Terms and conditions

NoBanx¹ is strongly committed to behaving in a fair and open way at all times Our Terms and Conditions document specifies some aspects of our contract with our Members (customers).

These terms and conditions specify how your NoBanx account is opened and operated.

DEFINITIONS:

The following words and phrases have the meaning stated here:

• “NoBanx” means NoBanx Global Limited;

• “NoBanx Website” means the website at the URL www.NoBanx.com;

• “T&Cs” means these Terms and Conditions;

• “Policies” means all NoBanx policy documents published from time to time on the NoBanx Website. All NoBanx policies are deemed to be part of these T&Cs;

• “Member” means any person having an account with NoBanx;

• “NoBanx Account” or “Account”means any account opened with NoBanx;

• NoBanx Services” means all services provided by NoBanx and available on the NoBanx Website or by any other means;

• “Compliance” means the legal requirement for NoBanx and it's Members to satisfy local and international legislation with particular regard to anti money laundering and Identity issues;

• “Due Diligence” means the process by which NoBanx complies with national and international Compliance requirements.

• “Member verification” means the various methods NoBanx uses to positively establish and authenticate the Member's identity and address.

• “Cleared Funds” means that funds will be credited to your NoBanx Account only after they have been fully cleared through the conventional banking system.

CONTRACT:

• These T&Cs form the basis of the contract between NoBanx and Members. By applying to open a NoBanx Account, the Member acknowledges specifically that he or she has read understood and accepted these T&Cs;
  

ACCOUNT OPENING:

• An Account may be opened in the name of any individual or corporate body.

• The opening of a NoBanx Account is accomplished by completing the on-line application form and once this is confirmed an initial deposit may be made in order to activate the account. Depending on your country of residence, the formalities may be varied by legislation and are governed by the policies of NoBanx. Legislation and NoBanx Policies may be revised from time to time and Members may be required to provide additional documentary evidence to ensure continued compliance.

• NoBanx may, at it's sole discretion, decline any application;

ACCOUNT OPERATION:

• NoBanx Accounts are operated on-line by logging-in to the secure NoBanx Website at www.NoBanx.com.

• Credit Interest – No interest is paid on credit balances on your NoBanx Account.

• Overdrawing – Your NoBanx Account is operated on Cleared Funds only. Overdrawing is neither permitted nor possible.

• It is the individual NoBanx Member's responsibility to ensure that his/her NoBanx Account is used and operated in a fully legal way at all times.
  

ACCOUNT CLOSURE:

NoBanx reserves the right to close or freeze the Account(s), after due notice to the Customers for reasons which may include, but not limited to, the following:

1. In case any of the documents furnished towards Identity and address proof are found to be fake / forged / defective;

2. n case fraudulent / forged / fake cheques / bank drafts or any such instruments are attempted to be cleared / cleared through the Account;

3. Improper conduct of the Account in terms of volume / type of transactions;

4. For unsatisfactory conduct of the Account.

The Customers shall be solely liable for return of cheques / dishonouring of any instruments consequent to such closure and all costs / charges arising out of such closure / freezing of the Account(s).

Upon closure of the Account(s) for any of the reasons specified above or otherwise, the Customer shall take steps to collect any balance amount in the Account, if any, and till such time the Customer collects such amounts, eserves the right to keep such amounts in a special office account without any interest being payable on the same.

CHARGES & FEES

• NoBanx makes a small charge for registering a currency exchange transaction. All other charges arising from the operation of your NoBanx Account will be passed-on to the Account holder. e.g. Stamp Duty, Postage, Bank Charges, Etc..

• Charges and Fees applicable to the operation of your NoBanx Account are shown on the NoBanx Website.

• Charges and fees may be varied at any time.

STATEMENT OF ACCOUNT

SHARING OF INFORMATION

CHANGE OF TERMS

NOTICES

ELECTRONIC TRANSACTIONS

GOVERNING LAW

The laws of New Zealand shall govern these Terms. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals in New Zealand and irrevocably submit themselves to the jurisdiction of such courts and tribunals. NoBanx may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction. Any provision of the Terms which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.

DISCLOSURE

This policy document was last modified on 13^th November 2009. You will be notified of any changes by email to your registered email address.

¹ NoBanx Global Limited and all it's subsidiary and associated companies.