MIDAS CAPITAL BANK LIMITED TERMS AND CONDITIONS

Last update: 13th of January, 2020

These Terms and Conditions, including any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff and other agreements, are the Legal Agreement between Midas Capital Bank Limited, an international bank existing under the Commonwealth of Dominica, and having its registered office at 36 Great George Street, Roseau, 00152, Commonwealth of Dominica, licensed as a bank institution under the Offshore Banking Act (the “Law”), fully authorized to provide services to clients worldwide, except for Commonwealth of Dominica citizens and residents, under the prudential supervision of the Financial Services Unit (FSU – http://fsu.gov.dm/). A copy of the Public Register of FSU of licensed Offshore Banks can be seen at: http://fsu.gov.dm/index.php/registered-entities/offshore-banks

DEFINITIONS:

The following defined terms are used in these General Terms and Conditions:

“Account” means all current and future accounts opened by the Bank in the name of its Customers and includes all monies or balances thereof, deposited therein, all accrued and accruing interest and all related rights.

“Bank” or “Midas Capital Bank” means Midas Capital Bank Limited, a banking institution existing under the laws of Commonwealth of Dominica, and having its registered office at 36 Great George Street, St George, Roseau, Commonwealth of Dominica, together with its successors in title and assigns, and in so far as these General Terms and Conditions stipulate the giving of notices or information or other communications from the Client to the Bank.

“Balance” means any money in any currency, supported by Midas Capital Bank that Client has in the Client’s account.

“BIN Sponsor” or “Issuer” or “Acquirer” means a company different from Midas Capital Bank, Principal Member of the Card Organizations, MasterCard, VISA, JCB and other, licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Midas Capital Bank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.

“Business account” means an account opened by a Legal Entity and used for business purposes and not for personal, family, or household purposes.

“Business Day” means Mondays to Fridays excluding public and bank holidays in Commonwealth of Dominica, and on which day the Bank is open for business.

“Business Hours” means 09:00 hours to 18:00 hours Caribbean Eastern Time or as may be otherwise determined by the Bank from time to time.

“Card” means “Midas Capital Bank Card”, or “Midas Capital Bank Virtual Card”, issued as part of the Service, when available, collectively called “Card” means a payment instrument with the logos of Midas Capital Bank and one of the Card Organizations, providing possibility for the cardholder to submit payment orders for payment on POS and in Internet, or ATM transactions, such as cash withdrawal or balance check. The Card is linked to the account of Client. Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics, and is with or without cardholder names embossed.

“Client” or “User” means a natural or legal person or other type of entity, that registers for the Service as Client or actually uses the Service as Client. A natural person can also have a Business account, such he/she is not using primarily for personal needs.

“Corporate customer” or “Corporate Client” means a client that is a legal entity established under the laws of a certain jurisdiction.

“Client e-mail address” means the e-mail address provided by Client in the Account opening application or later amended by Client via the Service, which Midas Capital Bank will use for communication with Client, or for sending OTP to Client and for communication with Client.

“Client mobile phone number” means the mobile phone number provided by Client in the Account opening form or later amended by Client via the Service, which Midas Capital Bank will use for sending OTP to Client and for communication with Client.

“Currencies, supported by Midas Capital Bank” means various currencies, supported by Midas Capital Bank for the Service, in which Midas Capital Bank holds Client’s balance.

“Consumer” means a natural person, who uses the Service for personal needs, different from his/her business, commercial or professional needs or activities. Any other natural or legal person, using the Service mainly for business, professional, commercial or other purposes, different from personal, family or households needs, is not a consumer, and some parts of these Terms and Conditions do not apply to persons who are not consumers or are dealt with differently.

“Disputes” means any disagreements, complaints, litigation, arrangements and/or other such disputes between Midas Capital Bank and Client arising from these Terms and Conditions or in relation to the use of Service, or any applicable law.

“General Terms and Conditions” or “Terms and Conditions” shall mean these General Terms and Conditions of Business as the same may from time to time be amended.

“International Transfer” and “SHA, BEN or OUR” means an international outbound money transfer ordered by Client from Client’s account to any bank account of a payee, executed via SWIFT system (international communications platform, products and services that allow banks and financial institutions to connect and exchange financial information securely and reliably, www.swift.com), to which Midas Capital Bank is a member. “SHA, BEN or OUR” are codes of SWIFT rules, meaning that:

  • (i) in case Client selects code SHA (shared) Client pays Midas Capital Bank`s charges and the beneficiary bears the charges of all the other banks (the intermediary bank, beneficiary bank, etc.). The beneficiary will receive the remaining balance;
  • (ii) in case Client selects code BEN (beneficiary) beneficiary bears all charges of the banks engaged in the transfer of the payment. All charges as Midas Capital Bank fee and those of the intermediary bank, beneficiary bank, etc. will be deducted from the transfer amount and the beneficiary will receive the remaining balance; or
  • (iii) in case Client selects code OUR (our) Client bears all charges of the payment, which includes Midas Capital Banks fee, as well as all the other banks’ fees (intermediary bank, beneficiary bank, etc.). The beneficiary receives the complete payment. Midas Capital Bank will debit the Clients account with the Correspondent bank charges at a later stage than the processing date of the payment.

“Mass transfer” or “Mass payment” is part of the Service, available to Business accounts, which enables Client to submit payment orders for mass payments (multiple money transfers to various payees) via the Service;

“Non-payment transaction” means operation for check of balance, history of transactions, statements, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;

“Online account” or “Online banking” is a personalized payment instruments via which Client can provide instructions to Midas Capital Bank for payment orders. It is a personalized online page, provided by Midas Capital Bank to a Client, who successfully registers for the Service, which can be accessed by Client with Client’s Identifying credentials and is used for making payment transactions online, as allowed by the Service;

“Payment Order” means all instructions validly made from the Payer or the Payee to Midas Capital Bank, ordering execution of payment transaction; “Payment transaction” means the transactions for money transfer or any other payment transactions with payment instrument available for the Service;

“Payer” means a Client that submits the payment order;

“Payee” means a Client that is a recipient of the amount of the payment transaction;

“Personalized security features” or “Identifying Credentials” means all personalized security characteristics of all payment instruments, such as the username and password, OTP (one time password), security codes and all other unique and/or identifying information that Midas Capital Bank provides to Client to access Client’s account and payment instruments and use the Service under these Terms and Conditions;

“Recurring Payment” means a payment under an arrangement where Client provides authorization to Midas Capital Bank for a third party to collect a series of payments from the Card of Client or to execute transfers from Client’s Account according to a Standing order;

“EFT Transfer” means an outbound money transfer from Client’s account and balance in Payee’s local bank account in payee’s country currency;

“Service” refers to any payment instruments and Account and/or any other service Midas Capital Bank may provide to Client from time to time, including but not limited to accounts, such as current account or saving accounts, merchant accounts, or accounts for Term Deposits, in multiple currencies, supported by Midas Capital Bank, identified with unique account numbers and all payment transactions, such as money transfers or others, which can be performed via the accounts, including via the online banking;

“Standing order” means a payment order that Client gives to Midas Capital Bank to perform a set of recurring money transfers or a payment with future date with defined amount, currency, beneficiary, start date and expiry date.

“Trusted beneficiaries” means payees, which have been approved by the Client, following a procedure in the online banking by the Client, to receive payments from the Client’s account with Midas Capital Bank only with confirmation from the Client via the online account;

“Website for the Service” means the website of Midas Capital Bank www.Midas Capitalbank.com or other website of Midas Capital Bank, as indicated to Client, and all related URLs, provided by Midas Capital Bank, accessed by Client via Internet, which is the interface used by Midas Capital Bank for Registration of Client for the Service, concluding this General Terms and Conditions, providing information to Client prior to entry into Terms and Conditions and other important information for the Service and notifications, updated exchange currency rates of Midas Capital Bank, login to Client online account for the Service and other important marketing, financial, legal and security information for the Service.

