Terms & Conditions For Debit Cards
These Terms and Conditions apply to and regulate the issuance and usage of debit cards offered by VFD Microfinance Bank to Account holder and/or any person as may be specified by the Accounthold- er. These terms and conditions (the “Terms”) shall be in addition to any other terms as stipulated by VFD Microfinance Bank from time to time. All annexure to the Terms shall form an integral part of the Terms.
In these terms and conditions, unless there is anything repugnant to the subject or context thereof, the following words / expressions shall have the meaning as stated herein under:
“Account” refers to the savings and /or current account designated by VFD Microfinance Bank to be eligible account/s for operations through the use of the Card.
“Account Statement” means the periodical statement of Account sent by VFD Microfinance Bank to a Cardholder, from time to time, setting out the Transactions carried out and balance in the Account as on that date, and any other information as VFD Microfinance Bank may deem fit to include. “Accountholder” refers to individuals, proprietorships, partnership concerns or company holding an Account with VFD Microfinance Bank. Provided however in case of savings account, the expression. “Account holder” refers to only individuals holding such account with VFD Microfinance Bank.
“ATM” means any Automated Teller Machine, whether in Nigeria or overseas, whether of VFD Microfinance Bank or a specified Shared Network, at which, amongst other things, the Cardholder can use his Card to access his funds in his Account, held with VFD Microfinance Bank.
“Card” refers to the VFD Microfinance Bank debit card issued to the Accountholder in Nigeria and/or any other person specified by the Accountholder to VFD Microfinance Bank.
“Cardholder” refers to the Accountholder of VFD Microfinance Bank or any such person authorized by the Accountholder to whom a Card has been issued and who is authorized to hold the Card.
“VFD Microfinance Bank” or “the Bank” shall mean VFD Microfinance Bank Limited, a company incorporated under the Companies Act, 1956 and a bank within the meaning of the Banking Regulation Act, 1949, having its registered office at Landmark, Lagos Island, Lagos, and its corporate office at VFD Microfinance Foresight House 163/165 Broad Street, Lagos Island (which expression shall, unless it be repugnant to the subject or context thereof, include its successors, representatives and assigns), the proprietors/owners of the Card.
“International Transactions” refers to the Transactions entered into by the Cardholder on his internation- ally valid Card outside of Nigeria.
“Internet Website” shall mean websites of the Merchant Establishments wherever located which honor the Card for payments to be made by the Cardholder of the goods and services purchased through these websites or otherwise and shall include among others, the websites of stores, shops, restaurants, hotels, utility companies, railways and airline organizations advertised as honoring the Card.
“PIN” means the Personal Identification Number allocated to the Cardholder by VFD Microfinance Bank or chosen by the Cardholder/ Bank from time to time, in relation to the Card.
“POS Terminal” means the point of sale (POS) electronic terminals at Merchant Establishments whether in Nigeria or overseas, capable of processing card transactions and at which, amongst other things, the Cardholder can use his Card to access the funds from the Account linked with the Card to make purchases.
“Primary Account” shall mean such primary Account that is linked to the Card.
“Shared Network” shall mean VISA or MasterCard or any other networks which honor the Card. “Valid Charge” means a charge incurred by the Cardholder for purchases of goods or services on the Card and any other charge as may be included by VFD Microfinance Bank from time to time for the purpose of this Reward Program.
APPLICABILITY OF TERMS:
The Terms form the contract between the Cardholder and VFD Microfinance Bank. The Cardholder shall be deemed to have unconditionally agreed to and accepted the Terms by signing the Card application form or acknowledging receipt of the Card in writing, or by signing on the reverse of the card, or by performing a transaction with the Card or by requesting POS activation of the Card or activation through ATM or after 10 days have elapsed since the Card was dispatched to his address on record.
