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TRANSCRIPT
General Terms and Conditions
UBL UK January 2016
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C O N T E N T S
G e n e r a l Pe r s o n a l a n d B u s i n e s s 2
I s l a m i c A c c o u n t 21
M a r h a r b a 9 0 d a y s a c c o u n t 22
A d d i t i o n a l Te r m a n d C o n d i t i o n s 24
A d d i t i o n a l C o n d i t i o n s Fo r U B L U K D e b i t C a r d 25
If you would like a larger print of this document, please ask our Sales and
Service staff, or call 0800 218 22 66 requesting them to send you one. You
can also visit our website and print out an enlarged version of this text.
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GENERAL TERMS AND CONDITIONS
1. Information about the bank
United Bank UK and UBL UK are trading names of United National
Bank Limited (“UBL UK”) which is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. UBL UK’s
registered address is:
United Bank UK
2 Brook Street
London W1S 18Q
You can contact Us by telephone on 0800 218 2266 or through our
website at www.ubluk.com.
Details of our other branches can be found in our Key Features
Document(s) and on Our website.
UBL UK is registered with the Registrar of Companies in England
and Wales as a limited liability company and Our company number
is 4146820. UBL UK is also registered with HM Revenue and
Customs (VAT No. 778800001).
We may change Our banking hours, banking practice, the
availability of branches and similar matters according to these
General Terms and Conditions by giving You notice in Our branches
or in the national press or by post (including statement messages)
or on Our website. Any change will apply from the date specified in
the notice. If We plan to close or move a branch We will give You at
least 12 weeks prior notice. This document will inform You how We
propose to providing Our banking services to You.
1 Definitions
In these general terms and conditions the following definitions
apply:
“UNB”, “UBL UK”, “United Bank UK”, “We” “Our” or “Us” means
United National Bank Limited;
“You” or “Your” means the named holder of each Account and, in
the case of a Joint Account, each of the Joint Account holders;
A “Business Day” means Monday to Friday but excluding UK bank
holidays;
“Account” means any Current Account, Savings Account, Fixed-
Term Deposit, Notice Account opened in Your name by Us;
“Business Current Account” means any Current Account opened in
the name of a company or a person who is not consumer or a bank-
ing customer as defined by the FCA Banking Conduct of Business
Rules;
“Joint Account” means an Account opened in the name of more
than one person each of whom is responsible (individually and
together) or any money owed to Us in relation to that Account;
“Current Account” means an account where withdrawals can be
made by cheque or debit card and on which no interest is paid on
credit balances including but not limited to a Business Current
Account, or Student Account;
“Savings Account” means an account bearing interest other than a
Fixed-term Deposit;
“Fixed-Term Deposit” means either a fixed term deposit account
or a call deposit account where money is placed with Us for a fixed
period or on call notice. Fixed-term Deposits are accounts which
may have terms and conditions for withdrawals and where interest
may be paid.
“Charges Schedule” means the list of charges We may apply to
certain Accounts which will be notified to You separately in Our
advertising and other documents relating to these Accounts and
which will be available on Our website.
“Foreign Cheques” mean a cheque in a foreign currency or
cheques in sterling paid out of an account at a bank abroad (in
countries other than in the UK, the Isle of Man, Gibraltar or Channel
Islands).
“Debit Card” means a card issued in conjunction with Our Current
Account which You can use to make withdrawals at a certain cash
machines and will be subject to the terms and conditions that apply
to the issuance of that card.
“Notice Account” means an account on which you must give
notice before withdrawing any money.
“Overdraft” means a facility where UBL UK allows you to draw more
money (whether by cheque, ATM withdrawal, bank transfer or oth-
erwise including the application of Our Charges) than is standing to
the credit of Your Account so that You will owe UBL UK the over-
drawn amount plus any applicable fees or charges. Overdrafts are
either an “Approved Overdraft” which is an Overdraft of a set
amount which We agree You can overdraw Your Account prior to the
Account going into debit or an “Unapproved Overdraft” which is an
Overdraft where We have not given Our approval and consent to
Your Account going into debit.
“Payment Instruction” means any instruction given by You to Us
whether in writing, by phone, by using a debit or ATM card or elec-
tronically, requesting the execution of a payment transaction which
is an act, initiated by either the payer or by the payee, of placing,
transferring or withdrawing funds, irrespective of any underlying
obligations between the payer and the payee.
“Personal information” means information about You that UBL UK
has received from You and others including but not limited to: (a)
information provided in applications, emails and letters, during
telephone calls and conversations in branch, when registering
for services, in customer surveys, when You participate in
competitions and promotions, through websites and during
financial reviews and interviews;
(b) from analysis (for example, the amount, frequency,
location, origin and recipient) of Your payments and other
transactions, and Your use of services and what We know
from operating Your Accounts; and
(c) information We receive from each other and from other
organisations such as credit reference agencies and fraud
prevention agencies.
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“Security Details” means the processes or security procedures We
may ask You to follow or use, for example, a password or other
information, security numbers or codes such as Personal
Identification Numbers (“PINs”), to make an instruction or confirm
Your identity, and which may be used in combination with
something We give You, such as a card with a PIN or random
security number generator.
2 Our banking relationship
These General Terms and Conditions apply to all Current Accounts
(including all Business Current Accounts), Savings, Fixed-Term
Deposit or Notice Accounts including all Joint Accounts. They
explain Our obligations to You and Your obligations to Us and apply
to all of Our banking services but may be added to or varied by
specific conditions (“Additional Conditions”) which apply to certain
products.
These General Terms and Condition apply to all banking services
We provide for Your personal use. Additional Conditions may apply
if You are a customer for the purposes of a business, club, charity or
other organisation, or if You are acting as a trustee, personal
representative, partner or sole trader. This agreement does not
affect or change the terms (express or implied) of those
agreements.
Some Accounts and services may also be subject to “Additional
Conditions” including but not limited to minimum and maximum
balances, requirements to qualify for a particular Account, services,
rates or benefits available only with certain Accounts, interest rates
and charges applicable to certain Accounts and notice periods on
Savings Accounts which will be notified to You separately and which
will be available on Our website.
If any Additional Condition conflicts with any general condition in
this document, the Additional Condition will apply. For example a
Savings Account may have different terms for working out or paying
interest, so those terms will apply to that type of Account instead of
the conflicting terms in these General Terms and Conditions.
For further information about Your statutory rights in respect of
these Account, if any, please contact Your local Trading Standards
Department or Citizens’ Advice Bureau.
We may transfer all or any of Our rights in relation to Your Account
provided We have a valid reason for doing so and, if required to do
so, We have given You adequate notice. We may also delegate,
transfer or outsource any of Our obligations, but only to an entity
which We reasonably consider capable of performing these
obligations. References to UBL UK in these General Terms and
Conditions would include references to any person to whom any
relevant right or obligation has been transferred. You may not
transfer any of Your rights or obligations in relation to Your Accounts
other than as set out in these General Terms and Conditions or in
the Additional Conditions that apply to any specific service or
product We may provide.
We may not always strictly enforce Our rights under this agreement.
For example, We may allow You more time to pay what You owe Us.
However, if We do this, it will be just a temporary measure and We
may enforce Our rights strictly again.
3 The services and information We provide
Before You become a customer of UBL UK We will provide You with
Our details and a copy of these General Terms and Conditions as
well as a copy of all of Our product literature that is relevant to You
and the service We will provide to You including the current rates of
interest and details of Our current Charges Schedule.
We offer a choice of Accounts to suit a wide variety of customer
needs. These range from an Account offering standard banking
services to Accounts including added benefits, for example, some
types of insurance.
Some Accounts have a minimum balance requirement in order to
maintain that Account. The minimum balance requirements may
change from time to time and You will be told at least two (2)
months in advance of any such change being made.
We may agree to give You an Overdraft on Your Current account
and, as part of our overall service, We will consider requests for an
Unapproved Overdraft or increased Unapproved Overdraft and tell
You of Our decision. Please contact Us if You would like to discuss
any of those options.
Unless an Overdraft has been agreed with Us, You must always keep
Your Current Account in credit. Savings Accounts must also always
be in credit.
If any Account is in credit We reserve the right to use such credit to
reduce or repay to Us any overdrawn amounts on other Accounts
We hold in the same name or Joint Accounts.
Money can be paid directly into an Account in cash, by cheque or by
direct transfer from another account. You can take money out in
many different ways, such as by cheque, card, in cash, direct
transfer to another account, direct debit or standing order as set out
in these General Terms and Conditions or in the Additional
Conditions that apply to the specific Account or service We provide.
If You want to put some of your money aside, You can open a
savings account. There may be limits to the ways you can withdraw
money out of a Savings Account, compared to a Current Account.
For example, You may not be able to set up standing orders or direct
debits on a Savings Account.
If We offer other services to You in the future, We will make it clear
at the time if these General Terms and Conditions will apply to
them. You may also request a copy of these General Terms and
Conditions or the terms applying to any Account at any time by
contacting Our Sales and Service Staff and all current terms and
conditions are available on Our website.
We will also provide You with details of Your right to cancel any
contract You may enter into or close an Account as well as details of
Our internal complaints procedure. We will also inform You of the
cheque clearing process and details of when funds placed with Us
or transferred to Us will be available to You.
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UBL UK is part of the UK Financial Services Compensation Scheme
and Financial Ombudsman Service and We will provide You with
details of these schemes.
4 Communicating with You
All documentation that We provide to you or communications
We make with You will be in English and will be in a clear and
comprehensible form. Any changes to these General Terms and
Conditions or to the relevant documentation including changes to
interest rates or charges, including changes to Our Charges
Schedule, will be notified to You if required or displayed at Our
branches and made available on Our website (www.ubluk.com).
We will contact You using the contact details (usually Your principal
home address) You give Us. You should advise Us immediately if
you change Your home address or, if different, Your correspondence
address. We will not accept instructions not to write to You.
Where We hold a correspondence address and a different home
address for You We may send notices or mail to Your home address
if correspondence is either returned from the correspondence
address or You do not respond to mail sent to Your correspondence
address when We have requested You to do so.
We will not be responsible if We fail to contact You or if We send
confidential information to the wrong address using out of date
details where You have not notified Us of the change. We may
charge You Our reasonable costs of finding You (or trying to find
You) if Your contact details are not kept up to date.
Our contact details are in Section 1 above and if there is any change
in those details We will notify you as set out in these General Terms
and Conditions.
You can contact Us and give Us instructions in branch, through
Telephone Banking, Internet Banking or Mobile Banking (once you
have registered for them), or by using a card. Any instructions you
give Us are not effective until We actually receive them. You can
usually use Our Telephone, Internet and Mobile Banking
services/machines at all times but occasionally repairs, updates and
routine maintenance on Our systems and those of Our suppliers
may meanthat a particular service cannot be used for a short time.
It may be unlawful for You to use Internet Banking or Mobile
Banking in some countries. You must check this and take
appropriate action, including not using these services if prohibited.
You will be liable if You break foreign laws, and may be responsible
for any loss You cause Us as a result of Your actions.
5 Security
When We contact You or You contact Us We need to check Your
identity before You can give Us instructions or We can disclose or
discuss confidential information about Your accounts.
You must therefore provide and sign any instructions given to Us in
writing and if You are in one of Our branches, We may ask You for
identification.
We will do all We reasonably can to prevent unauthorised access to
Your Accounts and to make sure they are secure but You are also
responsible for ensuring that You take appropriate steps to keep
information regarding Your Accounts secure.
You must therefore take all reasonable steps to keep Your cheque
book, Debit Card and PIN numbers safe. PINS, passwords and secu-
rity information should never be written down and should not be
disclosed to any other person.
If You are contacting Us or giving Us instructions by any method
other than in writing (for example by using a card, Telephone
Banking, Internet Banking or by Mobile Banking) You must do so
using the “Security Details” We have given to You or agreed with
You personally.
You must follow any instructions We may give to You, which We rea-
sonably consider are needed to protect You and Us from unautho-
rised access to Your Accounts. You must not let anyone else use any
of Your cards or Security Details, not even someone sharing a Joint
Account with You as he or she will have his or her own card and
Security Details.