1. TERMS OF SERVICES

  • 1.Use of the Services is subject to the Terms and Conditions. The Terms and Conditions will be effective from the date of acceptance by Client (“Effective Date”). By accepting the Terms and Conditions, Client agrees to use the Services in accordance with the requirements of the Terms and Conditions. Client can accept the Terms and Conditions by:
    • (i) Signing the Terms and Conditions on a hard copy in office of Midas Capital Bank, at the location of the Client, via e-mail; or
    • (ii) If available for the Service, by clicking to Accept or Agree to the Terms and Conditions, where this option is made available to Client by Midas Capital Bank on the website for the Service, Account Application, or via the Mobile Application for the Service. Clicking to Accept or Agree to the Terms and Conditions, where this option is made available to Client by Midas Capital Bank on the website for the Service represents an advanced digital signature made by Client and therefore the electronic document of the Terms and Conditions is deemed as duly signed by Client, or
    • (iii) Actually using any of the Services. In this case, Client agrees that Midas Capital Bank will treat use of the Service by Client as acceptance of the Terms and Conditions from the moment of first use of Service.
  • 2.The Services are described in Section Definitions below in these Terms and Conditions. Client may be required by Midas Capital Bank to agree with a Special Agreement related to the type of account or Services of Midas Capital Bank. There Terms and Conditions apply to current accounts, as well as to the other type of accounts offered by Midas Capital Bank.
  • 3.Midas Capital Bank may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which Midas Capital Bank shall inform Client via the website for the Service or via the Client’s online account or via e-mail. However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding these Terms and Conditions, as required by the Law, or narrowing the Services, Client will be given notice by an email sent to Client email address stated in the Account Application form.
  • 4.Privacy: Protecting Client’s privacy is very important to Midas Capital Bank. Client must read Midas Capital Bank Privacy Policy, part of these Legal Terms and Conditions, in order to better understand Midas Capital Bank’s commitment to maintain Client’s privacy, as well as Midas Capital Bank’s use and disclosure of Client’s information.
  • 5.A copy of the Terms and Conditions will be provided to Client in a hard-copy or printable form during the sign-up process. A copy of the Terms and Conditions, as amended from time to time, is available to Client on the website for the Services and in the online account. Client may request to be provided with a copy of the Terms and Conditions, and a link to the Terms and Conditions will be sent to Client email address for printing.
  • 6.The Terms and Conditions and all communication with Client will be in English language. Where Midas Capital Bank has provided Client with a translation of the English-language version of the Terms and Conditions or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Terms and Conditions and communication will govern the relationship with Midas Capital Bank. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.

2. ELIGIBILITY FOR THE SERVICES. TYPES OF ACCOUNTS AND CARDS:

  • 1.To be eligible for the Services, Client must (i) be a resident of one of the countries acceptable to Midas Capital Bank; and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) purposes, officially published and notified by Regulators or other black lists as per the Internal AML Rules of Midas Capital Bank.
  • 2. Types of accounts: Midas Capital Bank offers different types of accounts, all in different currencies, supported by Midas Capital Bank, such as current accounts, saving accounts and other types of accounts for individual and corporate customers. Midas Capital Bank can offer accounts for special purposes. Special purpose and regime accounts will be regulated by additional arrangements, in case where the Client wishes the Bank to monitor certain specific schemes of disposal, including reasons thereof and servicing the performance of transactions (real properties purchase/sale), whereby Midas Capital Bank appears as a guarantor for payment of the amount upon proving the conclusion of the transaction, donation campaigns, etc. To open such account, the Client has to make a written request to Midas Capital Bank and follow the procedure of Midas Capital Bank for opening, maintenance and closing of such account.
  • 3.Information about the transactional limits is available on the website of Midas Capital Bank. For regulatory, risk and security reasons Midas Capital Bank may impose or change the limits unilaterally and without the consent of Client, for which Midas Capital Bank shall inform Client via the website for the Service or via the Client’s online account or via e-mail, unless Midas Capital Bank is not permitted by law to notify Client in certain cases. Midas Capital Bank is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and Midas Capital Bank shall not be liable in case of decline of request.
  • 4.Clients enrolling for the Services via website of Midas Capital Bank or via business introducers or Clients, who have successfully completed the verification procedure available in the online account for the Service or other customer verification procedure of Midas Capital Bank, may be eligible for a bank account. Midas Capital Bank may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as Midas Capital Bank may require in this regard. Upon registration for the Service and during the term of these Terms and Conditions, Client must provide current, complete and accurate information for Know your customer (KYC) needs, as requested by Midas Capital Bank and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without delay.
  • 5.Upon registration for the Service, Client will be provided by Midas Capital Bank with credentials – username and password to the online banking platform of Midas Capital Bank. Client may activate the access to the online banking as per the instructions or procedures of Midas Capital Bank.
  • 6.Client declares that Client is registering for the Service on Client’s behalf (individually or as a legal representative of an entity or organization) or, alternatively, on behalf of a third party, in which case the Client has to send to Midas Capital Bank a notarized power of attorney or another legal document, acceptable to Midas Capital Bank, authorizing the person on behalf of the Client.
  • 8. Client’s representations:
    • 2.8.1. In the business relationship with the Client, Midas Capital Bank relies on the representations made to it by the Client or by third parties at the request of the Client, in particular relating to:
      • a) The identity of the Client,
      • b) The business activities and financial situation of the Client,
      • c) The credentials of the Client
      • d) The legal powers and authority of the Client and, in case of a legal entity, its authorized signatories, and
      • e) The ownership and source of funds or assets of the Client entrusted to Midas Capital Bank and on such other matters relevant to particular facilities as stated in specific agreements.
    • 2.8.2. The Client shall comply with all applicable laws and regulations, including legislation on anti-money laundering and anti-terrorist financing and any orders issued by the relevant regulatory authorities in so far as the Bank’s services are involved.
  • 8.3.In the event that any representation appears to the Bank to be incomplete or incorrect, then the Bank shall be entitled to suspend all and any instructions of the Client and unless satisfactory information and/or evidence is brought to the attention of the Bank within a reasonable time, the Bank shall be entitled to terminate its relationship with the Client in terms thereof.
  • 9.The Card/s, linked to the account, is issued and/or activated after a valid and correct application or registration by Client made online or directly to Midas Capital Bank, approval by Midas Capital Bank and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by Midas Capital Bank. The Card is issued in the currency requested by Client and supported by Midas Capital Bank. The Card is sent to the address of Client or one of its Agents, Distributors or sub-contractors. The Card may be used only by the cardholder and only after its activation, as instructed by Midas Capital Bank.

3. INWARD PAYMENTS:

  • 1.Client can receive a transfer to Client’s account provided by Midas Capital Bank. Midas Capital Bank is not responsible for and does not control when Midas Capital Bank will receive the funds from other parties and whether other parties or correspondent banks will charge Client fees for the transfer and will transfer the full amount to Midas Capital Bank. Client will be notified through information in the online account in the balance and transaction history on the amount of the transfer and date of credit operation.
  • 2.In order to receive an inward transfer the client must provide correctly to the payer the following mandatory information: name, address and account number, or the respective replacing information if allowed by Midas Capital Bank. The absence of the mandatory information might result in the postponing or rejection of the inward transfer for which Midas Capital Bank shall not be responsible. In cases of inward transfers with wrong or missing data in the payment order (e.g. discrepancy between the name and Account Holder, missing account number or name of the Account Holder, account written in a wrong way, etc.), Midas Capital Bank is entitled not to credit the amount and return the amount and/or make investigations and correcting actions necessary for correct payment order, for which fees specified in the Tariff of charges of Midas Capital Bank may be applied.
  • 3.Client agrees that Midas Capital Bank may for regulatory reasons impose different limitations on amounts transferred, or special requirements, or not accept bank transfers from certain banks, upon discretion of Midas Capital Bank.
  • 4.The credit value date for the payee’s account (Client’s account) and the amount of the inward payments shall be available no later than the Business Day on which the amount of the transfer is credited to Midas Capital Bank.

