Terms and Conditions

1. Agreement and acceptance

This agreement becomes effective between you and Standard Lesotho Bank Limited, ("the bank", “we" or "us") at the time of registering for electronic banking or at the time you access electronic banking, whichever occurs first. For purposes of this agreement "electronic banking" includes Internet banking and Mobile banking and pre-paid products through Internet or Mobile banking.

 

2. Incorporated terms

In addition to this agreement, the terms and conditions of your automated teller machine (ATM) card (bank card terms) and account or facility terms and conditions (other terms) shall apply to all transactions you carry out or instruct us to carry out through bank accounts linked to the card or account number you select when using electronic banking. In the event of conflict between the provisions of this agreement and the bank card terms or any other term, the provisions of this agreement will prevail. Where the bank card terms or other terms require amendment or additions thereto to be reduced to writing and/or signed, your acceptance of this agreement shall be deemed to satisfy such requirements.

 

3. Defining the device and medium

The device which you select to access electronic banking may include a computer, cellphone, telephone, television or similar technologies (the device) and the medium through which you access electronic banking may include the Internet, wireless application protocol (WAP), wireless Internet gateway (WIG), short messaging system (SMS), voice over an automated voice recognition system or similar technologies (the medium). We will refer to the device and the medium collectively as “the communication system". Where a particular communication system requires contractual provisions different from other communication systems, this will be clearly stated in this agreement.

 

4. Linked Text

For ease of use, we have included automated links (hyperlinks) in this agreement to information elsewhere on the communication system. These links are indicated by blue underlined text and your mouse’s cursor should change into a hand or other pointer when held over this text. You are obliged to view the relevant parts of the hyperlinked information, which information will be regarded as forming part of this agreement. If your communication system cannot access the hyperlinks, you must visit our website at www.standardlesothobank.co.ls to access the linked information or contact our Customer Contact Centre.

 

5. Amendments

We may amend this agreement from time to time and you are bound by the version of this agreement that exists at the time you access electronic banking. The date of the version is recorded above clause 1.

 

6. Requirements and registration

Before you can use electronic banking you must follow certain steps.

 

7. Fees

You will be charged the following fees for using electronic banking:

  1. For Internet banking we may charge you a monthly subscription fee.
  2. We may charge a transaction fee based on the type of transactions you perform. Details of our standard subscription and transaction fees are available on our website and at our branches.
  3. For mobile banking we may charge you subscription fees as well as transaction fees. If you fail to pay our fees or if you have insufficient funds in the accounts which you have selected for this purpose, we reserve the right to refuse you access to the relevant electronic banking service and to debit all outstanding fees to any other account you have with the bank.

 

8. We will act on instructions that appear to have been sent by you

Use of a communication system means we do not interact face-to-face. Any electronic communication which the bank receives from or in the name of the customer, or which appears to be from or in the name of the customer regardless of whether or not the electronic communication was actually from or in the name of the customer, will be considered to be truly from the customer and binding upon the customer and the bank will be authorized to rely and act upon any such communication The customer further recognizes that any compromise by him I her of the access code any defined herein including a password or username or any possession of the access code may result in that person having access to or being able to use the relevant means of electronic communication and that the use of electronic communication will be deemed to be conclusive proof that the electronic communication was authorized by the customer and the customer will assume full responsibility for the risks of such compromise and or possession.

 

9. Sending and processing instructions

Your instructions to us will be subject to the same turn-around times and processes that apply to your customer profile, the type of account you have and type of transaction involved. More information on the turn-around times for processing of instructions is available on our website. An instruction, including purchases of prepaid products, cannot be terminated or revoked once sent to us. You will not hold us liable if you execute the same instruction more than once and neither instruction will be reversible.

 

10. Confirmation of receipt of your instructions

An instruction is deemed to be received by us only once we have confirmed we have received it. If we fail to confirm receipt of your instruction, do not re-send the same instruction before checking your statements and contacting our Customer Contact Centre No (+266)22212221. This is because the initial instruction may still be processed and re-sending the instruction may lead to a double transaction for which we will not be held liable.