You must keep Your cards and Security Details secure and protect
cards from damage and do all You reasonably can to make sure no
one finds out Your Security Details, for example by not choosing
obvious passwords or codes (such as Your date of birth) as part of
Your Security Details, writing Your Security Details on, or keeping
them with Your cards or banking documentation, writing down your
Security Details in a way that is recognisable or letting anyone listen
in to Your calls with Us, or watch You entering or making use of Your
Security Details, not let anyone else give instructions, or have access
to information, on Your accounts unless he or she has a separate
arrangement with Us to do so, or You have specifically authorised
him or her to do so under (a power of attorney or mandate) and if
there is a place for Your signature, sign any card as soon as You have
received it.
If you use Our Internet Banking or Mobile Banking services, Your
computer, modem and mobile phone must meet any reasonable
requirements We may set and You must carry out Your own regular
virus checks, and You must not change or copy anysoftware We
provide, or give it to another person.
You must tell Us as soon as You can if You:
(a) notice any errors in the Account, a statement or other cor
respondence with Us;
(b) find Our services are not working or working properly;
(c) think any Debit Cards or Security Details relating to You
have been lost, stolen, damaged or are being misused; or
(d) think someone may be accessing Your accounts without
Your authority or that someone has discovered Your Security
Details.
You should contact our Sales and Service staff as soon as possible
on 0800 218 2266 and if calling out of office hours leave a message
informing Us of the situation and We will deal with it on the next
Business Day. We will take steps to ensure You are always able to
inform Us of such matters.
We strongly recommend that You do not email Us confidential infor-
5
mation or instructions (as they should only be given through
Internet Banking) and You should not respond to any emails asking
for Your account information, Security Details or any information
about Your Debit Card whether it appears that the email appears to
come from Us or not as We will not ask for these details by email. If
You use email, it is at Your own risk.
We reserve the right to stop the use of your Debit Card on reason-
able grounds which relate to the security of that card including the
suspected unauthorised or fraudulent use of the card or if the card
has a credit line and in Our sole discretion We believe that there is a
significantly increased risk that You may be unable to fulfil any lia-
bility to repay amounts advanced on the Debit Card. Before We
carry out any measures to stop the use of the Debit Card We will
inform You that We intend to do so and give reasons for doing so.
Where
We are unable to inform You prior to stopping the use of the Debit
Card We will do so immediately afterwards. This provision does not
apply where notification would compromise reasonable security
measures or it would otherwise be unlawful to do so.
We will not treat You as breaking Your security obligations just
because You use an aggregation service We do not provide. A
typical aggregation service allows You to view information about
Your accounts with different banks on a single website.
As long as We have checked Your identity in one of the ways set out
above, We will assume that We are dealing with You.
6 Telephone recording
We may listen into or record any phone calls with You to check We
have carried out Your instructions correctly, to help improve Our
service, check that We comply with Our regulatory obligations, and
to help detect or prevent fraud or other crimes.
7 Debit Cards
Debit Cards issued with any Current Account or Business Current
Account are covered by these General Terms and Conditions.
(These cards do not give You additional rights to borrow money or
to operate an Overdraft other than in accordance with the terms of
the relevant Account.)
You can use Debit Cards to take money from Your Accounts by
making cash withdrawals from cash machines, getting cash back
from some retailers and paying for goods and services in the UK and
other countries. You may also be able to use Your Debit Card at
some cash machines for a variety of other services such as making
deposits, paying bills, transferring funds, topping up Your mobile
phone or making a balance enquiry. This will depend on whether
the cash machine You wish to use offers these services which may
not be available at all cash machines or which may charge You for
using those services at that cash machine.
We may withdraw or replace Your Debit Card with a different type
of card following a review of Your personal circumstances. We will
tell You about the features of the card when We send You the
replacement card and if the replacement card would change the
terms of this agreement We will give You advance personal notice of
the change.
8 Telephone Banking and Internet Banking
You can give Us instructions and access information on Your
Accounts by phone using Telephone Banking or, once You have
registered, electronically using Internet Banking.
You may not be eligible for all of Our accounts or services or all the
features they have – for example, We will not give you an Approved
Overdraft if you are under 18. We may also, in Our absolute
discretion, limit the number of Accounts or services You can hold
with Us.
An important part of Our role as Your bank is to provide You with
services to help you manage your finances. We do not generally
provide advice, but We can use information We have about you to
suggest other services We think might be of interest to You. To find
out more about how We use Your Personal Information, please see
the information set out below.
9 Statements
If You have made a transaction on Your Account in any given month
We will send You a written statement at the end of the month
unless You have requested otherwise.
This statement will contain details of all transactions made in that
month and will be sent to You through the post at the
correspondence address notified to Us by You. We will provide You
with a paper statement for each Account regularly and at least once
a year.
You can order a paper statement at any other time through at any
branch or through Telephone Banking but there may be a charge for
supplying these statements.
The transaction details We will provide You within the statement
include the following:
• A reference enabling You to identify each payment and
where appropriate, information relating to the beneficiary;
• The amount of the payment transaction in the currency in
which Your account is debited or in the currency used for the
Payment Instruction;
• The amount of any charges and where applicable a break
down of these charges or the interest payable by You;
• Where applicable the exchange rate used by Us and the
amount of the transaction after that currency exchange (if this
is not included on the statement a separate notification will be
sent to You advising You of this information; and
• A debit value date or the date of receipt of the payment
instruction.
When You receive payments into Your Account, We will provide You
with details of these payments in Your statement. Where You have
received credits into Your account on any given month, We will send
You a written statement at the end of the month. The information
We will provide to You will include the following:
• A reference enabling you to identify the transaction and
where appropriate the sender and any information transferred
with the payment;
6
• The amount of the transaction in the currency in which
Your Account is credited
• Any charges and where applicable a breakdown of the
charges;
• Where applicable the exchange rate used in the
transaction and the amount of the payment before the
currency conversation (if this is not included on the
statement, a separate notification will be sent to You advising
You of this information; and
• The credit value date.
If We provide You with details of the balance of Your Account, the
balance may include transaction that are still being processed such
as cheques which are in the process of being cleared and so may be
subject to change. Any such balance given by Us to You may not
represent cleared funds which are available for You to withdraw
from your Account. We may also provide You with details of the
available balance on Your Account. This will represent funds which
You are able to withdraw (subject to any other restrictions on
withdrawals) and including the amount of any Overdraft which We
have agreed with You.
If You use Internet Banking, We will provide electronic statements
and You can tell Us to stop sending You paper statements for all, or
any, of Your Accounts which are accessible by Internet Banking. You
can change Your mind and tell Us to start sending You paper state-
ments again.
We may use messages on or with Your statements to tell You about
changes to this agreement or to other agreements or services You
have with Us.
You are responsible for checking statements, text messages or
other account information We give You. If You tell Us about any
errors on Your Account, or if We notice any errors, We will correct
them as soon as reasonably possible.
You must give any information and help We reasonably ask for to
deal with misuse or unauthorised access to Your Accounts, or in
relation to any other transaction We, the police or other authorities
are investigating. We may pass on related information to other
banks, to those involved in processing card payments, or to the
police or other authorities, in the UK or (if appropriate) abroad if
required to do so by law or regulation.
10 Banking and payment services
In most cases We process Your Payment Instructions on the
Business Day We receive them. To do this We must receive the
Payment Instructionbefore the “cut-off ” time for that Business Day.
The “cut-off time” is different for Payment Instructions received in
one of Our branches or by Telephone Banking or Internet Banking
but is usually not before 3.30pm (UK time). If Your Payment
Instruction is not received by the “cut-off time” on any Business Day,
We will treat it as having been received the next Business Day.
You can ask Us for further information about the relevant “cut-off ”
times.
11 Refusal of Payment Instructions
We may refuse to accept a Payment Instruction into an Account or
to make a payment from an Account if We believe that doing so
might cause Us to breach a legal or regulatory requirement or it
might expose Us to any action from any government, government
agency or regulator.
We may refuse to execute any Payment Instruction if You have
insufficient funds in Your Account to meet the amount of the
Payment Instruction including any charges payable whether or not
this would place the Account in debit.
We may refuse to carry out a Payment Instruction, or other
transaction on Your account if the Payment Instruction is not clear
or You have not provided Us with the correct details or if there is a
legal requirement or a court or other authority that tells Us to act in
that way or the payment seems unusual compared with the way
You normally use Your account or We reasonably believe You or
someone else has used or is using or obtaining, or may use or
obtain a service or money illegally or fraudulently.
We may also refuse to carry out a Payment Instruction if we reason-
ably believe that someone else may have rights over money in Your
account (in this case We can also ask (or require You to ask) a court
what to do, or do anything else We reasonably need to do to protect
Us) or any other reason set out these General Terms and Conditions
applies.
For security purposes We may have in place internal controls in
relation to certain transactions or on the maximum amount that
can be taken out of Your Account in certain circumstances which
may mean We may refuse to carry out a Payment Instruction or
require You to produce additional identification or confirmation of
the transaction. We will let you know if We are stopping a payment
for this reason.
We also use systems to identify payments that seem unusual and to
help Us prevent the misuse of Your account. This may include using
widely available geographical mobile phone technology when
assessing the location of a proposed payment if You ask Us to send
funds from Your account elsewhere. Where We think an unusual
payment involves misuse or fraud We may investigate further, for
example by calling You, or refusing to make the payment.
If We prevent You from using Your account or cards, or refuse, or are
unable to make a payment under this agreement, We will act in a
manner We think is reasonably appropriate for the circumstances
and try to reduce the inconvenience to You but We accept no liabil-
ity for any consequential loss which may arise as a result of Our
refusal to accept Payment Instructions.
Unless the law prevents Us from doing so, We will try to contact You
to tell You that We are refusing, or are unable to act on Your
Payment Instruction. We will do this at the earliest opportunity. If
You are using a card to make a payment or withdrawal from a cash
machine, the retailer or organisation which owns the cash machine
will tell You that the payment has been refused.
You can also contact Us to find out (unless the law prevents Us from
telling You) why We have refused to act on Your payment instruc-
7
tion and how You can correct any factual errors that led to Our
refusal.
We are not liable if a retailer or another organisation (or a cash
machine) does not accept your Debit Card or card number.
We may not be able to carry out a Payment Instruction if the
organisation You are sending the payment to is not a member of the
UK Faster Payments Service. We are not liable for failing to make a
payment if the organisation You are sending the payment to is not
a member of the Faster Payments scheme.
We will notify You in writing of any refusal of Payment Instructions.
In these cases We will notify You of the refusal and, if possible, the
reasons for the refusal and the procedure for rectifying any factual
errors that lead to the refusal. There may be a charge for sending
You such a notification. This will be found in Our Charges Schedule.
We will not however be required to notify You of the refusal to
execute a Payment Instruction or to seek to obtain Your consent if
such notification would other be unlawful.
In the event that a petition for bankruptcy, administration or wind-
ing up is made against You You agree that We may refuse to act on
any instruction given by You or anyone else to make a payment of
out Your Account unless there has been an appropriate order previ-
ously obtained from the court, a certified copy of which has been
presented to Us and further that We are authorised to set up a sep-
arate account in Your name into which any future payments may be
credited.
12 Payments into Your Account (deposits)
Cash payments into Your Account
Cash paid in at one of Our branches by the cut-off time will be
shown in Your Account on that day and it will earn any interest from
that day. We will allow You to use that cash deposited straightaway.
If You deposit cash into one of Your Accounts on a non- Business
Day, it will be credited to Your Account and start to earn any
interest on the next Business Day.
Cash paid in at another bank to be credited to Your Account will be
shown in Your Account on the next Business Day and will start to
earn any interest on the next Business Day.
Payments into Your account
(other than cash and cheque payments)
When We receive a Payment Instruction for Your Account in sterling,
We will show it in Your Account and it will earn any interest from
that day. We will also allow You to use it straightaway.
If You make a transfer between one or more of Your Accounts with
Us on any non-Business Day, the amount You transfer will leave one
Account and will be available for You to use from the other account
the same day but will be shown as arriving in the second Account
on the next Business Day. The amount will continue to be calculat-
ed as interest on the first Account until the date the payment is
shown as arriving in second Account.