4. PAYMENTS:

  • 1. Internal transfers: Client may transfer money to Client’s accounts or third parties accounts within the system of Midas Capital Bank. In order to make an internal transfer, Client must state the correct account number or another Client’s email address and submit a correct payment order via the Service.
  • 2. EFT transfers: Client can make via the Service outward money transfers from Client’s account/s in 96 currencies in over 100 different countries. To make a correct payment order for EFT transfer Client must provide full and correct names of beneficiary, correct beneficiary account number details, country and BIC of beneficiary (bank of recipient).
  • 3. International Transfers: Client can make via the Service outward money transfers from Client’s account/s to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. Midas Capital Bank will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account details, such as account number and Bank Identifier Code (BIC) for bank of beneficiary or other number of beneficiary account and SWIFT code of bank of beneficiary, and other data, as requested by the Service in the online account of Client.
  • 4. External Card Transfers: For some countries, Midas Capital Bank may support External Bank Card transfers. To make a correct payment to an external bank card, Client must provide full and correct names of beneficiary, correct beneficiary bank card number, bank card expiration date, address of the beneficiary, nationality of the beneficiary, or other data, as requested by the Service in the online account of Client.

##5. Instructions to Midas Capital Bank:

  • 1.Instructions to, communications and statements with Midas Capital Bank are given in writing. Midas Capital Bank will act on verbal instructions only if such instructions are confirmed in writing. Instructions may be placed via the online banking of Midas Capital Bank, unless otherwise allowed by Midas Capital Bank.
  • 2. Transmission of Instructions – Facsimile, Telex, E-mail or Other Electronic Means

It is at the Bank’s discretion, whether to act upon any instructions received by electronic mail or other electronic means from the Client from time to time, notwithstanding that the Client may have given authorization to the Bank to do so. When the payment order is submitted via the online banking of Midas Capital Bank, the payment order shall be considered as authorized by the Client and irrevocable after Confirmation and entry of a valid one-time password (OTP). In some cases, as described below, the payment order will be authorized and irrevocable only after confirmation via the online banking and there will be no need of entry of OTP for each payment order. The Bank shall not be liable for any adversarial effects arising out of the use of such means of communications and must be kept fully indemnified against all claims, damages, charges and expenses which the Bank may incur directly or indirectly in compliance with these instructions or any incorrect or improper authorizations received by the Bank through use of these electronic means of communication.

  • 3.Midas Capital Bank shall execute the authorized payment order of Client, provided that Client has enough balance in the debited account to cover the amount of the transfer and the applicable fees. Midas Capital Bank may refuse to execute a specific transaction if there is not enough balance in the respective account, or Midas Capital Bank reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Terms and Conditions or any law or regulation. Furthermore, Midas Capital Bank shall not be under any obligation to process any Payment Order in any of the following cases:
    • (a) the balance in the debited account is not sufficient to cover the amount of the order plus related costs and expenses;
    • (b) there exists a garnishee or other court order in relation to Client’s funds;
    • (c) there exists reasonable suspicion about the source or use of funds in terms of the applicable legislation enacted to prevent money laundering and terrorism financing;
    • (d) there exist other similar and comparable circumstances;
    • (e) instructions lack the necessary mandatory information;
    • (f) instructions are not clear or are incomplete.
  • 4.Midas Capital Bank may, but is not obliged to, process an order even if it results in any account being overdrawn and the mere fact than an account will thereby be overdrawn shall not imply any obligation on the part of Midas Capital Bank to advise the Client before processing it, as the Client is expected to know the effects of his own instructions.
  • 5.Deadline for performance of correct payment orders for outward money transfers:
    • (i) Deadline for performance of Internal money transfer– within the same day as of the date of placement of correct payment order;
    • (ii) Deadline for performance for EFT transfers: Midas Capital Bank shall debit the account of Client and shall execute the order after receipt of confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders EFT transfers received by 12:00 pm in a Business Day. Payment Orders for EFT transfers, received by Midas Capital Bank after 12:00 pm or in a day, which is not Business Day for Midas Capital Bank, shall be executed by Midas Capital Bank at the latest by the end of the next Business Day, following the Business Day in which the Payment Order is received by Midas Capital Bank.
    • (iii) Deadline for performance of International Transfers: Midas Capital Bank shall debit the balance of Client in the respective currency and shall execute the order after receipt of confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders for International money transfers received by 12:00 pm in a Business Day. Payment orders for International money transfers, received by Midas Capital Bank after 12:00 pm or in a day, which is not Business Day for Midas Capital Bank, shall be executed by Midas Capital Bank at the latest by the end of the next Business Day, following the Business Day in which the payment order is received by Midas Capital Bank.
    • (iv) Deadline for performance of payments under Standing orders: Midas Capital Bank shall debit the bank account specified by the Standing order on the due date for execution specified in the Standing order. The above rules for deadlines apply accordingly.
  • 6.Client may submit Standing orders for money transfers via Client’s online account and within the limits allowed by the Service. Client has to specify the frequency, amount of the payments, account to be debited, beneficiary’s payment details (names, account number/IBAN and other as requested by the Service) start date and validity of the Standing order. The validity can be up to a specified date, reached number of payments or until cancelation. Client understands and agrees that OTP (one-time passcodes) may be requested by the Service upon setting up of the Standing order and not after upon execution of the future transfers from the Standing order, which will be executed automatically without need of entry of OTP.
  • 7.Upon setting up the Standing order Client is able to see the applicable fees of Midas Capital Bank. However, Midas Capital Bank can amend the Tariff as allowed by these Terms and Conditions and the law, and this will not suspend or terminate the Standing order automatically and the new fees will apply for the Standing order as of the moment of their entry into force. The funds in the account to be debited for execution of the Standing order have to be sufficient to cover the amount to be transferred and the applicable fees of Midas Capital Bank. In case the funds in the account to be debited for execution of the Standing order are not enough to cover the amount of the transfer and/or the applicable fees, shall not execute a specific transaction. In such case Midas Capital Bank shall not be liable for whatsoever damages or compensations.
  • 8.Client acknowledges and agrees that a Payment Order, including from a Standing order, has been executed correctly by Midas Capital Bank, even if Client has submitted a Payment Order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to Midas Capital Bank, as a result of which Client has to cover the charges for the return, reversal or cancellation of incorrect payment order.
  • 9.Client is entitled to set up via Client online account with Midas Capital Bank templates for trusted beneficiaries. To set up a template for trusted beneficiary the Client must log-in the online account with the credentials, with which the Client agrees with the creation of the template for trusted beneficiaries and that all subsequent payment orders to such trusted beneficiary might not require entry of OTP. Client may delete or edit a trusted beneficiary template via the online account of the Client.
  • 5.10. Client understands and agrees that the creation of standing orders or payment orders to trusted beneficiaries does not preclude the righst and obligations of Midas Capital Bank under the anti-money laundering, anti-terorist laws and other regulations, as well as the discretion of Midas Capital Bank to impose limits or not perform certain payment orders for security or regulatory purposes.

6. REFUSAL, REVERSAL OF UNAUTHORIZED TRANSACTION AND REVERSAL OF INCORRECT PAYMENT ORDERS:

  • 1.Where Midas Capital Bank refuses to execute a Payment Order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by national legislation. Midas Capital Bank shall provide or make available the notification to Client via email or via the online account at the earliest opportunity. Midas Capital Bank may charge a fee for providing additional information for such a notification if the refusal is objectively justified.
  • 2.In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by Midas Capital Bank in accordance to national legislation. Client, or a person explicitly authorized by Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to Midas Capital Bank via email, without undue delay and within 30 (thirty) days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation in the interest of Consumer. This term shall not release Client from Client obligation to notify Midas Capital Bank immediately and without delay in case of loss, theft, misappropriation or unauthorized use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or Midas Capital Bank to limit the risks and damages. Client who is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction.
  • 3.Midas Capital Bank will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by national law. In case of incorrect Payment Order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, Midas Capital Bank may assist the Client to submit a new and correct Payment Order if Midas Capital Bank has not executed the incorrect Payment Order, for which Midas Capital Bank may charge the Client a fee. In case Midas Capital Bank has executed the incorrect Payment Order as per the Terms and Conditions and the law, the Client can to make a request for reversal via email to Midas Capital Bank and Midas Capital Bank will initiate a reversal procedure, for which Midas Capital Bank will charge Client with the respective fee. Midas Capital Bank cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client’s account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of Midas Capital Bank.
  • 4.In case of unauthorized transaction Midas Capital Bank shall conduct a procedure for proving authentic and correct execution of payment transaction and if this procedure is completed in favor of Client, Midas Capital Bank shall reverse the operation and return the amount to Client’ account, less the applicable fee in the Tariff, within the deadline provided in the law.
  • 5.Client agrees that Midas Capital Bank may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures have expired or in other cases according to the applicable laws, in which cases Midas Capital Bank shall not owe reversal or compensation to Client.
  • 6.When Client receives a payment, Client is liable to Midas Capital Bank for the full amount of the payment plus any fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to Midas Capital Bank an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the Tariff and other charges related to the Reversal, Chargeback or Claim. Midas Capital Bank may debit Client’s account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice.
  • 7.Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or partial amount, then the following rules shall apply:
    • (i) Reversal or refund of full amount of transaction – the amount of the transaction is refunded in the original type of currency; or
    • (ii) Partial reversal or refund of amount of transaction – the amount subject to reversal or refund is refunded in the currency of the transaction; or
    • (iii) If payment has been made with Card via debiting of linked Funding Instrument – the amount subject to reversal or refund is refunded in the currency of Card;

