Izola Saver Terms & Conditions

Introduction

These terms and conditions (hereinafter the “Terms and Conditions”) are applied to and govern the use of your Izola Saver Accounts (as defined in clause 2 below) and your Izola Saver + Accounts (as defined in clause 2 below). These Terms and Conditions, which may be amended as stipulated in clause 23, govern the relationship between Izola Bank p.l.c., whose registered office is at 53-58 East Street Valletta, Malta, company registration number C16343 and the client making use of the Izola Saver Accounts and/or the Izola Saver + Account (hereinafter referred to as the “Client” or “you”). 

These Terms and Conditions should be read in conjunction with the Izola Bank General Terms and Conditions and App Terms of Use. In the event of a conflict between the Izola Bank General Terms and Conditions and the Terms and Conditions, the Terms and Conditions shall prevail.

Definitions 

In these Terms and Conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

Account: means the Izola Saver Account or the Izola Saver+ Account, as the case may be.

Account Opening Form: means the online application form to be completed by the Client for the purposes of opening an Account with the Bank and accessible by the Client from the Website.

Bank, we or us: means Izola Bank plc, a public limited liability company with registration number C16343 and whose registered office is at 53-58 East Street Valletta, Malta. 

Business Day: means a day when the Bank is open for business in Malta.

Customer ID: means the eight-digit number assigned uniquely to you for the purpose of enabling you to logon to your Izola Saver Account. Your Customer ID is provided as soon as you have submitted the Account Opening Form. You will retain the same Customer ID if you open additional Izola Saver Accounts. If a joint account is opened, each Izola Saver Account holder will have his/her own unique Customer ID.

Eligible Institution: means a credit institution licensed to carry on the business of banking in Malta, Belgium or France.

EUR or €: means the lawful currency of any member state of the European Community that adopts or has adopted the euro (€) as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.

Initial Deposit: means a minimum amount of EUR 25.

Internet Banking: means the secure pages of our Website where you will have access to your Account/s. 

Izola Saver Mobile App: means the secure pages of our mobile application where you will have access to your Account/s. 

Izola Saver Account: means an online-only savings account with a variable rate of interest held by the Bank in the Client’s name in accordance with the Terms and Conditions.

Izola Saver+ Account: means an online-only fixed term deposit account held by the Bank in the Client’s name in accordance with the Terms and Conditions.

Help Centre: means the support staff of the Bank who may be reached by telephone, chat or email. Our Help Centre is open from Monday to Friday (08:00 hrs to 17:00 hrs CET) on Business Days.

Principal Account: means an existing bank account held in your name with an Eligible Institution established in Malta, Belgium or France, depending on your residency, and designated as your ‘Principal Account’. You will be asked to enter the International Bank Account Number (IBAN) number of this bank account during your Account Opening Form.     

Security Information: means the Customer ID, and secret question/answer referred to in clause 5

SEPA Direct Debit:  means the mandate form authorising the Bank to send a direct debit request to your Eligible Institution with which the Principal Account is held and requesting such Eligible Institution to debit your Principal Account and transfer funds to your Izola Saver Account.

Website:  means www.izolabank.com or any other website that may be notified from time to time by the Bank to the Client.

Information on your Izola Saver Account 

3.1       Eligibility

1. To be eligible to open an Izola Saver Account you must have a Principal Account opened with an Eligible Institution in your name in the case of an individual account or, in the case of a joint account, in the names of both joint account holders. If for any reason the Principal Account is closed, you will need to inform us immediately and provide us with an alternative Principal Account.

2. The Izola Saver Account is available as an individual or joint account, provided that joint account holders are two natural persons. The Izola Saver Account is not available for companies and other bodies corporate, trusts or charities.

3. Persons wishing to open an Izola Saver Account must be at least eighteen years old.

4. Opening of your Izola Saver Account is subject to a minimum opening deposit equal to the Initial Deposit. You must always leave a minimum balance equal to the Initial Deposit on your Izola Saver Account. There is no upper limit on the balance you can hold in your Izola Saver Account.

5. The Izola Saver Account is denominated in the euro currency (EUR) only.

6. There is no limit as to how many Izola Saver Accounts you can open as long as each Izola Saver Account is linked to a Principal Account.

3.2       Interest

1. The interest rate on your Izola Saver Account is variable so it can be changed at any time at the Bank’s discretion. The applicable interest rate on your Izola Saver Account is available from the Website. We will notify you of any change in the interest rate on the Izola Saver Account by sending you an email and by posting the new interest rate on the Website. 

2. Interest is calculated on a 360-day basis on the daily outstanding balance on your Izola Saver Account at the end of the day and is credited annually to your Izola Saver account on 31st December or on the day when the Account is closed.

3. Interest will be paid gross (without tax being deducted) or net (with tax being deducted) depending on your choice in the Account Opening Form. You need to be resident in Malta for tax purposes in order to be able to receive interest net of tax. 

4. If withholding tax is not deducted on interest payments, the Bank will inform the Commissioner of Inland Revenue of the amount of interest paid to you in accordance with the Income Tax Act (Cap. 123 of the laws of Malta) or the European Union Savings Directive (Council Directive 2003/48/EC of 3 June 2003).

5. The Bank offers banking services in three countries: Malta, Belgium and France. We set our interest rates depending on market conditions prevailing in each of these countries. The interest rate applicable to your Izola Saver Account will depend on your country of residence.  

3.3       Statements

You will receive an annual paper statement of your Izola Saver account after each year end which will list all transactions into or out of the account for the preceding 12-month period. You are obliged to review this statement carefully and inform us immediately of any inaccuracies. We will promptly investigate and rectify any mistakes which may have occurred. If you do not contact us with any objection within 60 days from dispatch to you of the statement, we will assume that you have accepted the contents of this statement.

3.4       Fees and Charges

There are no fees or charges for opening or maintaining an Izola Saver Account.

Opening an Izola Saver Account

1. To open an Izola Saver Account you must complete the Account Opening Form and provide the Bank with a copy of the identity card of each account holder and a recent proof of address which was issued within the last six months. This can be a utility bill such as a water & electricity /or gas bill or perhaps a bank statement which clearly indicates your permanent residential address and is in your name.

2. You must also make an Initial Deposit from your Principal Account. 

3. The Izola Saver Account opening process will only be finalised once all account opening checks have been completed by us and the Initial Deposit is received. If we cannot successfully carry out these checks within 30 days of receipt of your application to open the Izola Saver Account, we may reject your application to open an Izola Saver Account and return your Initial Deposit to the Principal Account.   

4. Once all account opening checks are completed to our satisfaction, the process leading to the activation of your Izola Saver Account will be commenced in accordance with clause 5 below.

Activation of your Izola Saver Mobile App and Internet Banking 

1. Once your Izola Saver account is opened, you be provided with your Customer ID. You will also receive an activation email on the email address specified by you in the Account Opening Form which contains a link to App Store and Google Play to download the Izola Saver Mobile App. The activation email will also contain your activation code, and a link to the logon screen of our Internet Banking.
2. To activate our Izola Saver Mobile App you need to download and install the Izola Saver Mobile App on your mobile. You will then need to access the logon screen and input both the Customer ID which was provided to you during Account Opening Form, and the activation code which was provided to you in the activation email. You will then be asked to select and confirm a pin code of your choice.
3. To sign up to our Internet Banking you need to go to the logon screen on the Bank’s Website and follow either of the following instructions:

• Enter both your Customer ID and your access code. The access code is a one-time password (OTP) generated by the Izola Saver Mobile APP. To generate the access code, you need to logon to your Izola Saver Mobile App and go to the QR icon.  

or

1. Simply access the QR code scanner from your Izola Saver Mobile App and place it in front of the QR code generated by the Internet Banking System. 
2. Once you access the Internet Banking or Izola Saver Mobile App you acknowledge and agree that all transactions you enter and confirm cannot be cancelled or revoked. 

 Payments into and out of your Izola Saver Account 

6.1       Incoming Payments

1. The Bank will only accept a deposit of funds into the Izola Saver Account by a transfer from the Principal Account. Any funds received by the Bank for the credit of an Izola Saver Account which are not originating from the linked Principal Account will be immediately returned to the originating account. We will always advise you of rejected funds. No cash or cheque deposits are accepted.  
2. Incoming funds will be credited to the Account on the day of receipt. Funds received after 14:00 CET will be credited to the account on the next business day.
3. At our discretion we may refuse to accept a payment received for the credit of your Izola Saver Account in which case we will reject the relevant deposit and return the funds to the originating Principal Account. We will advise you of all such rejections. 
4. You can use the Internet Banking itself to transfer funds into your Izola Saver Account by using a SEPA direct debit. During the online application process (or even later, once you have opened your Izola Saver Account), you can sign a SEPA direct debit mandate authorising the Bank to send a direct debit request to your bank to debit your Principal Account and transfer funds to your Izola Saver Account.
5. Once your SEPA direct debit is set up you need only to enter the amount you wish to transfer from your Principal Account and confirm the transaction. The Bank will send a direct debit request for you to your bank to transfer those funds to your Izola Saver Account. There is no charge for this transfer. 
6. If you use this method of transferring funds to your Izola Saver Account, you must allow nine weeks to elapse before you can transfer these funds out of your Izola Saver Account for whatever reason. This is due to SEPA (Single European Payment Area) direct debit terms and conditions.

6.2       Outbound Payments

1. You can make a withdrawal from your Izola Saver Account only by transferring funds back to the Principal Account. 

2. You can withdraw all the funds available on your Account except for the minimum amount equal to the Initial Deposit.

3. We will affect all your payment transfer instructions by SEPA Credit Transfer (SCT). You should allow up to one business day for the funds to be credited to your Principal Account. 

4. If you enter your transfer instruction on Internet Banking after 14:00 CET on a business day, or on a day which is not a business day, then the transfer will be affected on the following business day. 

5. At our discretion we may refuse to accept a payment transfer request. We will advise you of all such refusals. 

Information on your Izola Saver+ Account

7.1       Eligibility

1. An Izola Saver+ Account is a term deposit account which you may open online through Internet Banking or Izola Saver Mobile App once you have already opened your Izola Saver Account. You may open Izola Saver+ Accounts for periods from a minimum of 1 up to 5, 7 and 10 years.  You can choose to have your interest paid quarterly, six monthly or annually.

2. A minimum amount of EUR 500 is required to open an Izola Saver+ Account.    

3. Once you have opened an Izola Saver+ Account you may not terminate such term deposit prior to its agreed maturity. The principal amount will be available only on the maturity of the term deposit. 

7.2       Interest

1. Interest is calculated on a 360-day basis and is paid into the Izola Saver Account you selected as the source account when you opened the Izola Saver+ Account.

2. The interest rate on your Izola Saver+ Account is fixed for the period you selected when opening your term deposit. The Bank may however change the interest rates for Izola Saver+ Accounts at its discretion. We shall advise you of all changes in term deposit interest rates by email or by posting these changes on the Website. Any change in rates will not affect any existing Izola Saver+ Accounts but will affect any new Izola Saver+ Accounts which may be opened after the change in interest rate is made known to you as aforesaid.

3. The Bank offers banking services in three countries: Malta, Belgium and France. We set our interest rates depending on market conditions prevailing in each of these countries. The interest rate applicable to your Izola Saver+ Account/s will depend on your country of residence.  

4. Interest will be paid gross (without tax being deducted) or net (with tax being deducted) depending on your selection in the Account Opening Form when you opened the related Izola Saver Account. You need to be resident in Malta for tax purposes in order to be able to receive interest net of tax. 

5. If withholding tax is not deducted on interest payments, the Bank will inform the Commissioner of Inland Revenue of the amount of interest paid to you in accordance with the Income Tax Act (Cap. 123 of the laws of Malta) or the European Union Savings Directive (Council Directive 2003/48/EC of 3 June 2003).

7.3       Statements

We will not issue any confirmations on the opening of Izola Saver+ Accounts. You can view your Izola Saver+ Accounts from the “Account Overview” screen through our Internet Banking or Izola Saver Mobile App. All accounting entries in relation to your Izola Saver+ Account can be seen through our Internet Banking or Izola Saver Mobile App in the “Transaction History” screen, or on the annual statement provided for the Izola Saver Account you selected as the source account when you opened the Izola Saver+ Account. 

7.4       Fees and Charges

There are no fees or charges for opening or maintaining an Izola Saver+ Account.

Opening an Izola Saver+ Account 

1. You must logon to Internet Banking and click on the tab “Create Term Deposit” to open the page “Create Term Deposit Account”. You will need to select the Izola Saver Account from which the funds will be transferred to create the term deposit, enter the amount of your deposit, select the duration, and select (if applicable) when you to want to receive your interest (quarterly, six monthly or on an annual basis). Alternatively, you can log on to Izola Saver Mobile App, go to “Create Term Deposit”, select the Izola Saver Account from which the funds will be transferred to create the term deposit, enter the amount of your deposit, select the duration, and select (if applicable) when you to want to receive your interest (quarterly, six monthly or on an annual basis).

2. Once you have confirmed the transaction, the Izola Saver+ Account will be immediately opened. You can view the Izola Saver+ Account details in the “Account Overview” section of Internet Banking or Izola Saver Mobile App. The EUR 25 initial deposit on the Izola Saver account will be blocked and cannot be used. This amount will only be returned if the account is closed.

Payments into and out of your Izola Saver+ Account

1. As mentioned in clause 7.1, a minimum amount of EUR 500 is required to open an Izola Saver+ Account. No further payments into the relevant Izola Saver+ Account may be made once the Izola Saver+ Account is opened. On maturity of the term deposit or when interest payments are due, all amounts are paid directly to the Izola Saver Account you selected when opening the Izola Saver+ Account. 

2. You will not be advised when your term deposit has matured. The maturing principal amount and related interest will automatically be credited to the Izola Saver Account you originally selected to open the Saver+ Account.

3. No payments can be made out of this Account.

Joint Accounts

1. Two customers applying to open the same Account are deemed to be joint Account holders.

2. Customers who are joint Account holders acknowledge and agree that they shall be jointly and severally liable for any obligation incurred on the Account/s.

3. Each joint Account holder has their own Customer ID and can log on to Internet Banking or Izola Saver Mobile App. Either joint Account holder can send us valid instructions. In other words, the Bank will accept instructions through Internet Banking or Izola Saver Mobile App from either joint Account holder to transfer funds, open a term deposit account or to close an Account/s without any reference to the other joint Account holder.