The Terms will be in addition to and not in derogation of the terms and conditions relating to the Account of the Cardholder. The Cardholders availing of any services/facilities including but not limited to enquiry on transactions, Statement details through, VFD Microfinance Bank internet banking and/or any other channels, shall at all times continue to be bound by the terms and conditions stipulated by VFD Microfinance Bank from time to time for such services/facilities.
BENEFITS OF CARD:
The Cardholder can access cash at the ATM/ at VFD Microfinance Bank branch, make payments at Merchant Establishments, ascertain information about his Account balance through the use of the Card at ATMs/Infinity /Corporate Internet Banking / by using Corporate Care Services or otherwise, place a request for renewal of the fixed deposit held with VFD Microfinance Bank, or any such services as specified by VFD Microfinance Bank from time to time. The Cardholders availing of any such services through the use of the Card shall be bound by the terms and conditions stipulated by VFD Microfinance Bank, and as amended from time to time, with respect to such services. The Card is valid for use at ATMs and Merchant Establishments in Nigeria and abroad. The Card is valid up to the last day of the month indicated on the Card. Upon the occurrence of the Transaction, the Account linked with the Card shall be instantaneously debited by VFD Microfinance Bank.
PERSONAL IDENTIFICATION NUMBER:
To enable the Cardholder to use the Card, a Personal Identification Number (PIN) will be issued to him in the first instance. VFD Microfinance Bank exercises utmost care and caution when issuing the PIN/s and also ensures, to the maximum extent possible, that the same is not disclosed to anyone except the Cardholder. The PIN shall be mailed to him and the Cardholder shall ensure that the same is received in a sealed envelope. This PIN may subsequently, be changed by the Cardholder, at his own risk, at any VFD Microfinance Bank ATM or at designated VFD Microfinance Bank branch. The Cardholder acknowledges, represents, and warrants that the PIN issued to it provides access to the Account and that the Cardholder accepts the sole responsibility for use, confidentiality, and protection of the PIN, as well as for all orders and information changes entered into the Account using such PIN. The Cardholder shall not record the PIN in any form so as to facilitate PIN coming to the knowledge of a third party. The Cardholder grants express authority to VFD Microfinance Bank for carrying out transactions and instructions authenticated by the PIN and shall not revoke the same. VFD Microfinance Bank has no obligation to verify the authenticity of the transaction instruction sent or purported to have been sent from the Cardholder other than by means of verification of the Cardholder’s PIN. The Cardholder shall at all times take all appropriate steps as mentioned in the Terms to maintain the security of the PIN. VFD Microfinance Bank may, in its absolute discretion issue a new PIN on the existing Card. Subject to the provisions stated herein and as specified by VFD Microfinance Bank from time to time, the Cardholder will not hold VFD Microfinance Bank liable in case of any improper/ fraudulent/unauthorized/ duplicate/ erroneous use of the Card and/or the PIN. VFD Microfinance Bank will also not be liable for any consequences connected with the use/ misuse of the Card by any third party due to the Card falling in the hands of any third party or the PIN coming to the knowledge of any third party. If any third parties gain access to the services, including the Account, the Cardholder will be responsible and shall indemnify VFD Microfinance Bank against any liability, costs or damages arising out of such misuse/use by third parties based upon or relating to such access and use or otherwise.
LOST OR STOLEN CARDS:
If a Card is lost or stolen, the Cardholder must file a report with the local police and send a copy of the same to VFD Microfinance Bank. The Cardholder may report a Card loss over the telephone to any of VFD Microfinance Bank’s Customer Care Agents or by way of written communication to his branch of VFD Microfinance Bank or such other mode as may be acceptable to VFD Microfinance Bank. VFD Microfinance Bank upon adequate verification will temporarily suspend the Card, and will subsequently hotlist/cancel the Card during working hours on a working day of VFD Microfinance Bank following the receipt of such intimation. If the Cardholder loses his Card overseas, he may follow the above procedure; the charges for the usage of such services shall be borne by the Cardholder. The Cardholder is responsible for the security of the Card and shall take all steps towards ensuring the safekeeping thereof. The Cardholder will be liable for all charges incurred on the Card until the Card is hot listed/canceled. Further, in the event VFD Microfinance Bank determines that the aforementioned steps are not complied with, financial liability on the lost or stolen Card would rest with the Cardholder. The Cardholder shall take cognizance of the fact that once a Card is reported lost, stolen or damaged and is subsequently found, the same shall be promptly cut in half, returned to VFD Microfinance Bank, and adequate care taken to prevent its misuse. VFD Microfinance Bank shall not stand liable or responsible in any manner for any fraudulent transactions reported to it thereafter on account of fraudulent usage of the Card or otherwise.