7. PAYMENT TRANSACTIONS WITH CARDS:

  • 1.If Midas Capital Bank has issued Card to Client, Client or authorized cardholder may make payment orders and transactions with the Card, linked to Client’s account and on account held by Client. The Card must be activated as instructed by Midas Capital Bank. Card must be signed by Client. The payment transaction may be payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by Midas Capital Bank in Tariff or on Midas Capital Bank website for the Service.
  • 2.The payment order executed with Card will be received by Midas Capital Bank in electronic form. The Client’s consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device.
  • 3.Card, which has been personalized with the name of a cardholder, must be used only by the cardholder to whom the Card is issued. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to Client’s account, unless otherwise agreed with Client.
  • 4.The spending limits with Cards are set out in the Tariff.

8. RECORD KEEPING AND ACCOUNT STATEMENTS:

  • 1.Midas Capital Bank reserves the right to keep any documents or other information relating to Client or the Services offered to the Client in an electronic format. Midas Capital Bank may provide electronic copies to Client to satisfy any request for original copies of the said documents. Midas Capital Bank shall be entitled to destroy all records, correspondence and other documents that may have relating to Client upon satisfying any record keeping obligations which Midas Capital Bank may have in terms of any applicable legislation.
  • 2.Client’s account statements, history of transactions and accounts details will be available within the Client’s online banking account. If Client wishes to receive paper statements, Client will need to advise the Bank in writing via the Client’s e-mail stated in the Account opening form or via secure message and Midas Capital Bank will send Client’s paper statements for each account once a year or on ad hoc principle against a fee.

9. PAYMENT INSTRUMENTS SECURITY FEATURES. SECURITY MEASURES AND SAFETY REQUIREMENTS:

  • 1.Midas Capital Bank has provided to Client personalized security features for using all payment instruments, included in the Service, such as, but not limited to, username and unique password for the online banking and online account, OTP (one-time passcodes) received via SMS or EMAIL for access to online account and making a payment order and others, which are necessary tools for preserving the security of the payment instruments of Client. Midas Capital Bank will make sure that the personalized security features of the payment instruments are not accessible to parties other than the Client or user entitled to use the payment instrument, without prejudice to the obligations on Client.
  • 2.Client agrees to use the Client’s credentials, such as username and password and other personalized security features for Client’s payment instruments only in accordance with these Terms and Conditions and with the law. Client must not provide and must not allow disclosure of the personalized security features to a third party even where the payment instrument is protected with OTP, because even in this case the payment instrument can be comprised and result in unauthorized transactions, for which Client is fully liable. Client must not disclose the credentials for access to a Business/Corporate account (username and password), because they may be identical with the credentials for access to Client personal online banking account and there is a risk of unauthorized transactions. The breach of this obligation is breach of Client’s obligation for protection of personalized security characteristics of payment instrument and Client will be fully liable for unauthorized transactions as a result of Client’s breach of this obligation.
  • 3.If Client is using the Service in a business capacity or as a Client of Business/Corporate account, Client agrees that:
    • (i) all employees, agents, representatives and others having access to Client Credentials or personalized security characteristics of payment instrument/s of Client, will be considered as properly authorized to use Client account and/or make any payment orders via all payment instruments and perform all actions to which Client is entitled and will legally bind the Client, business, partnership or other legal entity concerned;
    • (ii) Client or a person explicitly authorized by Client has the right to authorize users of Business account of Client and/or payment instruments related to it, whose rights for ordering Payment transactions, reversal, receiving of information, authorizing or removal of other users and other rights are defined by Midas Capital Bank on the website of the Service or in the online account and can be additionally individualized by Client or a person explicitly authorized by Client according to the functionalities of the Service;
    • (iii) each Payment Order from authorized user will be considered as approved by Client and irrevocable according to the rules on Receipt of Payment Order and Irrevocability above. In case Client wishes to limit rights for access to the Business account of certain authorized users, the legal representative of Client or a person explicitly authorized by Client according to Midas Capital Bank requirements, can perform this operation via the online account or send to Midas Capital Bank a request dully signed by Client via the Client’s registered e-mail.
  • 4.Client acknowledges and agrees that all Cards linked to Client’s account are providing access to the Client’s account and Client shall be liable for all transactions and charges arising of the use of Cards, associated with Client’s account.
  • 5.If Client believes that Client’s account, including online banking account or other payment instruments have been used in an unauthorized manner or in case of unauthorized transactions, Client has to contact Midas Capital Bank without undue delay. Client agrees to notify Midas Capital Bank via the Contact Center or via “Contact us” on Midas Capital Bank website for the Service or via the Client’s e-mail stated in the Account opening form, immediately and without delay in case of loss, theft, misappropriation or unauthorized use of credentials and/or personalized security features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow Midas Capital Bank to do it and limit the risks of unauthorized transactions and damages. Client also agrees to notify Midas Capital Bank without undue delay and in the same manner of any other breach of security regarding the Service of which Client has knowledge.
  • 6.Midas Capital Bank may suspend the use of the Service in part of wholly, including block account/s, where it suspects that their security may have been compromised or that unauthorized or fraudulent use has taken place. Midas Capital Bank will inform Client in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. Midas Capital Bank will provide the Service or replacement credentials or personalized security characteristics to Client, as soon as practicable after the reasons for the suspension cease to exist and on condition that Client has performed all obligations towards Midas Capital Bank.
  • 7.In case Client wishes to use an alternative method for two-factor authentication and receipt of one-time password, as may be required by the Service, Client has to select this option from Client’s online account. Transactions, operations and activities confirmed with the one-time password, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding on the Client.
  • 8.Midas Capital Bank may at Midas Capital Bank discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. Midas Capital Bank may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service.

