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Terms and Conditions Online Banking

This Agreement entered into between the CMB Online Banking customer (hereinafter called "the Customer") and Caribbean Mercantile Bank N.V. (hereinafter called "the Bank") is to define the terms and conditions, which govern the use of Online Banking and Mobile Banking.

Where in this Agreement reference is made to Online Banking, it shall include the Bank’s Personal and Business Online Banking Services and Mobile Banking Services, unless otherwise indicated.

Definitions

Online Banking: This is a secured website to which the Customer can log on, to make use of the following services offered.

Services:

  1. Balance inquiry on account types made available on Online Banking by the Bank.
  2. Transaction history inquiry on current, savings and credit card accounts.
  3. Downloading of transaction history on current, savings and credit card accounts in the following file formats (Browser version only):
    1. Portable Document Format (PDF)
    2. Microsoft Excel Format (XLS)
    3. Comma Separated Values (CSV)
    4. Quicken Import File (QIF)
    5. Data Interchange Format (DIF)
    6. Open Financial Exchange (OFX)
    7. QuickBooks Import File (IFF)
  4. View online statements of account types made available on Online Banking by the Bank.
  5. Make transfers within the Customer’s own Current and Savings Accounts.
  6. Make payments to the following type of Beneficiaries:
    1. From a pre-defined global list of Beneficiaries at the Bank.
    2. Those Beneficiaries created and maintained by the Customer on his/her own. The Beneficiaries can be customers of the Bank or can bank anywhere, either locally or internationally.
    3. Sentoo Payments to Beneficiaries offering the Sentoo payment method.
  7. Payments are subject to the following daily and amount limits, subject to change by the Bank.

    Personal Online Banking

    Transaction type Maximum Amount per
    Day/Transaction (AWG)*
    Own Accounts Transfers 10,000,000
    Transfers to CMB accounts 50,000
    Local Transfers 50,000
    International Payments 25,000
    Bill Payments 50,000
    Sentoo Payments 50,000

    Business Online Banking

    Transaction type Maximum Amount per
    Day/Transaction (AWG)*
    Own Accounts Transfers 10,000,000
    Transfers to CMB accounts 250,000
    Local Transfers 250,000
    International Payments 150,000
    Bill Payments 250,000
    Sentoo Payments 250,000

    * For a transaction in another currency the AWG equivalent will be used.
  8. Read Secure Messages on the site generated by Online Banking with regards to the Customer’s payment transactions or sent by the Bank.
  9. Send Secure Messages to the Bank (Browser version only).
  10. Review current exchange rates.
  11. Change the Password when the Customer deems necessary.
  12. Find Bank ATMs and Branches (Mobile Banking App only).

Mobile Banking: Mobile Banking provides general mobile access to Customer Accounts utilizing an Application ("app") on a Mobile Device. Mobile Banking is offered as a convenient and supplemental service to the Banks Online Banking Services. Mobile Banking may not be accessible or may have limited utility over some network carriers. In addition, Mobile Banking may not be supportable for all mobile devices.

Sentoo Payment: Sentoo payments are online transfers initiated via a pre-populated form. Sentoo payments are done using the Mobile Banking app or the Online Banking website. Payment details, such as the biller details, amount and payment description are already defined and cannot be changed. After choosing the Debit account and approving the payment, the Beneficiary is immediately notified of the payment result.

Sentoo Payments are automatically enabled for Personal Online Banking users, who can make payments up to the Bank’s defined daily amount limit. Sentoo Payments are enabled for Business Online Banking users, with a daily amount limit equal to the Local Transfer limit set for each user. The Business Online Banking Master User can increase or decrease the daily amount limit at any time. For new Business Online Banking users, Sentoo Payments must be enabled and daily amount limit must be set when setting up a new End User.

Mobile Device: A portable computing device such as a smartphone or tablet computer.

Customer: A natural or legal person who has an account with the Bank and who has applied for and been accepted to use Online Banking and/or Mobile Banking.