Cheque payments
When We receive a cheque You have written We will take the money
from Your Account on the same day as the cheque is received. We
typically receive cheques within a few days of You writing them, but
the exact timing depends on when the person to whom You gave
the cheque to pays it into their account (which can be months
later).
It is Your responsibility to make sure You have available funds in Your
Account to cover any cheques You have written.
You may be able to stop a cheque that has not yet been paid in by
calling Us with details of the cheque number, amount and date, who
it is payable to, and similar details for any replacement cheque. We
may charge for trying to stop the cheque, whether or not We suc-
ceed in doing so.
You may not ask Us to pay a cheque later than when We receive it
by writing a future date on it. We will not be liable if We pay the
cheque before that future date. You can instead use Telephone
Banking or Internet Banking to tell Us to make a payment on a future
date.
If someone asks You to replace a cheque (because, for example, he
or she says it is lost or there is a problem with it), it is Your respon-
sibility to ask for the old cheque back (and to destroy it), or to ask
Us to stop the old cheque, before You write a new one. If you do not
do this, there is a risk that both the old and replacement cheques
will be paid from Your Account.
We may not accept a cheque for payment out of Your Account if it
is more than six months old.
13 Foreign Cheques and Foreign Payments paid
into Your Account
We may agree to negotiate a Foreign Cheque or make another form
of Foreign Payment available for payment into one of Your Accounts.
If You want Us to obtain payment for You of a Foreign Cheque, you
must “endorse” the cheque by signing Your name on the back. Your
signature must match the way Your name appears on the front of
the cheque. (For example, if the cheque is payable to Mr A Khan you
need to sign the cheque Mr A Khan.) If the cheque is payable to
more than one person, each of You must sign the back of the
cheque.
If You wish to pay a foreign cheque into Your account, the
processing times for dealing with UK cheques do not apply and You
may choose whether We “negotiate” it or “collect” it:
If We negotiate the Foreign Cheque, We will buy it from You by
paying You the amount of the cheque or the sterling equivalent on
the Business Day after We receive it. We will then get payment from
the paying bank. We will add to Your Account immediately the full
amount or converted amount of the Foreign Cheque but if it is
returned unpaid We will be able to claim the money back from You
and We will be entitled to deduct from Your Account either the
amount that We added or if We have converted the cheque into
another currency the amount reconverted at the exchange rate
applicable on the day that We made the deduction. We will do this
even if you have already spent the money or it will put you into
Overdraft.
8
If the exchange rate has changed since the date on which the
Foreign Cheque was negotiated, the amount deducted by Us could
be greater or lesser than the amount originally credited to the
Account. If a Foreign Cheque is negotiated by Us We will deduct
Our fees at the time that it is paid in. If the Foreign Cheque is
returned unpaid, a further fee will be deducted at the time it is
returned. The fees of Our correspondents or agents may also be
payable whether or not the cheque is paid.
In some cases We may decide or agree to send a Foreign Cheque for
collection. If We collect the Foreign Cheque, We send it on Your
behalf to the paying bank. We may use an agent to do this. We will
pay the amount of the Foreign Cheque or the sterling equivalent
into Your Account on the day We get payment from the paying
bank. The time this takes will vary depending on the paying bank or
its country. If We collect a Foreign Cheque we will deduct the fee
from the proceeds at the time they are received or if it is not paid
We will charge You a fee at the time We receive the unpaid Foreign
Cheque. Such fees will include any charges made by Our agents
and any charges made by the bank on which the Foreign Cheque
had been drawn. You can ask Our Sales and Service staff for details.
We take care in choosing Our agents and correspondents when
negotiating or collecting Foreign Cheques but We do not accept lia-
bility for any loss, damage or delay which is not directly due to Our
own negligence. If exchange restrictions or other cases result in Us
receiving payment in a currency different from that of the Foreign
Cheque, neither We nor Our agents will be liable for any loss in
exchanging the proceeds into the currency of Your Account. We
may not always be able to negotiate or collect Foreign Cheques for
You.
All negotiation or collect of Foreign Cheques and all Foreign
Payments will be made by Us in accordance with the Uniform Rules
for Collection as published by the International Chamber of
Commerce from time to time.
14 Payments out of Your Account (withdrawals)
General conditions about payments out of Your Account
We will assume We are dealing with You, and that You have agreed
to Us acting on any Payment Instructions We receive without
getting further confirmation from You.
We will also assume We are dealing with You and that Your
Payments Instructions have been given by You if You ask Us to make
a payment using Your Security Details (for example a card and PIN
at a cash machine or the passwords You have chosen for Telephone
or Internet Banking) as long as any relevant security checks have
been completed by Us or, in the case of a card with contactless
functionality, using that functionality.
If You have signed a cheque or other document containing a
Payment Instruction We will also assume that You have given that
Payment Instruction.
When You give Us a Payment Instruction to transfer funds to anoth-
er account (other than by cheque), You must give Us the sort code
and account number for payments in the UK, or the equivalent
information for payments outside the UK, and any other details We
ask You to provide such as the name of the person You are sending
the payments to, so We can make the payment. (If you give a
Payment Instruction using Telephone Banking or Internet Banking
or Mobile Banking, We will ask You to confirm your Payment
Instruction).
You alone are responsible for checking the details You provide to Us
are correct. We will not be liable if Your payment is delayed or sent
to the wrong person because You gave Us the wrong details. If a
payment does go to the wrong person because You gave Us the
wrong details, We will use reasonable efforts to recover the payment
and, if We manage to do so, we may charge You Our reasonable
costs in securing recovery of the incorrect payment.
If We accept Your Payment Instructions to make a payment on a
future date, We will make the payment on that day. If the payment
falls due on a non-working day We will make the payment on the
next Business Day.
If You ask Us to cancel a Payment Instruction You have given Us We
may charge You Our reasonable costs for trying to cancel it,
whether or not We succeed in doing so.
If You need to give Us a specific Payment Instruction which is
particularly important, You should contact Us either in person (by
going to one of Our branches) or by using Telephone Banking.
You will not be able to give a Payment Instruction using a card or
Your Security Details if We have stopped, or suspended, Your ability
to use them in accordance with these General Terms and
Conditions. We can do this if We reasonably consider it necessary
for reasons relating to:
• the security of a Debit Card or Your Security Details; or
• suspected unauthorised or fraudulent use of a Debit Card
or Your Security Details; or
• a significantly increased risk that You may be unable to pay
any money You owe Us on the relevant account.
Unless the law prevents Us from doing so or we believe it would
undermine Our security measures, We will try to contact You by
telephone or in writing in advance to tell You that We have done this
and Our reason for doing so. If We are unable to tell You in advance
We will tell You as soon as possible afterwards. As all cards issued
with these Accounts belong to Us or Our agents, We (or a person or
other organisation acting for Us) for example another bank operat-
ing a cash machine), may take or retain a card on Our behalf if We
stop or suspend Your rights to use it.
If We stop or suspend a card You must stop using it.
15 Payments (using Faster Payments Scheme other
than payments by card and cheque)
If You give Us a Payment Instruction to make an immediate payment
or a future dated payment (including a standing order to an account
at another bank in the UK), We will use the UK Faster Payments
scheme if it is available and the organisation You are sending a
payment to is a member of the scheme.
An immediate payment using the Faster Payments scheme can be
9
made using the scheme 24 hours a day, seven days a week. We will
take the payment from Your Account on receipt of Your Payment
Instruction and the payment will normally reach the receiving
account within two hours.
Standing orders and future dated payments can be made using the
scheme on working days only and the payment will normally reach
the other bank the same day We send it.
You can check with Us when You make a payment whether the
bank You are sending the payment to is a member of the Faster
Payments scheme.
If We cannot make the payment using the Faster Payments scheme
You can contact Us to ask if there is any other method available to
make payment.
16 International payments
If You ask us to make a payment to a person with an account at a
bank in the European Economic Area (“EEA”), other than the UK,
and the payment is in euro, the payment will reach the other bank
no later than the next working day after We received the Payment
Instruction. For payments in other EEA currencies to countries
within the EEA, the payment will reach the other bank no later than
four working days after We received Your Payment Instruction. The
bank receiving the payment from Us is required by law to pay it into
its customer’s account on the day it receives the payment from Us.
If You give a business or other organisation authority to collect
payments from Your account using the SEPA Direct Debit Scheme,
the payment will reach the other bank on the date You have given
Us for payment unless this is a public holiday in the other bank’s
country (in which case, this will be on the next working day).
If You ask Us to make a payment to a person in another currency or
with an account at a bank outside the EEA, You can ask Us for
details about how long the payment will take to arrive. We will not
be able to control exactly when the payment will be received by the
foreign bank. This will depend on the banking practice of that
country.
We will use Our standard exchange rate for selling the relevant
currency on the day We make the payment unless We tell You a
different rate applies when You ask Us to make the payment.
If You make a sterling payment, We cannot control the exchange
rate applied by the foreign bank. You can find out the current
exchange rate by calling Our Sales and Services staff on 0800 218
2266.
When You ask Us to make an international payment, We will also tell
You about any charges that may apply.
If We have to send an international payment through the banking
system in the foreign country and We may need to appoint an agent
in that country to do it for Us and We properly incur any costs or
other obligations when acting for You in making an international
payment, You must reimburse Us and take any other steps needed
to put Us in the position We would have been in had We not acted
on Your Payment Instruction.
17 Direct Debits
If You give a business or other organisation (in the UK or EEA)
authority to collect payments from Your Account on a regular basis
(a “Direct Debit”), they will normally tell You at least ten (10)
working days before changing the payment dates or amount of
money they ask Us to pay from Your Account, unless you agree
otherwise.
We allow Direct Debit payments to be collected from Your Account
on the date specified in the Direct Debit instruction.
If You think there has been an incorrect Direct Debit payment You
should tell Us immediately so that We can arrange a full and
immediate refund – even if the original error was made by the
business or organisation who set it up. You should also contact that
business or organisation to let them know what You have done and
why. If the payment was made in pounds sterling or euro under the
SEPA Direct Debit Scheme, You must tell Us no later than eight (8)
weeks after the debit date. After that time, We will only be able to
provide a refund if the transaction was unauthorised.
If You have a dispute about a direct debit payment that has been
collected from Your Account, you will need to resolve the dispute
with the business or organisation directly. You cannot use any claim
or defence You may have against them as the basis of a claim or
defence against Us. This does not affect any rights You may have to
a refund as set out above.
Where Direct Debits are collected in euro under the SEPA Direct
Debit Scheme, those payments will be collected during the Business
Day. You should ensure that You have available funds to cover the
amount of these direct debits.
You can ask Us for more details on how payments are made under
the SEPA Direct Debit Scheme by asking in one of Our branches or
calling Our Sales and Service staff on 0800 218 2266.
18 Cancelling or changing a Payment Instruction
If You ask Us to make a payment immediately, We cannot change or
cancel the Payment Instruction because We will start processing it
when We receive it. You can cancel a standing order and any other
payment which You asked Us to make on a future date as long as
You tell Us by the end of the last Business Day before the payment
is due to be made.
If You wish to cancel or change a Direct Debit, as well as telling Us
so that We can suspend any further payments, You must tell the
business or organisation so that they can cancel the Direct Debit.
19 Returned cheques
If a cheque or other payment is paid into Your Account is returned
unpaid the amount shown on it will be debited from Your Account.
We will send the debit advice to you.
Depending upon the reason for the cheque or other payment being
returned unpaid We will either re-present the cheque or return it to
You. Different procedures apply to cheques drawn in a foreign
10
currency other than in Euros or cheques drawn in sterling or in Euros
on a bank abroad and charges for unpaid cheques may be applied
as set out in Our Charges Schedule.
20 ATM and Debit Card payments
If You use Your Debit Card to withdraw cash or to make a payment,
We will take the amount withdrawn, or paid, from Your Account on
the Business Day we receive details of the withdrawal or payment.