10. PROTECTION OF CLIENT PERSONAL INFORMATION AND BANK SECRECY:

  • 1.Bank Secrecy: Midas Capital Bank is bound, in accordance with the laws of Commonwealth of Dominica, to observe secrecy and confidentiality with regards to all information which Client discloses to the Bank about the Client (“Secret Information”). However, Midas Capital Bank is authorized and required by the laws of Commonwealth of Dominica or international laws to disclose Secret Information in so far as the declaration of such Secret Information is:
    • a) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automatically with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on an ad hoc principle upon request or order of any competent authorities;
    • b) required in terms of an order of a Court of law investigating a criminal offence (including money laundering or terrorism financing) or a breach of duty;
    • c) required for any proceedings by the Bank against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to Client in connection with which the secret information has been obtained by the Bank;
    • d) otherwise permitted by the Client including when Client require the Bank to provide a reference or a status report to a third party or by any applicable law.
  • 2.In accordance with the provisions of Commonwealth of Dominica Law, by accepting these Terms and Conditions, the Client consents to disclose information about Client, acquired during the course of the relationship in the circumstances specified hereunder:
  1. a) to any of the Bank’s professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of the Bank’s rights against the Client, or to any person who may otherwise enter into contractual relations with the Bank in relation to the business relationship with the Client;
  2. b) when the information is required to be disclosed or is requested in the course of a due diligence exercise;
  3. c) when the information is required in the normal course of business with institutions or other persons who are normally bound by similar obligations of secrecy.
  • 3.Client Identity Verification for Anti-Money-Laundering Requirements and Fraud detection:
    • (a) Client acknowledges that Midas Capital Bank is offering and continues to offer the Services to Client on the condition that Client satisfies all due diligence and identity checks that Midas Capital Bank may conduct, and that Client complies with Midas Capital Bank and regulatory anti-money-laundering requirements. Identity checks may include credit checks, anti-money- laundering checks required by relevant legislation or regulatory requirements. Client will provide all assistance requested by Midas Capital Bank in carrying out such checks and determining compliance with anti-money-laundering requirements, including the provision of such additional registration or identity verification information as Midas Capital Bank may require at any time.
    • (b) Client consents to Midas Capital Bank sharing with and obtaining from third parties, to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation, for the purpose of Midas Capital Bank conducting applicable due diligence and identity checks, and Client agrees that such third parties may retain the information shared in this way.
    • (c) Non-satisfaction of the conditions in this clause, including that Client provides information requested by Midas Capital Bank to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of the Client’s use of the Service and/or also termination of these Terms and Conditions without prior notice to Client.
  • 4.Client acknowledges and agrees that Midas Capital Bank shall approve or decline payment transactions without disclosing information on Balance in Account to third parties. Client acknowledges and agrees that for the purposes of charge back or fraud detection and prevention reasons, Midas Capital Bank may disclose necessary information related to payment transactions with Card or other payment instrument with the logo of Card Organization to Bin Sponsor and/or Card Organization or Regulator. Client agrees to the use of Client data in accordance with Midas Capital Bank Privacy Policy. The Client expressly agrees for the use and the communication of Client’s personal data to Midas Capital Bank and sub-contractors of Midas Capital Bank, such as the BIN Sponsor, which will issue and/or acquire payments with the Cards for Midas Capital Bank. For the purposes of Card issuing, blocking and re-issuing, authorization of transactions and charge backs of unauthorized transactions with Card, as well as authorization and settlement of transactions, Client consents to Midas Capital Bank sharing with and obtaining from the BIN Sponsor to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation. Non-satisfaction of the conditions in this clause may result in decline or immediate suspension of the Client’s use of the Service.

11. MIDAS CAPITAL BANK ACCEPTANCE POLICY AND PERMISSIBLE TRANSACTIONS:

  • 11.1. Client may only use the Service in bona fide and in accordance with the functionalities of the Service as defined in these Terms and Conditions. Client agrees to use the Service only as permitted by:

(i) These Terms and Conditions;

(ii) Characteristics, settings and limits of the Service, including setting of limits and options by Client as allowed by the Service, as published and updated by Midas Capital Bank from time to time on Midas Capital Bank website for the Service or in User Interface for the Service; and

(iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.

  • 2.It is strictly forbidden to use the Service in violation of the present Terms and Conditions, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:
    • (a) Breach of these Terms and Conditions (including, without limitation, providing false identifying data, such as false names, e-mail address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by Midas Capital Bank in another way); or
    • (b) Breach or risk of breach by Client or by Midas Capital Bank of any law, statute, contract, or regulation applicable (for example, those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where Midas Capital Bank cannot verify the identity or other data about Client according to regulatory or Internal requirements of Midas Capital Bank, consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or
    • (c) Abuse by him of the reversal or chargeback process initiated by Client’s bank; or
    • (d) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Midas Capital Bank, Branch or Agent of Midas Capital Bank; or
    • (e) Initiation of transactions that may be considered to be cash advances or assisting in cash advances from Merchants or to facilitate the purchase of cash equivalents (travelers’ cheques or money orders, etc.); or
    • (f) Infringement of Midas Capital Bank or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or
    • (g) Use the Service in connection with any other underlying illegal transaction;
    • (h) Gambling and/or gaming activities, including but not limited to payment or the acceptance of payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity (including online and offline casinos, sports wagering and office pools);
    • (i) Prescription Drugs;
    • (j) Weapons and knives;
    • (k) Unlicensed lotteries;
    • (l) Firearms or ammunition;
    • (m) Pyramid selling or ponzi schemes or other “get rich quick” themes;
    • (n) Initiation of transactions considered to be cash advances or assisting in cash advances;
    • (o) Sending unsolicited email or posting referral links on websites where they are not permitted;
    • (p) Receiving funds for the sale of counterfeit or stolen items;
    • (q) Activities that violate any law, statute, ordinance, contract or regulation, including, but not limited to, those governing financial services, consumer protection, unfair competition, anti-discrimination, or false advertising.
    • (r) Production, payment usage and/or distribution of viruses, Trojan horses, worms, time bombs cancelbots, easter eggs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or other personal information as well as any activity considered as potential hacking, illegal or prohibited use of any website, computer, server or other device.
    • (s) All tobacco and alcohol products, as well as any other controlled substance.
    • (t) Any proceeds of the following activities, including but not limited to production, distribution and advertisement: defecation, bestiality, death or simulated death, rape or simulated rape, or any pornographic material involving a child or adolescent.
    • (u) Transactions involving or related to Bitcoins or any other alternative currency or assets are prohibited due to our banking agreements. Any user found to be in violation of this condition will have the account revoked and the funds seized.
  • 3.Client may not use the Service and/or may not accept the Terms and Conditions and Midas Capital Bank may temporarily stop or terminate the Service or Terms and Conditions immediately and without prior notice to Client, if:
    • (a) Client is not of legal age to form a binding contract with Midas Capital Bank and operate the payment instrument or funding instrument for use with the Service; or
    • (b) Client is a person barred from receiving the Service under the applicable laws or Regulations of Card Organizations or other Organizations or rules or policies of Midas Capital Bank;
    • (c) Client has not been dully identified or verified by Midas Capital Bank, upon single discretion of Midas Capital Bank; or
    • (d) Other important reasons, upon discretion of Midas Capital Bank, such as risk and compliance.
  • 4.Midas Capital Bank shall be entitled to notify Client at any time on non-acceptance to the Service via e-mail. The decision for the refusal is strictly in Midas Capital Bank’s discretion and Midas Capital Bank shall not be liable for whatsoever compensations.
  • 5.Client authorizes Midas Capital Bank to obtain a credit report and/or to otherwise make credit or other background enquiries from time to time, as Midas Capital Bank may deem appropriate, to evaluate Client registration for or continued use of the Service.
  • 6.Client agrees not to access (or attempt to access) any of the Service by any means other than through the User interface of the Service and Card that are provided by Midas Capital Bank for the Service, unless Client have been specifically allowed to do so in a separate agreement with Midas Capital Bank. Client acknowledges that this restriction will apply to use of the Service by any automated means.
  • 7.Client agrees that Client will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).
  • 8.Client agrees that Client will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.
  • 9.Client agrees that Client is fully responsible for (and that Midas Capital Bank has no responsibility to Client or to any third party for) any breach of Client obligations under the present Terms and Conditions and for the consequences (including any loss or damage which Midas Capital Bank may suffer) of any such breach.
  • 10.Client acknowledges and agrees that in order to meet all obligations after the Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations and other documents related to their execution, Midas Capital Bank may establish general practices and limits concerning the use of the Service without prior notice to Client, including, without limitation, individual or aggregate transaction limits on the value or turnover, transaction or other limits on the value, type or number of funding transactions or Payment transactions during any specified time period(s). Midas Capital Bank shall notify Client for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by Money Laundering (Prevention) Act and Regulations.
  • 11.Client must not place into any of Client’s accounts any funds or assets belonging to third parties without the prior written consent of the Bank. If Client’s wishes to do so, Client must advise the Bank, in advance, of any such funds/assets which are to be remitted to the Bank or received by it in Client’s name or account. Without prejudice to the right of the Bank to refuse to receive such funds or assets, in the case provided for by this clause, Client is obliged to advise the Bank of the full details of the beneficial owner of the funds or assets and to supply the Bank with all evidence as to the identity of the beneficial owner and the reason(s) for such deposit, together with documentary evidence of the underlying transaction, if applicable, as the Bank may require.
  • 12.Midas Capital Bank may refuse to execute any funding, crediting of account following inward transfer, outward transfer or any payment transaction, Payment Order or other use of the Service if Midas Capital Bank has reasonable grounds to suspect fraud, or a breach of the applicable Terms and Conditions by Client, or a violation of law, regulation of Card Organization or other Organization, or for risk or compliance reasons. Transactions may also be delayed due to Midas Capital Bank’s compliance with its obligations under applicable anti-money-laundering legislation, including if Midas Capital Bank suspects that the transaction involves fraud or illegal or non-acceptable activities. In the event that Midas Capital Bank refuses to execute a Funding or Payment transaction or Payment Order, Client will be notified, unless it is unlawful for Midas Capital Bank to do so or would compromise reasonable security measures. For risk or compliance purposes Midas Capital Bank might require additional information or additional documents and/or gather such additional information and/or documents necessary for performing of the operation, prior or after the operation. Midas Capital Bank may reject performing of a payment operation for risk, risk of reputational damages or compliance reasons, for which Midas Capital Bank shall not be responsible.
  • 13.Client acknowledges and agrees that if Midas Capital Bank disables access to the account/s or to any payment instrument by stopping the use of Client Identifying Credentials, or specific accounts, Client may be prevented from accessing the Service, Client’s account details or any files or other content which are contained in Client’s account or connected to Client account/s or payment instruments.
  • 14.Midas Capital Bank is not liable for declined payment transactions or lack of Service, due to lack of enough balance in the account or linked funding instrument/s, lack of Internet, or problems with hardware or software of Client, or exceeding the limits set by Client as allowed by the Service, or the general limits, determined by Midas Capital Bank, or any other reason beyond the reasonable control of the Midas Capital Bank.
  • 15.Non-satisfaction of the conditions in these Terms and Conditions and/or Midas Capital Bank Acceptance Policy, may result in immediate suspension of the Client’s use of the Service, blocking of funds in Client’s account, right of Midas Capital Bank to withhold funds in Client’s account for satisfaction of damages incurred by Midas Capital Bank, because of Client breach, claim by Midas Capital Bank against Client, initiation of procedures before competent regulatory bodies or Card Organizations, and also termination of these Terms and Conditions without prior notice to Client.