SURRENDER/REPLACEMENT OF CARD:
The Card issued to the Cardholder shall remain the property of VFD Microfinance Bank and will be surrendered to VFD Microfinance Bank, on request. The Cardholder shall return the Card to VFD Microfinance Bank for cancellation in the event the Cardholder no longer requires the services or if the services are withdrawn by VFD Microfinance Bank for any reason whatsoever. VFD Microfinance Bank, may, in its absolute discretion issue a replacement Card along with a new PIN to the Cardholders, including for any loss/ stolen Card.
The Cardholder may discontinue/ terminate the Card anytime by a written notice to VFD Microfinance Bank accompanied by the return of the Card cut into two pieces diagonally. The Cardholder shall be liable for all charges incurred, up to the receipt of the written notice duly acknowledged by VFD Micro- finance Bank. VFD Microfinance Bank may at any time, with or without notice, as to the circumstances in VFD Microfinance Bank’s absolute discretion require, terminate the Card.
The Cardholder shall at all times ensure that the Card is kept at a safe place and shall under no circum- stances whatsoever allow the Card to be used by any other individual. The Cardholder will sign the Card immediately upon receipt. The Cardholder must change the PIN assigned by VFD Microfinance Bank after the first usage and choose another PIN as a safety measure for secured usage of the Card. The Cardholder will be responsible for all facilities granted by VFD Microfinance Bank and for all related charges and shall act in good faith in relation to all dealings with the Card and VFD Microfinance Bank. VFD Microfinance Bank reserves the right to change the types of Transactions supported by the Card subject to a notice being given to the Cardholder in accordance with Clause 24. The Cardholder shall notify VFD Microfinance Bank immediately of any error or irregularity in maintaining the Account/ Card by VFD Microfinance Bank by way of written communication to his branch of VFD Microfinance Bank or such other mode as may be acceptable to VFD Microfinance Bank. International Debit Cards cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, and payment for call-back services, remittance in any form towards overseas forex trading, margin calls to overseas exchanges/overseas counterparty, trading in foreign exchange in domestic/overseas markets etc. or any illegal activities; no withdrawal of foreign exchange is permitted for such items /activities. The Cardholder is under an obligation not to countermand an order/ Transaction which he/she has conducted with the Card.
LIABILITY IN CASE OF UNAUTHORIZED TRANSACTIONS
If a Card is lost or stolen or in the event of any unauthorized transaction on the Card, the Card Holder must immediately report the loss/theft to VFD Microfinance Bank in accordance with the provisions de- tailed herein above. The Cardholder must also immediately notify the loss/ theft of the Card by calling the VFD Microfinance Bank’s Customer Care Center or by way of a written communication to his branch of VFD Microfinance Bank or such other mode as may be acceptable to VFD Microfinance Bank.
The Cardholder agrees that in case he has multiple accounts with VFD Microfinance Bank, VFD Microfinance Bank will decide the number of accounts, which will have the Card facility on them. In case of Cards linked to multiple Accounts, fast cash Transactions on VFD Microfinance Bank ATMs, all Transactions done on Shared Network ATMs and POS Terminal Transactions carried out with the Card will be affected only on the Primary Account. VFD Microfinance Bank will debit the Accounts linked to the Card for the value of all purchases of goods or services, cash, fees, charges and payments payable by the use of the Card. All Transactions will be reflected in the Account Statement of the Account(s), which are linked to the Card.