If You use Your Debit Card for a cash withdrawal or to make a
payment in a currency other than sterling such as in an ATM
machine abroad, We will convert the amount withdrawn, or paid,
into sterling on the day it is processed by the international payment
organisation (for example, MasterCard) whose name or marks
appear on the card. The exchange rate We use is the rate set by the
international payment organisation and a percentage added by Us.
If You use Your card to withdraw euro from a cash machine in the
UK, You will be dealing with the bank operating the machine (rather
than Us) for the conversion into euro. That bank will set the
exchange rate and may charge You for the conversion.
This percentage and other charges that apply are set out in Our
Charges Schedule. You can find out the current exchange rate by
calling Us on 0800 218 2266.
We cannot cancel a payment made using a Debit Card once You
have given Your consent to make the payment to a retailer.You will
need to contact the retailer separately. This includes payments
made on a regular basis from Your Debit Card, such as magazine
subscriptions. You will also need to tell the retailer if Your Account is
closed or Your card number changes otherwise they may not be
able to collect Your payments.
If a retailer agrees to give a refund for a purchase made using a card
payment, We will make the refund when We receive details of it
from the retailer.
21 Refunds for payments
We will refund the amount of a payment and any charges or inter-
est You paid as a result of it, and pay You any interest We would
have paid You on that amount, if:
• You asked Us to make the payment to an account at
another bank and the payment was not made properly or
never arrived, unless there was a mistake in any of the details
contained in the payment instruction You gave Us; or
• We can show that the payment was received by the other
person’s bank (in this case, that bank is required by law to
make the payment immediately to that person); or
• You tell Us about a payment made from Your Account
which was not authorised and for which You are not otherwise
liable.
However, We will not refund the payment if You tell Us the payment
was not made properly or was unauthorised more than thirteen
(13) months after it was made. If the payment was collected by
Direct Debit, the refund provisions above apply.
Where You have used Your Debit Card to make a payment, You can
ask Us to refund the payment if all of the following conditions are
satisfied:
• the payment was made to a retailer in the EEA;
• the authorisation You gave did not specify the exact
amount to be paid;
• the amount that has been requested was more than You
could reasonably have expected to pay based on the
circumstances, including Your previous spending patterns;
and
• You request a refund within eight (8) weeks of the date the
payment was made from Your account.
We may ask You to provide information which is reasonably
necessary to investigate whether or not You are entitled to the
refund.
Within ten (10) Business Days of receiving Your request (or of
receiving any further information we have asked for), We will either
refund the payment or We will inform You of Our reasons for
refusing the refund.
If You query the payment more than eight weeks after it was taken
from Your Account or the payment was made to a retailer outside
the EEA, We are not obliged to make a refund Ourselves but We will
tell You if We can help or suggest other steps You could take.
22 Borrowing and Overdrafts
Borrowing can be arranged for customers aged 18 and over either
on an Overdraft on a current account or by a separate loan. We will
agree with You the most suitable form of borrowing for You.
Each Account holder is personally responsible for any money
borrowed from Us whether by Overdraft or not and whether this
arises from the actions of that individual or any other person autho-
rised by that individual.
In the case of Joint Accounts, all Account holders are together and
individually responsible for any money owed to Us on such Joint
Account. We may demand repayment from all and any of the Joint
Account holders for money owing on such Account. Where in the
case of a Joint Account any Joint Account holder has an Account in
his or her sole name and that Account has a credit balance, We
reserve the right to set off such monies against money owing to Us
on the Joint Account.
If an Overdraft has been agreed on Your Current Account the
interest rate will be that shown in the letter that sets out the terms
of the Overdraft. You must not go over the agreed Overdraft limit
without Our prior consent and agreement. We reserve the right to
reduce or increase any agreed limit but We will write to inform You
when we do so.
An Overdraft can be withdrawn by Us at any time and if this
happens, You must pay to Us any money including any fees and
interest accruing immediately on demand.
We will work out the interest owed by You to Us on an overdrawn
Account on the cleared debit balance of that Account on a daily
basis. The interest payable on an overdrawn Account will be
debited to the Account monthly.
11
We will tell You the amount of any arrangement fee which We may
charge for agreeing an Overdraft and any fee which We may charge
for renewing or reviewing an Overdraft.
We reserve the right not to pay a cheque or other items if it would
make Your Current Account go overdrawn or go over Your agreed
Overdraft limit. If this happens we reserve the right to charge a fee
for returned items.
If We have to return three (3) or more items unpaid on a current
account due to insufficient funds and no Overdraft has been agreed,
We reserve the right to close that Account in line with Our
notification procedures. If the Account is overdrawn, We will require
You to repay the money owed to Us. We will return any credit
balances on the Account to You by paying it to another bank or
credit institution.
If We decide to pay a cheque that causes the Account to go
overdrawn or exceed the Agreed Overdraft limited, this does not
mean that We have agreed a further Overdraft or an increased limit.
You must immediately pay into Your Account enough money to
cover the overdrawn amount or the amount that has gone over Your
Overdraft limit.
If Your Account goes overdrawn or over the agreed limit, We reserve
the right to charge interest on the amount exceeded. We may con-
tinue to charge this rate until there is a cleared credit balance on the
Account or until an Overdraft has been agreed or the exceed
amount on an agreed limit has been paid back. The rate of interest
charged on Unapproved Overdrafts may vary and details of this can
be obtained from any branch.
In addition to charging interest on any overdrawn Account, We also
reserve the right to charge an additional fee for an Unapproved
Overdraft not agreed with Us in advance.
23 Charges
Details of all charges payable by You to Us are listed in a separate
Charges leaflet (the “Charges Schedule”) which will be provided to
You on account opening and is also available on request or on Our
website.
This leaflet forms part of these General Terms and Conditions. We
reserve the right to change these charges and We will write to You
and inform You of the changes at least two (2) months prior to the
changes taking effect.
24 Interest rates
Notice Accounts
For Our Notice Accounts, changes in interest rates that are
favourable to You will be applied immediately and without prior
notice. We will display the rate changes in Our branches and on Our
website within three (3) Business Days of the change.
For interest rate changes on Our Notice Accounts that are not
favourable to You, We will write to You personally to inform You of
the change at least fourteen (14) days) prior to the change taking
place. You will also be given a period of thirty (30) days from the
date of Our notice during which You can close or switch Your
Account without providing any notice or suffering any penalty that
may ordinarily result from not honouring the notice period
applicable to that Account. Our notification will also contain details
of any comparable Account or service for which You may be eligible
and We will offer Our assistance to either move You to another
Account or service or to move Your account to a different bank.
Savings Accounts
Where We make an interest rate change on Our Savings Accounts
that is favourable to You, the change will be applied immediately
without giving prior notice to You. We will display the change in Our
branches and on Our website within three (3) Business Days of the
change and will write to You personally to inform You of the rate
change within thirty (30) days of the change taking effect.
If We make a rate change on Our Savings Accounts that is not
favourable to You, then We will write to inform You of the change at
least two (2) months prior to the change taking place.
Interest is calculated on the daily cleared balance on the appropriate
Account and is paid in accordance with Our standard practice as set
out in the Additional Conditions relevant to that Account. In the
case of Account denominated in sterling, interest is calculated on
the basis of a 365 day year or a 366 day year in a leap year and for
all other currencies on the basis of a 360 day year.
We will pay interest after deduction of tax at the applicable rate.
Under existing UK law, starting and basic rate taxpayers may have
no further liability to UK tax. Account holders who are resident and
ordinarily resident in the UK may receive interest gross (that is
without the deduction of tax), if they are eligible and a HMRC Form
R85 can be completed, signed by them and returned to Us. Please
contact Our Sales and Service staff on 0800 218 2266 if You think
this applies to You.
Fixed-Term Deposits
The interest rate on Fixed-Term Deposits will be fixed for the term
of the deposit in accordance with the Additional Conditions which
apply to that deposit. UBL UK reserves the right to change the
interest rate for new Fixed-Term deposits at any point but this will
not affect customers who already have an existing Fixed-Term
Deposit at the time of the rate change. The new Fixed-Term
Deposit rate will apply to any new Accounts and any rollover after
the rate change has been announced.
If You have standing instructions to Us asking for Your Fixed-Term
Deposit to be rolled over at the end of the fixed term and the rate
has changed in the meantime We will contact You and ask You if
You still wish the Fixed-Term Deposit to be placed in a similar Fixed-
Term Deposit at the rate of interest that then applies. If You do not
wish Your deposit to be rolled over We will give You details of any
comparable Accounts or services for which You may be eligible and
offer Our assistance to either move You to another service or move
Your Account to another bank.
25 Conversion of currency
If You wish to pay in cash or a cheque of one currency into an
Account in another currency We will convert the amount at Our
applicable rate of exchange on the date in which the cash or cheque
12
is received.
All payment transactions will be executed in the currency agreed
between UBL UK and You. When a currency conversion is offered
before the start of a transaction We will disclosure to You all the
charges as well as the exchange rate to be used for converting the
transaction.
26 Joint Accounts
If Your Account is a Joint Account and two or more of You are party
to this agreement, the following terms will apply:
Unless the following conflicts with any other instructions given by
You in writing on a Joint Account to Us and until any of the Joint
Account holders cancels that authority You authorise us to:
• Pay all cheques and accept all other instructions for
payment or to stop such payments, signed or given by any
one of the Joint Account holders, whether the Account is in
debit or credit; and
• Deliver any item held by Us in safekeeping in the names of
the Joint Account holders against the receipt of any one of
the Joint Account holders; and
• Accept instructions signed or given to Us by any one of the
Joint Account holders to act on behalf of all of the Joint
Account holders in all other transactions by Us including
providing a loan or Overdraft or other facility and opening
further account in the joint name of the Joint Account
holders; and
• Accept instructions given by any one of the Joint Account
holders provided it is given in writing.
Any of You can therefore give Us instructions independently of the
others on Your Joint Accounts. This means any one of You can, for
example, withdraw all or any money on an account without the
knowledge of the others, close an account or end a service, ask for
statements to be given electronically alone or by paper too, and
apply for Overdrafts, cards and other services or different accounts
with benefits packages which are available on Your Joint Accounts.
We will not normally make enquiries about the purpose of any
Payment Instruction or other instruction made by any one of You or
confirm the instructions with the other joint customers.
Any one of You can replace an account or service with another
Account or service covered by these General Terms and Conditions
on behalf of all of You.
We can use money in Your Joint Account to pay whatever one of You
owes Us on an account in a sole name. Each of You is separately
responsible for complying with the terms of this agreement. If any
one of You does not comply with the terms, We can take action
against any or all of You alone or together. For example, We can take
action to recover the whole of any Joint Account debt from any one
or more of You, even if You did not know about the debt.
We may give any information about Your Joint Account and the
payments on it to any one of You, although You can ask Us to send
You separate current account statements if You live at different
addresses. We can act on information about You which any of You
gives Us.
If one of You asks Us to set up an Overdraft on the Account, We can
provide that person with pre-contractual information but We do not
need to provide it to all of You.
Any notice We send to any one of You will count as notice sent to
all of You.
If we open a Joint Account for You and You later wish to take one of
the named Account holders off or add another person to the
Accountor authorise someone else to operate the account, You
must all apply in writing to do so.
If We become aware of a dispute between You, We may take steps
to prevent any of You giving instructions or using the Account indi-
vidually until the dispute is ended. If any one of the Joint Account
holders advises Us of a dispute between any of the Joint Account
holders, We may treat such as notice of cancellation of this author-
ity. If We do accept this as notice of cancellation of the authority,
any further transactions including any payments by standing order
or by direct debit will only be made with the authorisation of all of
the Joint Account holders. When this agreement ends (or Your
account is closed) We may pay or transfer money We hold for You
under this agreement (or in the Account) to any one of You.
If any of You die, We can, but are not bound to, continue to act on
the instructions of the remaining joint customers in relation to any
Joint Accounts held by You, including allowing them to withdraw any
or all money from the accounts and provide instructions relating to
any services or benefits associated with the accounts. If there is no
surviving Account holder We will freeze the Account and all previous
instructions including standing orders will be cancelled and money
standing to the credit of that Account will not be paid out until We
receive the appropriate legal forms from Your estate.
