment Order.
5.9. DNBC has the right to involve third parties in executing a Payment Order of the Client partially or in full, if the Client's interests and/or the essence of the Payment Order require so. In cases where the Payment Order of the Client requires sending and executing the Payment Order further through another financial institution, but this institution suspends the Payment Order of the Client, DNBC is not responsible for such actions of the financial institution, but makes attempts to find out the reasons for the suspension of the Payment Order. DNBC has the right to suspend and/or terminate the execution of the Payment Order of the Client, if required by law or in case it is necessary for other reasons beyond control of DNBC.
5.10. In case DNBC refuses to execute a Payment Order submitted by the Client, DNBC shall immediately notify the Client thereof, or create the necessary conditions for the Client to get acquainted with such a notification, except when such notification is technically impossible or forbidden by legal acts.
5.11. DNBC shall not accept or execute Payment Orders of the Client to perform transactions in the Account of the Client, if funds in the Account are arrested, the right of the Client to manage the funds is otherwise legally restricted, or transactions of the Client are suspended by applicable legal acts.
5.12. If money transferred by the Payment Order is returned due to reasons beyond the control of DNBC (inaccurate data of the Payment Order, the account of the Recipient is closed, etc.), the returned amount is credited to the Account. Fees paid by the Payer for the Payment Order execution are not returned, and other fees, related to returning the money, and applied to DNBC, can be deducted from the Account.
5.13. Payment Transfers initiated by DNBC can be standard (non-urgent) and urgent (if there is a technical possibility for that). The method of the Payment Transfer is selected by the Client (if there is a technical possibility for that). If the Client does not select the Payment Transfer method, it is considered that the Client has initiated a Payment Transfer that will be executed by automatically selecting the most favourable conditions for the Client.
6.1. The Client using DNBC services is prohibited from:
6.1.1. not complying with the Terms of the Agreement, the Annex /Supplements to the Agreement, legislation and other legal acts, including but not limited to, anti-money laundering and counters-terrorist financing acts;
6.1.2. violating the rights of DNBC and third parties to trademarks, copyrights, commercial secrets, and other intellectual property rights;
6.1.3. providing false, misleading, or incorrect information to DNBC; refusing to provide information or undertake other actions that are reasonably requested by DNBC;
6.1.4. providing to third parties false, misleading, or incorrect information about DNBC and cooperation with DNBC;
6.1.5. executing or receiving transfers of illegally acquired funds, if the Client is aware of or should be aware of it;
6.1.6. using the services of DNBC in a way which causes losses, responsibility, or other negative legal consequences or damage to the business reputation of DNBC or third persons;
6.1.7. using the DNBC services, if the Client, their representative, beneficial owner, the executed or received Payment Transfer matches the criteria indicated in the list of limitations to the provision of the DNBC services.
6.1.8. spreading computer viruses and undertaking other actions that could cause System malfunctions, information damage or destruction, and other damage to the System, equipment, or information of DNBC;
6.1.9. undertaking any other deliberate actions which could disturb the provision of DNBC Services to the Client or third parties or proper functioning of the System;
6.1.10. organising illegal gambling, illegal trading of stocks, indices, raw materials, currency (e.g. Forex), options, exchange-traded funds (ETF); providing of trade, investment, or other services on currency exchanges, Forex markets, and other electronic currency trading systems; engaging in illegal trades of tobacco products, alcohol, prescription drugs, steroids, weapons, narcotic substances, and its attributes, pornographic production, unlicensed lottery, illegal software, and other articles or products prohibited by the law;
6.1.11. accepting payments in unregulated and/or unsupervised virtual currency, buying, converting, or managing it in any other ways (the prohibition includes execution or receipt of transfers from virtual currency exchangers, i.e. cases where a transfer in a regulated currency is sought to be carried out or received, however, such transfer is related to digital currency exchangers);
6.1.12. without a prior written consent of DNBC providing financial services and/or legally organising trading in stocks, indices, raw materials, currencies (e.g. Forex), options, exchange-traded funds (ETFs), providing trade, investment, or other services on currency exchanges, Forex markets, and other electronic currency trading systems. In case the Client intends to provide financial services using the Account, they must have a valid licence, issued by a state of Canada or by Canada and is monitored by the competent authorities with respect to compliance with these requirements;
6.1.13. without a prior written consent of DNBC to organise legal gambling, lotteries, other specially licensed activities or activities requiring a permit. In case the Client intends to provide the indicated services using the Account, they must have a valid licence, issued by a state of Canada or by Canada and monitored by the competent authorities with respect to compliance with these requirements;
6.1.14. having more than one Profile; registering a Profile in a fictitious or someone else's name without a power of attorney; registering a Profile using the services of anonymous phone numbers or e-mail addresses provided by other individuals or websites;
6.1.15. providing services that are prohibited by the law or contradict public order and moral principles;
6.1.16. logging in to the System as an anonymous user (e.g. via proxy servers);
6.1.17. disclosing Passwords and other personalised safety features of Payment Instruments to third persons and allowing other persons to use Services under the name of the Client.
6.2. The Client shall reimburse all direct damages, fines, and other monetary sanctions applied to DNBC due to non-observance or violation of the Terms, including but not limited to, clause 9.1 of the present Agreement due to fault of the Client.
6.3. The Client is responsible and undertakes to reimburse any losses incurred by DNBC, other DNBC clients, and third parties due to using DNBC Services and violating the present Agreement or its Supplements by the Client.
