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Easy Saver - Terms and Conditions

1. The signature specimen provided by the customer to the bank shall be the basis for operating the account and shall remain valid unless another specimen is communicated in writing or renewed.  The bank shall be informed immediately in writing in case of change of those authorized to sign for the account and the specimen must be renewed every three years at least, otherwise the bank shall not be responsible if it relies on a specimen signature not renewed in time, or if it refuses a cheque for not conforming to the specimen signature kept by the bank. 
2. The bank must be informed of any change of address; the advice being signed according to the specimen communicated to the bank, the bank shall not be responsible for failure of delivery of correspondence sent to the last address in its possession. 
3. All accounts opened in the customer name with the bank and its branches are considered an indivisible unit in its guarantee for and insurance of, the settlement of banks claims owed by the customer(s) also the bank shall have the right to transfer from any currency to another currency to face any pay orders or cheques that has been drawn by the customer and applied for pay. 
4. The use of the cheque-book is confined to the customer in whose name it is issued and cheques thereof may not be lent o another customer. Person’s under-age, in case of minors of distinction may not apply for the issue of cheque books as operating of their current accounts is confined to personal and non-negotiable payment orders. 
5. The bank has the right to debit our account with postage expenses and fiscal.  The bank is also entitled to debit our account automatically without referring to us, with any amount previously credited to our account by error. 
6. As for illiterate customers, the bank is not responsible if their signature stamps are used by the customers or somebody else. 
7. Drawing on the account shall be affected within the limits of its credit balance or within the authorized limit of the credit allowed and payable by the use of checks or payment order forms printed by the bank.  Cheques not drawn on such forms are not authorized, and the bank is entitled to refuse payment of cheques or payment orders not drawn on such forms, even if they satisfy the legal elements of the cheque.  The customer undertakes to safeguard the cheques and bear all responsibility arising in connection with the loss, theft or forgery, or the illegal use of the cheques delivered to the customer, and further undertakes to advise the bank immediately in the event a cheque is lost or stolen. 
8. The bank has the right to debit the stamp duty, commission and any other charges that are due from the account.  Also the bank has the right to deduct from the account unpaid cheques penalty on any returned cheque according to the bank regulation in such cases and to demand the customer pay such charges in cash. 
9. The customer will not hold the bank responsible for the diminution of the balance of the account resulting from the execution of seizure or legal attachment, taxes or formal demands to pay for the blocking of the account or restrictions applicable to withdrawals or the exchange of currencies imposed by public authorities. 
10. All customer accounts at the bank’s branches including those in a foreign currency form one single and integral account. The customer is entitled to withdraw or deal on the account at any of the banks branches in addition to the one where the account has been opened. The balance of every account acts as a provision security for any other in addition to the commercial instruments discounted by the bank, or deposited as insurance, security or deposited for collection; and the bank may consider all the accounts in the customer’s name as one single account.  The customer hereby irrevocable accepts to authorize the bank and without prior notice to carry out a set-off between any sum owning to the bank in any form and any sums available in the customers name and account. Where the said available sums are in a currency other than the currency the payment must be made, the bank is entitled to sell or exchange this other currency to the currency of the account at the banks rate of exchange on the date of sale or exchange and use the proceeds to pay the due sums, interest and other charges. 
11. Bank records, accounts, copies of its correspondence or statements are considered conclusive evidence of what is due to us or by us, and if the slips attached to statement of accounts are not returned to the bank duly signed by us in case other account is correct or if our remarks thereon are not communicated to the bank within one month from the date of dispatch, this shall be deemed acknowledgement by us that the account is correct. It is understood that in case the statement of the account is not delivered to us on the address known to the bank within the date fixed for dispatch, we shall hasten to apply for it from the bank. 
12. The Bank has the right to close the account at any time without stating a reason and the client must withdraw the outstanding balance within the period stated by the bank.  If the client does no withdraw the balance within the given period, the bank may deposit the balance of the account with the court or send the balance to the client via a banker’s cheque.  The client upon closing his account, must return all unused cheques to the bank and other means of payment (such as ATM cards and credit cards) and must advise the bank of all details of any outstanding cheques and the bank will maintain sufficient funds to cover such outstanding cheques. If this account is a joint account we agree that we will be jointly and severally liable in connection with all operations regarding this account. 
13. The bank has the right to debit our account whether it is credit or debit, whether it has credit balance or being granted a credit facility with the counterpart of any cheques, which we will request to stop payment due to loss or any other legal reason, the bank has the right to block that counterpart pending a judicial or mutual settlement acceptable to the bank, also the bank has the right to debut of cheques which will be presented for payment after more than one year has passed from the cheques due date, the bank has right to cash counterpoint to the beneficiary if no instructions were received from the customer to stop paying the cheque within 15 days from the banks notification to the customer regarding the cheques. 
14. The bank has the right to change the interest rate applicable to debit or credit accounts and to change the rate of commission in accordance with the rates announced by the bank, all entries that result in debit balance related to any banking transaction entitles the bank to charge the interest rate it announces for credit facilities in Egyptian pound or foreign currency, the client hereby accepts the bank to apply compound interest and for the interest to exceed the capital of the debt. 
15. The customer hereby authorizes the bank to have access to any information concerning the client’s debit accounts and obtain any related information and to exchange such information with any bank operating in Egypt or any governmental entity, all subject to the previous law no. 88 of the year 2003 concerning the central bank and banking establishment and the currency that regulating the confidentiality f banking account, the bank has the right to submit the data and documents concerning the customer in relation to any legal proceeding, this right of disclosure applies with respect to the customer’s general and particular successors in title. 
16. The Arabic text of this opening of account contract applies in the case where any difference appears with the text in the English language. 
17. Any dispute arising from this account shall be subject to the competence of Cairo Courts or any other courts selected by the bank 
18. Operating the accounts by power of attorney requires the following: 
    1. The bank’s power of attorney forms shall be utilized in case the customer wishes to authorize a third party to operate the account.
    2. The power of attorney shall be delivered by us personally to the branch where the account is kept, and if not possible to the nearest branch of the bank.
    3. The power of attorney shall bear our signature according to the specimen kept with the bank so that the latter may be put into force
    4. The specific or general proxies has been notarized in public notary office and are accepted according to the bank regulation
    5. The bank shall be informed by registered letter, with acknowledgement of receipt in case the power of attorney is cancelled or amended and the instructions pertaining thereto shall become effective only as from the day following the date they were received by the branch where the account is kept: the bank shall not be responsible for any disposition made by he attorney in accordance with the power of attorney before received by the bank of the instructions of cancellations
19. The bank has the right to accept or refuse any request to open a new account without stating the reason
20. Any action to withdraw funds from Easy Saver will constitute penalty (full or partial) of interest accumulated for the particular month and/or withdrawal fees as per riles and regulations laid down by the bank and at its sole discretion and determination
21. Accrued interest will be paid on the minimum balance monthly
22. Easy saver is non-transferable/non-negotiable to any other party