We may disclose to any one of the Joint Account holders any
information which We hold about the Account in the event of the
death of any of the Joint Account holders. The survivor(s) have
authority to instruction Us to pay to them any credit balance and to
deliver to them any items held in safe keeping subject to any rights
which We or a third party may have.
27 Third party mandates
We may accept Your authority for a third party to operate an
Account by signing a third party mandate or a power of attorney. For
Us to accept such authority from You You (or in the case of a Joint
Account each of the Joint Account holders) must sign an instruction
(a third party mandate) to Us to do so or must provide a signed
power of attorney. In some cases We may need to see the original
signed document or in some cases we can accept a copy certified
by a lawyer or other appropriate person. Additionally We will require
to be satisfied as to the identity of such third parties in accordance
with Our normal client acceptance procedures.
In certain circumstances, the law may require Us to allow someone
else to operate Your Account (for example, if You become incapable
or bankrupt, or in the event of Your death), and any third party
mandates or powers of attorney You have given to Us may become
ineffective.
For security reasons, We may not allow a person who is operating
13
Your account for You access to some services. Where We do make
these services available, that person may use Your Security Details
and We will not treat You as breaking Your security obligations
because they know Your Security Details.
We will not be responsible for an act (or failure to act) of anyone You
or the law authorise to operate Your Account, if We did not know or
suspect he or she was acting dishonestly towards You.
28 Changes to these General Terms and Conditions
and the Additional Conditions
We can only make changes to these General Terms and Conditions
and the Additional Conditions as set out below:
We will give at least two (2) months prior notice of any changes to
these General Terms and Conditions or to the Additional Conditions
which may apply in relation to a specific Account or service unless
those General Terms and Conditions or Additional Terms and
Conditions specify otherwise.
If You do not contact Us to notify Us that You do not accept these
changes before their proposed date of entry into force, We can
assume that You have accepted the changes.
Our relationship will continue for as long as You remain a customer
of UBL UK or until either We or You terminate it in accordance with
this agreement. For Our Current Accounts and Savings Accounts
You may terminate the relationship at any time and close Your
Account. This must be done in writing. For Joint Accounts, all Joint
Account holders must agree and write to Us that they wish to close
a Joint Account.
We will not change a fixed-rate or a bonus rate of interest (if any) on
Your Account or any other condition, if We have agreed to fix it, for
the period of time We have agreed to keep it fixed.
Changes without advance notice
We can change interest rates We set on an Account which does not
track a reference interest rate (“variable rates”), without giving You
advance notice, if the change is:
(a) to Your advantage; and
(b) to respond proportionately to actual or reasonably
expected changes in “regulatory requirements” affecting Us or
the costs of running Our accounts, including changes in Our
funding costs (for example, changes to the Bank of England
base rate).
We may also change a variable rate to Your advantage, without
giving You advance notice, for a valid reason not stated in this
condition.
Where a change to a variable rate happens without advance notice,
We will tell You about the change within thirty (30) days or by
posting it in Our branches or publishing it on Our website.
Changes We can make only by giving You advance personal notice
As long as We give You advance personal notice We can change:
• the additional terms that apply to a particular account or
service (such as the rate of interest or the benefits package
included with any Account); and
• any of the other terms of this agreement
provided We have a valid reason for doing so.
We will tell you at least two months before the change happens
unless:
• the change is to a variable rate You pay on an Overdraft,
which is not to Your advantage, or to the other additional
conditions of an Overdraft; or
• the change is to the conditions of a benefits package
included with an account, the benefits in the package or to
the providers of the benefits, or We withdraw a benefits
package from the Account.
In these cases We will give You at least 30 days notice of any other
change.
Other changes to accounts with benefits packages
You can ask Us at any time to change You to an Account with a
different benefits package (if one is available and You are eligible for
it) or to change Your account to an account without a benefits
package. We may change the account fees You pay.
If You do not pay Your regular account fees, if any (or use an
Unapproved Overdraft to do so) twice in a row or if You stop being
eligible for Your existing Account in any other way, We may change
You to an Account with a different benefits package with lower
account fees or to a different Account.
Publishing or notifying You of changes
Where We have to give You notice of a change, We will tell You
about the change by letter, email, text message, statement
messages or inserts or in any other way which is sent to You
individually sent to the correspondence address You have given Us.
When We say We will publish a change, We will put notices in at
least three national newspapers and make the change available in
Our branches, on Our website and through Telephone Banking by
the time of making the change or within three (3) days after it.
If We can notify You about a change in a different way, We will do so
in a way We think is reasonable and which satisfies Our legal and
regulatory requirements.
Accepting a change
When We give You advance notice of a change, You can end this
agreement or close or change an Account without charge within the
notice period We give You. If You do not do so, We are entitled to
assume that You have accepted the change on the date the change
comes into force. In any case You are generally free to close or
change Your Account at any time.
If there are more than three (3) changes in these General Terms and
Conditions during a twelve month period, UBL UK will send You a
complete copy of the revised terms and conditions.
29 Closing Your Account
If You decide to close Your Account it does not affect any rights
either UBL UK or You may have.
14
If You close Your Account We will return all cheques drawn on the
Account which has been closed but may require You to repay any
money owed to Us, including the amount of any cheques or any
other debit transactions that you have authorised before the date of
account closure which have been issued and which are paid by Us
after the closure of the Account together with any charges which
would have applied.
30 Complaints and the Financial Ombudsman Service
We value Our customers’ business but also acknowledge that on
rare occasions You may not feel fully satisfied with the service
provided by UBL UK. If You have a complaint or grievance, please
ask a member of staff who will advise You of Our internal complaints
procedure. You can also contact Our Sales and Service Department
on 0800 218 2266.
We are covered by the UK Financial Ombudsman Service and if You
are not entirely satisfied with Our response to Your grievance You
may be able to refer any complaint to them. The contact details for
the Financial Ombudsman Service is as follows:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
www.financial-ombudsman.org.uk or
Tel. 0800 023 4567 or 0300 123 9 123
31 Handling Your Personal information
We will treat all Personal Information which We receive and hold on
You and in relation to Your Account as private and confidential (even
after You are no longer an Account holder with UBL UK). We will not
disclose Personal Information including information about Your
relationship with Us unless We or any third party acting on Our
behalf is legally required to do so under English law or the law of any
other relevant country or jurisdiction or there is a duty to the public
to disclose that Personal Information or where Our interests require
disclosure or where disclosure of that Personal Information is made
at Your request or with Your consent.
We may also exchange Personal Information between Our different
departments and use, analyse and assess information We hold
about You and Your relationship with Us including the nature of Your
transactions to give You information about products and services
from members of the UBL UK Group and those selected third
parties which may be of interest to You by phone, post or other
means. Your name and address will only be disclosed for marketing
purposes to the extent that it has been agreed by You.
You must not give UBL UK Personal Information about someone else
(such as a joint applicant or Joint Account holder) without first
getting his or her consent for it to be used and disclosed in the ways
described in these General Terms and Conditions and We may ask
for confirmation that he or she has consented to that information
being disclosed.
UBL UK may store and use Your Personal Information for:
• providing You with products and services and notifying
You about either important changes or developments to the
features and operation of those products and services;
• updating, consolidating and improving the accuracy of Our
records;
• crime detection, prevention and prosecution;
• responding to Your inquiries and complaints including if
required by governmental and non-governmental regulators
or ombudsmen;
• administering offers, competitions and promotions;
• evaluating the effectiveness of marketing and for market
research, training, statistical analysis and customermodelling
with the aim of improving services;
• assessing lending and insurance risks;
• identifying products and services which We believe may be
of interest to You;
• managing Your relationship with UBL UK, and in the other
ways described below.
We may, from time to time, provide further details about how Your
Personal Information may be used.
We may need to make and retain photocopies of passports, driving
licenses or other identification evidence produced to Us by You.
If a banker’s reference about You is requested, We will ask You for
Your written consent to give this reference before it is given.
UBL UK will treat Your Personal Information as private and
confidential, but may share it with other members of the UBL UK
group and disclose it outside the UBL UK Group if:
• allowed under these General Terms and Conditions or the
Additional Conditions;
• You consent;
• it is needed for UBL UK’s agents, advisors or others
involved in running accounts and services for you or collecting
what You owe UBL UK;
• HM Revenue & Customs or other government or
regulatory authorities require it;
• the law or the public interest permits or requires it; or
• required by Us or others to investigate or prevent crime.
We may in the future wish to sell, transfer or merge all or part of
Our business or assets,or any associated rights or interests, or to
acquire a business or enter into a merger with it. If so, We may
disclose Your Personal Information to a potential buyer, transferee,
or merger partner or seller and their advisers so long as they
agree to keep it confidential and to use it only to consider the
possible transaction. If the transaction goes ahead, the buyers,
transferee or merger partner may then use or disclose Your Personal
Information in the same way as set out in these General Terms and
Conditions.
UBL UK may use automated decision making systems when
assessing Your application, managing Your borrowing and to detect
fraud or money laundering.
If You have agreed, We and certain other companies may also
contact You about products and services available from Us and from
selected companies outside the group, which We believe may be of
15
interest You or benefit You financially. You may tell Us at any time if
You change Your mind and do not wish to be contacted for these
purposes. If You do not wish to be contacted for marketing
purposes, please inform Us.
32 Credit reference agencies and fraud prevention agencies
We may use UK and European credit reference agency (“CRA”) and
fraud prevention agency (“FPA”) records about You:
(a) to help make decisions, including checking details on
applications for credit and credit-related or other facilities,
managing credit and credit-related accounts or facilities,
recovering debt, checking details on proposals and claims for
all types of insurance, checking details of job applicants and
employees and to prevent crime, fraud and money laundering.
CRAs and other organisations may also use CRA records about
You and those financially linked to you to:
(a) check Your credit history;
(b) verify Your identity if You, or someone financially linked
with You, applies for services;
(c) trace Your whereabouts; and
(d) undertake research, statistical analysis and systems
testing.
You will be financially linked by CRAs to any other names You use or
have used, and any joint applicants. This means joint applicants'
financial affairs may be treated as affecting each other, and will be
revealed whenever CRAs are searched, until one of You successfully
files a “disassociation” with the relevant CRAs.
If UBL UK needs to make a credit decision when You apply for a
service or to review the amount of credit or Overdraft it provides
under an existing agreement, We may carry out a CRA search. The
CRA will record the searches, even if an application does not go
ahead or is unsuccessful. This may affect Your ability to borrow from
other lenders within a short period. UBL UK may also tell CRAs how
You run Your relationship with UBL UK (such as whether or not You
pay anything You owe on time), which may also affect Your ability to
borrow from other lenders.
UBL UK may receive and pass on to CRAs details of false or inaccu-
rate information provided and any suspected fraud or general infor-
mation about how You run Your relationship with them to FPAs and
other relevant organisations. Law enforcement agencies may access
and use this information. UBL UK and other organisations may
access and use from other countries the information recorded by
FPAs.
If You ask, We will tell You which CRAs and FPAs We have used so
You can get a copy of Your details from them.
33 Transferring Personal Information abroad
All countries in the EEA (including the UK) have similar standards of
legal protection for Your Personal Information. UBL UK may,
however, operate Your Accounts and provide other services from
centres outside the EEA that do not have a similar standard of data
protection laws to the UK. If so, We will require Your Personal
Information to be protected to at least UK standards.
We may process payments through other organisations such as
banks and the worldwide payments system operated by SWIFT if,
for example, You make a CHAPS payment or a foreign payment.
Those organisations may process and store Your Personal
Information abroad and may have to disclose it to foreign
authorities (including those outside the EEA, in which case Your
Personal Information may not be protected to standards similar to
those in the UK), for example to help them in their fight against
crime and terrorism.
34 Accessing and updating Your Personal Information
The Data Protection Act 1998 gives You rights to request Your
Personal Information from UBL UK as a personal data holder and
controller.
You can ask Us to change Your Personal Information to keep it
accurate and up to date. For Personal Information queries and
requests, You should ask send your request in writing to our head
office address above.
