Group Account

SPECIAL TERMS FOR GROUP ACCOUNT

These group account terms (the “Group Account Terms”) shall apply to the Client in addition to the Agreement for Opening a Digital Current Bank Account for Individuals whenever a Client chooses on the Mobile App to originate a Group Account or to accept an invitation to join a Group Account.

For the purposes of these Group Account Terms, a “Group Account” means such sub-Account that is originated by a Client who holds a valid and active Account (the “Group Account Originator”) and gives access to other Bank Clients with certain rights (each, a “Group Account Participant”) in the Group Account as the Bank may make available from time to time via the Mobile App.

1. Terms applicable to Group Account Originator

• If a Client wishes to use the Group Account Service via the Mobile App, the Client must choose such service from the options made available via the Mobile App and such service will be subject to these Group Account Terms.
• Upon selecting the Group Account service, the Group Account Originator authorises the Bank to open a sub-account linked to the same Account of the Group Account Originator. The Client is entitled to be a Group Account Originator for up to three (3) Group Accounts at any given time. The Bank is entitled to change the limit as the Mobile App permits from time to time.
• The Group Account Originator will have the option at the Group Account Originator’s sole responsibility to invite up to twenty-four (24) Group Account Participants and give each of them certain rights and permissions as the Mobile App permits from time to time. The Bank is entitled to change the maximum number of Group Account Participants as the Mobile App permits from time to time. The Client will at all times accept payments and transactions made by Group Account Participants into or from the Group Account within the authority parameters given by the Group Account Originator to the Group Account Participants. The Group Account Originator may add or remove Group Account Participants and amend their permissions at any time.
• Each Group Account Originator must ensure that the Group Account service is used for legal and legitimate purposes and shall indemnify and the Bank and hold it harmless against any and all claims resulting from the origination and operation of the Group Account pursuant to these Group Account Terms. The Bank accepts no liability or responsibility whatsoever for transactions made from or into a Group Account by an approved Group Account Originator or a Group Account Participant unless such transaction or action is not correct and is the absolute error of the Bank without such error being caused by the Group Account Originator or a Group Account Participant.
• The Group Account Originator may be entitled to issue a payment card linked specifically to the Group Account (the “Payment Card”). Such Payment Card will be subject to the Payment Cards Terms and Conditions and any special conditions that the Bank may state on the Mobile App. If the Bank charges a fee for the issuance of such Payment Card, the fee will be deducted from the Group Account. No Payment Card will be issued if the Group Account does not have sufficient balance to issue the Payment Card or if the Group Account Originator is not eligible for the requested Payment Card. The Group Account Originator is entitled to set limits to the Payment Card as the Mobile App permits from time to time. In the event the Group Account is closed, the Payment Card will be
• The Group Account Originator is entitled to transfer funds from the Group Account request a Group Account statement at any time.
• The Bank shall not be liable for the unauthorized use of the Group Account Originator’s Credentials or Payment Card, unless and until the Group Account Originator notifies the Bank that the Credentials have been compromised in accordance with the terms of the Agreement.
• The Group Account Originator may close the Group Account at any time, provided there are no pending transactions or outstanding claims on the Group Account.

2. Terms applicable to Group Account Participants

• The Client may receive an invitation from a Group Account Originator to join a Group Account. If the Client accepts to join a Group Account, such participation will be subject to the terms of these Group Account Terms.
• The Client may be a Group Account Participant in up to ten (10) Group Accounts at the same time per year.
• The Group Account Participant will have permissions in relation to a Group Account as the Group Account Originator may grant from time to time. Each Group Account Participant undertakes not to use the Group Account for any illegal or illegitimate act and shall at all times be responsible for transactions the Group Account Participant makes.
• The Group Account Participant who is permitted to issue a Payment Card is entitled to issue a Payment Card linked specifically to the Group Account. Such Payment Card will be subject to the Payment Cards Terms and Conditions and any special conditions that the Bank may state on the Mobile App. If the Bank charges a fee for the issuance of such Payment Card, the fee will be deducted from the Group Account. No Payment Card will be issued if the Group Account does not have sufficient balance to issue the Payment Card or if the Group Account Participant is not eligible for the requested Payment Card.
• The Group Account Participant shall be entitled to transfer funds from the Group Account, provided that such Group Participant is permitted to transfer funds by the Group Account Originator.
• The Bank shall not be liable for the unauthorized use of the Group Account Participant’s Credentials or Payment Card, unless and until the Group Account Participant notifies the Bank that the Credentials have been compromised in accordance with the terms of the Agreement.