4. Similarly, the Bank may provide any information on your joint Izola Saver Account or Izola Saver+ Account to either joint Account holder. Additionally, Joint Account holders agree and authorise the Bank to act on information given by either of the Joint Account holders.

5. Correspondence sent by post shall be sent to the mailing address of the First Account Holder indicated in the Account Opening Form and is deemed to be a valid and final notification to both joint Account holders.

6. In the event the Bank is notified in writing that one of the joint Account holders has died, the Bank shall take instructions relating to the Account/s jointly from the heirs/legatees of the deceased and the surviving Account holder. All payments made from the Account/s before receipt of the written notice of death will be valid and binding on the heirs/legatees and the surviving Account holder.

Your Commitment to Us  

• You shall inform us immediately, by contacting our Help Centre of any changes to your personal details submitted in the Account Opening Form.
• It is your responsibility to keep your Security Information and pin code safe. 
• You must not reveal your Security Information to anyone except when you contact our Help Centre.
• You must not give your pin code to anyone. You will never be asked for your pin code when contacting our Help Centre. 
• You must keep your Customer ID and pin code separate at all times.
• You must notify the Help Centre immediately of any unauthorised access to Internet Banking, Izola Saver Mobile App or any unauthorised transaction or instruction which you know of or suspect.
• If you are a politically exposed person or related to or closely associated with a politically exposed person you are required to declare this on the Account Opening Form. You also undertake to advise us if you become a politically exposed person or someone related to you or closely associated with you become a politically exposed person at any time subsequent to the opening of your Izola Saver Account/s.
• You must always provide Izola bank with any new ID / Passport copies as well as new proof of address, should this change.

Security

We will do our utmost to prevent unauthorised access to your Izola Saver Account. We reserve the right to immediately block all access to your Izola Saver Account if we have reason to believe there has been, or there is a real threat of, an attempt at unauthorised access.

You must read the Security page  before accessing Internet Banking. You recognise that Internet Banking is accessed via the internet which is a public system over which we have no control. It is your duty to ensure that any computer, tablet or other device which you use to access Internet Banking is free from and adequately protected against computer viruses.

We will not be responsible for any loss or damage to your software, computer, computer networks, data or other equipment caused by using Internet Banking or Izola Saver Mobile App, unless such loss or damage is directly and solely caused by the Bank’s gross negligence. 

Procedure if you forget your Customer ID or Personalised PIN code

You should contact our Help Centre. The Bank’s staff will ask you a few questions to verify your identity. If the answers are correct, the Bank’s staff will provide you with your Customer ID and you will receive an email with a new activation code.

Disruption of Service

We have to suspend Internet Banking access from time to time in order to carry out routine or emergency maintenance work. We shall always endeavour to give you advance notice of any interruption in service by means of a notification on the Website or by sending you an email.

Communication

We agree to communicate by phone, email, chat or by post. Our mailing address is  Izola Bank p.l.c., 58 East Street, Valletta VLT1251, Malta.  We will contact you using the most recent phone, email or postal address you provided. You undertake to inform us immediately of any change to these details by contacting our Help Centre.    

Liability

To the fullest extent permitted by law, and except to the extent that loss or damage is caused directly by the Bank’s gross negligence or wilful misconduct, the Bank shall not be liable to you for any loss or damage that you may suffer as a result of the use of the Bank’s products or the Bank’s services. In particular, but without limiting the generality of the foregoing, the Bank will not be liable for the delay in performing or failure to perform the obligations hereunder if the delay or failure results from events or circumstances outside the Bank’s reasonable control.

The Bank shall not be liable for any loss or damage caused to you resulting directly or indirectly from events of force majeure or measures taken by local or foreign legal or regulatory authorities.

The Bank shall not be liable for any direct or indirect loss of profit, goodwill, business, nor for any indirect or consequential loss or damage.

Indemnity

You shall indemnify and hold the Bank harmless from any loss or damage suffered by any person as a result of your breach of any of these Terms and Conditions.

Confidentiality and Data Protection

The Bank shall not communicate to a third party any confidential information relating to you, your assets, or the income and profits generated by the assets held in accounts, unless you have expressly authorised it to do so or as required by law.

The Bank will not be held responsible for divulging confidential information about you or your Izola Saver or Izola Saver+ Account/s to an unauthorised person over the phone if such person is able to supply us with the information, we would normally request to identify you such as the secret answer to a question and other personal information.

During the supply of the services specified in these Terms and Conditions, the Bank may process your personal data according to the requirements of the Data Protection Act (Cap. 440 of the Laws of Malta). You may have disclosed such data to the Bank in any manner and primarily through completion of the Account Opening Form or other forms. Any processing of your personal data will be used for the following purposes:

1. To manage the Account(s);
2. To provide you with account balances;
3. To issue you with a relevant correspondence and provide the required products and services;
4. For internal assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and for the purposes of developing and improving the Bank’s products and services;
5. For the detection and prevention of fraud and other criminal activity which the Bank is bound to report to competent crime investigative and prosecuting authorities or other bodies;
6. For direct marketing, such as to inform you by mail, telephone or email about other products and services supplied by the Bank, and for research purposes, with your consent.

As permitted or required by law, the Bank may disclose your information to Governmental bodies and agencies or regulators. Personal data in relation to transactions effected via SWIFT (Society for Worldwide Interbank Financial Telecommunication) may be required to be disclosed to the United States authorities in order to comply with legal requirements applicable in the United States for the prevention of crime.

Your personal data may be disclosed to or exchanged with all employees of the Bank, its associates and agents for the above purposes only and according to the rules of the data protection regulations issued by the Bank.

You have the right to request the Bank to inform you about your personal data held and processed and to request its correction where necessary. Furthermore, following the opening of an Account and during the course of the relationship between you and the Bank, you may, by accessing our internet banking, modify your preferences and  request the Bank to refrain from using your details for the purposes of direct marketing.

Whilst the Bank may periodically request you to re-confirm your data, you should inform the Bank immediately if such data has changed.

Complaints

Complaints may be sent to us by regular postal letter or by email via our Help Centre. We will try and resolve your complaint as soon as possible and we shall employ our best efforts to provide a reply to all complaints within a maximum period of two working days. In any event, if a complaint requires the divulging of Account details, the Bank shall, for security reasons, reply through the normal postal mail. When lodging a complaint, you should supply the Bank with as many details as possible.

In the event you are not satisfied with our reply you may refer the matter to the Arbiter for Financial Services by writing to:

Office of the Arbiter for Financial Services,

First Floor, St Calcedonius Square,

Floriana, FRN5130,

Malta

Or by visiting the Arbiter for Financial Services website

Money Laundering

You certify that the assets placed or to be placed in the Account are or shall be the product of legitimate activity, and that the Account shall not be used for money laundering purposes.

The Bank shall not accept any liability for the transmission of information of whatever nature to the FIAU (Financial Intelligence Analysis Unit) Malta on its own initiative or on request.

Depositor Compensation Scheme

All Izola Saver Accounts and Izola Saver+ Accounts are eligible for cover by the Depositor Compensation Scheme.

The Bank is a participant in the Depositor Compensation Scheme as established in terms of the Depositor Compensation Scheme Regulations (Legal Notice 369 of 2003) as amended. Subject to the conditions imposed by the Scheme, balances on accounts denominated in Euro or in any other currency of an EEA State held with the Bank are guaranteed up to a maximum of EUR 100,000 or its equivalent in any other EEA currency per person. More information can be obtained from www.compensationschemes.org.mt.

Miscellaneous 

Information provided in the Terms and Conditions is general in nature and does not take into account your financial situation or investment requirements. Nothing in these Terms and Conditions or any other documentation supplied by the Bank to you should be construed as a solicitation, offer or recommendation, to acquire or dispose of any investment, product or service or to provide any investment advice or service. Nothing contained in any aforementioned documentation constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

You irrevocably authorise the Bank to correct errors or reverse any entries on your Account made in error, automatically and without prior notice or authorisation.

Termination 

We shall assume that the relationship established between us shall persist until you advise us that you wish to terminate such relationship or, in the case of individual customers, that you are deceased. In the latter case, the Bank shall take instructions relating to the Account/s from the heirs/legatees of your estate. We will need to establish the proper entitlement and authority of such person/s, at your expense, and shall not be bound to act until such time as we are satisfied with such entitlement and authority. All payments made from the Account/s before receipt of the written notice of death will be valid and binding on the heirs/legatees.

We reserve the right, at our sole discretion to terminate the provision of any Account/s at any time by sending you a notice in writing specifying the date on which such termination shall take place. We shall provide you with reasonable notice of our intention to terminate the provision of your Account/s and in all cases such notice shall not be less than sixty days.

Unless required to do so under any legal or statutory requirement, we will not close an existing Izola Saver+ Account prior to the maturity of the relevant Account. 

Transferability 

Any Account opened with the Bank is not transferable, unless this is transferred causa mortis upon your decease, or unless we give our prior written consent thereto. We may also transfer your Account when we are required to do so in terms of any applicable law, or when we are ordered to do so by any competent court, tribunal, or administrative body, provided that in any of these cases we may, at our sole discretion, terminate any of your Accounts in accordance with clause 22.

Amendments to Terms & Conditions 

The present Terms and Conditions may be amended by the Bank at any time.

You shall be advised by the Bank through email or regular postal letter of any amendment to the Terms & Conditions.

Unless legal or statutory requirements specify otherwise, the amended Terms & Conditions shall enter into force sixty days after the date of the notification.

Each of the provisions of these Terms and Conditions is severable from the others, and if at any time any one or more of such provisions, is or becomes illegal, invalid or unenforceable, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.

Information on Izola Bank 

Izola Bank p.l.c. is a credit institution established as a public limited liability company under the laws of Malta and registered with the Maltese Registrar of Companies with company registration number C16343 and with its registered address at 53-58 East Street Valletta. 

The Bank’s main business is the provision of banking services and Izola Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority, Notabile Road, Attard, BKR4000, Malta, website: www.mfsa.com.mt. 

The Bank’s principal place of business is 53-58 East Street Valletta, Contact Details: +356 21241258 and this is also the contact address for the purpose of your Account agreement with the Bank.

Right of Withdrawal 

You may withdraw from your agreement within 14 days of the date on which the Account is opened by giving the Bank written notice of your wish to close the Account and cancel the agreement. To give effect to your right to cancel, you should write or deliver a letter to the Bank. If you do not exercise this right to cancel, the Bank will assume you agree to continue to be bound by the terms and conditions of the agreement. This right to cancel only applies where all aspects of the Account application process have taken place away from the business premises of the Bank.

Distance of Selling Regulations 

Certain information contained in the Terms and Conditions is relevant to you only if you are dealing or have dealt with us at a distance, e.g. over the internet, by email, by telephone, by post and by other non-face-to-face means. This information is supplied to you in accordance with the Bank’s obligations under the Distance Selling (Retail Financial Services) Regulations of 2005 issued by Legal Notice 36 of 2005, as amended by Legal Notice 116 of 2006. These regulations are only applicable to consumers, that is, customers whose Account is of a personal, and not business, nature.

Governing Law

The present Terms and Conditions and, unless agreed otherwise, all the Bank’s and your rights and obligations shall be subject to Maltese law. The Courts of Malta shall have exclusive jurisdiction over all claims or disputes arising in the event of litigation

​​Izola Pro Terms and Conditions

Introduction

These terms and conditions, which are liable to amendment as stipulated in Article 25, govern the relationship between Izola Bank p.l.c., whose registered office is at 53-58 East Street Valletta, Malta, company registration number C16343 (hereinafter referred to as the ‘Bank’) and its Izola Pro clients (hereinafter referred to as the ‘Clients’), subject to provisions to the contrary arising from agreements or specific conditions that prevail over those of the present text.

By applying for and making use of the Bank's products and services, the Client accepts the provisions of the Izola Pro Terms and Conditions and the App Terms of Use, as may be amended from time to time.

These conditions shall be valid for all  Izola Pro Clients, whether they are private individuals or legal entities. All Clients who are private individuals, by submitting an Account Opening Form, warrant to the Bank that all Instructions submitted to the Bank shall be exclusively related to the performance of their professional/business activities or trade. If any of these provisions infringes a legal or statutory provision that protects a specific category of person, the relevant provision in these Izola Pro Terms and Conditions shall be deemed not to apply. The Bank’s products and services may be subject to separate specific terms and conditions that govern their use.

Definitions

In these Izola Pro General Terms and Conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

Account: means any account/s held by the Bank in the Client’s name subject to the Izola Pro service.

Account Opening Form: means the online application form to be completed by the Client for the purposes of opening an Account with the Bank and accessible by the Client from the Website.

Address: means the Client’s address, that is, (a) the residence/registered office of the Client indicated in the Account Opening Form, (b) any other address indicated by the Client in the Account Opening Form as a correspondence address, or (c) in the event of a change to the address, any address Notified by the Client to the Bank.

Bank, we or us: means Izola Bank plc, a public limited liability company with registration number C16343 and whose registered office is at 53-58 East Street Valletta, Malta.

Client: means the person, whether an individual or a corporate entity, who has submitted an Account Opening Form to the Bank, which has been accepted by the Bank, and for whom the Bank has opened an Account.

Day: means a day on which the Bank opens for business in Malta.

Internet Banking: means the secure pages of our Website where you will have access to your Account/s. 

Instructions: means all payments, instructions, orders, applications, other declarations of interest and messages submitted by the Client to the Bank through the Internet Banking or the Izola Pro Mobile APP after entering the Client’s security number or numbers. Unless otherwise agreed the security number or numbers will be generated by Izola Pass.

Internal Electronic Mail: means the secure electronic-messaging system made available on the Internet Banking by the Bank for the Client.

Izola Pass: means the mobile token app, made available by the Bank for download on the Apple or Google stores, that is used to generate the security number or numbers which in effect is a one-time password (OTP) to allow the Client to logon or sign transactions on the Internet Banking.

Izola Pro Mobile APP: means the secure pages of our mobile application where the Client will have access to the Account/s. 

Notification: means any correspondence sent by the Bank to the Client, or vice versa, in accordance with the provisions of Article 5 and ‘Notify’ and ‘Notified’ shall be construed accordingly.