DNBC has the right to transmit all collected important information about the Client and their activity to other law enforcement institutions, state authorities (State Tax Inspectorate (VMI), Social Insurance Fund (SODRA)), and other financial institutions, if such duty is determined by the legislation, and in order to identify whether this Agreement and relevant legislation have not been or will not be violated.
8.1. The Client assures that all actions of the Client related to the execution of the Agreement will comply with the applicable law.
8.2. The law of Canada is applicable to this Agreement, its Supplements, and relations of the Parties that are not regulated by this Agreement, including cases when a dispute between the Client and DNBC falls within the jurisdiction of a court of another state/countries/jurisdiction.
8.3. Each Party confirms that it possesses all permissions and licences required under the applicable law that are necessary for the execution of the present Agreement.
8.4. Titles of sections and articles of the Agreement are intended solely for the convenience of the Parties and cannot be used for the interpretation of the provision of the present Agreement.
8.5. The Parties are independently liable to the state and other subjects for fulfilment of all tax obligations. DNBC shall not be liable for execution of tax obligations of the Client, calculation, or transferring of taxes applied to the Client.
This Appendix sets forth additional terms and conditions with respect to requesting a Wire Transfer via the Internet Banking DNBCnet (Internet Banking and Mobile Apps) System. The definitions, terms and conditions of the Personal Term of Services are hereby incorporated in this Appendix by reference. The provisions of this Appendix are controlled by the rights, obligations and liabilities established by the Personal Term of Services.
The Wire Transfer Service allows the Client to use the System to request the transfer of funds from the Client's Payment Account/Current Account(s) by means of our system, or a similar network used for the transfer of funds between financial institutions or businesses (“Wire Transfer''). Wire Transfer requests communicated via the System will be reviewed and considered for processing if submitted before the posted cutoff time. Maximum per wire and daily limits on Wire Transfers are established at enrollment and may not be exceeded without prior written authorization from the DNBC Financial Canada Limited (“DNBC”). Upon receipt of your Wire Transfer request, we may choose not to process the request if your account does not contain sufficient funds to cover the transaction. You may be notified via telephone, regular Internet e-mail or other means if a Wire Transfer request is denied. Wire Transfers input after the current day’s posted cutoff time will remain on the System and will be processed on the following business day. Wire transfer requests must be dated for a Business Day. Wires Transfers cannot be dated for holidays, weekends or other non-processing days. An Authorized Contact identified in Appendix A of the Agreement may request changes in Wire Transfer limits, request the investigation of a Wire Transfer, request that we don’t process a Wire Transfer, or request a reversal for a Wire Transfer request that has been submitted.
Maximum per wire and daily limits on Wire Transfer requests shall be established as indicated below and may not be exceeded without prior written authorization from the DNBC. Requests to change these limits must be submitted in writing and signed by an Authorized Contact. Other than in keeping with the established maximum per wire and daily limits, the DNBC shall be entitled to execute Wire Transfers submitted via the System without regard to the amount(s) of the Wire Transfer(s), the recipient thereof, the account(s) to be credited or charged, or any other matter relating to the Wire Transfer, whether domestic or foreign. The DNBC reserves the right to decrease your maximum per wire and/or daily limits at any time, for any reason without prior notice.
The Clients hereby request that the DNBC honor its requests to execute Wire Transfers communicated via the System. The Client's agrees that the DNBC and any subsequent receiving DNBC may execute a wire transfer to a beneficiary in the name of the beneficiary and/or the account number of the beneficiary furnished to the DNBC by the Client's. In the event there is a discrepancy between the name of the beneficiary and the account number, the wire transfer shall be executed by the use of the account number
The Clients understands that the DNBC may elect not to act upon a Wire Transfer request for the Clients protection, if DNBC is unable to obtain proper verification of the Wire Transfer request deemed satisfactory to the DNBC or if there is any inconsistency between a Wire Transfer request and information previously supplied to DNBC. The Clients agree that all Wire Transfer requests shall be subject to Clients having sufficient available funds in the account to be charged, as evidenced by the DNBC’s records, which shall be conclusive. The DNBC reserves the right to refuse to honor, and shall have no obligation to honor, any request for a Wire Transfer from any Eligible Account in which there is not sufficient immediately available funds to cover such Wire Transfer. However, in the event that the DNBC does honor any request for a Wire Transfer that results in an overdraft of any Clients account, the Clients agrees that the amount of the overdraft shall be immediately due and payable to the DNBC and that the DNBC may offset the amount of the overdraft against the balance of any of the Clients accounts with the DNBC, and may also exercise any rights that the DNBC may have under any agreements granting the DNBC security for the payment of liabilities or obligations of the Clients to the DNBC.
The Clients hereby consents to the DNBC’s recordings of all Wire Transfer requests made electronically via the System or by telephone. However, DNBC has no duty to record any instructions or Wire Transfer requests and the decision is totally within DNBC’s discretion. DNBC may provide wire transfer advice to the Clients within a reasonable time after the Wire Transfer has been executed. The Client agrees that such advice shall constitute confirmation that a particular Wire Transfer has been executed by the DNBC. Non-executed Wire Transfer requests will be reported to the Clients as soon as practicable. The Client shall report any discrepancies between its records and the DNBC’S statement or confirmation within a reasonable time, not to exceed thirty (30) days of such statement or confirmation, whichever the Client receives first.
Either the DNBC may terminate this Appendix at any time upon prior written notice (10 days prior) to the other, but such termination shall not affect any Wire Transfers executed by the DNBC prior to the effective termination date. Termination of this Appendix shall not constitute termination of the Agreement or any other Appendix.
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