Under that Act We may charge a small administrative fee (currently
£10) for supplying the information, and may as appropriate require
proof of Your identity before doing so.
35 Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme
(FSCS). The FSCS can pay compensation to depositors if a bank is
unable to meet its financial obligations. Individuals and most
small businesses are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to
£75,000. For Joint Accounts each account holder is treated as
having a claim in respect of their share so, for a Joint Account held
by two eligible depositors, the maximum amount that could be
claimed would be £75,000 each (making a total of £150,000). The
£75,000 limit relates to the combined amount in all of the eligible
depositor’s Accounts with the bank including their share of any Joint
Account, and not to each separate account.
For further information about the scheme (including the
amounts covered and eligibility to claim) please ask at y o ur
l o c al branch, refer to the FSCS website http://www.fscs.org.uk/
or call 0800 678 1100 or 0207 741 4100.
UBL UK follows advertising codes regulated by the Advertising
Standards Authority (“ASA”).If you wish like to complain to the ASA
about any of Our advertising, you can do so through their
website,www.asa.org.uk or call the ASA on020 7492 2222 or email
them at [email protected] or write to the Advertising Standards
Authority, Mid City Place, 71 High Holborn, London WC1V 6QT.
36 Dormant Accounts
If You do not make any transactions on Your Account for twelve (12)
months in the case of Current Accounts We may treat Your Account
as being dormant to remove the risk of fraudulent activity. This
means that We will stop sending You statements and letters after
proper notification.
21
Once an Account has been identified as a dormant account You will
have to visit one of our branches and show personal identification
such as a passport or driving licence in order for us to reactivate the
Account. If You are unable to visit Us in a branch please call our
Sales and Service Staff on 0800 218 2266.
We are committed to reuniting customers with their money and We
will try to contact You if We think Your Account is becoming
dormant. If You think You have money in any of Our Accounts which
You may have forgotten about, You can also contact Us and We will
do Our best to try to find it for You. For more information, please
contact Our Sales and Service staff on 0207 290 8000 or 0800 218
2266. If You think You have dormant accounts with other UK banks
You can visit www.mylostaccount.org.uk.
37 Entire Agreement
These General Terms and Conditions including Our interest rates
and fees information provided to You and, as applicable, the
Additional Conditions, are all the terms agreed between You and Us
regarding Your Account.
38 Third Party Rights
As set out in the Contract (Rights of Third Parties) Act 1999,
nothing in these General Terms and Conditions or in the Additional
Conditions confers or purports to confer on any third party any
benefit or any right to enforce any term of these General Terms and
Conditions or the Additional Conditions or the agreement between
Us.
Each of these terms and conditions (including the Additional
Conditions) is separate from all other terms and conditions so that
if one is found to be invalid or unenforceable it will not affect the
other terms and conditions.
39 Jurisdiction and Governing Law
These General Terms and Conditions and the Additional Conditions
are governed by English law.
The courts of England have non-exclusive jurisdiction to settle any
dispute arising out of or in connection with these General Terms
and Conditions or the Additional Conditions (including any dispute
regarding the existence, validity or termination of this agreement.
You and UBL UK agree for each other’s benefit that the courts of
England are the most appropriate and convenient courts to settle
any dispute arising. As a result neither You nor UBL UK shall be
prevented from taking proceedings relating to a dispute in any other
courts with jurisdiction. To the extent allowed by law You and UBL
UK may take concurrent proceedings in a number of jurisdictions.
40. Taxation
40.1 We may be required to collect and report information on you, (such as
your name, address, Tax Identification Number and Account Balance details)
to meet national and international legal taxation and reporting obligations
imposed on us by HMRC under the Common Reporting Standard imposed on
financial institutions. This information may be passed to other overseas tax
authorities in accordance with the provisions of any law, legislation or
regulation of the UK.
40.2 You agree to provide us with personal information, declarations or
certifications that we are required to retain by law within 30 days of us making a
request to you to enable us to determine whether your Account details will
need to be reported to HMRC.
40.3 You agree to inform us promptly in writing if any of your personal information
changes or there is any change in the circumstances following any certification
that you may have provided to us.
40.4 We will not be liable to you for any loss you may suffer if we disclose
information in accordance with our legal obligations.
ISLAMIC ACCOUNT
1. Definitions:
In these General Terms and Conditions-
The Bank means
United Bank UK
2 Brook Street, London W1S 1BQ.
Telephone: 0800 218 2266
www.ubluk.com
United Bank UK is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. The company is registered in
England and Wales and our registered number is 4146820.
A Business Day means Monday to Friday but excluding Bank
Holidays.
Account means any Islamic Account opened in the name of the
account holder(s) by the Bank.
Joint Account means an Islamic Account opened in the names of
more than one person.
Islamic Account means an Account as defined in these terms and
conditions.
2. Eligibility & Features
All individuals can open an Islamic Account. Also, existing individual
account holders may transfer their balance to an Islamic Account
provided they meet the Bank’s account opening criteria.
Sharia’a features of the Islamic Account
UBL UK operates the Islamic Account in accordance with the rulings
and guidance of our Sharia’a advisor Mufti Abdul Kadir Barkatullah,
an eminent Islamic Scholar, and Sharia’a Judge at Islamic Sharia’a
council, London, and agrees to be bound by guidance and
interpretations that he has provided UBL UK with respect to the
account operation.
The UBL UK Islamic Accounts are interest free and money deposit-
ed in them will be held in conformance with Sharia’a rules, and will
be invested in Sharia'a compliant investments.
What we charge you for your Islamic Account
The Islamic Account is not to be overdrawn in any circumstances.
However, if for any reason, your Islamic Account becomes
overdrawn, we will charge you a fixed fee for the use of the
unauthorised overdraft in accordance with our UBL UK Islamic
Account Tariff list. Any charge we make with respect to an
unauthorised overdraft will be paid to charity in accordance with
the guidance we received from our Sharia'a Scholar.
22
UBL UK Islamic Account charges are shown in the UBL UK Islamic
Account Tariff List.
Withdrawal or change in the Islamic Account
We will provide you with at least 2 months notice if we decide to
withdraw, or significantly change any feature of the Islamic Account
or vary the features and/or terms and conditions of the Islamic
Account.
We would, for example, do this to:
• Follow the guidance of our Scholar
• Meet changing legal, fiscal and/or regulatory requirements
• Refine, improve and/or update the product
• Remove ambiguities
If you do not contact us to notify us that you do not accept these
changes before their proposed date of entry into force, you will be
deemed to have accepted the changes.
3. Terms and Conditions
Banking terms and conditions implied by law will also apply to the
Bank’s relationship with the customer unless varied or amended by
any particular terms and conditions relating to an account or
service or by these Islamic Account Terms and Conditions.
4. Islamic Account
These Islamic Account Terms and Conditions apply to Islamic
Accounts including Joint Accounts. They explain the Bank’s
obligations to the customer and the customer’s obligations to the
Bank.
We will give at least 2 months prior notice of any changes to the
terms and conditions of your account. If you do not contact us to notify us that you do not accept these changes before their pro-
posed date of entry into force, you will be deemed to have accepted
the changes.
5. Third Party Mandate
The Bank will accept authority for a third party to operate Islamic
Accounts. For the Bank to accept such authority, all of the Account holders in the case of a Joint Account or the Account holder in the
case of a sole Islamic Account must sign an instruction (a third
party mandate) to the Bank to do so. Additionally, the Bank will require being satisfied as to the identity of any such third party, in
accordance with normal procedures.
6. Payments from an Islamic Account
This condition only applies to Islamic Accounts held in the UK-in the
event that a petition for a bankruptcy order is made against a customer then the customer agrees that the Bank may refuse to act
on any instruction given by the customer or anyone else to make
any payment out of the customer’s account unless there has been an appropriate order previously obtained from the court, a certified
copy of which has been shown to the Bank, and further, the Bank is
authorised to set up a separate Islamic Account in the name of the customer to which any future payments will be credited.
SPECIAL TERMS & CONDITIONS FOR
UBL UK MUDARABA 90 DAYS NOTICE
AND FIXED TERM DEPOSIT ACCOUNTS The Special Conditions set out below apply to both United Bank UK
Mudaraba 90 Days Notice and Term Deposit Accounts and are in
addition to the Conditions (as specified in our Islamic Account) which also apply.
1. Investment of Pools of Funds
Our Mudaraba 90 Days Notice and Term Deposit Accounts “the Accounts” operate on a profit sharing basis and are designed to
comply with Sharia’a principles. Our Sharia’a Advisor will independently determine what these Sharia’a principles are. We
agree to be bound by our Sharia’a Advisor’s decisions and guidance
and in opening any of our Accounts you also agree to be bound by these decisions and guidance.
In opening any of our Accounts you acknowledge that your money
will be consolidated with our funds (and the funds belonging to our
other depositors) in one of our Pool of Funds “the Pool of Funds”
and will be invested in accordance with these Special Conditions.
Different Pools of Funds have been created to ensure fair profit
allocation in accordance with the term of your deposit.
We will invest all Pools of Funds at our absolute discretion in Sharia’a
compliant investments at all times ensuring that there are sufficient funds available for providing immediate cash liquidity for our
depositors that wish to make withdrawals subject to special
condition 2 below.
To open any of our Accounts you must be at least 18 years of age.
You can also open an Account for the benefit of a child under 18 years if you are at least 18 years old and you are a parent, relative or
the child’s legal guardian.
2. Mudarib Costs and Profit Stabilization Reserve Contributions
2.1 The Gross Earning from the Pools of Funds will be subject to deductions for Mudarib Costs which include fees and expenses incurred in respect of the investment of the Pools of Funds. The Mudarib Costs will not exceed the limit set out below in Special Condition 5.
2.2 In addition to the deduction of the Mudarib Costs referred to in Special Condition 3.1, you authorize us to deduct from the
Customers Total Profit Share a Profit Stabilization Reserve
Contribution for payment into the Profit Stabilization Reserve Account. Upon such deduction you agree that you relinquish
any right you may have to the monies in the Profit Stabilization
Reserve Account. The Profit Stabilization Reserve Contributions made by all our depositors are made on a combined mutual
basis (by you and them) in support of improving Your Profit
Share.
2.3 We will exercise reasonable discretion as to when amounts in
the Profit Stabilization Reserve Account may be used to improve
Your Profit Share but we will always follow the guidance of our
Sharia’a Advisor.
2.4 In the event that United Bank UK is placed into liquidation
following a court order, you agree that the balance in the Profit
Stabilization Reserve Account will be paid to charitable causes as
approved by our Sharia'a Advisor and you relinquish any right you
may have to the monies in the Profit Stabilization Reserve Account.
23
3. Our Profit Share
Our share of profit will be calculated on each Calculation Date for
each Calculation Period and will be determined by reference to the profit share set out below in Special Condition 4.
4. Your Profit Share
4.1 We will pay Your Profit Share after deduction of tax at the
applicable rate. If you are eligible, you may receive Your Profit Share
gross, i.e. without deduction of tax, provided an Inland Revenue
form R85 has been completed, signed by you and returned to us. To be eligible, you must:
i. be resident or ordinarily resident in the UK;
ii. be a starting or basic rate tax payer;
iii. be 18 years of age or over; iv. hold the account for your own benefit; and
v. have a total income below the annual tax free personal allowances limit.
If you have a Joint Account with a party who is not eligible to receive their share of profit gross and if we hold a valid form R85 in relation
to you as the eligible party we can pay the share of profit part gross
and part net (i.e. with tax deducted). If we pay Your Profit Share with
tax deducted in the current tax year before processing your form
R85, the tax will be refunded directly to your account at the later of:
1.1.1 the beginning of the tax year (i.e. 6 April); or
1.1.2 when the last Section 352 certificate of tax deducted was issued.
If you are not ordinarily resident in the UK, you may receive Your
Profit Share gross, provided you are eligible and an Inland Revenue
form R105 has been completed, signed by you and returned to us.
Any Profit Share paid before we are able to process form R105 will
be made after deduction of tax at the applicable rate. Please contact
the Inland Revenue to find out if you are entitled to recover this tax.