Operations: means any transaction of any nature concluded between the Bank and the Client in relation to the Bank’s products and/or services.

Principal Account Holder: means the account holder or holders so designated in the Account Opening Form.

Van Marcke: means the companies that are part of the Van Marcke group.

Website:  means www.izolabank.com or any other website that may be notified from time to time by the Bank to the Client.

Electronic Banking Services

The Bank provides its products and services to Clients in accordance with these Izola Pro Terms and Conditions exclusively electronically and primarily via its Website.

Opening an Izola Pro Account

1. In order to open an Account with the Bank, the Client must: (a) duly complete the Account Opening Form so that it contains an accurate and comprehensive response to all the questions asked by the Bank, (b) attach to the said form all documents requested by the Bank, (c) Notify such documents to the Bank in accordance with the instructions set out in the Account Opening Form. The Client is obliged to inform the Bank of any major alterations (such as change of address) to any information submitted to the Bank in the Account Opening Form. These alterations shall be applicable to the Bank within seven (7) days of receipt of Notification by the Bank. The Bank shall assume that the information communicated to it is always correct and up to date. In addition, the Client shall Notify the Bank, when entering a relationship with the Bank or subsequently, of any other information that the Bank may reasonably request, for example for the purposes of allowing the Bank to fulfil its Client identification obligations.
2. The contract with the Bank shall be concluded and the Account opened with effect from the moment when the Bank accepts the Account Opening Form. Acceptance shall only be deemed to have occurred when (a) the account number is Notified by the Bank to the Client and (b) the Client’s identification documents have been verified by the Bank. The Bank shall not be required to decide on the opening of an Account within a specified period. The Bank shall have the right, without being required to justify its decision, to refuse to open an Account for any person or corporate entity.
3. The Bank shall not accept physical payments in cash into an Account opened with the Bank.

Activation of Izola Pass

Following the completion of the appropriate Account Opening Form, the Bank shall provide the Client a card and instructions to download Izola Pass onto the Client’s mobile phone or other device from either Apple or Google stores. The Client may activate Izola Pass on a maximum of two devices ( for example on two mobiles or a mobile and tablet). The Client will be advised to contact the Bank by phone once the app is downloaded in order to activate the app. The Client will be provided with an activation code and an initial PIN code. During the activation process the Client will have to change the initial PIN and personalize it. Usage of the cards shall be subject to separate terms and conditions.

Activation of Izola Pro Mobile APP

Following the completion of the appropriate Account Opening Form, the Bank shall provide the Client instructions to download Izola Pro Mobile onto the Client’s mobile phone or other device from either Apple or Google stores. The Client will be advised to contact the Bank by phone once the app is downloaded in order to activate the app. The Client will be provided with an activation code and an initial PIN code. During the activation process the Client will have to change the initial PIN and personalize it. 

Notification/communication between the Bank and Client

• The Bank and its Clients shall exchange any Notification by the various means of communication listed in Article 7 (ii) below for Notifications made by the Bank, and Article 7 (iii) below for Notifications made by Clients. Notwithstanding the above, it is agreed and accepted by the Bank and the Clients that Notification shall ordinarily occur by Internal Electronic Mail.
• The Bank shall communicate with Clients by means of any of the following: (a) by Internal Electronic Mail sent to the Client’s mailbox, (b) by notice posted on the Internet Banking, (c) by e-mail sent to the Client’s e-mail address as indicated on the Account Opening Form, (d) by regular postal letter sent to the Address.
• The Client shall communicate with the Bank by means of any of the following: (a) instructions submitted by the Client through the Internet Banking after entering the Client’s security number or numbers, (b) by Internal Electronic Mail (c) by filling in the message forms available on the Bank’s Website (d) by e-mail sent from the Client’s e-mail address as indicated on the Account Opening Form to the Bank’s e-mail address as indicated on the Website (e) by regular postal letter sent to the Bank.
• Communications by Internal Electronic Mail shall be presumed to have been received by the addressee on the date on which they are sent. Communications by ordinary postal letter shall be presumed to have been received on the tenth Day following the day of dispatch.
• The Client may also Notify certain events e.g. loss of cards, to the Bank’s e-mail address from the Client’s e-mail address as indicated on the Account Opening Form or on the phone number indicated in the Account Opening Form and on the Website.
• The Bank may Notify certain events eg. a failed transaction on the Internet Banking, to the Client’s e-mail address as indicated on the Account Opening Form.
• The Bank may, without liability to the Client, at any moment, subject to an ordinary advice on the Website, and especially for reasons of security and confidentiality, restrict or suspend Clients' rights to use any of the above-mentioned means of communication other than regular postal letter. This decision may be taken generally for a number of Clients or for all Clients, or individually, in which case the above-mentioned advice shall be sent to the Client's e-mail address as indicated on the Account Opening Form.  

Tariffs, Charges and Duty

• The tariffs and charges charged by the Bank for its products and services shall be those displayed on the Website and Notified to the Client through Internal Electronic Mail and/or to the Client’s e-mail address as indicated on the Account Opening Form.
• The tariffs and charges charged by the Bank for its products and services may be altered, increased, limited or extended at any time by the Bank subject to a notice Notified through on the Website, and/or Internal Electronic Mail and/or to the Client’s e-mail address as indicated on the Account Opening Form to the Client two months in advance. In this event, the Client shall have two (2) months from the day of Notification to withdraw from the contract at no cost. Non-withdrawal shall imply acceptance by the Client of the amended tariffs and charges.
• The tariffs and charges charged by the Bank for its products are based on the tariffs and charges in force on the date the Bank carries out the service or provides the product. The Client shall ensure that he is aware of the service fees, commissions and charges prior to the conclusion of the service required or provision of product.
• Certain products and services provided by the Bank may be subject to duty payable in terms of Maltese Law. Details of any duty payable shall be posted on the Website. Changes to duty payable shall also be posted on the Website and Notified to the Client.

Payments and Interest

• The Bank is entitled to debit the Account, with all tariffs, charges and expenses due to the Bank as well as any sums it is legally required to take in relation to Operations, including but not limited to any applicable taxes and duties and any and all debit interest due.
• The interest rates payable on current accounts and savings accounts shall be available in the document entitled ‘Interest Rates’ posted on the Bank’s Website. Changes in interest rates shall be Notified by the Bank to the Client and shall come into effect upon the date specified in the publication of any such Notification. In this event, the Client shall have sixty (60) days from the day of Notification to withdraw from the contract at no cost.
• The interest rates applicable on term deposits shall be calculated based on market conditions prevailing at the time of the opening of the deposit, and the Bank shall advise the Client of the applicable interest rate on opening of the deposit. Exchange rates shall also be calculated based on market conditions prevailing at the time of the request for a foreign exchange transaction.
• Credit interest on term deposits shall be credited to the Account, on maturity of the deposit, in the same currency as the currency of the Account.
• The Client may choose to close a term deposit prior to the maturity of the deposit. In any such case, penalty interest may, at the Bank’s discretion, be applicable and if the Bank elects to impose penalty interest the calculation of the penalty interest shall be made available to the Client.
• The term “value date” within the meaning of the present Izola Pro Terms and Conditions is understood to mean the date from which the sums credited or debited on an Account begin or cease to bear interest. The value date for transfers in defined currencies other than the Euro shall depend on the currency, the operation, the correspondent and the place of origin or destination. Transactions in defined currencies other than the Euro are carried out by the Bank on the basis of the spot value date, that is, two (2) Days after the transaction date.

Third Party Information Products and Services

The Internet Banking may contain hyperlinks to third party websites. The publication of hyperlinks on the Internet Banking does not imply that the Bank necessarily agrees with the content of such third-party websites. In addition, the Bank accepts no responsibility or liability for the accuracy of material contained on third party websites. The Bank shall not be liable to the Client for any loss or damage resulting from the Client’s accessing third party websites, whether or not the Client accesses such websites through hyperlinks posted on the Internet Banking.

Liability

• To the fullest extent permitted by law, and except to the extent that loss or damage is caused directly by the Bank’s gross negligence or wilful misconduct and subject to the provisions of Articles 14 and 22 below, the Bank shall not be liable to the Client for any loss or damage that the Client may suffer as a result of the use of the Bank’s products or the Bank’s services. In particular, but without limiting the generality of the foregoing, the Bank will not be liable for the delay in performing or failure to perform the obligations hereunder if the delay or failure results from events or circumstances outside the Bank’s reasonable control.
• The Bank shall not be liable for any loss or damage caused to the Client resulting directly or indirectly from events of force majeure or measures taken by local or foreign legal or regulatory authorities.
• The Bank shall not be liable for any direct or indirect loss of profit, goodwill, business or anticipated savings nor for any indirect or consequential loss or damage.
• The Bank cannot be liable for any damages, direct or indirect, which are due to the functioning of the Client’s equipment or to deficiencies and errors attributable to the provider of the electronic communications network and services, being a third party, or to the interruption and breakdown of services that are not under the Bank’s direct control.
• The Bank reserves the right to modify, suspend or discontinue, temporarily or permanently, the use of the Website or Internet Banking, with or without notice, during downtime (i.e. during such times, whether scheduled or unscheduled, when the Bank's systems, whether in whole or in part, are shut down for maintenance purposes). The Client agrees that the Bank shall not be liable for any such modification, suspension or discontinuance of the use of the Internet Banking or Website.

Indemnity

The Client shall indemnify and hold the Bank harmless from any loss or damage suffered by any person as a result of the Client’s breach of any of these Izola Pro Terms and Conditions or of the Client’s use of the Internet Banking or of any function thereof in a way violating these Izola Pro Terms and Conditions.

Confidentiality and Data Protection

• If the Client obtains access to any programs accidentally, data or other information which belong to the Bank or any of the Bank’s agent/s, the Client agrees to treat such programs, data and information as confidential and agrees not to disclose or make use of any of them (or any part of them) and will Notify the Bank immediately.
• Without prejudice to point (iii) or (iv) of this Article, the Bank shall not communicate to a third party any confidential information relating to its Clients, their personal identification numbers, their assets, or the income and profits generated by the assets held in accounts, unless the Clients have expressly authorised it to do so.
• During the supply of the Internet Banking or Izola Pro Mobile services specified in these Conditions, the Bank may process personal data of the Client according to the requirements of the Data Protection Act (Chapter 440 of the Laws of Malta). The Client may have disclosed such data to the Bank in any manner and primarily through completion of the Account Opening Form or other forms. Any processing of the Client’s personal data for the supply of the Internet Banking service will exclusively serve the following purposes:

(a) To provide the use of the Website;

(b) To manage the Account(s);

(c) To issue the Client statements and provide the required products and services;

(d) For internal assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and for the purposes of developing and improving the Bank’s products and services;

(e) For the detection and prevention of fraud and other criminal activity which the Bank is bound to report to competent crime investigative and prosecuting authorities or other bodies;

(f) For direct marketing, with the Client’s prior consent, such as to inform the Client, by mail, telephone, fax, e-mail or other electronic means, about other products and services supplied by the Bank, its associates, agents and by other carefully selected third parties, and for research purposes. 

(g) For provision of services, the Client explicitly agrees that the Bank may disclose to third parties’ details, namely, the Client’s name, address, contact details, account and/or card number/s in cases where the Bank has engaged such third parties for the purposes of providing services to the Bank and/or the Client. In this case, the Bank shall use all reasonable endeavours to ensure that these third parties will process the Client’s personal data with at least the same degree of diligence and according to the data protection rules set forth in these clauses.

• As permitted or required by law, the Bank may disclose the Client’s information to Governmental bodies and agencies or regulators.
• Client’s personal data may be disclosed to or exchanged with all employees of the Bank, its associates and agents for the above purposes only and according to the rules of the data protection regulations issued by the Bank.
• The Client has the right to request the Bank to inform him about his personal data held and processed and to request its correction where necessary. The request will be sent to the Bank by regular postal letter. Furthermore, following the opening of an Account and during the course of the relationship between the Bank and the Client, the Client may, by regular postal letter sent to the Bank, request the Bank to refrain from using his details for the purposes of direct marketing.
• Whilst the Bank may periodically request the Client to re-confirm his data, the Client should inform the Bank immediately if such data has changed.

Security Notice

• Every reasonable precaution has been undertaken to ensure that the Bank’s systems are as secure as possible, but the Bank cannot guarantee the privacy or confidentiality of any information passing over the Website and therefore the Bank cannot accept any responsibility for the unauthorised access by a third party and/or the corruption of data being sent by the Client to the Bank or by the Bank to the Client. In view of this, the Client accepts that electronic and other transmissions passing over the Internet Banking or Izola Pro Mobile App may not be free from interference by outside parties and may, therefore, not remain confidential.
• A 7-digit One Time Password (“OTP”) or access code can be generated by opening Izola Pass and by introducing the personalised PIN in the app. The Client may access security related information by clicking on the appropriate link on the Website.
• The Client may also sign transactions with the card details, the personalised PIN and Izola Pass. The Client must insert the 9-digit OTP created by the Izola Pass in the appropriate field on his PC screen. The Bank and the Client agree that this OTP is an electronic signature and is equivalent to a signature having legal effect.
• The Client undertakes to safeguard and protect with due care the security of Izola Pass or Izola Pro Mobile App, and the personalised PIN. The Client undertakes not to record the personalised PIN in any easily recognizable form and to keep the device on which Izola Pass or Izola Pro Mobile App is downloaded and the personalised PIN separate from each other. The Client must make every effort to prevent the device on which Izola Pass and Izola Pro Mobile App is downloaded, the card and the personalised PIN from falling into the hands of any third party.
• If the security of Izola Pass or Izola Pro Mobile App has been in any manner compromised or if the personalised PIN or card have fallen into the hands of a third party, or if the Client has reason to suspect this, either because of the recording on any of the Client’s accounts of any unauthorised transaction or for any other reason, the Client undertakes to Notify the Bank immediately, in order to prevent unauthorised transactions. Up to the time of Notification, the Client shall bear the loss sustained in consequence of the loss or theft of the device on which Izola Pass is downloaded, personalised PIN or card up to a limit of Euro 150, unless the Client has acted with extreme negligence or fraudulently, in which case the Client’s liability shall be unlimited. As soon as the Client has notified the Bank, except in cases of extreme negligence or fraud on the part of the Client, he shall not thereafter be liable for the loss arising in consequence of the loss or theft of the device on which Izola Pass or Izola Pro Mobile App is downloaded, personalised PIN or card.
• The Client is presumed to have acted with extreme negligence notably if:- 

(a) the Client has not used Izola Pass or Izola Pro Mobile App in accordance with these Izola Pro Terms and Conditions; in particular, if the Client does not take all reasonable steps to keep safe his device/s, Card and the personalised PIN.