Beneficiary: A third party that the Customer can send funds to. The Beneficiary can be banking at the Bank, or at any other bank, either local or international.

Username: The code that a Customer uses to identify themselves on Online Banking. The Username, together with the corresponding password and additional authentication, allows the Customer to access the Online Banking website.

Master User: A special Username for Business Online Banking that can create, manage, and deactivate End Users. A Master User sets the account access, transaction limits, and application access for each End User. A Master User cannot perform financial transactions.

End User: A Username for Business Online Banking that is created and managed by a Master User. An End User can perform Online Banking transactions as allowed by the Master User.

Password: Each secret combination of numbers or letters selected by the Customer for his/her use alone, as a means of identifying him/her to use Online Banking Services after successful initial sign-on. Often referred to as customer selected password.

Additional Authentication: Any additional authentication or verification mechanism used by the Bank or provided to the Customer, including but not limited to, e-Code (soft token), e-Pass, facial recognition, fingerprint recognition or 5-digit PIN, to be used in conjunction with the username and password to gain access to or perform a transaction on Online Banking.

Risk Assessment: A Risk Assessment is an evaluation of some conditions that can represent a threat to the security of the Customer when using Online Banking.

Smart Authorization: With every transfer or payment that the Customer initiates, the Bank performs a Risk Assessment. Based on the outcome of this assessment, the Customer will be allowed to submit the payment or transfer without any additional authentication, or the Customer will be asked for additional authentication. In those cases where the risk conditions are deemed too high, the Customer will be asked to contact the Bank for security purposes.

Electronic Signature: The combination of username, password and additional authentication that, if correctly entered, allows the Customer access to Online Banking.

Active Accounts: Are those accounts having Customer initiated transactions during the past 365 consecutive days, or Customer transaction privileges i.e.: not blocked.

Inactive Accounts: Are those accounts that have either not moved during the past 12 months for Current Accounts or 24 months for Savings Accounts, have a dormant status, or are blocked by the Bank.

Browser: A program that is used to view web pages on the Internet.

Auto Complete: This is a feature in a browser whereby the Customer can accept the browser storing the username and password of a Customer of Online Banking. Consequently, if any user subsequent to the Customer selects the Online Banking site with "Auto Complete" on, the user might get access to the usernames and passwords of the Customer, which are stored by the browser.

Widget: A widget is a simple application extension that is often part of a larger application already installed on the Mobile Device. The use of widgets allows the Customer to personalize his/her banking preferences with quick access to the functions used the most.

Operational Requirements: The following is required for the Customer to make use of Online Banking:

  1. Register with the Bank.
  2. Personal computer or electronic device with an Internet connection.
  3. A commercially available up-to-date Internet browser (e.g. Google Chrome, Microsoft Edge, Apple Safari, Mozilla Firefox or any other W3C compliant browser).
  4. Internet browser program with the "Auto Complete" function turned off.
  5. For Mobile Banking, a Mobile Device with supported Android or iOS operating system.

Provision of these operational requirements and use of Online Banking will be for the sole account and responsibility of the Customer.

Article 1

By enrolling in the Online Banking Service, the Customer can use his/her assigned username, password and additional authentication (all three in combination hereinafter called the "Electronic Signature") for access to his/her designated accounts by computer, electronic or Mobile Device through the Internet. The Customer authorizes the Bank to accept his/her instructions given pursuant to the foregoing, which instructions will constitute an authentic and indisputable instruction of the Customer to the Bank to carry out the Customer’s respective request(s) for service under the facilities of Online Banking, as if the Customer had given the instructions in writing to effect the relative transactions/instructions.