 

11. Access code protection and irregularities

An “access code" refers to your password and username. You must protect and keep your access codes confidential at all times. It is not safe to store them on your computer or on a network. We rely on you to report any compromise of your access codes to us without delay. You may do this by contacting our Customer Contact Centre or your branch. We may ask you to verify your identity to prevent someone else from impersonating you. Once you notify us to disable an access code we are entitled to:

  1. Reject all instructions received after such notification;
  2. Suspend the processing of all instructions not yet executed;
  3. Reverse (if possible) all executed transactions with effect from such date and time as we may reasonably determine the unauthorised use to have commenced;
  4. Deactivate the access code without further notice;
  5. There will never be a reason for any person including a member of our staff or Customer Contact Centre to know or ask for your access code. Do not disclose an access code to these persons, regardless of whether you called them or they called you. You must immediately notify us if you discover an error or irregularity. You can report any errors to our Customer Contact Centre or at any branch.
    If you are negligent in not promptly reporting any access by a third person of your access code or your bank card to the bank, you will be responsible for all risks and or losses arising as a result thereof.

 

12. One Time Password

A unique and time-sensitive password used as added security on Internet banking. The password does not replace the password you use to log on to Internet banking but provides a second layer of security. The password will be sent to you by SMS and is valid for one Internet banking session only.
A one-time password (OTP) is used for the following:

 

13. Opening an account

You may open an account through Internet banking. Upon opening of such an account you are bound by the terms and conditions similar to current account and debit card. You are also bound by our Internet Banking terms and conditions. Translatability on that account is your sole responsibility and where applicable you are liable for the fees.

 

14. Ending a session

You must ensure that you log-off from the Internet banking service.

 

15. Your authority

You permit us to regard all activities you conduct or instructions sent after you enter your access code as being authorised by you and intended to have legal force and effect.

 

16. Sufficient notice

You permit us to issue notices required in terms of this agreement, legislation or regulation by making such notification available via our communication systems or sending such notification by email, SMS or similar future technologies. Any notices so issued by us, will as far as they contain contractual terms relating to electronic banking, also form part of this agreement.

 

17. No offer, recommendation or solicitation

Unless clearly stated, all material on the communication system merely constitutes an invitation to do business with us. It does not constitute an offer or solicitation to buy or sell, or dispose in any way, of any investment, or to enter into any transaction.

 

18. Nature of information on the communication system

Information on the communication system is intended to provide you with only general information about the bank, its products, services and objectives. From time to time we may provide information on:

  1. projected revenues, income, earnings per share, capital expenditures, dividends, capital structure or other financial items;
  2. our plans, objectives and projections for future operations and services; and
  3. future economic performance.
  4. These will be estimates so actual events or results may differ. All information is provided "as is" and should not be treated as professional or investment advice of any kind. You should consult your own professional advisers before relying on any information on the communication system.

 

19. Information feeds

We may use the services of other organizations to provide information on the communication system. We have no control over this information and make no representations or warranties of any nature as to its accuracy, appropriateness or correctness. You agree that such information is provided "as is" and we will not be directly or indirectly liable for any damages that may arise from you relying on it. All quotes, news, market information such as share prices or data shown on the communication system by way of live information feeds are delayed by at least 30 minutes unless otherwise stated. You should always select the "refresh" or similar page or screen update function on your Internet browser or handset to ensure that the information you are viewing is the most current.

 

20. Links to third parties' communication systems

The communication system may contain links to other communication systems that carry information and material produced by other parties. While accept responsibility or liability for the information provided on other communication systems. A link from our communication system to any other communication system does not mean that we have scrutinized or endorsed the owners or administrators of such communication systems or their business or security practices and operations.