12. BANK CHARGES, COMMISSIONS AND FEES:

  • 1.In the absence of a written agreement providing otherwise, the amount of interest, fees and charges for the Services shall be those given in the Tariff of Charges. In case of services which are not listed therein, Midas Capital Bank shall charge rates/amount of interest, fees and charges according to Midas Capital Bank sole discretion. If Client does not agree with the bank charges, commissions or fees, Client has the right to terminate the Service as provided hereunder in Section 14 “Termination of the Business Relationship”.
  • 2.Where Midas Capital Bank has incurred expenses upon Client’s instructions, such as legal and notarial fees, court fees, maintenance costs, insurance fees, and so on, these expenses will be borne by the Client. Client agrees that the Bank is authorized to debit the Client’s Account directly without having to obtain his/her consent each time a direct debit is made.
  • 3.Tariff may be changed by Midas Capital Bank unilaterally with 1 (one)-month notice to Client. Updates in Tariff will be indicated on the website for the Service or via the online account, and the Client will be duly notified in accordance to the Terms and Conditions.
  • 4.Currency conversion: If a transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by Midas Capital Bank. Midas Capital Bank may charge a foreign exchange fee expressed as a certain percentage above the exchange rate if such fee is stated in the Tariff. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which Midas Capital Bank obtains foreign currency). The exchange rate may be updated daily by Midas Capital Bank and can be viewed on the website for the Service or in the online account. The applicable exchange rate and the “Currency Converter” tool can be accessed through the online account of the Service and used to see what foreign exchange rates plus foreign exchange fee apply for a certain transaction, involving currency exchange.
  • 5.Where a currency conversion is offered by Midas Capital Bank at the point of sale Client will be shown the foreign exchange rate that will be applied to the transaction before authorizing the payment transaction on the website of Midas Capital Bank for the Service. By proceeding with authorization of the payment transaction Client is agreeing to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by Midas Capital Bank, Client chooses to authorize the payment transaction on the basis of the Merchant’s exchange rate and charges, Midas Capital Bank has no liability to Client for that currency conversion.
  • 6.In case of an inward transfer in a currency different from the currency of the account, Midas Capital Bank shall credit the account, converting the received amount into the currency of the account in accordance with the exchange rates “buy”/ “sell” for the relevant currency and the currency of the account. If Midas Capital Bank does not quote the respective currency Midas Capital Bank has the right to reject the transfer. Midas Capital Bank exchange rates are defined in accordance with the relevant trade market scales of the currencies, so rates are subject of adjustment depending on the changes in the market conditions. Midas Capital Bank shall apply the exchange rate in force in the day of crediting the account, which may be different from the one announced at Midas Capital Bank premises or on the web site: www.Midas Capitalbank.com for the date of the operation. The exact exchange rate applied shall be indicated in the statement of account.
  • 7.In case where the balance in Client’s account in certain currency is not enough to cover the amount of a certain transaction or debit operation Midas Capital Bank shall be entitled not to execute the transaction or to debit another account of the Client in other currency. Client agrees and authorizes Midas Capital Bank to debit the necessary amount from available balance in Client’s account held in other currency, applying the foreign exchange rate of Midas Capital Bank for the date of the conversion, notified on Midas Capital Bank website for the Service. The priority order for conversion of currencies in Client’s account is given after System’s default order or may be set by Client in which case Midas Capital Bank is obliged to keep the manually determined order.
  • 8.Payment transactions with Card, made in a currency other than the currency of the issued Card, will be converted by Midas Capital Bank applying foreign exchange fee expressed as a certain percentage above the effective foreign exchange rate of the respective Card Organization for day in which the payment transaction has been executed, cleared or settled with the Card Organization. Foreign exchange fee is shown in the tariff and retained by Midas Capital Bank. All fees shall be charged to Client in the currency of the issued Card.
  • 9.Midas Capital Bank shall not be liable for any adverse effects arising as a result in fluctuations in currencies in the event that it retains funds in one currency and does not convert them to another or, conversely, if it converts currency into the business relationship currency from the currency in which they were received by it.

13. CLIENT LIABILITY:

  • 1.Client shall be fully liable for all losses incurred in respect of unauthorized transactions and/or all damages, notwithstanding the amount of the losses or damages, if Client has acted fraudulently or has, with intent or gross negligence, failed to comply with the present Terms and Conditions or law, including Client’s obligations to preserve the security of Client Identifying Credentials, providing access to Client’s account or other payment instruments.
  • 2.Client shall be entitled to redress losses (excluding fees or interest in case of Clients who are not Consumers) incurred by Client in respect of unauthorized or incorrect transactions made after Client has informed Midas Capital Bank for the unauthorized or incorrect transaction and Midas Capital Bank has been able to block the Account and/or Card or other payment instrument without undue delay in the day when the Client’s account was debited or within 7 (seven) days afterwards, and in case where Client is Consumer, no later than any longer period after the debit date, as provided in applicable legislation in the interest of consumer. Midas Capital Bank will, on Client request, make efforts to trace the transaction and notify Client of the outcome. Where Client is entitled to redress, Midas Capital Bank will refund the amount of the unauthorized transactions, less applicable fees as per Tariff, by crediting Client’s account.
  • 3.Client agrees to indemnify, defend and hold harmless Midas Capital Bank, from and against any losses or negative balance on Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, “Claim” or “Claims”) which Midas Capital Bank may at any time during the term of these Terms and Conditions or within 5 (five) years after its termination incur, sustain or become subject as a result of any Claim and: (a) connected to the Client’s or his employees, agents or sub-contractors, or third parties using the Service; or (b) arising out of the Client’s or his employees, agents or sub-contractors, or end customers or third parties using the Service, willful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, charge back, including, but not limited to amounts and fees debited or charged by Card Organizations for charge back, initiated by Client or third parties, offline transactions, recurring transactions, currency conversions, pre-authorization, manual operations, stand-in process, system malfunction, or other unlawful use; or (c) arising from Client’s or his employees, agents or sub-contractors, or end customers or third parties using the Service, failure to comply with any law or regulation including but not limited to AML, data protection laws and other rules and regulations. Client agrees that Midas Capital Bank is authorized to satisfy immediately as they become due any obligations of Client by debiting or withdrawing directly funds from the Client’s account, or from Security provided by Client (if Security is provided), or any outstanding sums owed by Midas Capital Bank to Client, including by debiting or charging the Funding instrument of Client. Midas Capital Bank shall inform Client on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.
  • 4.In case of delay for payment of amounts due to Midas Capital Bank, Client shall owe a penalty for delay in the amount of the statutory interest according to the Eastern Caribbean Central Bank rate for each day of delay from the date of delay until payment of the full amount.
  • 5.Right of Retention: Unless otherwise agreed between the parties in writing, according to Commonwealth of Dominica law Midas Capital Bank may exercise a right of retention over all Client’s monies in Client’s account/s with the Bank until all outstanding fees, costs, charges, expenses and liabilities due to Midas Capital Bank have been paid in full.
  • 6.Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes, which by law are obligations of Client, is Client’s responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws.