(b) the Client has not Notified the Bank immediately on becoming aware of:

•  
• the loss or theft of the device/s on which Izola Pass or Izola Pro Mobile is downloaded, card or of the personalised PIN,
• the recording on the Account of any unauthorised transaction,
• any error or other irregularity in the maintaining of the Account;
• any suspicions that the personalised PIN is known by any unauthorised third party;

(c) the Client recorded the personalised PIN in any easily recognisable form, in particular on the same device/s on which Izola Pass or Izola Pro Mobile App is downloaded, the card or on any item which the Client keeps or carries with the device/s.

• Corporate or joint clients acknowledge, that a person (such as other users appointed by the Bank on the instructions of such corporate or joint Clients or any authorised or unauthorised third party) who provides the personalised PIN of a corporate Client or joint Client when using the Internet Banking shall always be entitled to use the Internet Banking (as if it were the Client who is using the Internet Banking), even though the Bank may not have been separately Notified of this. Furthermore, corporate or joint Clients understand and accept that corporate Clients are responsible, and joint Clients are jointly and severally responsible, for all transactions carried out by the person providing the personalized PIN.

Queries, Complaints and Observations

• Any complaint or observation of any nature relating to:(a) a malfunction on the Internet Banking  or any of its functions or in any other of the Bank’s services, (b) any information displayed on the Internet Banking or in any other of the Bank ’s services, (c) an error committed during an Operation, (d) the content or form of any Notification made by the Bank, including Account statements and transaction history, must be Notified by the Client to the Bank within ninety (90) days of the day on which the Client becomes aware of the problem or ought to, using a reasonable degree of diligence, have become aware of it. If the Client fails to do so within such period, he loses his right to complain or contest.
• Complaints may be sent to us by regular postal letter or by email via our Help Centre. The Bank will try and resolve the complaint as soon as possible and shall employ best efforts to provide a reply to all complaints within a maximum period of two working days. In any event, if a complaint requires the divulging of Account details, the Bank shall, for security reasons, reply through the normal postal mail. When lodging a complaint, Clients should supply the Bank with as many details as possible.

In the event Clients are not satisfied with the Bank’s reply they may refer the matter to the Arbiter for Financial Services by writing to:

Office of the Arbiter for Financial Services,

First Floor, St Calcedonius Square,

Floriana, FRN5130,

Malta

Or by visiting the Arbiter for Financial Services website

Money laundering

• The Client shall certify that the assets placed or to be placed in each of his Accounts are or shall be the product of legitimate activity, and that the Accounts shall not be used for money laundering purposes.
• The Bank shall not accept any liability for the transmission of information of whatever nature to the FIAU (Financial Intelligence Analysis Unit) Malta on its own initiative or on request

Death of Client

• In the event of the death of a Client or his spouse, the Bank must be informed of such fact immediately by his heirs as well as the existence of testamentary executors, if any. This notice may be given only in a postal letter.
• The assets held by the Bank in the name of the deceased Client shall only be discharged in favour of the heirs of the deceased Client following production of all the requisite documentation indicating the manner in which the estate of the deceased Client is to devolve, together with all other documents that the Bank may deem necessary or useful to establish the identity of the heirs of the deceased Client. The Bank shall check these documents thoroughly but shall not be liable for any error in the examination of their authenticity, validity, translation or interpretation. No Instructions in relation to the Account shall be accepted by the Bank before the procedure specified in this sub-Article shall have been completed to the Bank’s satisfaction
• The Client acknowledges and accepts that upon his death, information on his Accounts and the Operations carried out by him may be divulged by the Bank to his heirs and/or testamentary executors and to the relevant authorities.
• The Bank shall send correspondence relating to the assets held by it in the name of the deceased Client to the address supplied following the mutual agreement of all the heirs of the deceased Client, or to the address of the testamentary executor if any. If no such instruction is issued, it shall be sent to the address of the deceased Client.

Miscellaneous

• Nothing in the Internet Banking should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment, product or service or to engage in any other transaction, or to provide any investment advice or service. Nothing contained in the Internet Banking constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. The Client should obtain relevant and specific professional advice before making any investment decision.
   

Accounts and Account Operations
 

Functioning of accounts

• All Operations between the Bank and its Clients shall be carried out in the context of an Account, in accordance with applicable banking laws. Each Operation shall take the form of a credit or debit entry to the Client’s Account, depending on whether the Operation in question creates a right or an obligation for the Client towards the Bank.
• Accounts with the Bank may be opened in the name of one or more persons. Each Account opened in the name of more than one Principal Account Holder shall be a joint account. Accounts shall only be opened in the name of more than one person if all these persons have completed the formalities required in the Account Opening Form. In the case of an Account having more than one Principal Account Holder, all such Principal Account Holders shall be bound jointly and severally liable for the Account. In the event that there is more than one Principal Account Holder, each Principal Account Holder shall be able to act independently of the other in giving Instructions to the Bank and the Bank shall implement such Instructions, in accordance with and subject to the terms and conditions herein specified, as though such Instructions were given to the Bank by all the Principal Account Holders of the Account. The Bank shall not verify, and shall bear no responsibility for verifying, that each Principal Account Holder agrees with and has consented to, any Instruction given to the Bank by another Principal Account Holder.
• The Principal Account Holder or Holders shall be solely responsible for managing through the Bank’s Internet Banking all users (cardholders) with access to the Account and / or services. If the Principal Account Holder or Holders wish users to have access to the Account and/ or Izola Pro services he or they shall indicate such users in the Account Opening Form or Notify them to the Bank. Any Instructions given to the Bank by users of an Account shall be effected by the Bank as though such Instructions are given by the Principal Account Holder or Holders, and shall be binding on the Principal Account Holder or Holders accordingly.
• In the event that there is more than one Principal Account Holder, each Principal Account Holder shall be deemed to be a joint and several creditor or debtor of the Bank for all the rights and obligations arising under the Account.
• Any change to a person appointed to exercise the functions of a Principal Account Holder in the Account Opening Form shall have no effect until the date when the Bank shall have received due Notification of such change from the Client.

Instructions

• Instructions provided by the Client to the Bank, provided that they are in accordance with these Izola Pro Terms and Conditions are unconditionally binding upon the Client.
• Instructions provided by the Client to the Bank, which are not provided in accordance with these Izola Pro Terms and Conditions, may be refused by the Bank.
• In executing a Client Instruction, the Bank relies on the account number provided by the Client and is not obliged to verify the correctness or validity of the accompanying data in the Instruction. Neither is the Bank obliged to verify that the identity of the ordering party or beneficiary corresponds with the account numbers of the accounts to be debited or credited.
• The Bank has the right to refuse to execute incomplete or unclear Instructions received from the Client. If the Bank decides to execute such Instructions anyway, the Bank cannot be held liable to the Client for possible errors or delays.

Debit balances

• The Client shall always undertake to keep his Account in credit, unless agreed specifically between the Bank and the Client.
• The Bank may at its discretion grant the Client an overdraft facility with the possibility of reusing balances that become available again. The Bank shall Notify the Client of the availability, amount and overdraft interest rate of the overdraft facility. This overdraft can only be used by the Client for the purchase of goods in the Van Marcke stores or for settlement of Van Marcke invoices via the Internet Banking system or Izola Pro Mobile App. Debit interest is posted to the Account on a semi-annual basis. The overdraft interest rate is variable and debit interest is calculated on the daily debit balance outstanding on the Account. The current overdraft interest rate is advertised in the ‘Interest Rates’ section of the Website. The Bank shall Notify the Client when there is a change to the overdraft interest rate.
• It is forbidden to exceed the overdraft facility limit in terms of amount. However, if excess drawings do occur, they must be regularised immediately without notice. At no time can excess drawings be considered by the Client as a tacit granting by the Bank of an increase or extension of the overdraft facility. Default interest may be charged on the daily excess balance outstanding on the Account. The unauthorised overdraft interest rate is advertised in the ‘Interest Rates’ section of the Website. The Bank reserves the right to terminate the overdraft facility in the event of excess drawings, in which case the outstanding balance on the Account shall be immediately due and payable.

Refusal of an Operation by the Bank(20)

• The Bank shall refuse (in whole or in part) to carry out or postpone the carrying out of any Operation for which insufficient provision is made. The Bank shall not be required to Notify its Client that an Operation was not carried out due to insufficient provision.
• An Account is considered to have sufficient funding if it has sufficient balance for the Operation to be carried out in terms of principal, taxes, fees and payments due to the Bank where applicable.
• Except in the cases provided for in this Article, the Bank shall not be liable in any manner to the Client for its refusal to carry out an Operation. The Bank shall, subject to what is otherwise provided in these terms and conditions, be liable:
  • for the non-execution or defective execution of the Client's Operations;
  • for Operations not authorized by the Client;
• Provided that the said liability of the Bank shall in no event exceed the amount of the unexecuted or defectively executed Operation and, if any, interest thereon and the sum required to restore the Client to the position he was in before the unauthorized Operation took place.
• In processing future dated Operations falling due, the Bank shall have sole discretion on the order of priority in which these Operations are processed and shall not be liable in any manner to the Client for refusing to carry out any such Operation or series of Operations due to insufficient funds in the Client’s Account.

Statements and history of transactions

• The Bank shall make available to the Client in a clear, unequivocal format, for viewing, downloading and printing monthly statements of the Client’s Account. These statements shall be accessed by the Client on the Internet Banking System. The statements shall include (a) the date of the transaction and value date, as well as a reference enabling the Client to identify the transaction, including, where appropriate, information relating to the counterparty with whom the transaction took place (b) the amount of the transaction debited to the Client in the billing currency and (c) the amount of any fees and charges applicable to particular types of transactions. The burden of proof with respect to this periodical information obligation rests with the Bank.
• The Bank shall not send any Account statements in paper format by normal post. Account statements are stored on the Internet Banking for a maximum period of twelve months. The Client is advised to print out statements on a regular basis.
• Clients may also consult the balance of their Account and a history of their transactions on the Internet Banking or Izola Pro Mobile App at any time.
• The Client must ensure that the Bank carries out all Operations properly and shall be obliged to advise the Bank of any error in accordance with the terms and within the period specified in Article 15 above. Otherwise, the information in the statements and the history of transactions shall be deemed accurate and the Client shall be deemed to have irrevocably accepted the information.

Cards

• On completion of the Account Opening Form the Client shall receive one or more debit cards. The cost related to issuance of these cards is listed in the Bank’s Tariff of Products and Services that is available on the Website
• The use of these cards is governed by specific terms and conditions which the Client must accept and comply with
• The debit cards shall remain the property of the Bank and the Bank may, at any moment and without notice, withdraw the right to use such cards and demand their return

Reversals and adjustment of errors

The Client irrevocably authorises the Bank to correct errors in the Client’s Account or to reverse Operations made in error automatically and without prior notice or authorisation.

Final Provisions

Termination

• The contract concluded with the Bank based on these Izola Pro Terms and Conditions is concluded for an undetermined period. It may be cancelled by either party without justification, provided three (3) Days’ notice is given by a registered postal letter.
• Termination of the contract concluded based on the present Izola Pro Terms and Conditions shall render all the mutual debts between the parties immediately due and payable.
• With effect from the date of termination, any credit balance on the Client’s Account shall cease to bear interest pending receipt of the Client’s disposal instructions.
• With effect from the date of termination access to and use of the Internet Banking and Izola Pro Mobile App shall be automatically terminated.
• Notwithstanding any provision to the contrary in the Izola Pro Terms and Conditions, the Client may terminate his contract with the Bank if he disagrees with any amendment to the Izola Pro Terms and Conditions or the Bank’s Tariffs for the products and services” or “Interest Rates”. Termination must be Notified to the Bank within two (2) months of the Notification of any changes made. Otherwise, the Client shall be deemed to have accepted such amendments.

Amendments to the Izola Pro Terms and Conditions

• The present Izola Pro Terms and Conditions may be amended by the Bank at any time.
• The Client shall be advised by the Bank in a Notification of any amendment to the Izola Pro Terms and Conditions. The amended Izola Pro Terms and Conditions shall be available to Clients on the Bank’s Website.
• Unless legal or statutory requirements specify otherwise, the amended Izola Pro Terms and Conditions shall enter into force two (2) months after the date of the Notification. Before the expiration of the said two (2) month period the Client may terminate this agreement at no cost by Notifying the Bank.
• Without prejudice to the foregoing, it is expressly agreed that all Operations carried out by the Client after the two (2) month period shall be governed by the new Izola Pro Terms and Conditions, and that the Client shall be incontestably deemed to have accepted them.
• Each of the provisions of these Izola Pro Terms and Conditions is severable from the others, and if at any time any one or more of such provisions, is or becomes illegal, invalid or unenforceable, the validity, legality and enforce ability of the remaining provisions of these Izola Pro Terms and Conditions shall not in any way be affected or impaired.

Governing Law

• The present terms and conditions shall be regulated by Maltese law. The courts of Malta shall have jurisdiction over all claims or disputes arising in the event of litigation, but the lender may also decide to submit such claim or dispute to the courts of the jurisdiction where the debtor is located
• All the information appearing on the Website is provided in accordance with and subject to Maltese law. Accordingly, by browsing or using the Website the Client accepts Maltese law as the law governing the conduct, operation and use of the Website.
• If the Client chooses to use the Website, it is his responsibility to comply with any applicable local, national or international laws.

Language

• Clients may, on request, be provided with a copy of these terms and conditions in French or Dutch. Nevertheless, in the case of any conflict between the terms and conditions in the English language and those in the Dutch or French language, the English terms and conditions shall in all cases prevail.

Malta Term Deposits Terms and Conditions

General Provisions 

INTRODUCTION

These Terms and Conditions, which are liable to amendment as stipulated in Article 16, govern the relationship between Izola Bank p.l.c., whose registered office is at 53-58 East Street Valletta Malta, company registration number C16343 (hereinafter referred to as the ‘Bank’) and its customers (hereinafter referred to as the ‘Customers’), subject to provisions to the contrary arising from agreements or specific conditions that prevail over those of the present text.
 