3. General

• Any Group Account will only become active when it comprises of the Group Account Originator and at least one (1) Group Account Participant.
• Any amounts in the Group Account are considered to be owned by the Group Account Originator. In the event the Group Account Originator wishes to exit or close a Group Account, the Group Account Originator will be given the option to either transfer the full balance to the Group Account Originator’s Account, or distribute any amounts among the Group Account Participants as the Group Account Originator sees fit. The Group Account Participants are not entitled to claim a refund for any funds they may have paid into the Group Account; and as such the Group Account Participant’s liability shall be limited to the losses arising from the breach of clause 2.3 above. In furtherance, any Payment Cards issued and linked to such Group Account will be automatically de-linked from the Group Account and deactivated.
• Any Group Account may be linked with up to five (5) Payment Cards. Each Payment Card shall be valid for five (5)
• In the event that the Bank cancels or reverses any transaction made by the Group Account Originator or any Group Account Participant using the Payment Card linked to the Group Account for any reason, the Bank shall refund the money to the same Group Account from which the transaction was made. If such Group Account is closed, then the Bank shall refund the money to the Group Account Originator’s personal Account. In furtherance, if any Payment Card linked to the Group Account accrues any cashback offered by the Bank, such cashback shall be credited to the Group Account to which the Payment Card is linked at the time the cashback was earned.
• The Bank shall set a monthly limit on transactions for each Group Account based on the Bank’s risk and credit policies, such limit to be shown via the Mobile App.
• In the event of any court ruling against Group Account Originator, the Bank reserves the right to enforce the court ruling on the Group Account in accordance with the applicable laws and regulations.
• In the event of the death of the Group Account Originator, all transactions in the Group Account will remain valid until the Bank is notified of such death, in which case, the Bank will close the Group Account and any balance will be transferred to the main Account, all Payment Cards linked to the Group Account will be deactivated and Group Account Participants will not be entitled to make any further transactions from such Group Account or make any claims against the Bank or the estate of the Group Account Originator.
• For each Group Account, the Group Account Originator will have the option to request funds from the Group Account Participants through one-time payment or recurring payments. Each Group Account Participant shall have the option to request funds from the Group Account Originator through one-time payment or recurring payments. Group Account Participants are not entitled to request funds from other Group Account Participants.
• The Group Account Originator and each Group Account Participant will have the option to approve or reject the funds request. In the event that the funds request is approved, the Group Account Originator and each Group Account Participant will have the option to pay the amount fully, partially or to enter the desired amount to be paid manually as the Mobile App permits from time to time.
• The Mobile App will allow the Group Account Originator as well as the Group Account Participants to see the full status of a Group Account, including and not limited to, amounts requested and their status (e.g. paid, pending, declined, etc), names of the Group Account Originator and the Group Account Participants, the details of each transaction made from the Group Account and each Payment Card linked to the Group Account (payees, payors, amounts, and other relevant information) provided that only the last four digits of each payment card of the Group Account Participants will be displayed in the Group Account. To that end, the Group Account Originator and each Group Account Participant shall be responsible for their own transactions made from or into such Group Account.
• If a Group Account Participant exits a Group Account, any funds paid by the Group Account Participant will remain the ownership of the Group Account Originator and the Group Account Participant will not be entitled to any refund of any amounts contributed into the Group Account; and as such the Group Account Participant’s liability shall be limited to the losses arising from the breach of clause 2.3 above. In furtherance, any Payment Cards issued to such exiting Group Account Participant will be automatically de-linked from the relevant Group Account and therefore becomes cancelled.
• In the event a Payment Card linked to a Group Account is deactivated and/or de-linked from the Group Account, there will be no refund (whether full or partial) for any fees charged by the Bank for the issuance of such Payment Card.
• The Bank has the full discretion to amend the Group Account services and features from time to time as it sees fit, provided that the Bank shall notify the Group Account Originator and Group Account Participants of such amendments within no less than (30) days from the effective date of such amendments.