Article 2

All transactions through the Online Banking Service, except own accounts transfers, need additional authorization when submitted to the Bank. Online Banking does feature a pre-authorization option which entails that the Customer can pre-authorize the transaction up to a certain amount and only has to use additional authentication at the moment the transaction is saved as a template, the pre-authorization option is selected and a pre-authorization amount is entered. Any subsequent transactions made using the pre-authorized template with an amount up to the pre-authorized limit are exempted from additional authentication. Changing the template requires additional authentication. The Bank always requires additional authentication on transactions as an important security precaution. The Customer can decide not to use it on every transaction, if the Customer feels it is willing to accept the risk of not having to authenticate themselves on every transaction.

Article 3

The Bank will offer the Customer the possibility to use a Mobile Banking application ("Mobile Banking App") to access Online Banking by using an installed application on a Mobile Device. Upon first login, the Customer has to register the Mobile Device. Once registered, the username will be automatically saved and the Customer can login on the registered device using facial scan, fingerprint scan or self-chosen 5-digit PIN as an authentication method ("Quick Login Feature").

When utilizing the Quick Login Feature no password, e-Code (soft token) or e-Pass will be required. Transactions that normally require additional authentication, for example via e-Code (soft token) or e-Pass, only need to be additionally authenticated in exceptional cases via the Mobile Banking app. The extra authentication is done through the Smart Authorization.

This additional authentication is not required if the transactions is initiated using a pre-authorized template.

Via the Mobile Banking App and/or Online Banking website, the Customer is able to deregister any registered device(s), after which the Customer can access his/her designated account(s) via Mobile Banking by using his/her Electronic Signature. The Customer can cancel the use of Mobile Banking by disenrollment through Online Banking and will not be able to access Online Banking via the Mobile Banking App.

In the event the Mobile Device is lost, stolen or transferred to a third party, the Customer shall immediately disenroll the device through Online Banking or the Mobile Banking app on another registered Mobile Device.

Article 4

When using Online Banking the Customer may enable alerts for various transactions including, but not limited to, Balance Alerts, Transaction Alerts and Security Alerts. The alerts will be received via email, push notifications to registered Mobile Devices and as a Secure Message to the Online Banking inbox. The Customer is responsible for keeping email addresses and registered devices current. Furthermore, account alerts are for informational purposes only and are not intended to replace any other communications to Customers regarding accounts held at the Bank. The Bank is furthermore not responsible for any financial loss caused by a delay in the reception of an alert. The alerts sent by the Bank are unsecured and can be read by others if the Customer allows them to view its Mobile Device. The Customer is responsible for taking the necessary measures to protect this information.

Article 5

By using Mobile Banking the Customer is able to create Widgets on Android or Apple devices. This allows the Customer to personalize his/her banking experience by creating a Balance Widget, with information on balances of selected accounts, an Upcoming Transactions Widget, which show upcoming transactions and a Quick Access Template Widget, where the Customer can select an existing template which then will be available for quick access (for example quick payments to frequent beneficiaries).

Article 6

Use of the Online Banking Services and Mobile Banking thru the appropriate use of the Electronic Signature to access Online Banking, will confirm the unconditional acceptance of and agreement to the provisions of this agreement, the conditions for Bancomatico users, the general conditions of the Bank, as well as respective amendments thereof as issued from time to time by the Bank. Notice of additional or amended terms and conditions will be given to the Customer either in writing, addressed to the Customer at his last address on the records of the Bank, through the website of the Bank, by e-mail and/or through the Online Banking website.

Article 7

  1. Inactive accounts cannot be accessed through Online Banking.
  2. The Customer cannot make transfers or payments from accounts with insufficient funds.

Article 8

  1. The Customer will have the right to cancel his/her eligibility to use Online Banking at any time, and the Bank has the right to withdraw the service from any Customer at any time. By cancelling the use of Online Banking, the Customer will have no access to Mobile Banking. Reference is made to article 3 for the cancellation of the Mobile Banking app.
  2. The Bank may charge and the Customer agrees to pay to the Bank such charges, as advised and made applicable by the Bank to the Customer for Services pursuant to this agreement.
  3. The Bank may deduct from the Customer’s account, even if this creates or increases (an) overdraft(s), the charges related to Online Banking.
  4. The Customer acknowledges and agrees that any Online Banking charges introduced are in addition to any account level service charges, which apply to its account(s).
  5. Online Banking has no monthly fee and it has the following transaction fees.