By applying for and making use of the Bank’s products and services, the Customer accepts the provisions of the Terms and Conditions, as may be amended from time to time.
 
These conditions shall be valid for all Customers.
 
The Bank’s products and services may be subject to separate specific terms and conditions that govern their use.

DEFINITIONS

In these Terms and Conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

‘Account’: means the term deposit account held by the Bank in the Customer’s name

‘Account Application Form’: means the Bank’s Term Deposit Application Form whereby Customers may apply to open an Account with the Bank.

‘Address’: means the Customer’s address, that is, (a) the residence/registered office of the Customer indicated in the Account Application Form, (b) any other address indicated by the Customer in the Account Application Form as a correspondence address, or (c) in the event of a change to the address, any address Notified by the Customer to the Bank.

‘Confirmation’: means a written statement which will be Notified by the Bank to the Customer on the opening of the Account confirming the details of the term deposit.

‘Customer’: means an individual or corporate entity, that has submitted an Account Application Form to the Bank, which has been accepted by the Bank, and for which the Bank has opened an Account.

‘Day’: means a day on which the Bank opens for business in Malta.

‘Instructions’: means all payments, instructions, orders, applications, other declarations of interest and messages submitted by the Customer to the Bank.

‘Notification’: means any correspondence sent by the Bank to the Customer, or vice versa, in accordance with the provisions of Article 4 and ‘Notify’ and ‘Notified’ shall be construed accordingly.

‘Operations’: means any transaction of any nature concluded between the Bank and the Customer in relation to the Bank’s products and/or services.

ACCOUNT OPENING

In order to open an Account with the Bank, the Customer must: (a) duly complete the Account Application Form so that it contains an accurate and comprehensive response to all the questions asked by the Bank, (b) attach to the said form all documents requested by the Bank, (c) be at least eighteen (18) years old if a physical person. The Customer is obliged to inform the Bank of any major alterations (such as change of Address) to any information submitted to the Bank in the Account Application Form. These alterations shall be applicable to the Bank within seven days of receipt of Notification by the Bank. The Bank shall assume that the information communicated is correct and up to date at all times. In addition the Customer shall Notify the Bank, when entering into a relationship with the Bank or subsequently, of any other information that the Bank may reasonably request, for example for the purposes of allowing the Bank to fulfill its Customer identification obligations.

The contract with the Bank shall be concluded and the Account opened with effect from the moment when the Bank accepts the Account Application Form. Acceptance shall only be deemed to have occurred when (i) the Confirmation is Notified by the Bank to the Customer and (ii) the Customer’s identification documents have been certified as true copies by the Bank. The Bank shall have the right, without being required to justify its decision, to refuse to open an Account for any Customer.

The Bank shall not accept physical payments in cash into an Account opened with the Bank.

NOTIFICATION/COMMUNICATION BETWEEN THE BANK AND CUSTOMER

The Bank and its Customers shall exchange any Notification by the various means of communication listed in Article 4 (ii) below for Notifications made by the Bank, and Article 4 (iii) below for Notifications made by Customers.

The Bank shall communicate with Customers by means of any of the following: (a) by regular postal letter (b) by electronic mail, (c) by facsimile transmission.

The Customer shall communicate with the Bank by means of any of the following: (a) by regular postal letter, (b) by electronic mail (c) by facsimile transmission, subject to the Customer authorisation on the Account Application Form.

PAYMENTS, INTEREST, WITHHOLDING TAX AND ACCOUNT DETAILS

An Account is not transferable and is subject to a minimum balance of EUR 10,000.

The interest rate applicable on the Account shall be fixed for the duration of the Account.

For Accounts having a term of twelve (12) months or less, interest will be paid on maturity date. Accounts having a term between twelve (12) and sixty (60) months, interest will be paid annually or as otherwise agreed.

Interest is calculated on a 360-day basis

At its sole discretion the Bank may accept partial or complete breaking of the Account at the Customer’s request. In this event the Customer accepts that any interest accrued on the Account may have to be forfeited.

The term “value date” within the meaning of the present Terms and Conditions is understood to mean the date from which the sums credited or debited on an Account begin or cease to bear interest. The Account start date shall be the date when funds are received and cleared on an account held in the Bank’s name.

The Bank may deduct final withholding tax from interest payments if instructed to do so by the Customer on the Account Application Form.

JOINT ACCOUNTS

Two or more Customers applying to open the same Account are deemed to be Joint Account holders. The Bank shall abide by the signing instructions given by the Customers on the Account Application Form in carrying out all Instructions in relation to the Account.

Customers who are Joint Account holders acknowledge and agree that they shall be jointly and severally liable for any obligation incurred on the Account. If any one of the Customers who are Joint Account holders cancels this mandate, the Bank shall still be able to debit the Account with any withdrawals or other transactions made by the Bank prior to notification of the cancellation or which had already been confirmed by the Bank.

In the event the Bank is notified in writing that one of the Joint Account holders has died, the Bank shall take instructions relating to the Account jointly from the heirs/legatees of the deceased and the surviving Account holder/s.

In the event the Bank is notified in writing that one of the Joint Account holders has been placed into liquidation or administration or other similar condition or has declared bankruptcy , wherein a liquidator, curator, administrator, trustee or other similar officer is appointed and in whom legal authority and representation is vested, the Bank shall take instructions in relation to any such joint Account jointly from such officer and the other Customers who are Joint Account holders.

LIABILITY

To the fullest extent permitted by law, and except to the extent that loss or damage is caused directly by the Bank’s gross negligence or wilful misconduct, the Bank shall not be liable to the Customer for any loss or damage that the Customer may suffer as a result of the use of the Bank’s products or the Bank’s services. In particular, but without limiting the generality of the foregoing, the Bank will not be liable for the delay in performing or failure to perform the obligations hereunder if the delay or failure results from events or circumstances outside the Bank’s reasonable control.

The Bank shall not be liable for any loss or damage caused to the Customer resulting directly or indirectly from events of force majeure or measures taken by local or foreign legal or regulatory authorities.

The Bank shall not be liable for any direct or indirect loss of profit, goodwill, business or anticipated savings nor for any indirect or consequential loss or damage.

INDEMNITY

The Customer shall indemnify and hold the Bank harmless from any loss or damage suffered by any person as a result of the Customer’s breach of any of these Terms and Conditions.

CONFIDENTIALITY AND DATA PROTECTION

The Bank shall not communicate to a third party any confidential information relating to its Customers, their assets, or the income and profits generated by the assets held in accounts, unless the Customers have expressly authorised it to do so.

During the supply of the services specified in these Conditions, the Bank may process personal data of the Customer according to the requirements of the Data Protection Act (Chapter 440 of the Laws of Malta). The Customer may have disclosed such data to the Bank in any manner and primarily through completion of the Account Application Form or other forms. Any processing of the Customer’s personal data for the supply of the service will exclusively serve the following purposes:
(a) To manage the Account(s);
(b) To issue the Customer Confirmation and provide the required products and services;
(c) For internal assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and for the purposes of developing and improving the Bank’s products and services;
(d) For the detection and prevention of fraud and other criminal activity which the Bank is bound to report to competent crime investigative and prosecuting authorities or other bodies;
(e) For direct marketing, such as to inform the Customer, by mail, telephone, electronic message or facsimile message, about other products and services supplied by the Bank, and for research purposes, with the Customer’s consent.

As permitted or required by law, the Bank may disclose the Customer’s information to Governmental bodies and agencies or regulators. Personal data in relation to transactions effected via SWIFT (Society for Worldwide Interbank Financial Telecommunication) may be required to be disclosed to the United States authorities in order to comply with legal requirements applicable in the United States for the prevention of crime.

Customer’s personal data may be disclosed to or exchanged with all employees of the Bank, its associates and agents for the above purposes only and according to the rules of the data protection regulations issued by the Bank.

The Customer has the right to request the Bank to inform him about his personal data held and processed and to request its correction where necessary. Furthermore, following the opening of an Account and during the course of the relationship between the Bank and the Customer, the Customer may, by normal postal letter, request the Bank to refrain from using his details for the purposes of direct marketing.

Whilst the Bank may periodically request the Customer to re-confirm his data, the Customer should inform the Bank immediately if such data has changed.

QUERIES, COMPLAINTS AND OBSERVATIONS

Any complaint or observation of any nature relating to: (i) an error committed during an Operation, (ii) the content or form of any Notification made by the Bank, must be Notified by the Customer to the Bank within ninety days of the day on which the Customer becomes aware of the problem or ought to, using a reasonable degree of diligence, have become aware of it. If the Customer fails to do so within such period, he loses his right to complain or contest.

Queries or complaints may be Notified by the Customer to the Bank through regular postal letter, via electronic message or facsimile message. The Bank shall employ its best efforts to provide a reply to all queries and complaints within a maximum period of two Days. In any event, if a query or complaint made by Customer requires the divulging of Account details, the Bank shall, for security reasons, reply through the normal postal mail. When lodging a complaint Customers should supply the Bank with as many details as possible such as date and time of particular events, and so forth.

In the event that Customers feel aggrieved by a decision of the Bank they may seek redress, within 30 days from the date of the Bank’s decision, from the competent authorities within the Malta Financial Services Authority. Customers are advised that they may appeal to the Office of the Arbiter for Financial Services on 80072366 or 21249245 in the event that they feel aggrieved by any such decision.

MONEY LAUNDERING

The Customer shall certify that the assets placed or to be placed in the Account are or shall be the product of legitimate activity, and that the Account shall not be used for money laundering purposes.

The Bank shall not accept any liability for the transmission of information of whatever nature to the FIAU (Financial Intelligence Analysis Unit) Malta on its own initiative or on request.

MISCELLANEOUS

The Bank is a participant in the Depositor Compensation Scheme as established in terms of Legal Notice 369 of 2003 as subsequently amended. Subject to the conditions imposed by the Scheme, balances on accounts denominated in Euro or in any other currency of an EEA State held with the Bank are guaranteed up to a maximum of EUR 100,000 or its equivalent in any other EEA currency per person. More information can be obtained from www.compensationschemes.org.mt

Nothing in these Terms and Conditions or any other documentation supplied by the Bank to the Customer should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment, product or service or to engage in any other transaction, or to provide any investment advice or service. Nothing contained in any aforementioned documentation constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. The Customer should obtain relevant and specific professional advice before making any investment decision.

Accounts and Account Operations 

FUNCTIONING OF ACCOUNTS

All Operations between the Bank and its Customers shall be carried out in the context of an Account, in accordance with applicable banking laws. Each Operation shall take the form of a credit or debit entry to the Customer’s Account, depending on whether the Operation in question creates a right or an obligation for the Customer towards the Bank.

INSTRUCTIONS

Instructions provided by the Customer to the Bank, provided that they are in accordance with these Terms and Conditions are unconditionally binding upon the Customer.

Instructions provided by the Customer to the Bank, which are not provided in accordance with these Terms and Conditions, may be refused by the Bank.

The Bank has the right to refuse to execute incomplete or unclear Instructions received from the Customer. If the Bank decides to execute such Instructions anyway, the Bank cannot be held liable to the Customer for possible errors or delays.

REVERSALS AND ADJUSTMENT OF ERRORS

The Customer irrevocably authorises the Bank to correct errors in the Customer’s Account or to reverse Operations made in error automatically and without prior notice or authorisation.

Final Provisions  

AMENDMENTS TO TERMS & CONDITIONS

The present Terms and Conditions may be amended by the Bank at any time

The Customer shall be advised by the Bank in a Notification through regular postal letter or electronic message of any amendment to the Terms & Conditions.

Unless legal or statutory requirements specify otherwise, the amended Terms & Conditions shall enter into force two months after the date of the Notification.

Each of the provisions of these Terms and Conditions is severable from the others, and if at any time any one or more of such provisions, is or becomes illegal, invalid or unenforceable, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.

GOVERNING LAW

The present Terms and Conditions and, unless agreed otherwise, all rights and obligations of both Customer and Bank shall be subject to Maltese law. The Courts of Malta shall have exclusive jurisdiction over all claims or disputes arising in the event of litigation

Izola Pro Credit Cards

These terms and conditions set forth the terms and conditions under which the Bank shall issue Cards to Clients, as well as the terms and conditions under which use of Cards by Clients and Cardholders is permitted. These terms and conditions are in addition to the E-Banking General Terms and Conditions, and in the event of any discrepancy between these conditions and the E-Banking General Terms and Conditions, the Terms and Conditions for use of Izola Pro Credit Cards shall prevail.

In these terms and conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

Article 1 - Definitions

1. ‘Account’: means the account held by the Bank in the Client’s name used for recording all transactions effected by the Cardholder through use of the Card.;
2. ‘Bank’: means Izola Bank p.l.c. (Izola), 53/58 East Street, Valletta, Malta, as the Card issuer;
3. ‘Business Day’ means a day when Izola is open for business and excludes Saturdays, Sundays and Public and Bank Holidays in Malta ‘Channel’: means the internet transaction site reserved for the Client and accessible only by use of the Client’s security number or numbers.
4. 'Card’: means the Izola Pro Credit card issued by the Bank to the Cardholder;
5. ‘Cardholder’: means the person in whose name the Card was issued and who is the actual holder of the Card. In the case of companies, only directors may be Cardholders. In the case of Clients that are not companies, only the owners of the business may be Cardholders;
6. ‘Channel’: means the internet transaction site reserved for the Client and accessible only by use of the Client’s security number or numbers;
7. ‘Client’: means any person, whether an individual or a corporate entity, who has submitted an Izola Pro Credit Card Application Form to the Bank, which has been accepted by the Bank, and for whom the Bank has opened an Account;
8. ‘Credit Limit’: means the limit assigned by the Bank and Notified to the Client on the issuance of an Izola Pro Credit Card ;
9. 'Direct Debit’: means a SEPA direct debit agreement concluded between the Client and the Bank whereby the Client authorises the Bank to debit an account held in the Client’s name with a Belgian bank via SEPA direct debit in respect of the Minimum Payment Amount due on the Client’s Izola Pro Credit Card;
10. ‘E-Banking Services’: means the e-banking services provided to the Client by the Bank through the Bank’s Channel reserved for the Client and accessible only by use of the Client’s security number or numbers;
11. ‘Helpdesk’: means the Izola Bank helpdesk that is at the disposal of the Client and Cardholder to answer any queries by free phone or email during office hours from Monday to Friday.
12. ‘Internal Electronic Mail’: means the secure electronic-messaging system made available by the Bank to the Client;
13. Izola Pass’: means the mobile token app, made available by the Bank for download on the Apple or Google stores, that is used to generate the security number or numbers which in effect is a one-time password (OTP) to allow the Client to login or sign transactions on the Channel.
14. ‘Izola Pro Credit Card Application Form’ means the application form to be submitted by the Client to obtain a Card;
15. ‘Minimum Payment Amount’: means the minimum payment amount which must be paid by the due date as shown on the Account statement. The due date will be 10 days after the statement date;
16. ‘Notification’: means (a) any correspondence sent by the Bank to the Client, or vice versa, in accordance with the provisions of Article 5 of the E-Banking General Terms & Conditions of the Bank or (b) any correspondence sent by the Bank to the Cardholder, or vice versa, in accordance with the provisions of Article 9, second paragraph, of these terms and conditions;
17. ‘Permissions’: means computer settings on the channel that determine Card access rights and transaction limits for all E-Banking Services;
18. ‘Van Marcke’: means the companies that may, from time to time, form part of the Van Marcke group;
19. ‘Van Marcke Technics’  means the Van Marcke stores in Belgium;
20. ‘Website’: means the Bank’s Website which includes the Channel.