14. TERMINATION OF THE BUSINESS RELATIONSHIP:

  • 1.Client acknowledges and agrees that Midas Capital Bank may stop providing the Service to Client, as provided in the present Terms and Conditions. Client may stop using the Service at any time, without need to inform Midas Capital Bank when Client stops using the Service. The Terms and Conditions will continue to apply until terminated either by Client or Midas Capital Bank, as set out below.
  • 2.If Client wants to terminate legal Terms and Conditions with Midas Capital Bank, Client may do so immediately and without charge for termination at any time by:
    • (a) Notifying Midas Capital Bank, in accordance with clauses for communication by Client to Midas Capital Bank below; and
    • (b) Closing Client’s account for the Service, including withdrawing or redeeming the available balance; and
    • (c) Return of Card to Midas Capital Bank.
  • 3.In case of any risk of damages for Midas Capital Bank, resulting from reversals, chargebacks, claims, fees, fines, penalties, Client’s non-compliance with AML/FT or other regulations and other similar liabilities arising from Client‘s use of the Service, Midas Capital Bank may hold the Client’s funds for up to 180 (one hundred and eighty) days even after Termination of Terms and Conditions or shorter or longer period, as required by the law, including laws in favor of the consumer. Client will remain liable for all obligations arising under these Terms and Conditions even after Termination of Terms and Conditions and/or closing of account.
  • 4.Midas Capital Bank may, at any time close account or accounts of Client, or terminate the Terms and Conditions with Client, without notice if:
    • (a) Client has breached any material provision of the Terms and Conditions or law or Regulations of Card Organizations or other Organizations (or have acted in a manner which clearly shows that Client does not intend to or is unable to comply with the material provisions of the Terms and Conditions), including, but not limited to:
      • (i) if the Bank reasonably believes that Client is no longer eligible for an account;
      • (ii) if the Bank discovers that Client has provided it with false information at any point in time; or
    • (b) Midas Capital Bank is required to do so by law or Regulations of Card Organizations or other Organizations (for example, where the provision of the Service to Client becomes non-compliant with the Regulations).
  • 5.Unless a shorter period is provided in these Terms and Conditions, as permitted by law, Midas Capital Bank may, at any time, terminate the Terms and Conditions by giving Client 2 (two) months’ notice.
  • 14.6 When these Terms and Conditions comes to an end, all of the legal rights, obligations and liabilities that Client and Midas Capital Bank have benefited from, or which have accrued over time whilst the Terms and Conditions has been in force, or which are expressed to continue indefinitely, will be unaffected by this cessation, and the provisions of clause 20.5 will continue to apply to such rights, obligations and liabilities indefinitely.
  • 14.7. Death and Change in Legal Status:
    • 14.7.1. Individuals: Midas Capital Bank will assume that the relationship between the Bank and the Client persists until the Bank is notified in writing about the death of the Client. The Bank must be notified by who is legally vested with the rights and obligations to act on behalf of Client’s affairs and will take instructions from him/her/them. Such person may be the heir, legatee, administrator, executor or otherwise. The Bank shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as may be required by the Bank to establish the proper entitlement and authority of the person claiming to be in charge of acting on behalf of Client’s affairs and the Bank shall not be bound to act upon such instructions until such time as the Bank is satisfied of such authority.
    • 14.7.2. Legal Entities: In the event that Client is placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed and in whom legal authority and representation is vested, to the exclusion of the persons Client may have nominated in the Bank Mandate, the Bank shall be entitled to receive to its satisfaction such evidence, at Client’s cost, as the Bank may require to establish the proper entitlement and authority of the person claiming power to give the Bank instructions and the Bank shall not be bound to act upon such instructions until such time as the Bank is satisfied of such authority. In case where the legal entity or organization is dissolved, the successor of the assets in the account has to provide to the bank a legal document, proving that he is the successor of the assets in the account and he/she is entitled to dispose of these assets. The Bank may have additional requirements for identification and verification of a successor of the assets in the account or other documents prior to providing access to the account or afterwards.

15. LIMITATION OF WARRANTIES:

  • 15.1. Midas Capital Bank, its Agents/Distributors or sub-contractors make no express warranties or representations with respect to the provision of the Service. In particular, Midas Capital Bank, its Agents/Distributors or sub-contractors do not warrant to Client that:
    • (a) Client use of the Service will meet Client requirements or expectations;
    • (b) Client use of the Service will be uninterrupted, timely, secure or free from error; and
    • (c) Any information obtained by Client as a result of use of the Service will be accurate or reliable.
  • 15.2. No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the Service, except to the extent that they are expressly set out in the present Terms and Conditions.
  • 15.3. The Bank shall not be liable for:
    • (a) Any shortcomings or losses arising as a result of force majeure and;
    • (b) Any shortcoming or losses arising from the acts or omissions of any third party whose services of the Bank use for the performance, in full or in part, of its obligations towards the Client. In such cases the Bank shall not be liable for any loss or damage unless it has not exercised diligence in:
    • (i) Transmitting the instructions and/or
    • (ii) Selecting such third parties.
  • 4.Nothing in the Terms and Conditions will affect those mandatory statutory rights to which Client is entitled as a consumer and that Client cannot contractually agree to alter or waive.

16. LIMITATION OF LIABILITY:

  • 1.Nothing in the Terms and Conditions will exclude or limit Midas Capital Bank’s liability for losses which may not be lawfully excluded or limited by these Terms and Conditions or by applicable law.
  • 16.2. Subject to clause 16.1 above, Midas Capital Bank, its Agents/Distributors or sub-contractors or Licensees, will not be liable to Client for:
    • (a) Any indirect or consequential losses which may be incurred by Client. This will include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by Client;
    • (b) Any loss or damage which may be incurred by Client as a result of:
    • (i) Any reliance placed by Client on the completeness, accuracy or existence of any advertising, or as a result of any relationship or transaction between Client and any advertiser whose advertising appears on the Service;
    • (ii) Any change which Midas Capital Bank may make to the Service or any permanent or temporary cessation in the provision of the Service (or any features within the Service);
    • (iii) Malfunction of the Service;
    • (iv) The deletion of, corruption of or failure to store any communications data maintained or transmitted by or through Client use of the Service;
    • (v) Client failure to provide Midas Capital Bank with accurate account information;
    • (vi) Any fraudulent use of the Service by Client or third parties;
    • (c) Any compensation for fees or interest paid or levied on Clients who are not Consumers, as a result of non-performance or incorrect performance of a payment transaction;

17. CHANGES TO THE TERMS AND CONDITIONS:

  • 17.1. Client agrees that Midas Capital Bank may make changes to the Terms and Conditions from time to time. Midas Capital Bank shall give Client 2 (two) months’ notice of changes in the Terms and Conditions, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by e-mail sent to Client e-mail address and/or by notifying Client in the online account or the website of the Service before their proposed date of entry into force.
  • 17.2. Client understands and agrees that Client will be deemed to have accepted the changes unless Client notifies Midas Capital Bank to the contrary by notice, as provided in clause 18.5 below, prior to the date on which the changes are to come into effect, in which case the Terms and Conditions will terminate without charge for termination immediately before the effective date of the changes.
  • 17.3. Nothing in this Section 17 will limit:
    • (a) Midas Capital Bank’s right to update and revise its policies from time to time or to add new features to the Service from time to time without prior notice, which may be accepted by Client by using the new feature. Such revisions may take place using a method chosen at Midas Capital Bank’s discretion, and such method may include e-mail communication or publication on a Midas Capital Bank website for the Service; and
    • (b) The parties’ right to vary the terms of this Section 17, where the variation is not prohibited by law and both parties agree to it.