STATEMENTS AND RECORDS
The Cardholder can get a verbal or written history of his Transactions by calling the VFD Microfinance Bank Customer Care Center. The Cardholder will inform VFD Microfinance Bank in writing within 15 days, if any irregularities or discrepancies exist in the transactions/ particulars of the Account on any Account Statement that is made available to the Cardholder. If VFD Microfinance Bank does not receive any information to the contrary within 15 days VFD Microfinance Bank may assume that the Account Statement and the transactions are correct. To ensure the Cardholder’s interests, VFD Microfinance Bank may record on camera or on videotape, at its own discretion the access to and the presence of any person while availing the use of the Card facilities. All records maintained by VFD Microfinance Bank, in electronic or documentary form of the instructions of the Cardholder and such other details (including but not limited to payments made or received) pursuant to the Terms, and all camera/video recordings made as mentioned above shall as against the Cardholder, be deemed to be conclusive evidence of such instructions and such other details.
The Card can be used at the ATM locations with the help of the confidential PIN. All Transactions conducted with use of the PIN will be the Cardholder’s responsibility. The Cardholder agrees that he will be allowed to withdraw only a certain amount of cash per transaction per day as determined by VFD Microfinance Bank irrespective of the credit balance in the Account(s). This amount will be announced from time to time. Any attempt to violate this limit may lead to withdrawing of his Card facility. When the Cardholder completes a transaction through an ATM he can opt to receive a printed transaction record i.e. the transaction slip/ ATM receipt. The Cardholder is advised to retain the record of Transac- tions generated by the ATM with him. The Cardholder agrees not to attempt to withdraw using the Card unless sufficient funds are available in the Account. The onus of ensuring adequate Account balances is entirely on the Cardholder.
MERCHANT LOCATION USAGE:
The Card is acceptable at all Merchant Establishments in Nigeria and abroad which display the logos of VFD Microfinance Bank/VISA/MASTERCARD/Verve and/or such other agencies recognized by VFD Microfinance Bank and which have a POS terminal. The Card is for electronic use only as in the case of the charge slip/ sales slip printed electronically from the POS terminal. The Cardholder must sign a sales slip whenever the Card is used at a Merchant Establishment and should retain his copy. The Bank at an additional charge may furnish copies of the sales slip. Any sales slip not personally signed by the Cardholder, but which can be proved as being authorized by the Cardholder will be his liability. The Card is operable with the help of the PIN at POS terminals installed at Merchant locations depending on the functionality of the POS Terminal. The Bank will not accept responsibility for any dealings, which the Cardholder may have with the Merchant including but not limited to the supply of goods and services. In the event the Cardholder has any complaints concerning any Merchant Establishment, the Cardholder with the Merchant Establishment should resolve the matter and failure to do so will not relieve him from any obligations to VFD Microfinance Bank. However, the Cardholder should notify VFD Microfinance Bank of this complaint immediately.
VFD Microfinance Bank accepts no responsibility for any surcharge levied by any Merchant Establishment and debited to the Account linked with the Card with the Transaction amount. Any charge or other payment requisition received from a Merchant Establishment by VFD Microfinance Bank for payment shall be conclusive proof that the charge recorded on such requisition was properly incurred at the Merchant Establishment for the amount and by the Cardholder using the Card referred to in that charge or other requisition, except where the Card has been lost, stolen or fraudulently misused, the burden of proof for which shall be on the Cardholder. In case a Cardholder wishes to cancel a completed transaction due to an error or on account of merchandise return, the Merchant must cancel the earlier sales slip and the Cardholder must retain a copy of the canceled sales slip. In the event of reversal/refund of debits due to such Transactions charge slip/sales slip needs to be produced by the Cardholder if called for. The Card is not to be used at hotels during check-in and also at other locations where paying arrangement is done before completion of the purchase transaction or service