Article 2 - Use of the Card

The Card may only be used electronically;

The Card may only be used for trade, business or professional purposes;

The Card may only be used:

• in Van Marcke Technics to buy goods;
• to settle Van Marcke invoices on the Bank’s Website;
• to provide access to the Channel and all Account information and functionality according to the card Permissions;
• for any other uses that may, from time to time, be explicitly permitted by the Bank.

Use of the Card may only be made up to the Client’s Credit Limit that shall be Notified by the Bank to the Client..The Bank may increase or lower the Client’s Credit Limit at the Bank’s discretion. The Bank will give the Client 30 days notice of such change, unless, in exceptional circumstances, the Bank decides to implement such changes forthwith.

The Bank may refuse to authorise use of the Card if:

• the transaction would cause the Client's Credit Limit to be exceeded, or the Account balance to be in unauthorised debit or if the transaction would cause the amount owing on the Client's Account plus any other amounts the Bank has agreed to or authorised to exceed the Client's Credit Limit;
• the Client’s repayments are in arrears, or
• the transaction does not comply with any applicable terms as issued from time to time, or
• the Bank considers that the Card or the Account has been, or is likely to be compromised.

The Client hereby authorises the Bank to charge to the Account all amounts paid or obtained by use of the Card even if the Client has not authorised that transaction (subject to Article 10) together with all other amounts the Client owes the Bank from time to time.

The Client and Cardholder must not:

• exceed the Credit Limit/cause the Account to be in unauthorised debit. Any excess over the Credit Limit/debit amount is immediately repayable to the Bank.
• use the Card before or after the period for which it is stated to be valid or after any notification of its cancellation or withdrawal by the Bank.

The Cardholder may upon his request switch between the available Credit Limits by applying for different Cards. The Cardholder will be allowed to switch twice in any given year. The switch will take effect 45 days from receipt of such request provided the Cardholder is eligible for the credit limit (and Card) by satisfying all the necessary conditions in this respect. These conditions are made available on the Website.

Article 3 - Obtaining the Card

The Card shall be applied for by completing the Izola Pro Credit Card Application Form.
Clients may obtain either a silver Card or a gold Card. A silver Card has a Credit Limit of EUR 12,000 whereas a gold Card has a Credit of EUR 25,000. It is entirely within the Bank’s discretion to decide whether to grant a Client a gold Card or a silver Card. The Bank also reserves the right to refuse any application for a Card.

In order to obtain a silver Card or a gold Card, applicants must:

1. have been a Van Marcke client for at least the preceding 12 months ;
2. must have made a minimum amount of EUR 20,000 in purchases (excluding VAT) from Van Marcke in the preceding 12 month period to apply for a silver card
3. must have made a minimum amount of EUR 80,000 in purchases (excluding VAT) from Van Marcke in the preceding 12 month period to apply for a gold card
4. maintain, or apply to open, a current Account with Izola Bank.

Article 4 - Card Delivery

The Bank shall despatch the Card to the Cardholder by regular postal letter together with instructions on how to download the Izola Pass mobile token app. The Cardholder must first download the app and then phone the Helpdesk in order to activate Izola Pass. Once the Cardholder is identified by the Helpdesk, the Cardholder will be guided through the activation process.

Article 5 – Client and Cardholder Responsibility

1. The Client and Cardholder must each use the Card and Izola Pass in accordance with these terms and conditions.
2. The Client acknowledges that a Cardholder, who provides the personalised PIN of the Client when using the Internet Banking shall always be entitled to use the Channel (as if it were the Client who is using the Channel).
3. Clients understand and accept that they are responsible for all transactions carried out by the Cardholder providing a personalised PIN (as hereinafter defined).
4. The Client shall be liable, in the instances specified in Article 10 for any liability arising in terms of Article 10 for any use (or misuse) of the and/or of Izola Pass by a Cardholder. In the case of loss, theft, fraudulent use or any other usage of the Card and/or of Izola Pass by a Cardholder that has negative implications for the Bank, the Bank shall have the right of recourse against the Client.
5. In the event of a Notification by a Client that a Card has been lost or stolen, the Bank shall immediately invalidate the lost or stolen card and issue a replacement Card to the Client.

Article 6 – Security-related information

Once the Cardholder has downloaded the Izola Pass mobile token app on a device from the Apple App Store or Google Play, the Cardholder must contact the Helpdesk. The Cardholder can activate Izola Pass on a maximum of two devices (for example two mobiles or a mobile and a tablet). The Cardholder will be identified by the Helpdesk and provided with an activation code over the phone. At the same time an initial PIN code will be sent to the Cardholder’s email address. Once the activation code and initial PIN are entered on Izola Pass, the Cardholder will be prompted to enter a new personalised PIN. At the end of the activation process, a PIN reminder image is displayed. The purpose of the PIN reminder image is to help Cardholders identify if they have logged in to Izola Pass with an incorrect PIN; if the correct PIN is entered on Izola Pass, the same PIN reminder image is displayed as the one that was shown during the initial activation process. In the event of an incorrect PIN being entered, the PIN reminder image will be a randomly displayed image which will almost certainly be different from the one displayed during the activation process. With Izola Pass and this personalised PIN, the Cardholder can:

1. gain access to the Channel.
   Therefore the Cardholder must enter his personalised PIN in Izola Pass and generates an access code of seven (7) digits. This one time password (OTP) must be filled in, by the Cardholder, on the screen of his PC in the appropriate box, after which the Cardholder gains access to the Channel.
2. sign transactions:
   Once the Cardholder has gained access to the Channel, he may create transactions depending on the Permissions assigned to his Card. The Cardholder must sign these transactions before the Bank processes them. Therefore the Cardholder must enter the personalised PIN in Izola Pass and select the ‘Sign Transaction’ button, enter the transaction number and the amount of the transaction (shown on the screen of the PC) on Izola Pass.
   Izola Pass generates a unique one time password (OTP) of 9 digits. The Cardholder must fill in this 9-digit OTP on the screen of his PC in the appropriate box, as the signature for the processing of the transaction.

The Bank and Cardholder agree that this 9-digit OTP is an electronic signature and is equivalent to a signature for legal purposes.

The PIN is strictly personal and non-transferable and may only be used with Izola Pass and the Card to which it is linked. If the Cardholder forgets the personalised PIN code, s/he may telephone the Helpdesk for assistance. The Helpdesk will call the Cardholder back on the telephone number as indicated on the Izola Pro Credit Card Application form and provide the Cardholder with a one-time PUK code ( Personal Unblock Code) by email which is sent to the email address of the Cardholder. If the PUK code is requested in writing (letter, e-mail, fax) the same contact procedure is followed by the Helpdesk. The Cardholder would then click on the ‘Forgot PIN?’ button on the Izola Pass login page and will be prompted to enter the PUK code and a new personalised PIN code.

Article 7 - Cash Withdrawals

No cash withdrawals are allowed with this Card.

Article 8 – Statements, Interest Chargeable and Repayments

1. The Bank will make available to the Client in a clear and unequivocal format for viewing, downloading and printing monthly statements of the Account. These statements will be available on the last Business Day of each month. Statements shall be accessed by the Client on the Channel of the Website.. The statements shall include (a) the date of the transaction and value date, as well as a reference enabling the Cardholder to identify the transaction, including, where appropriate, information relating to the counterparty with whom the transaction took place (b) the amount of the transaction debited to the Cardholder in the billing currency and (c) the amount of any fees and charges applicable to particular types of transactions. The burden of proof with respect to this periodical information obligation rests with the Bank. The Bank shall not send any Account statements in paper format by normal post. Account statements are stored on the Channel for a maximum period of twelve months. The Client is advised to print out statements on a regular basis. Clients may also consult the balance of their Account and a history of their transactions on the Channel at any time through the Recent Transactions and Account History screens on the Channel. The Client shall bring to the Bank’s attention any errors, anomalies or omissions immediately, and in no event later than ninety (90) days from the day on which the Client becomes aware of the problem or ought to, using a reasonable degree of diligence, have become aware of it. If the Client fails to do so within such period, he loses his right to complain or contest the statement.

2. Interest shall be charged on the daily outstanding debit balance on the Account. The current applicable interest rate on Izola Pro Credit Card Accounts is included in the Tariff of Products and Services section of the Website. The interest charge will appear on the Account on each statement date.The Bank reserves the right to vary the rate of interest at its discretion provided such rate shall not exceed the maximum allowed by law. Changes in interest rates shall be Notified by the Bank to the Client within a reasonable period and shall come into effect upon the date specified in the publication of any such Notification. In this event, the Client shall have sixty (60) days from the day of Notification to withdraw from the contract at no cost.
   All interest, fees, charges and duty on documents due in accordance with Chapter 364 of the Laws of Malta will be debited to the Client’s Account.
3. The Client must pay the Bank a Minimum Payment Amount by the due date which will be 10 days after the statement date. This due date is specified on the Account statement. The minimum payment will be 15% of the closing balance shown on the statement at month end or EUR 50 whichever amount is higher. If the closing balance is less than EUR 50, then the full closing balance shall be paid. On applying for an Izola Pro Credit Card, the Client undertakes to sign a Direct Debit agreement with the Bank, allowing the Bank to debit an account in the Client’s name held with a Belgian bank in respect of the Minimum Payment Amount due on the Client’s Izola Pro Credit Card. In the event that the direct debit cannot be paid, the Bank shall levy a default charge. The current charge is included in the Tariff of Products and Services section of the Website.
4. The Bank shall Notify the Client of any Direct Debit instruction that cannot be paid. From the date of this Notification until such time as the Client transfers the Minimum Payment Amount to the Account under advice to the Bank, interest shall be charged on the daily outstanding debit balance on the Account at 3 % above the current applicable interest rate on Izola Pro Credit Card Accounts as advertised on the Tariff of Products and Services section of the Website. Failure by the Client to make payments when due may result in withdrawal of the Card and blocking of the Account.

All amounts due on the Account will become immediately repayable in the event of:

• the Client’s insolvency or bankruptcy;
• the Client having suspended or ceased to carry on their business or threatened to suspend or to cease to carry on their business;
• breach by the Client or any Cardholder of this agreement;
• the Client’s winding up, dissolution, merger or amalgamation;
• the appointment of a liquidator, administrator or similar officer in the Client’s respect

The Bank may in addition to any other remedies available to it, take all the necessary steps to restrict any right to use the Account including the withdrawal of the Card.

The Bank may use any credit balance on any account the Client may hold with the Bank to reduce or repay any sums that the Client fails to pay on the Account and under these terms and conditions. The Client will be duly notified of this course of action.

Article 9 – Undertakings

The Cardholder undertakes to:

1. Safeguard his PIN, keep his PIN, Card and the device/s on which Izola Pass is downloaded secure and safe at all times, refrain from writing down or recording his PIN in a way that it can be understood by a third party, to refrain from disclosing his PIN to anyone, including Bank staff, and to keep the device/s on which Izola Pass is downloaded and the PIN separate from each other. Infringement of this rule is a material breach relieving the Bank from any liability;
2. Deactivate the Izola Pass mobile token on a device which he is no longer using or which he decides to sell or give away. He can deactivate the Izola Pass mobile token in two ways. He can either call the Helpdesk or from the Izola Pass ‘Menu’ options he can select ‘Settings’ and then ‘Deactivate’
3. Notify the Bank immediately of the loss or theft of the Card and/or any device on which Izola Pass is downloaded;
4. Notify the Bank immediately if the Cardholder suspects that the PIN is known by an unauthorised third party;
5. Notify the Bank immediately of the recording on his Account of any unauthorised transaction;
6. Notify the Bank immediately of any error or other irregularity in the maintenance of his Account by the Bank;
7. not to countermand an order which he has given by means of his Card

This Notification can be made by means of a call to the Helpdesk, or alternatively the Cardholder can inform the Bank by sending an e-mail to the Bank’s e-mail address from the Cardholder’s e-mail address as indicated on the Izola Pro Credit Card Application Form.

The Client undertakes:

1. to Notify the Bank immediately in writing of any irregularities in a Card transaction on the Client’s bank statement;
2. to use the Card and Izola Pass strictly in accordance with the Terms and Conditions for use of the Izola Pro Credit Cards;

3. to ensure that the Cardholder is made aware of the contents of these terms and conditions.