    Personal Online Banking

    Transaction type Fee (AWG)
    Own Accounts Transfers Free of charge
    Transfers to CMB accounts Free of charge
    Local Transfers Free of charge
    International Payments Standard fees apply
    Bill Payments Free of charge
    Sentoo Payments Free of charge

    Business Online Banking

    Transaction type Fee (AWG)
    Own Accounts Transfers* Free of charge/1.00
    Transfers to CMB accounts 1.00
    Local Transfers 1.00
    International Payments Standard fees apply
    Bill Payments 1.00
    Sentoo Payments 1.00

    *Own Account Transfers between accounts in name of the same entity are free of change. Account Transfers between accounts visible under the same Business Online Banking Username but in name of different entities are charged AWG 1.00.

  6. In the execution of instructions/transactions of the Customer, for which license fee(s) or other costs and/or levies are due by the Bank, these will be charged/passed on to the Customer.

Article 9

The Customer will be able to print a transaction record or reference number for each Online Banking financial transaction, unless otherwise requested.

Article 10

The Bank’s records will be considered to be correct, and will be conclusive and binding upon the Customer in the absence of evidence to the contrary satisfactory to the Bank.

Article 11

Online Banking transactions, which affect account status and balances, will be processed according to the Bank’s regular business day and non-business day timetables.

Article 12

  1. The Bank is not liable to the Customer for any delay, loss, damage (direct or indirect) or inconvenience resulting from or arising in connection with the provision of or the failure, for any reason, to provide (any part of any) service pursuant to this contract, except where such losses result from gross negligence or willful misconduct by the Bank. Also, the Bank is not responsible for the Customer’s acts or omissions or those of any third party hired, employed or used either by the Bank or the Customer relative to performance under this contract.
  2. The Bank is furthermore not liable to the Customer if a payment has been made to a Beneficiary through Online Banking, and the Beneficiary has not updated the Customer’s account.
  3. The Bank is furthermore not liable if the payment is received late at the Beneficiary due to the Customer not taking into account the necessary days to process the payment.
  4. The Customer is responsible for any errors, which result from him/her having incorrectly provided to or selected from the Bank, any account number, amount or other information required for the proper operation of Online Banking. The Bank shall in no way be liable for any theft, loss or subsequent damage(s) in any form the Customer may suffer while using Online Banking. Payments by the Customer to incorrectly inserted Beneficiary accounts or banks are the sole responsibility of the Customer and the Bank is not in a position to recall these payments. Losses resulting hereof will be fully, immediately and unconditionally borne by the Customer.
  5. The Bank is not liable for any loss or damage or for any disclosure of information arising from among others lost or stolen Mobile Devices or transfer of the Mobile Device to a third party.
  6. The Bank is not liable to the Customer if a Sentoo Payment has been made to a Beneficiary through the Bank’s Online Banking website or Mobile Banking app, and the Beneficiary has not rendered services or provided goods as expected by the Customer.

Article 13

  1. The Customer will notify the Bank immediately in writing of the loss, theft or any unauthorized use of the username, password or additional authentication, as the case may be. On receipt of such notice, the Bank will try to prevent, as much as possible, damages to the Customer. The Customer’s responsibility will cease only when the Bank duly receives written notice of loss, theft or unauthorized use. Said obligation of the Bank constitutes a best efforts obligation, not an obligation of result, if any.
  2. The Customer is at all times responsible for the care and safety of the username, password and additional authentication mechanisms. The Customer will keep the username, password and additional authentication confidential and secure from all persons without exception. The Customer will keep the username separate and apart from the password at all times. The Customer is also responsible for having the "Auto Complete" function turned off on the Internet browser program on any computer or electronic device that the Customer uses to log on to Online Banking.
  3. The Customer should take reasonable steps to ensure that electronic devices used are not jailbroken or rooted and are protected from and free of viruses, worms, Trojan horses, or other similar harmful components (collectively referred to as "viruses") which could result in damage to programs, files, and/or electronic devices or could result in information, such as the Electronic Signature, being intercepted by a third party. The Bank is not liable for any indirect or consequential damages which may result from such viruses.

