Citizen Mutual Bank
Terms and Conditions
Effective Date: 6th February 2025
DEFINITIONS
1.1. Account – the payment account the Customer has opened or is about to open with the Company.
1.2. API – Application Programming Interface provided by the Company.
1.3. Additional definitions will be as specified in this Contract or in documents referenced herein.
ACCOUNT OPENING AND USE
2.1. The Customer may open Accounts in multiple currencies.
2.2. The Customer is responsible for providing accurate identification and documentation.
2.3. Accounts are for lawful purposes only.
SERVICES AND PAYMENTS
3.1. The Company provides payment, exchange, and custody services as detailed in additional agreements.
3.2. Payment orders are executed in accordance with the instructions provided by the Customer.
3.3. The Company shall apply Commission fees as specified in agreements.
FEES AND COMMISSIONS
4.1. Fees and Commissions for services are defined in the respective agreements and schedules.
4.2. The Company reserves the right to update fees with prior notice to the Customer.
CUSTOMER OBLIGATIONS
5.1. The Customer must provide truthful and accurate information.
5.2. The Customer must comply with all laws, regulations, and terms of this Contract.
5.3. Unauthorized use of services may result in Account suspension or termination.
COMPANY OBLIGATIONS
6.1. The Company shall provide services diligently and in accordance with applicable laws.
6.2. The Company will maintain records and provide information regarding executed Payment transactions as required.
PAYMENT INSTRUMENTS
7.1. Payment instruments provided by the Company are for use only by the Customer.
7.2. Misuse, loss, or theft must be reported immediately (see Clause 9.6).
COMMUNICATION
8.1. The Customer may contact the Company via the Account system, email, or telephone.
8.2. Notices and communications from the Company are considered delivered when sent to the Customer’s registered contacts.
SECURITY AND CORRECTIVE MEASURES
9.1. The Customer is responsible for the security of devices used to access the Account and shall not leave them unattended or accessible to third parties.
9.2. Software, browsers, anti-virus programs, and applications should be updated timely.
9.3. Devices should be protected with passwords, PIN codes, or other security instruments.
9.4. Emails from the Company will never request downloads or installation of software; fraud emails may contain harmful attachments.
9.5. Avoid clicking unknown links or installing software from unreliable sources.
9.6. Loss, theft, misappropriation, or fraudulent use of a payment instrument must be reported immediately to the Company via Account, email, or phone.
9.7. Suspicious account activity should be reported immediately, and the Customer shall change passwords and use additional security measures.
9.8. The Company may block Accounts or payment instruments for security reasons, non-compliance, or suspicion of unlawful use.
9.9. Customers must review executed transactions monthly and report unauthorized or incorrect payments within 13 months.
9.10. Liability rules:
- Consumers: up to €50 for unauthorized transactions unless fraud or gross negligence occurs.
- Legal entities: bear losses if obligations in Clauses 9.1–9.6 are not fulfilled.
- Blocking requests must be validated, and the Company may refuse if suspicious.
9.11. Company liability for proper execution:
- Payment orders executed according to Unique Identifier are considered correct.
- Improper execution will be investigated, and direct losses reimbursed where applicable.
9.12. Indirect losses are not covered. Refunds for Payer-initiated or Payee-initiated payments follow conditions:
- Unauthorized transaction amounts exceeding reasonable expectations can be recovered within 8 weeks.
- Refunds processed within 10 Business Days; Commission fees are not refunded.
9.13. Force majeure: neither party is liable for events beyond reasonable control. Notification is required within 10 calendar days.
9.14. Incorrectly credited funds must be returned immediately; insufficient funds must be repaid within 3 Business Days.
CONFIDENTIALITY AND PERSONAL DATA
10.1. Confidential information may only be used for purposes of this Contract and disclosed to employees or contractors with need-to-know.
10.2. Disclosure required by law is permitted.
10.3. Exceptions include public knowledge, prior knowledge, third-party lawful sources, or independent development.
10.4. The Company will manage Customer personal data for service provision, ensuring security, and following applicable laws and the Company’s privacy policy.
TERM AND TERMINATION
11.1. This Contract is indefinite unless otherwise agreed.
11.2. Customer may terminate with 30 days’ notice.
11.3. Company may terminate with 60 days’ notice.
11.4. Termination may occur after 12 months of inactivity, subject to Company discretion.
11.5. Mutual termination is permitted.
11.6. Immediate termination possible for: legal violations, false or missing documentation, malicious or illegal activity.
11.7. Notification of termination reasons will be provided if permitted by law.
11.8. Upon termination, payment history for the last 36 months is provided free of charge, unless Customer refuses.
11.9. Termination does not release prior obligations.
DISPUTE RESOLUTION AND CUSTOMER RIGHTS
12.1. Disputes shall be resolved through negotiation.
12.2. Formal complaints can be submitted via post or email (support@citizenmutual.com).
12.3. Complaints will be acknowledged, and responses provided within 15–35 Business Days.
12.4. Alternative dispute resolution is available for Consumers where applicable.
FINAL PROVISIONS
13.1. UK law governs this Contract.
13.2. Contract enters into force upon Customer approval.
13.3. Consumers may renounce this Contract within 14 days electronically without charge.
13.4. Invalid provisions are severable; the remainder remains enforceable.
13.5. Customer may not assign rights or obligations without Company consent. The Company may assign rights with 60 days’ notice; Customers may terminate if disagreeing with changes.
13.6. Effective date: 6th February 2025