The Bank undertakes:

1. not to disclose the Cardholder’s initial PIN, except to the Cardholder  or to a person or entity authorised by the Cardholder;

2. to keep internal records for the period of time required by legislation and in any event, not less than six  (6) years, and in accordance with best banking practice to enable transactions to be traced and errors rectified when necessary;
3. to ensure that the Cardholder has appropriate means available to him to enable him to Notify the Bank immediately in the event that the Card or the device on which Izola Pass is lost or stolen, or their security has in any other manner been comprised. In the event that notification is made by telephone, the Bank shall provide the Cardholder with a means of proof that he has made the notification.
4. to take all reasonable precautions to ensure Card and/or Izola Pass security;
5. to periodically inform the Cardholder of the precautionary measures that have been taken to prevent any unlawful use of the Card not to disclose the Cardholder’s personal identification number or other code, except to the Cardholder;
6. to bear the risk of any transmission of the Card to the Cardholder;
7. not to dispatch an unsolicited electronic payment instrument, except where it is a replacement for a Card already held by the Cardholder
8. to prevent any further use of the Card and/or Izola Pass upon receipt of the Notification effected by the Cardholder under Article 9 of this agreement;
9. to prove in any dispute with the Cardholder concerning a transaction, and without prejudice to any proof to the contrary that may be produced by the Cardholder, that the transaction (a) was accurately recorded and entered on the Account, and (b) was not affected by technical breakdown or other deficiency, provided the Bank was advised by the Cardholder of the dispute within three (3) months from Notification of the transaction data.

Article 10 – Liability

1. Every reasonable precaution has been undertaken to ensure that the Bank’s systems are as secure as possible, but the Bank cannot guarantee the privacy or confidentiality of any information passing over the Website and therefore the Bank cannot accept any responsibility for the unauthorised access by a third party and/or the corruption of data being sent by the Client to the Bank or by the Bank to the Client. In view of this, the Client accepts that electronic and other transmissions passing over the Channel may not be free from interference by outside parties and may, therefore, not remain confidential.
2. If the security of the Izola Pass has been in any manner compromised or if his personalised PIN or Card have fallen into the hands of a third party, or if the Client has reason to suspect this, either because of the recording on any of the Client’s accounts of any unauthorised transaction or for any other reason, the Client undertakes to Notify the Bank immediately, in order to prevent unauthorised use of the Website. Up to the time of Notification, the Client shall bear the loss sustained in consequence of the loss or theft of the device/s on which Izola Pass is downloaded, PIN or Card up to a limit of Euro 150, unless the Client has acted with extreme negligence or fraudulently, in which case the Client’s liability shall be unlimited. Extreme negligence will for instance be present when the Cardholder has noted his personal identification number or any other code in an easy recognizable form, for example on the Card or on an object or a document that was kept or carried together with the Card by the Cardholder, as well as not immediately informing the Bank of the loss or theft of the Card and /or the device/s on which Izola Pass is downloaded..
   The court will consider all circumstances of the case to decide whether there is extreme negligence. The submission of documents by the Bank which demonstrate the accurate recording of transactions and the use of the Card with the code which is only known by the Cardholder do not constitute sufficient proof of extreme negligence by the Cardholder. As soon as the Client has notified the Bank, except in cases of extreme negligence or fraud on the part of the Client, he shall not thereafter be liable for the loss arising in consequence of the loss or theft of the device/s on which Izola Pass is downloaded, PIN or Card.
3. The Client will in all cases be unlimitedly liable if:-
   (a) the Client has not used the Izola Pass in accordance with these terms and conditions; in particular, if the Client does not take all reasonable steps to keep safe the device/s on which Izola Pass is downloaded, his Card and his personalised PIN.
   (b) the Client has not notified the Bank immediately on becoming aware of:
   • the loss or theft of the device/s on which Izola Pass is downloaded, Card or of his personalised PIN,
   • the recording on the Account of any unauthorised transaction,
   • any error or other irregularity in the maintaining of the Account; or
   • having any suspicions that the PIN is known by any unauthorised third party;

(c) the Client recorded his personalised PIN in any easily recognisable form, in particular on the device/s on which Izola Pass is downloaded, the Card or on any item which the Client keeps or carries with the device/s on which Izola Pass is downloaded or with the Card
(d) the Client acted in any other way with gross negligence or fraudulently.

4. Corporate or joint clients acknowledge, that a person who provides the personalised PIN of a corporate Client or joint Client when using the Channel shall always be entitled to use the Channel (as if it were the Client who is using the Channel), even though the Bank may not have not been separately Notified of this. Furthermore, corporate or joint Clients understand and accept that corporate Clients are responsible, and joint Clients are jointly and severally responsible, for all transactions carried out by the person providing his personalised PIN.
5. (a) The Bank is liable:
   • for the non-execution or defective execution of the Cardholder's transactions even if a transaction is initiated at devices/terminals or through equipment which are not under the Bank’s direct or exclusive control, provided that the transaction is not initiated at devices/terminals or through equipment unauthorised for use by the Bank;
   • for transactions not authorised by the Cardholder, as well as for any error or irregularity attributable to the Bank in the maintaining of the Cardholder's account;
   • for the use of a forged or counterfeited Card should it be forged or counterfeited by a third party.

(b) The amount of the Bank’s liability consists of:

• the amount of the unexecuted or defectively executed transaction and, if any, interest thereon;
• the sum required to restore the Cardholder to the position he was in before the unauthorised transaction took place.
• any further financial consequences.

(c) Any damages due are to be paid by the Bank to the Cardholder within the shortest possible period.

Article 11 - Authorisation

The Client authorises the Bank to:

1. debit the Account to which the Card is linked with charges, fees and duty, if any, related to the use of the Card as described in Article 12 ‘Tariff of Products and Services’;
2. renew the Card on the understanding that the Bank is under no obligation to justify its refusal to renew the Card.

Article 12 - Tariff of Products and Services

Information concerning fees, charges if any, and promotional offers if any, relating to the Card are available on the Bank’s Website.

Article 13 - Proof

Transactions made using the Card are automatically recorded on the Bank’s computer system. The Client and Cardholder recognise that the Bank’s computer system on which data concerning all transactions is logged constitutes prima facie evidence of such transactions.

Article 14 – Issue, return and withdrawal of the Card

1. The Bank will only issue a Card following completion of an Izola Pro Credit Card Application Form. The Card shall at all times remain the property of the Bank. The Bank shall not send any unsolicited Cards to the Client.
2. The Cardholder undertakes to return any Card in issue to the Bank at the latter’s request. Upon such request, the Cardholder is obliged to return the Card within two (2) days as from the Bank’s Notification.
3. The Bank reserves the right to block the use of or to withdraw the Card at its discretion.

Article 15 – Data protection

The issuance and use of the Card is subject to the provisions of Article 11 – Confidentiality and Data Protection of the E-Banking General Terms and Conditions.

Article 16 – Amendment of the Terms and conditions for use of Cards

1. The present terms & conditions for use of Cards may be amended by the Bank at any time;
2. The Client shall be advised by the Bank in a Notification through Internal Electronic Mail of any amendment to these terms & conditions. The amended terms & conditions for use of Cards shall be available to Clients on the Bank’s Website;
3. Without limitation to Article 8, (ii) of this Agreement with respect to the amendments to the applicable interest rate, unless legal or statutory requirements specify otherwise, these amended terms & conditions shall enter into force two months after the date of the Notification. As advised by the Bank in the Notification, the Client may terminate this agreement at no cost by Notifying the Bank.
4. Without prejudice to the foregoing, it is expressly agreed, as advised by the Bank in the Notification, that any transaction made by the Cardholder after the two month period shall be governed by the new terms & conditions, and that the Client shall be incontestably deemed to have accepted them.

Article 17- Termination

Once the Client has signed the Izola Pro Credit Card Application Form application form the Client may within a period of one month withdraw from the contract. If the Client elects to do so, any money remaining to the Client’s credit on the Account, after all liabilities have been settled and all fees, interest and levy have been deducted, and any security given, will be returned to the Client.

The Client may terminate this agreement at any time on a written request to the Bank accompanied by the return of the Card. In either case, termination shall not affect any pending and unsatisfied obligations the Client have under this agreement. This agreement may also be terminated by the Client in the event of an amendment to the agreement by the Bank in accordance with the provisions of Article 16.

In addition to causes of termination specified elsewhere in this agreement, the Bank may terminate this agreement with the Client and may cancel a Card or suspend a Card or restrict the right to use the Card entirely or refuse to re-issue, renew or replace a Card issued under this agreement and may refuse any request for authorisation for any particular Card when:

• the Client commits any breach of or omits to observe any obligations and undertakings expressed to be assumed by the Client under this agreement;
• the Client suspends payments of any of the Clients debts or is unable to or admits inability to pay its debts as they become due;
• any other event occurs or circumstance arises which in the Bank’s opinion is likely to affect materially and adversely the Client’s liability to perform all or any of the Client’s obligations under or otherwise to comply with the terms of this agreement.

Article 18 - Language

Clients may, on request, be provided with a copy of these terms and conditions in French or Flemish. Nevertheless, in the case of any conflict between the terms and conditions in the English language and those in the Flemish or French language, the former shall in all cases prevail.

Article 19 – Disputes

Any dispute in relation to these terms & conditions must be adjudicated according to Article 26 of the E-Banking General Terms & Conditions. In the event that Customers feel aggrieved by a decision of the Bank they may seek redress, within 30 days from the date of the Bank’s decision, from the competent authorities within the Malta Financial Services Authority. Customers are advised that they may appeal to the Office of the Arbiter for Financial Services on 80072366 or 21249245 in the event that they feel aggrieved by any such decision.

TERMS AND CONDITION PRO BANK CARD

These terms and conditions set forth the terms and conditions under which the Bank shall issue Cards to Clients, as well as the terms and conditions under which use of Cards by Clients and Cardholders is permitted. These terms and conditions are in addition to the E-Banking General Terms and Conditions, and in the event of any discrepancy between these conditions and the E-Banking General Terms and Conditions, the Terms and Conditions for use of IZOLA PRO Bank Cards shall prevail.

In these terms and conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

Article 1 - Definitions

1. ‘Account’: means any account/s held by the Bank in the Client’s name;
2. 'Account Application Form': means the Bank’s application form whereby Clients may apply to open an Account with the Bank.
3. ‘Bank’: means Izola Bank p.l.c., 53/58 East Street, Valletta, Malta, as the Card issuer;
4. ‘Card’: means the IZOLA PRO Bank card issued by the Bank to the Cardholder;
5. ‘Cardholder/s’: means the person/s in whose name the Card/s was/were issued and who is/are the actual holder/s of the Card/s;
6. ‘Channel’: means the internet transaction site reserved for the Client and accessible only by use of the Client’s security number or numbers;
7. ‘Client’: means any person, whether an individual or a corporate entity, who has submitted an Account Application Form to the Bank, which has been accepted by the Bank, and for whom the Bank has opened an Account;
8. ‘Direct Debit’: means a SEPA direct debit  agreement concluded between the Client and Van Marcke whereby the Client, on the Website or in the Van Marcke Technics, may elect to effect payments in favour of Van Marcke by authorizing the debiting of his account held with a Belgian bank via direct debit. Van Marcke has entered into an agreement with the Bank whereby the Bank collects such funds as authorized by the Client on behalf of Van Marcke through the SEPA direct debit system;
9. ‘E-Banking Services’: means the e-banking services provided to the Client by the Bank through the Bank’s Channel reserved for the Client and accessible only by use of the Client’s security number or numbers;
10. ‘Helpdesk’: means the Izola Bank helpdesk that is at the disposal of the Client and Cardholder to answer any queries by free phone or email during office hours from Monday to Friday.
11. 'Internal Electronic Mail’: means the secure electronic-messaging system made available by the Bank to the Client;
12. Izola Pass’: means the mobile token app, made available by the Bank for download on the Apple or Google stores, that is used to generate the security number or numbers which in effect is a one-time password (OTP) to allow the Client to login or sign transactions on the Channel.
13. ‘IZOLA PRO Bank Card Application Form’ means the application form to be submitted by the Client to obtain a Card;
14. ‘Notification’: means (a) any correspondence sent by the Bank to the Client, or vice versa, in accordance with the provisions of Article 5 of the E-Banking General Terms & Conditions of the Bank; or (b) any correspondence sent by the Bank to the Cardholder, or vice versa , in accordance with the provisions of Article 8, second paragraph of these terms and conditions‘;
15. ‘Permissions’ means computer settings on the eChannel that determine card access rights and transaction limits for all e-banking services;
16. ‘Principal Account Holder’: means the account holder or holders so designated in the Account Application Form.
17. ‘Van Marcke’: means the companies that may, from time to time, form part of the Van Marcke group;
18. ‘Van Marcke Technics’: means the Van Marcke stores in Belgium;
19. ‘Website’: means the Bank’s Website which includes the Channel.

Article 2 - Card Functionality

1. The Card may only be used electronically.
2. The Card may only be used for trade, business or professional purposes;
3. The Card may only be used:
   • in Van Marcke Technics to buy goods by debiting the Client current Account linked to the Card according to the Card permissions assigned to the Card by the Principal Account Holder or Holders;
   • on the Website, using the Blue Box, to provide access to the Channel and all Account information and functionality according to the Card permissions assigned to the Card by the Principal Account Holder or Holders;
   • for any other uses that may, from time to time, be explicitly permitted by the Bank.

Article 3 - Obtaining the Card

The Card/s shall be applied for by completing the Account Application Form and the IZOLA PRO Bank Card Application Form. For existing Clients, additional Cards may be applied for by the Principal Account Holder or Holders only, through completion and authorizing of the appropriate online Card application form on the Bank’s Website.

Article 4 - Card Delivery

The Bank shall despatch the Card to the Cardholder by regular postal letter together with instructions on how to download the Izola Pass mobile token app. The Cardholder must first download the app and then phone the Helpdesk in order to activate Izola Pass. Once the Cardholder is identified by the Helpdesk, the Cardholder will be guided through the activation process.

