The Bank shall have the right to debit any account without
referring to client with all expenses, Fees, Profits, Commissions,
Taxes and Stamp duties the bank pays on behalf of clients or as
a result of dealings between the bank and the clients.
The Client irrevocably
authorizes the bank to debit all sums due or becoming due for the
bank owned by client but held by bank for bill discount, counter
guarantee, bills purchased or else the bank can stop transactions
or closing any account in the name of the client with the bank and
demand immediately to pay the cline for any debit balance with any
due amount for the bank including interest or other despite the
availability of enough security for accounts with the bank.
The client on his
freewill shall authorize the bank to pay from his account with his
knowledge any payment or withdrawal made in the account by means
of checks or transfers or payment order and if there is no
sufficient fund in the account to cover the value, the client
authorizes the bank to transfer the fixed deposit into cash margin
till maturity period for settlement of debit balance. The client
shall authorize the bank to take such actions without referring or
notify or prior warning or any other legal actions against him. No
right for client to refer to this authorization until and unless
agreed in writing by the bank.
The bank will not
undertake the demand of client in cash foreign currency for
accounts maintained in foreign currency with the bank until and
unless available in the bank and local market. The first maximum
withdrawal will be decided by the bank and form time to time the
client should inform the bank within a minimum of two days of
prior withdrawal form account
The bank will cover
from the client when cash foreign currency withdrawn form foreign
currency account as commissions for rate differences determine by
Deposit maintained in
foreign currencies equivalent to Yemeni Riyal such currencies will
be paid at bank’s prevailing rate at the time of withdrawal. Also
it can be withdrawn form accounts with the same currency by form
of draft or transfers.
Specimen signature of
client shown on bank’s signature card consider to be applicable
legally for all transactions and dealings with the bank.
The client undertakes
to inform the bank in writing for any change of address otherwise
the address which has given on applicants form consider to be
confirmed as correspondence for notices mailing statements of
account and legal summons
The bank sets the
minimum balance requirement for client and if the balance remain
the same or fall down below the requirement the bank will close
account without referring to the client
The client must notify
the bank in case of change in composition of firm and to furnish
it upon request with supplementary declarations and agreement in a
form acceptable to the client.
The bank shall be
entitled to block the credit balance when this account becomes
involved in legal proceeding or subject to conflict until and
unless directed by relevant court.
Bank is not
responsible for lost deposited checks or lost through post office
if otherwise lost as a result of carelessness or
negligence form bank side. In case of lost or stolen any of these
checks the client must immediately notify the bank along with
their numbers and upon closing the account the client undertakes
to return an deliver immediately the check books in his
possessions to the bank.
If there is any
objection from the delivered or mailed statement of account
through his registered address by the bank the client should
notify his objection within a week form the date statement
In case of depositing
cash of checks or transfers made for client account by third party
consider to be agreed by client until and unless the refused by
client in writing for such deposits.
In case of depositing
the client enchasing the checks issued by him the bank shall not
accept this objection unless recommended by relevant court.
The bank shall not
assume any responsibility in case of any change on paid checks
from the client to his account filled out the vacant spaces by
means of typewriter or other electronically devices.
Account Opening Forms
which the client filled all his all his information, specimen
signature card and cheque books issued by the bank and other debit
and credit advises are considered to be negotiable instruments and
legal. The client should accept this condition.
Either party the
client or the bank shall have the right to close the account at
any time for any reason and the client undertakes to pay the debit
balance (if any) upon first demand.
It is agreed that the
bank shall have the right at any time to modify the nature and the
terms of this account by writing notice to the client.
The bank acts as a
collecting agent to the client for cheques, commercial papers,
payment orders and other documents debited with for collection.
The bank shall present these items for collection as per usual
bank practice and shall not assume any responsibility or
obligation for any delays or else.
orders, exchange operations, buying and sales of stocks or bonds
either in the Republic of Yemen or
elsewhere undertaken by the responsibility and expense of the
Incase of crediting by
mistake the client account, the bank shall have the right without
referring to the client to reverse the same amount. The client
shall not have the right to demand for such amount under any
The terms and
conditions of this agreement shall be governed by the laws and the
regulations of the Republic of Yemen.