You can contact the Bank if you require any of these forms. If you do
not provide us with either form R85 or form R105, profit will be paid
to you net of tax at the applicable rate. However, you may be able to
reclaim the tax paid direct from the Inland Revenue. Higher rate
taxpayers will need to include any profits in their tax calculations.
4.2 On each Calculation Date for the relevant Calculation Period
we will calculate shares of profit as follows:
i. calculate the Gross Earning attributed to the Total Depositors’ Fund;
ii. calculate the Distributable Profit by deducting the Mudarib Cost from Gross Earning. This will cover the
cost of investing the depositors’ funds, but in any case
the Mudarib Cost will not exceed 1.5% of the Total
Depositors’ Funds. Any other costs above this maximum
limit will be paid by us from Our Profit Share;
iii. calculate Our Profit Share from Distributable Profit. Our
Profit Share will not exceed the percentages set out below
with respect to each of the following accounts: a. For 90 Days Notice Account Our Profit Share will not exceed 45% of
Distributable Profit;
b. For 3 months Term Deposit Account Our Profit Share will
not exceed 50% of Distributable Profit; c. For 9 months Term Deposit Account Our Profit Share will
not exceed 47.5% of Distributable Profit;
d.For 12 months Term Deposit Account Our Profit Share will
not exceed 40% of Distributable Profit;
iv. calculate the Depositors Total Profit Share by deducting
Our Profit Share from Distributable Profit;
v. finally calculate Your Profit Share by deducting a maximum of 20% from Depositors Total Profit Share for the
Profit Stabilisation Reserve Contribution;
4.3 We will credit depositors’ Accounts with their share of profit after deduction of tax, as applicable as follows:
a) for the 90 Days Notice Account Your Profit Share will be
calculated at the Calculation Date and will be paid at the end of each Calculation Period;
b) for Term Deposit Account the Your Profit Share will be
calculated at the Calculation Date but will be paid at
the end of the term.
4.4 Your Profit Share calculated in accordance with these Special
Conditions will be presented as an annual equivalent percentage
rate and will be published as the profit rate on our web site.
4.5 The profit rate may change from time to time and such
changes will be published on our website.
4.6 When you place funds in a Term Deposit Account with us, you
must choose the Calculation Date on which you wish the deposit to
mature as we can only accept funds to mature on a Calculation Date. Unless otherwise instructed, upon the expiry of the term, your
deposit will be rolled over and invested as a new deposit for a new
term of the same duration.
5. Profit Sharing and Loses
5.1 It is a Sharia’a principle that Mudaraba Accounts such as the
90 Days Notices and Term Deposit Accounts involve:
a) the potential for your capital to make a profit for you;
and
b) the risk that your capital could suffer loss in the event
of the Pool of Fund that your money has been invested in
returns a loss.
5.2 When your capital makes a profit we shall account to you
for that profit in accordance with these Special Conditions.
5.3 As a matter of English law (which applies to these Special
Conditions), in the event that your capital suffers a loss, we shall
seek to mitigate the loss in the following manner:
a) we may forego some or all of the fees chargeable by us
in respect of the investment of the Pool of Funds for the
Calculation Period relevant to your Account(s);
b) we shall draw upon any available balance in the Profit
Stabilization Reserve Account administered by us to
make good as much of your capital loss as the available
balance permits us to do;
c) in the unlikely event where the funds available in the Profit Stabilization Reserve is not enough to cover the
loss referable to your capital, we shall make an offer to
you to make good the amount of any shortfall that you may have suffered. We are required by current UK bank
regulations and policy to make this offer to you. If you
choose to accept this offer, you shall be entitled to
receive payment from us of the full amount that you had previously deposited with us. You are entitled to
refuse this offer from us.
5.4 We would like to draw your attention to the guidance offered by our Sharia’a Advisor: His guidance is that if you
accept our offer to make good the amount of any shortfall
(set out in Special Conditions), you will not be complying with Sharia’a principles.
5.5 If the terms of the Financial Services Compensation
Scheme (FSCS) apply in these circumstances you may be able to
apply to the FSCS for payment of compensation.
5.6 If you have suffered a loss in respect of which we have made
an offer to you which you have accepted (see special condition 5.3
(c)), you may be able to apply successfully to the FSCS for payment of compensation if we fail to make payment to you in respect of that
loss. If you have refused such an offer from us, you may not be able
to apply successfully to the FSCS for payment of compensation in respect of the amount that was previously refused by you.
5.7 Should you suffer a capital loss due to fraud, gross
misconduct or gross negligence committed by us, then we may be
obliged, in accordance with Sharia’a principles, to make good to you
any such capital loss on your Account out of money held by us on
behalf of our shareholders.
6. Statements
Statements will be sent to you quarterly for the 90 Days Savings
Account and confirmation of renewal for Term Deposit Accounts at
the end of the term.
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7. Governing Law
The laws of England govern these Special Conditions.
We both recognize and agree that the payment and/or receipt of
Interest are against Sharia’a principles and consequently this
agreement does not involve the payment or receipt of interest. We
both agree with each other that neither of us will in any proceedings
against the other, claim interest from the other and we both
expressly waive and reject any entitlement to recover interest from
the other.
8. Definitions
This section explains the meaning of key words used within these
Special Conditions. You should also read the definitions within our
Islamic Account Terms and Conditions which also apply.
90 Days Notice Account: means your 90 Days Notice Account or the
“Account”. The Islamic Account Conditions and these Special
Conditions apply to your 90 Days Notice Account even if the name
on the 90 Day Notice Account or the number changes.
Accounts: means the 90 Days Notice Account and /or the Term
Deposit Account.
Calculation Date: means the last working day in each calendar
month.
Calculation Period: means a monthly period equivalent to a calendar
month.
Conditions: means the terms and conditions that apply to our
Islamic Account.
Depositors Total Profit Share: means in respect of each Calculation Period, the Distributable Profit less Our Share of Profit.
Distributable Profit: mans in respect of each Calculation Period, the
Gross Earning less the Mudarib Costs.
Gross Earning: means in respect of each Calculation Period, all of the
revenue generated by the Pool of Funds attributed to the Total
Depositors’ Funds during such Calculation Period prior to any
deductions being made.
Mudarib Costs: means the fees and expenses incurred in respect of
the investment of the Pool of Funds.
Our Profit Share: means with respect to each Account the share of
profit due to us from the Distributable Profit in accordance with
Special Condition 5.2.
Profit Stabilization Reserve Contributions: means the percentage
amount, as set out in special Condition 5.2, which will be deducted
from the Depositors Total Profit Share to be paid into the Profit
Stabilisation Reserve Account.
Profit Stabilization Reserve Account: means an account into which
we will pay all the Profit Stabilisation Reserve Contributions.
Sharia’a Advisor: means the Sharia’a Advisor we selected to advise
us on the Sharia’a rules and principles upon which your Account will
operate.
Term Deposit Account: means your Term Deposit Account or “the
Account” of either 3, 6 or 12 months. The Islamic Account
Conditions and these Special Conditions apply to your Term Deposit
Account even if the name on the Term Deposit Account or the
number changes.
Total Depositors’ Fund: means the monthly average of the daily
closing balance of all depositors Accounts.
Withdrawal Notice: means a notice submitted by you to us
informing us of your intention to withdraw a certain amount from
your 90 Days Notice Account, or close your Account after a
minimum of 90 days.
Your Profit Share: means with respect to each Account the share of
profit due to you from the Depositors’ Total Profit Share after
deducting the Profit stabilization Reserve Contribution in
accordance with Special Condition 5.2.
Once you have made your initial deposit into any of the fixed term
deposit accounts, no further payments into the account will be
allowed during the term of the deposit.
Partial withdrawal of funds is not allowed during the term of the
deposit.
The repayment amount is not transferable to a third party.
ADDITIONAL CONDITIONS
1 Fixed-Term Deposit Accounts
• The General Terms and Conditions apply to these
Accounts.
• All new customers will be required to complete a UBL UK
Account opening form.
• To apply for Our Three Month, Six Month, One Year, Two
Year and Three Year Fixed-Term Deposit Accounts, a
minimum deposit of £2000 is required.
• For Our One month, Three Month, Six Month, One Year,
Two Year and Three Year Fixed-Term Deposits, the interest
rate is fixed for the period during which the funds are
placed and interest can be paid monthly or at the end of
the fixed term.
• Interest is accrued on a daily basis on all cleared funds.
• Confirmation of interest is issued at the commencement
date of the Fixed-Term Deposit Account.
• UBL UK may allow an early withdrawal of funds from a
Fixed-Term Deposit however this will incur an interest
penalty which is calculated as follows:
2 Interest Penalty Calculation
If an early withdrawal of funds from any of Our Fixed-Term Deposits
is agreed by UBL UK, then an interest penalty will be applied to the
withdrawal depending upon the number of days early the
withdrawal is made. For example a withdrawal of £15,000 on a
Fixed-Term Deposit Account drawn 66 days early will have a
penalty rate of 2% per annum therefore the penalty would be
calculated as £15,000 x 2.00x66 /36500 = £54.25
At least fifteen (15) days before the end of the fixed-term We will
write to You asking for instructions about what You would like Us to
do with Your Fixed-Term Deposit.
If You do not give Us instructions before the end of the term (or We
cannot reasonably comply with Your instructions), on the last day of
the term (or the next Business Day if the end of the term falls on a
Saturday, Sunday or Bank Holiday), We will transfer the funds from
Your Fixed-Term Deposit in a new Fixed-Term Deposit whose term
is closest in length to the original term of Your Fixed-Term Deposit.
If a similar Fixed-Term Deposit is not available We will offer You an
alternative investment or assist You in transferring the funds to
another Account or to an account at another bank.
If We transfer Your funds to a new Fixed Term Deposit We will write
to You to let You know about the interest rate and any other terms
that apply to Your new Fixed-Term Deposit.
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3 Savings Accounts
UBL UK Savings Accounts (other than Fixed-Term Deposit
Accounts) have a fourteen (14) day cancellation period so if You
notify Us that You wish to close Your Account within this period You
may close Your new Savings Account without notice and without
having to pay any charges.
ADDITIONAL CONDITIONS FOR
UBL UK DEBIT CARD
The General Terms and Conditions apply to this agreement for the
use of a Debit Card issued by UBL UK for the withdrawal of cash
from an ATM and for making payments for goods and services
direct from the Account of the Cardholder.
1 Definitions
In these terms and conditions:
“The Bank”, “UNB”, “UBL UK”, “We”, “Us” or “United Bank UK”
means United National Bank Limited;
“Account” means any account opened in the name of the account
holder(s) by UBL UK and is operated in conjunction with the Debit
Card;
“Account holder” means person or persons in whose name an
account is maintained;
“Joint Account” means an account which is maintained by more
than one account holder;
“Current account” means an account from which withdrawals may
be made by cheque or by Debit Card and on which no interest is
paid on credit balances;
“You” or “Your” means all of the account holder(s) who maintain
the Account;
“Agreement” means the agreement between You and the Bank in
relation to the use of a Debit Card;
“Cardholder” means a person who has been issued a Debit Card by
UBL UK;
“Additional Card Holder” means additional person(s) authorised to
operate the account on behalf of the account holder(s);
“PIN” means the personal identification number which is used with
each Debit Card to make a Debit Card transaction;
“Card”, “Debit Card” means the card issued by UBL UK for the
purposes of this agreement;
“UBL UK Debit Card Acceptance” means any ATM or merchant who
displays the MasterCard logo will accept UBL UK Debit Card;
“Business Day” means Monday to Friday but excluding UK Bank
Holidays;
“ATM” means an automated teller machine authorised to accept
the UBL UK debit card;
“Student Account” means a Current Account available only for
International Students studying in the UK.
2 General Information
The Debit Card is and remains at all times UBL UK property and the
Cardholder(s) and additional Cardholder(s) (if any) must return the
Card(s) to UBL UK on demand.
UBL UK reserves the right to cancel or withdraw the Debit Card at
its discretion at any time without prior notice.