Article 14

  1. The Customer is liable for all indebtedness and account activity resulting from:
    1. his/her use of the Electronic Signature including all indebtedness and account activity by persons to whom the Customer has made the Electronic Signature available.
    2. unauthorized use of the Electronic Signature (including indebtedness arising from unauthorized use of the Electronic Signature, where the Customer has made the Electronic Signature available for use by keeping the components of the Electronic Signature together or in such a manner as to make them available for use together) until the Bank has received written notice of loss, theft or unauthorized use.
    3. using the "Auto Complete" function on any browser program on any computer or electronic device that the Customer used to access Online Banking.
    4. other losses that occur through Online Banking for which the Customer is liable, if the other losses occur as a result of authorized or unauthorized use of his/her Electronic Signature.
  2. Without prejudice to the Bank’s exclusion of liability pursuant to this agreement, the Customer will be considered as contributing to the unauthorized use of the Electronic Signature and will in any event be fully liable where:
    1. the password the customer has selected is the same as or similar to an obvious number combination such as (but not limited to) his/her date of birth, bank account number(s) or telephone number(s);
    2. the Customer writes his/her password down or keeps a poorly disguised written record of his/her password, such that it is available for third parties for use with his/her username;
    3. the Customer otherwise reveals all or part of his/her Electronic Signature resulting in the subsequent unauthorized use of his/her Electronic Signature;
    4. the Customer logged on to Online Banking from any computer, electronic or Mobile Device with the "Auto Complete" function on the Internet browser program turned on; or
    5. the Customer shares any aspect of the additional authentication resulting in the subsequent unauthorized use of his/her Electronic Signature.

Article 15

The Customer acknowledges that the Bank may place advertisements (use of promotions and banner ads) on its Online Banking and Mobile Banking Application. In addition, the Bank may from time-to-time post bulletins and small messages containing general information.

Article 16

The Bank may at any time if urgent reasons so require without notice, and in other cases exercising a reasonable notification effort, vary, extend, limit the whole or any part of or terminate the Services it offers the Customer through the use of the electronic signature on Online Banking. The Bank will not be responsible for any loss or inconvenience that may result from aforementioned actions and/or termination.

Article 17

The Bank can change the terms and conditions of this agreement from time to time by adding, deleting or otherwise editing it in part or in full, or can add special or other system operating conditions/requirements. Notice of additional or amended terms and conditions will be given to the Customer either in writing, addressed to the Customer at his/her last address on the Bank’s records, thru the website of the Bank, by e-mail and/or thru the Online Banking website.

Article 18

  1. Any other dispute the Customer has regarding the services provided under this agreement will normally be resolved expeditiously after the Bank has been notified in writing of the dispute.
  2. If a dispute cannot be resolved within said parameter, the Bank will provide the Customer with information concerning its dispute resolution process and how long each step will normally take.
  3. The parties to this agreement accept that this agreement, and all other related documents, be drawn up in the English language. The Bank has made a translation in the Dutch language available. In the case of any discrepancies between the English text and the Dutch text of these Terms and Conditions, the English text shall prevail.
  4. If any one or more of the provisions of this agreement is for any reason deemed void, invalid, illegal or unenforceable, the remaining provisions will remain valid and in force.

Article 19

  1. The General Conditions of Caribbean Mercantile Bank N.V. of which the Customer has received a copy and which conditions he/she has accepted, are also applicable to Online Banking.
  2. With regard to this agreement, Aruba law is applicable, whereas the competent courts in Aruba have exclusive jurisdiction on matters arising from this agreement.

May 1, 2024