United Merchant Bank - Terms and Conditions
Welcome to United Merchant Bank (“the Bank”), a financial institution registered and regulated in Luxembourg. By accessing or using our services, including but not limited to online banking, mobile banking, and any other banking services provided by the Bank (collectively, the “Services”), you agree to abide by these Terms and Conditions ("Agreement").
1. General Information
United Merchant Bank (“we,” “us,” or “our”) is a non-regulated digital-only bank offering financial services via mobile and online platforms. Unlike traditional regulated banks, we are not subject to the same regulatory oversight and consumer protections that are required by government financial authorities. By using our services, you acknowledge and accept that your account and any funds held with us are not covered by government deposit insurance schemes or financial oversight mechanisms.
2. Acceptance of Terms
By using the Bank’s Services, you acknowledge and accept these Terms and Conditions. If you do not agree to any part of this Agreement, you must not use the Bank’s Services.
3. Banking Services
United Merchant Bank provides various services, including, but not limited to, the following:
- Account Services: Opening, maintaining, and closing of current accounts, savings accounts, and fixed-term deposits.
- Online Banking Services: Accessing account information, transferring funds, paying bills, and other banking operations.
- Mobile Banking Services: Accessing banking services via mobile application.
- Investment Services: Offering wealth management, advisory services, and investment products.
4. Account Opening and Eligibility
To open an account, you must provide all required documents, such as identification proof, address verification, and financial information. The Bank reserves the right to refuse account applications at its discretion.
- Eligibility Criteria: To open an account, you must be at least 18 years old and have legal capacity.
- Compliance: You must comply with the Luxembourg Anti-Money Laundering (AML) regulations, Know Your Customer (KYC) requirements, and other relevant laws.
5. Customer Responsibilities
You agree to:
- Provide Accurate Information: Ensure that all personal and financial details provided to the Bank are accurate and up to date.
- Security Measures: Maintain the confidentiality of your account credentials, such as PINs, passwords, and access codes.
- Notify the Bank of Issues: Immediately report any suspected fraud, unauthorized transactions, or discrepancies in your account.
6. Fees and Charges
The Bank may charge fees for certain Services, including account maintenance fees, transaction fees, wire transfer fees, and others. The Bank will provide a fee schedule, which can be updated periodically. You agree to pay any fees associated with your use of the Services.
7. Account Transactions
- Transaction Limits: The Bank may impose limits on the amounts or types of transactions that can be made through your account.
- Processing Times: Transactions may require a processing period depending on the type of service.
- Currency Exchange: If your transactions involve currency exchange, the Bank may apply exchange rates and service fees, which will be disclosed at the time of the transaction.
8. Privacy and Data Protection
- Data Collection: The Bank collects personal and financial data to provide Services to you. By using our Services, you consent to the processing of your data in accordance with the applicable Luxembourg Data Protection Law and the European Union's General Data Protection Regulation (GDPR).
- Data Sharing: The Bank will not share your personal information with third parties, except where required by law or for the provision of Services, such as with payment providers.
9. Liability
- Bank’s Liability: The Bank is not liable for any loss or damage arising from your use of the Services unless caused by gross negligence or willful misconduct.
- Your Liability: You are responsible for any unauthorized transactions resulting from a failure to maintain the security of your account credentials.
10. Termination of Services
- Voluntary Termination: You may close your account at any time by submitting a written request to the Bank.
- Bank’s Right to Terminate: The Bank reserves the right to suspend or terminate your access to Services if you breach these Terms and Conditions or engage in fraudulent activities.
11. Force Majeure
The Bank will not be liable for any failure or delay in performing its obligations due to events beyond its control, such as natural disasters, acts of government, war, or cyber-attacks.
12. Governing Law and Dispute Resolution
- Governing Law: This Agreement is governed by the laws of Luxembourg.
- Dispute Resolution: Any dispute arising from this Agreement will be resolved through arbitration or mediation in Luxembourg.
13. Amendments
The Bank reserves the right to amend these Terms and Conditions at any time. We will notify you of significant changes via email, postal mail, or by posting a notice on our website.
14. Contact Information
If you have any questions about these Terms and Conditions or require assistance, please contact us at:
United Merchant Bank
Website: [www.unitedmerchantbank.com
Disclaimer: This is a general and fictional draft for illustrative purposes. The final Terms and Conditions should be tailored to the specific operations of United Merchant Bank in Luxembourg, ensuring compliance with Luxembourgish laws and EU regulations, and should be reviewed by a legal professional to ensure accuracy and completeness.