Article 5 - Client and Principal Account Holder Responsibility

1. The Client and Principal Account Holder must each use the Card and Izola Pass in accordance with these terms and conditions.
2. The Client acknowledges that Cardholder/s, appointed by the Bank on the instructions of the Principal Account Holder or Holders, who provide/s the personalised PIN of the Client when using the Internet Banking shall always be entitled to use the Channel (as if it were the Client who is using the Channel).
3. Corporate or joint Clients understand and accept that corporate Clients are responsible, and joint Clients are jointly and severally responsible, for all transactions carried out by the Cardholder/s providing a personalised PIN (as hereinafter defined). In this context the term Corporate Clients means Clients that are companies, and the term joint Clients refers to cases where there are two or more Principal Account Holders of an Account.
4. The Client shall be liable, in the instances specified in Article 9 for any liability arising in terms of Article 9 for any use (or misuse) of the Card and/or of Izola Pass by a Cardholder. In the case of loss, theft, fraudulent use or any other usage of the Card and/or of Izola Pass by a Cardholder that has negative implications for the Bank, the Bank shall have the right of recourse against the Client.
5. The Principal Account Holder or Holders are responsible for the creation, modification and deletion of Card records representing a Cardholder through the Website. Furthermore it is the sole responsibility of the Principal Account Holder or Holders to define appropriate Card permissions for Cardholder/s according to the requirements of the Client.
6. The Principal Account Holder or Holders acknowledge that in order to authorise purchases in the Van Marcke Technics, the current Account linked to the Card cannot be set up for dual electronic signature authorisation.
7. The Principal Account Holder may, through the Website, give instructions to the Bank for a Card to be blocked or deleted and in any such event the Bank shall comply with any such instructions. In the event that any such instruction is given to the Bank, this instruction shall not constitute Notification of loss or theft of the Card unless any such instructions explicitly inform the Bank that the Card has been lost or stolen.
8. In the event of a Notification by a Client that a Card has been lost or stolen, the Bank shall immediately invalidate the lost or stolen card and issue a replacement Card to the Client.

Article 6 - Security-related information

Once the Cardholder has downloaded the Izola Pass mobile token app on a device from the Apple App Store or Google Play, the Cardholder must contact the Helpdesk. The Cardholder can activate Izola Pass on a maximum of two devices (for example two mobiles or a mobile and a tablet) The Cardholder will be identified by the Helpdesk and provided with an activation code over the phone. At the same time an initial PIN code will be sent to the Cardholder’s email address. Once the activation code and initial PIN are entered on Izola Pass, the Cardholder will be prompted to enter a new personalised PIN. At the end of the activation process, a PIN reminder image is displayed. The purpose of the PIN reminder image is to help Cardholders identify if they have logged in to Izola Pass with an incorrect PIN; if the correct PIN is entered on Izola Pass, the same PIN reminder image is displayed as the one that was shown during the initial activation process. In the event of an incorrect PIN being entered, the PIN reminder image will be a randomly displayed image which will almost certainly be different from the one displayed during the activation process. With Izola Pass and this personalised PIN, the Cardholder can:

1. Gain access to Channel: Therefore the Cardholder must enter his personalised PIN in Izola Pass and generates an access code of seven (7) digits. This one time password (OTP) must be filled in, by the Cardholder, on the screen of his PC in the appropriate box, after which the Cardholder gains access to the Channel.
2. Sign transactions: Once the Cardholder has gained access to the Channel, he may create transactions depending on the Permissions assigned to his Card. The Cardholder must sign these transactions before the Bank processes them. Therefore the Cardholder must enter the personalised PIN in Izola Pass and select the ‘Sign Transaction’ button, enter the transaction number and the amount of the transaction (shown on the screen of the PC) on Izola Pass. Izola Pass will then generate a unique one time password (OTP) of 9 digits. The Cardholder must fill in this 9-digit OTP onto the screen of his PC in the appropriate box, as the signature for the processing of the transaction.

The Bank and Cardholder agree that this 9-digit OTP is an electronic signature and is equivalent to a signature for legal purposes.

The PIN is strictly personal and non-transferable and may only be used with Izola Pass the Card to which it is linked. If the Cardholder forgets the personalised PIN code, s/he may telephone the Helpdesk for assistance. The Helpdesk will call the Cardholder back on the telephone number as indicated on the IZOLA PRO Bank Card Application form and provide the Cardholder with a one-time PUK code ( Personal Unblock Code) by email which is sent to the email address of the Cardholder. If the PUK code is requested in writing (letter, e-mail, fax) the same contact procedure is followed by the Bank's telephone helpdesk. The Cardholder would then click on the ‘Forgot PIN?’ button on the Izola Pass login page and will be prompted to enter the PUK code and a new personalised PIN code.

Article 7 - Transaction limits

No cash withdrawals are allowed with this Card.

For security reasons, the Bank shall set a daily transaction limit (started from 0.00 to 24.00). The standard daily transaction limit shall be displayed under 'Important Information’' on the Website. The Principal Account Holder may set a different transaction limit on a Card but this limit can never exceed the limit set by the Bank. The Client may contact the Bank at any time and request a higher daily transaction limit.

Article 8 - Undertakings

The Cardholder undertakes to:

1. safeguard his PIN, keep his PIN, Card andthe device/s on which Izola Pass is downloaded secure and safe at all times, refrain from writing down or recording his PIN in a way that it can be understood by a third party, to refrain from disclosing his PIN to anyone, including Bank staff, and to keep the device/s on which Izola Pass is downloaded and the PIN separate from each other Infringement of this rule is a material breach relieving the Bank from any liability;
2. deactivate the Izola Pass mobile token on a device which he is no longer using or which he decides to sell or give away. He can deactivate the Izola Pass mobile token in two ways. He can either call the Helpdesk or from the Izola Pass ‘Menu’ options he can select ‘Settings’ and then ‘Deactivate’.
3. Notify the Bank immediately of the loss or theft of the Card  and/or any device on which Izola Pass is downloaded;
4. Notify the Bank immediately if the Cardholder suspects that the PIN is known by an unauthorised third party.
5. Notify the Bank immediately of the recording on his Account of any unauthorised transaction;
6. Notify the Bank immediately of any error or other irregularity in the maintenance of his Account by the Bank;
7. not to countermand an order which he has given by means of his Card.

This Notification can be made by means of a call to the Helpdesk, or alternatively the Cardholder can inform the Bank by sending an e-mail to the Bank’s e-mail address from the Cardholder’s e-mail address as indicated on the Card Application Form.

The Client undertakes:

1. to Notify the Bank immediately in writing of any irregularities in a Card transaction on the Client’s bank statement;
2. to use the Card and Izola Pass strictly in accordance with the Terms and Conditions for use of the IZOLA PRO Bank Cards;
3. to ensure that Cardholders are made aware of the contents of these terms and conditions.

The Bank undertakes:

1. not to disclose the Cardholder’s initial PIN, except to the Cardholder or to a person or entity authorised by the Cardholder;
2. to keep internal records for the period of time required by legislation and in any event, not less than six (6) years, and in accordance with best banking practice to enable transactions to be traced and errors rectified when necessary;
3. to ensure that the Cardholder has appropriate means available to him to enable him to Notify the Bank immediately in the event that the Card or the device on which Izola Pass is lost or stolen, or thier security has in any other manner been compromised. In the event that notification is made by telephone, the Bank shall provide the Cardholder with a means of proof that he has made the notification.
4. to take all reasonable precautions to ensure Card and/or Izola Pass security.
5. to periodically inform the Cardholder of the precautionary measures that have been taken to prevent any unlawful use of the Card;
6. not to disclose the Cardholder’s initial personal identification number or other code, except to the Cardholder;
7. to bear the risk of any transmission of the Card to the Cardholder;
8. not to dispatch an unsolicited electronic payment instrument, except where it is a replacement for a Card already held by the Cardholder
9. to prevent any further use of the Card and/ or Izola Pass upon receipt of the Notification effected by the Cardholder under Article 9 of this agreement;
10. to prove in any dispute with the Cardholder concerning a transaction, and without prejudice to any proof to the contrary that may be produced by the Cardholder, that the transaction (a) was accurately recorded and entered on the Account, and (b) was not affected by technical breakdown or other deficiency, provided the Bank was advised by the Cardholder of the dispute within three (3) months from Notification of the transaction data.

Article 9 - Liability

1. Every reasonable precaution has been undertaken to ensure that the Bank’s systems are as secure as possible, but the Bank cannot guarantee the privacy or confidentiality of any information passing over the Website and therefore the Bank cannot accept any responsibility for the unauthorised access by a third party and/or the corruption of data being sent by the Client to the Bank or by the Bank to the Client. In view of this, the Client accepts that electronic and other transmissions passing over the Channel may not be free from interference by outside parties and may, therefore, not remain confidential.
2. If the security of Izola Pass has been in any manner compromised or if his personalised PIN or Card have fallen into the hands of a third party, or if the Client has reason to suspect this, either because of the recording on any of the Client’s accounts of any unauthorised transaction or for any other reason, the Client undertakes to Notify the Bank immediately, in order to prevent unauthorised use of the Website. Up to the time of Notification, the Client shall bear the loss sustained in consequence of the loss or theft of the device/s on which Izola Pass is downloaded, PIN or Card up to a limit of Euro 150, unless the Client has acted with extreme negligence or fraudulently, in which case the Client’s liability shall be unlimited. Extreme negligence will for instance be present when the Cardholder has noted his personal identification number or any other code in an easy recognizable form, for example on the Card or on an object or a document that was kept or carried together with the Card by the Cardholder, as well as not immediately informing the Bank of the loss or theft of the Card and/or the device/s on which Izola Pass is downloaded.
   The court will consider all circumstances of the case to decide whether there is extreme negligence. The submission of documents by the Bank which demonstrate the accurate recording of transactions and the use of the Card with the code which is only known by the Cardholder do not constitute sufficient proof of extreme negligence by the Cardholder. As soon as the Client has notified the Bank, except in cases of extreme negligence or fraud on the part of the Client, he shall not thereafter be liable for the loss arising in consequence of the loss or theft of the device/s on which Izola Pass is downloaded, PIN or Card.
   The Client will in all cases be unlimitedly liable if:-
   1. the Client has not used Izola Pass in accordance with these terms and conditions; in particular, if the Client does not take all reasonable steps to keep safe the device/s on which Izola Pass is downloaded, Card and his personalised PIN.
   2. the Client has not notified the Bank immediately on becoming aware of:
      • the loss or theft of the device/s on which Izola Pass is downloaded, Card or of his personalised PIN,
      • the recording on the Account of any unauthorised transaction,
      • any error or other irregularity in the maintaining of the Account; or
      • having any suspicions that the PIN is known by any unauthorised third party;
   3. the Client recorded his personalised PIN in any easily recognisable form, in particular on the device/s on which Izola Pass is downloaded, the Card or on any item which the Client keeps or carries with the device/s on which Izola Pass is downloaded or with the Card
   4. the Client acted in any other way with gross negligence or fraudulently.
3. Corporate or joint clients acknowledge, that a person (such as other users appointed by the Bank on the instructions of such corporate or joint Clients or any authorised or unauthorised third party) who provides the personalised PIN of a corporate Client or joint Client when using the Channel shall always be entitled to use the Channel (as if it were the Client who is using the Channel), even though the Bank may not have not been separately Notified of this. Furthermore, corporate or joint Clients understand and accept that corporate Clients are responsible, and joint Clients are jointly and severally responsible, for all transactions carried out by the person providing his personalised PIN.
4. (a) The Bank is liable:
   • for the non-execution or defective execution of the Cardholder's transactions even if a transaction is initiated at devices/terminals or through equipment which are not under the Bank’s direct or exclusive control, provided that the transaction is not initiated at devices/terminals or through equipment unauthorised for use by the Bank;
   • for transactions not authorised by the Cardholder, as well as for any error or irregularity attributable to the Bank in the maintaining of the Cardholder's account;
   • for the use of a forged or counterfeited Card should it be forged or counterfeited by a third party.

(b) The amount of the Bank's liability consists of:

• the amount of the unexecuted or defectively executed transaction and, if any, interest thereon;
• the sum required to restore the Cardholder to the position he was in before the unauthorised transaction took place.
• any further financial consequences.

(c) Any damages due are to be paid by the Bank to the Cardholder within the shortest possible period.

Article 10 - Authorisation

The Client authorises the Bank to:

1. debit the Account to which the Card is linked with charges, if any, related to the use of the Card as described in Article 11 ‘Tariff of Products and Services’;
2. renew the Card on the understanding that the Bank is under no obligation to justify its refusal to renew the Card.

Article 11 - Tariff of Products and Services

A fee is levied by the Bank on the issuance of the Card and on every subsequent Card renewal/ replacement whether such renewal/ replacement is initiated by the Bank or the Client.Information concerning fees, charges if any, and promotional offers if any, relating to the Card are available on the Bank’s Website.

Article 12 - Proof

Transactions made using the Card are automatically recorded on the Bank’s computer system. The Bank, Cardholder and Principal Account Holder or Holders recognise that the Bank’s computer system on which data concerning all transactions is logged constitutes prima facie evidence of such transactions.

Article 13 - Issue, return and withdrawal of the card

1. The Bank will only issue a Card on the authorisation of the Principal Account Holder. The Card shall at all times remain the property of the Bank. The Bank shall not send any unsolicited Cards to the Client.
2. The Principal Account Holder or Holders undertake to return any and all Card/s in issue to the Bank at the latter’s request. Upon such request, the Principal Account Holder or Holders are obliged to return the Card/s within two (2) days as from the Bank’s Notification.
3. The Bank reserves the right to block the use of or to withdraw the Card/s at its discretion.

Article 14 - Data protection

The issuance and use of the Card is subject to the provisions of Article 11 - Confidentiality and Data Protection of the E-Banking General Terms and Conditions.

Article 15 - Amendment of the Terms and Conditions for use of IZOLA PRO Bank cards

1. The present Terms & Conditions for use of IZOLA PRO Bank cards may be amended by the Bank at any time;
2. The Client shall be advised by the Bank in a Notification through Internal Electronic Mail of any amendment to these terms & conditions. The amended Terms & Conditions for use of IZOLA PRO Bank Cards shall be available to Clients on the Bank’s Website;
3. Unless legal or statutory requirements specify otherwise, these amended Terms & Conditions shall enter into force two months after the date of the Notification. Before the expiration of the said two month period the Client may terminate this agreement at no cost by Notifying the Bank.
4. Without prejudice to the foregoing, it is expressly agreed that any transaction made by the Cardholder after the two month period shall be governed by the new Terms & Conditions, and that the Client shall be incontestably deemed to have accepted them.

Article 16 - Language

Clients may, on request, be provided with a copy of these terms and conditions in French or Flemish. Nevertheless, in the case of any conflict between the terms and conditions in the English language and those in the Flemish or French language, the former shall in all cases prevail.

Article 17 - Disputes

Any dispute in relation to these terms & conditions must be adjudicated according to Article 26 of the E-Banking General Terms & Conditions. However, this does not refrain Cardholders or Clients from contacting the following entity:

Malta Financial Services Authority
Notabile Road
Attard BKR 3000
Malta
Website: www.mfsa.com.mt