18. COMMUNICATIONS AND NOTICES:

  • 18.1. All information will be made available or provided to Client in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English.
  • 18.2. Statements, notices and other communications to Client may be made by mail, e-mail, postings on the Midas Capital Bank’s website for the Service or other reasonable means.
  • 18.3. Midas Capital Bank may communicate with Client regarding the Service by means of electronic communications, including (a) sending e-mail to Client e-mail address or (b) posting notices or communications on Midas Capital Bank’s website for the Service. Client agrees that Midas Capital Bank may send electronic communications to Client in relation to any matter relating to Client use of the Service, including the Terms and Conditions (and revisions or amendments to the Terms and Conditions), notices or disclosures regarding the Service and payment authorizations. Particular communications will be handled as follows:
    • (i) The Terms and Conditions will be provided to Client at the sign-up in a printable form;
    • (ii) Changes to these Terms and Conditions after the sign-up will be provided in an e-mail sent to Client e-mail address and/or on the website for the Service or the online account;
    • (iii) Except where these Terms and Conditions provides otherwise, a notice to terminate these Terms and Conditions will be provided in an e-mail sent to Client e-mail address;
    • (iv) Information about balance or transactions or statements will be made available in Client’s account accessible online via Internet or in the online account in transaction history;
    • (v) Information about a suspension of the Service will be made available in Client’s account accessible online via Internet or in the online account; and
    • (vi) Information about the rejection of transactions will be made available in Client’s account accessible online via Internet or in the online account in transaction history.
  • 18.4. Client should maintain copies of electronic communications by printing a paper copy or saving an electronic copy, and information that is provided to Client in an electronic format is provided under the assumption that Client will be able to print or save such information.
  • 18.5. Any notice sent to Midas Capital Bank under these Terms and Conditions should be sent by registered post to Midas Capital Bank’s address of registered office, stated above in the Terms and Conditions, except that:
    • (i) Notification of loss, theft, unauthorized use or security breach must be made immediately to the Contact Center of Midas Capital Bank, on numbers notified to Client by Midas Capital Bank or has to be sent, as soon as possible, through “Contact us” on Midas Capital Bank’s website for the Service or via the Client’s e-mail stated in the Account opening form;
    • (ii) Notification by Client that Client does not agree to the amendment of the Terms and Conditions and wishes to terminate the Terms and Conditions prior to entry into force of the amendments should be sent through “Contact us” on the website for the Service or via the Client’s e-mail stated in the Account opening form from the Client or a person explicitly authorized by the Client.

19. COMPLAINTS:

  • 19.1. Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by Midas Capital Bank should, in the first instance, be referred to Midas Capital Bank in writing to the: Complaints Officer Midas Capital Bank Limited 36 Great George Street, St George, Roseau, Dominica or via e-mail to: complaints@Midas Capitalbank.com.  The Client has to clearly state the reasons for complaint. Midas Capital Bank shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. The Bank will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Bank also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and the Client will be informed accordingly of the investigation’s outcome. If the Client is still dissatisfied with the outcome of the Bank’s investigation, he/she may direct his/her complaint to: Financial Services Unit 5th Floor Financial Centre Kennedy Avenue Roseau, 00109-8000 Commonwealth Of Dominica or by calling +1 (767) 266-3514 or +1 (767) 266-3073

20. GENERAL LEGAL TERMS:

  • 20.1. Unless otherwise expressly stated in the Terms and Conditions or Tariff, all amounts stated in the Terms and Conditions are denominated in United States Dollars (USD).
  • 20.2. Sometimes Agents, Distributors or Sub-contractors of Midas Capital Bank may provide all or part of the Service to Client on behalf of Midas Capital Bank. Client acknowledges and agrees that Midas Capital Bank has the right to use Agents, Distributors and sub-contractors to provide the Service to Client.
  • 20.3. The Terms and Conditions, including Data Protection and Confidentiality Policy, Tariff and if applicable other appendices, constitutes the whole legal agreement between Client and Midas Capital Bank and governs Client use of the Service (but excludes any services which Midas Capital Bank may provide to Client under a separate written agreement) and completely replaces any prior agreements between Client and Midas Capital Bank in relation to the Service.
  • 20.4. Client agrees that if Midas Capital Bank does not exercise or enforce any legal right or remedy which is contained in the Terms and Conditions (or which Midas Capital Bank has the benefit of under any applicable law), this will not constitute a waiver of Midas Capital Bank’s rights and that those rights or remedies will still be available to Midas Capital Bank.
  • 20.5. If any court of law having the jurisdiction to decide on a matter relating to the Terms and Conditions rules that any provision of the Terms and Conditions is invalid in respect of a certain Client or Client, who is a Consumer, then that provision will be removed from the Terms and Conditions with this Client without affecting the rest of the Terms and Conditions. The remaining provisions of the Terms and Conditions will continue to be valid and enforceable.
  • 20.6. Client may not assign Client rights under the Terms and Conditions or otherwise sub-contract or transfer any of Client rights or obligations under the Terms and Conditions without the prior written consent of Midas Capital Bank.
  • 20.7. Midas Capital Bank may transfer its rights and obligations under the Terms and Conditions to third party, which is licensed as banking institution giving to Client at least two-month notice previous the date of the transfer per e-mail. In case of such transfer and if Client disagrees with it Midas Capital Bank shall provide the Client the possibility to terminate the Terms and Conditions free of penalties.
  • 20.8. Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from Midas Capital Bank IT systems, such as the platform of Midas Capital Bank for accounts, the online account of Client, the website of Midas Capital Bank for the Service, Card System of Midas Capital Bank or BIN Sponsor, Issuer or Acquirer, or other software systems or platforms used by Midas Capital Bank in the capacity of regulated bank or its Agents/Distributors or sub-contractors, in their capacity of authorized Agents/Distributors or sub-contractors of Midas Capital Bank, licensed to use software or platforms of Midas Capital Bank.
  • 20.9. “Midas Capital Bank”, “Midas Capital Bank Card”, www.Midas Capitalbank.com and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or Patent or other intellectual property right of Midas Capital Bank or third party Licensor. Client may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without Midas Capital Bank’s prior written explicit consent to do so in a separate Terms and Conditions.
  • 20.10. The Terms and Conditions and Client relationship with Midas Capital Bank under the Terms and Conditions will be governed in all cases by Commonwealth of Dominica law.
    • (i) Jurisdiction of competent Court between parties when Client is not a consumer: Both Parties agree to submit to the exclusive jurisdiction of the competent Court in the City of Roseau, Commonwealth of Dominica to resolve any dispute arising between them. Nevertheless the Client agrees that Midas Capital Bank will still be allowed, upon Midas Capital Bank’s discretion, to bring a claim or apply for injunctive remedies (or an equivalent type of urgent legal relief) in any jurisdiction.
    • (ii) Jurisdiction of competent Court between parties when Client has the capacity of consumer: Claims against defendants with the capacity of consumer shall be submitted to the competent Court as per Client’s domicile.

 

BANK INFORMATION:

Midas Capital Bank is a bank established under the Laws of Commonwealth of Dominica

Midas Capital Bank is licensed to provide current and saving accounts to non-residents and/or citizens of Commonwealth of Dominica.

Registered office and head office is situated at Midas Capital Bank Limited36 Great George StreetSt GeorgeRoseauCommonwealth of DominicaWebsite: www.MidasCapitalbank.com E-mail: info@MidasCapitalbank.com

Update as of 13th of January 2020