 

21. Our intellectual property

We retain all copyright and other intellectual property rights in all material, including logos and other graphics and multimedia works published on or via the communication system. You are authorised to view and download one copy to a local hard drive or disk, print and make copies of such printouts provided that:

  1. The material is used for considering or using electronic banking and for no other commercial purposes; and
  2. Any reproduction of any portion of our proprietary material must include our entire copyright notice.
  3. The logos and trademarks shown on our communication system are our registered and unregistered trademarks or those of third parties. Nothing contained on our communication system should be construed as granting any license or right to use any trademark or other intellectual property without our prior written permission or that of the relevant third parties. Your application to use any content from our communication system must be submitted in writing to [email protected].
  4. On receipt we will try to respond and enter into further discussions with you. Consider your request as declined if you don't get a written response from us within five business days. Irrespective of the existence of copyright, you acknowledge that we are the owner of all material on the communication system, whether it constitutes confidential information or not, and that you will have no right, title or interest in any such material.

 

22. Software

You must use and maintain only hardware and software of sufficient quality and performance capability. Your failure to use such software or hardware may result in a higher security risk and cause the communication system not to operate properly or not at all.Software, if any, made available for download on or via the communication system is governed by license conditions that establish a legal relationship with the licensor. You indemnify us against any breach of these license conditions. We give no warranty and make no representation, whether expressly or implied, as to the quality or fitness for purpose or use of such software. No warranty, whether express or implied is given that any files, downloads or applications available via this communication system are free of viruses, Trojans, bombs, time-locks or any other data or code which has the ability to corrupt or affect the operation of your computer, database, network or other information system.

 

23. Transmission of information and security tips

Information transmitted via an unsecured link over a communication system is susceptible to potential unlawful access, distortion or monitoring. You must comply with the security tips which are published on our website from time to time. As we do not have the ability to prevent unlawful activities by unscrupulous persons, you accept that we cannot be held liable for any loss, harm or damage suffered by you as a result thereof. To limit these risks, we may request independent verification of any information transmitted by you via our communication system from time to time.

 

24. Indemnity

You indemnify us for all losses and costs we may incur on your behalf due to:

 

25. Unavailability of Self-Service banking

We will at all times and for whatever reason, have the sole and exclusive right to suspend or terminate electronic banking without any prior notification or giving any reasons for such termination or suspension. You acknowledge and accept that electronic banking may be unavailable from time to time for any reason, including: technical failure or problems with the communication system itself or our communication system underlying banking systems (the bank system); technical failure or problems with a communication system directly or indirectly underlying electronic banking that is owned or controlled by other persons (third party system); unavailability of telecommunication or electricity services; or other circumstances beyond our control. You undertake, in the event of unavailability of electronic banking, to limit your potential losses by using any other means of communication with us for the duration of the unavailability of electronic banking.

 

26. Warranties and representations

We do not warrant that the communication system or electronic banking will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality. We expressly disclaim all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

 

27. Disclaimer and limitation of liability

For purposes of this clause "we" or "us" or "our" includes the bank as well as its affiliates, shareholders, employees, consultants and agents. Although we have taken care to ensure that the content provided on the communication system is accurate and that you suffer no loss or damage as a result of you using it, the communication system and electronic banking are provided "as is". We are not liable for any damages relating to your use of the communication system or electronic banking. This includes the information contained on the communication system or your inability to use the communication system or electronic banking, including, without limitation, any direct, indirect, special, incidental or consequential damages, whether arising out of contract, law, delict or otherwise and regardless of whether we were expressly informed of the possibility of such loss or damage. Without derogating from the generality of the above, we are not liable for:

  1. any damages you suffer as a result of a compromise of your access codes;
  2. any interruption, malfunction, downtime or other failure of the communication system or electronic banking, our banking system, third-party system, databases or any component part thereof for whatever reason;
  3. any loss or damage which arises from your orders, investment decisions, purchases or disposal of goods and services, including financial instruments or currencies, from third parties based on the information provided on the communication system;
  4. any loss or damage with regard to your or any other data directly or indirectly caused by malfunction of our bank system, third-party systems, power failures, unlawful access to or theft of data, computer viruses or destructive code on the bank system or third-party systems; programming defects; negligence on our part;
  5. any interruption, malfunction, downtime or other failure of goods or services provided by third parties, including, without limitation, third-party systems such as the public switched telecommunication service providers, Internet service providers, electricity suppliers, local authorities and certification authorities; and
  6. any event over which we have no direct control.