The Cardholder must inform the UBL UK Bank immediately and
confirm in writing if there is any change in the Cardholder’s name,
contact details or financial circumstances which would affect the
Cardholder’s being able to comply with the terms of this agreement.
If You may wish to raise any query related to Your Account or Debit
Card please contact Us at:
United Bank UK
Central Operations
391-393 Stratford Road
Sparkhill
Birmingham B11 4JZ
United Kingdom
To report a lost or stolen Card or fraud or if you think someone else
knows your PIN:
From UK: 020 7796 1517 (24 hours)
From Abroad: +44 207 796 1517 (24 hours)
E-mail: [email protected]
Fax number: +44 121 772 5212
Tel: 0800 218 22 66 (Debit Card general enquiries)
Account General Enquiries:
Tel: 0800 218 2266
Fax: 0121 772 5212
E-mail: [email protected]
Web site: www.ubluk.com
3 Eligible Applicants
In order to apply for the Debit Card, the applicant must have a
Current Account or a Student Account with UBL UK and account
currency must be Pounds Sterling. Applicants are required to fully
complete a Debit Card application form and send it to Us at the
address provided in section 3 above.
4 Applications for Debit Card(s)
All Account Holders of an Account must sign the Debit Card
application form. All Account holder(s) will be fully responsible for
any obligations, responsibilities and liabilities arising from the issue
and use of the card and PIN by all Card Holders of the Account.
The Account holder (in case of a Joint Account, all the participants
of the Account) may apply for the issue of a Debit Card and PIN to
someone who has Power of Attorney to operate the account on
behalf of the Account Holder(s) in accordance with the General
Terms and Conditions. UBL UK must hold that Power of Attorney or
26
third party mandate before a Debit Card is issued to that other
person.
The Account holders will be responsible to ensure that all
Cardholder(s) fulfil the terms and conditions of this agreement and
the use of all Debit Cards issued. The Account will be charged for all
transactions of all Debit Cards issued on the account, including
those that are charged after the Debit Card(s) have been returned
to UBL UK.
5 Issuing the Debit Card
Once UBL UK has approved Your application for a Debit Card, the
Debit Card and PIN will be sent to You separately by post at the
correspondence address notified to Us by You.
You must sign the Debit Card immediately upon receipt. You will
need to activate the Debit Card before You can use it by
telephoning the Customer Services telephone number on the Debit
Card.
6 Your Responsibilities
You are responsible for the use of the Debit Card and PIN. You must
ensure precautions are taken to reduce risk of the Debit Card being
lost or stolen and the PIN is not disclosed to anyone else.
You should memorise your PIN and immediately destroy PIN advice
slip. You must not write your PIN or any Security Details down.
You must not use your Debit Card:
a. Before the start date or after the expiry date stated on the
Debit Card.
b. After UBL UK has requested the return of the Debit Card.
c. After UBL UK has notified you of the cancellation,
suspension or withdrawal of the Debit Card.
d. To make or authorise payments or withdrawals which will
take the Account below the minimum agreed credit balance or to
create an Unapproved Overdraft on the Account.
e. After the Account on which the Debit Card(s) was/were
issued has been closed.
f. After this Agreement has been terminated.
g. To perform transactions for any illegal purposes.
Once accepted to receive a Debit Card You agree that UBL UK may
pass information to any additional Cardholder(s) on the same
Account; this information will include, but will not be restricted to
details of Your Account.
7 Debit Card Cancellation or Withdrawal
Your Debit Card may be cancelled, suspended, restricted or with-
drawn because:
a. UBL UK reasonably suspects that Your Debit Card details are
not secure;
b. UBL UK suspects unauthorised or fraudulent use of Your
Debit Card;
c. You have broken any terms of the Account or You have
breached the terms of the Debit Card agreement;
d. a replacement Debit Card has been sent to You; or
e. We reasonably believe that it is appropriate to do so for Your
Account’s protection.
UBL UK will try to let you know before taking any action unless there
are legal restrictions preventing Us from doing so.
8 Renewal Debit Cards
The Debit Card is valid for use up to the last day of expiry
month/year shown on the Debit Card. UBL UK will send You a
renewal Debit Card before the expiry date unless there were no
transactions on Your Account during the previous twelve months
and making the Account has become inactive.
UBL UK will not issue a renewal Debit Card after this agreement has
been terminated or if a Debit Card was cancelled, withdrawn or
suspended.
Debit Cards that have passed their expiry date must be destroyed by
cutting through the magnetic strip and through the chip.
9 Lost or Stolen Debit Cards or PIN security breach
If your Debit Card is
- lost or stolen; or
- You believe someone else knows your PIN
You should immediately report this to UBL UK by telephoning the 24
hours customer services number:
from UK 020 7796 1517
from abroad +44 207 796 1517
You must confirm the loss or theft in writing as soon as possible to:
United Bank UK,
Central Operations,
391-393 Stratford Road,
Sparkhill, Birmingham
B11 4JZ United
Kingdom
Email: [email protected]
Fax: +44 121 772 5212
Any payments made using the Debit Card before You have informed
UBL UK of its loss or theft or disclosure of the PIN will be charged to
Your Account.
If You find the Debit Card after it is cancelled due to it being report-
ed lost or stolen, You must not use the Debit Card but return it to
UBL UK immediately after cutting through the magnetic strip and
through the chip.
10 Use of the Debit Card
Withdrawal Limit
The most cash You can withdraw from ATM machines in any 24-
hour period is £250.
You must make sure that there are enough available funds in Your
Account to pay for any Debit Card transactions. You can use your
Debit Card to:
a. Withdraw cash from your Account up to the daily cash
withdrawal limit from any ATM which accepts UBL UK Debit
Card.
b. To make payments to retailers or suppliers who accept UBL
UK Debit Card including receiving cash back from such
retailers or suppliers.
27
UBL UK does not accept responsibility or liability if an ATM, retailer
or supplier refuses to accept the UBL UK Debit Card for any reason.
11 Authorisation
When You use a Debit Card to pay a retailer or supplier they will seek
electronic authorisation before they will accept Debit Card as pay-
ment. UBL UK may decide not to give authorisation for one or more
of the following reasons :
a. Your Debit Card has been reported as stolen or lost or some
one else may know your PIN;
b. UBL UK reasonably suspect that your Debit Card is lost or
stolen or someone else may know your PIN;
c. You or any additional Debit Card holder(s) are in breach of
the terms & conditions of the Account or the Debit Card;
d. Your Account status has changed such e.g. You or one of
the Joint Account holders is deceased, the Account is inactive,
Your business is in liquidation or Your Account has been
blocked for whatever reason; or
e. You have insufficient funds in Your Account after taking
account of all transactions that have been previously
authorised including those not yet charged to Your Account.
12 Your Liabilities
You will be responsible for all losses because of misuse of Your Debit
Card by someone who obtained the Debit Card with Your consent
or which is a consequence of Your fraudulent activity or gross
negligence.
You cannot stop a transaction once the Debit Card has authorized that transaction
At the start of each Business Day, available funds in Your Account
will be used to pay the outstanding Debit Card transactions that
were notified to UBL UK on the previous Business Day. Only once
outstanding transactions from the previous Business Day have been
paid will funds be used to pay any other debit from Your Account.
UBL UK will debit the Debit Card transactions to Your Account in the
order in which they are received. Usually these will be debited to
Your Account between one (1) and seven (7) Business Days after
you have used your Debit Card.
Sometimes transactions, including those originating outside the UK,
may take longer. Debit Card transactions will be debited to Your
Account in priority to all other debits.
Once a Debit Card transaction has been authorised the full
transaction amount will be debited to Your Account.
In case of a cancellation of a purchase using the Debit Card, Your
Account will be credited only when a valid credit voucher has been
received by Us.
The Cardholder must inform the Bank of any transactions on the
Account statement which appear invalid or was not authorised by
You as soon as possible but no later than thirty (30) days from the
statement date. If the Cardholder fails to notify UBL UK within that
period, the transaction shown on the statement will be presumed to be
correct and authorised.
UBL UK will not be liable for any loss or damages where legitimate
transactions fail to obtain authorisation due to technical failure or
any other reason beyond the control of UBL UK.
13 Charges and Exchange Rate
Depending upon the type of Account You have, You may be charged
a fee for having or using Your Debit Card. These charges will be
notified to You on our Charges Schedule.
If You make a Debit Card transaction in a foreign currency, it will be
converted into Pounds Sterling at the current UBL UK exchange rate
before being applied to Your Account.
You will incur a charge if you use your Debit Card in a way which is
subject to a charge. UBL UK will debit your Account with the
amount of the charges without prior notification. These charges are
detailed in the Charges Schedule which was given to You at the date
of this agreement (unless You have been subsequently otherwise
notified).
14 Passing Information
By making a Debit Card application to UBL UK, You have agreed that
UBL UK may pass relevant information to third parties to enable any
processing that may be needed in the event that Your Debit Card
has been lost, stolen or misused, or Your PIN may be misused. This
will enable UBL UK to meet Our obligations as a member of the
MasterCard scheme.
15 Termination of Contract
You may terminate this agreement any time by informing Us in
writing at the address above and returning each Debit Card issued
having first cut through the magnetic strip and through the chip of
each Debit Card.
We will act to terminate the agreement when We have received Your
notice terminating the agreement and the destroyed Debit Card(s).
If UBL UK decide to terminate the contract, UBL UK will provide you
with a minimum thirty (30) days notice. However UBL UK may
terminate the contract with immediate effect without giving prior
notice to you if:
a. You or any participant in a Joint Account relationship has
died;
b. You or any participant in a Joint Account relationship has
been made bankrupt or enter into a voluntary arrangement
with the creditors;
c. You or any participant in a Joint Account relationship is in
breach of the agreement or terms of the Account or the Debit
Card; or
d. Your Account has been closed.
Termination, suspension, cancellation or withdrawal of the use of
the Debit Card will not affect any liability You already have to UBL UK
under the agreement or under the terms of the Account.
16 Changes into these Additional Conditions for Debit Cards
UBL UK may at any time make changes to these additional terms
and conditions. If the change is to Your disadvantage We will give
you thirty (30) days notice in writing before a change is effective
and You may terminate the contract.
UBL UK may make any other changes immediately if it has a valid
28
reason for doing so and will inform You in writing within thirty (30)
days after the change has taken place.
If there are more than three (3) changes in these Debit Card terms
and conditions during a twelve month period, UBL UK will send You
a complete copy of the revised terms and conditions.
You may ask at any time for a copy of our General Terms and
Conditions or Additional Conditions by contacting our Sales and
Service staff on 0800 218 2266. A copy of the General Terms and
Conditions and Additional Conditions may also be downloaded from
Our website at www.ubluk.com.
Complaints – Customer Information Sheet
United Bank UK strives to give a high quality
service to our customers. It is important for us to
know if we do disappoint you. We welcome any
service improvement suggestions that you wish
to make, please let your branch know or contact
us at the address below.
You may think the matter serious enough to
complain. Please make your complaint by:
Writing to :-
United Bank UK
Central Operations
391-393 Stratford Road
Birmingham
B11 4JZ
Email:
Telephoning:
0800 218 2266
If it is more convenient please call into any
branch of United Bank UK.
We will:
a) send you a written acknowledgement of
your complaint within 5 working days
b) investigate your complaint (we may ask
you for extra information)
c) write to you with results of our investigation
normally within 4 weeks
If we cannot resolve your complaint within 4
weeks we will write to you anyway and say when
we hope to be able to let you have a result.
If we have not resolved your complaint at 8
weeks we will write to you explaining the delay;
you are also able at this time to contact the
Financial Ombudsman Service (see details
below).
If you are not satisfied with the outcome of your
complaint or not happy how the complaint has
been handled please contact:
Head of Compliance & Risk
United Bank UK
2 Brook Street
London
W1S 1BQ
Email:
who will look into the matter on your behalf.
If you remain dissatisfied you may take the
matter further by contacting the:
Financial Ombudsman Service
Exchange Tower
London E14 9SR
Website: www.financial-ombudsman.org.uk
Phone: 0800 023 4567
Leaflets explaining the Financial Ombudsman
Service are available at all branches of United
Bank UK.