 

28. Breach

We may terminate your access to electronic banking if you breach a material term of this agreement and fail to remedy it within five days of you being notified of it. We may do this without detracting from our right to take any other steps available to us at law or under this agreement, including the right to obtain an interdict.

 

29. How disputes will be resolved

All disputes arising as a result of your use of electronic banking, the interpretation of this agreement or any matter which in terms of this agreement requires agreement by the parties (other than where an interdict is sought or urgent relief may be obtained from a court of competent jurisdiction) will be decided by arbitration. That arbitration will be held with only you and us and both our representatives at the offices of the Arbitration Society of Lesotho. The arbitration will be governed by the arbitration rules in terms of the laws of Lesotho and will be heard by an arbitrator or arbitrators it appoints. Either of us is entitled to have the award made an order of court of competent jurisdiction. Both of us will keep the evidence in the arbitration proceedings and any order made by any arbitrator confidential unless otherwise contemplated herein. The arbitrator will have the power to give default judgement if either of us fails to make submissions on due date or fails to appear at the arbitration.

 

30. Capacity to enter into agreements

You warrant to us that you have the required legal capacity to enter into and be bound by this agreement. Anyone below the age of 18 must be assisted by their legal guardian when reading this agreement. If you are below 18 years of age you have to speak to your legal guardian or parents. If you are unsure whether you have the legal capacity to enter into agreements, you have to contact someone able to provide you with this information before you continue to use electronic banking. Our Customer Contact Centre will be able to help you clear this up.

 

31. Certificate

To prevent unnecessary disputes, you agree that unless you can prove otherwise, a certificate signed by a manager whose appointment/capacity need not be proved or his representative is sufficient proof of the date of publication, withdrawal, transmission and content of:

  1. the current version and all previous versions of this agreement;
  2. notices and disclaimers posted on the communication system;
  3. notification sent under this agreement.

 

32. Our address for notices and service of legal process

For the purpose of service of any legal process we choose the following registered address Standard Lesotho Bank, Tower Building, Kingsway Road, P.0.Box 1053 Maseru, Lesotho.

 

33. Law governing our relationship

This agreement will be governed and construed in accordance with the laws of the Kingdom of Lesotho without reference to any conflict of law provisions.

 

34. General provisions

The headings of the clauses in this agreement are provided for convenience and ease of reference only and will not be used to interpret, modify or amplify this agreement. Where any dates or times need to be calculated in terms of this agreement, the international standard time (GMT) plus two hours is used. Whenever disputes result from the peculiarities of the communication system, we both authorize a court or arbitrator, as the case may be, to interpret this agreement in such a manner as to facilitate normal banking without placing undue emphasis on technical issues. No failure or delay by us to exercise any of our rights is to be construed as a waiver of any such right, whether this is done expressly or is implied. It will also not affect the validity of any part of these conditions or prejudice our right to take subsequent action against you. If any of these terms, conditions or provisions are held to be invalid, unlawful or unenforceable to any extent; such term, condition or provision will be severed from the remaining terms, conditions and provisions, which will continue to be valid to the full extent permitted by law. If you have any questions about this agreement or do not understand anything in this agreement please call our Customer Contact Centre.

 

Deposits

We will accept for deposit to your account all cash, cheques and the other items payable to you.

  1. The proceeds of cheques and other similar items deposited will only be available as cash when paid. (This situation arises because when you deposit a cheque or other item the amount is provisionally credited to your account before we receive the actual payment).
  2. In the normal course, we are unable to process postdated cheques.

 

Deposit reversed

  1. We will debit your account with the amount of any cheque or other item deposited that is unpaid. Your account will be debited with bank charges associated with these unpaid items, details of such charges are available on request.
  2. We will debit your account with the amount of any cheque or other item deposited to which you are not entitled and may and pay the amount to the owner thereof, whether your account is in credit or debit, and we will advise you of our action taken.

 

Payments

  1. We will make payments from your account on your instructions if there are sufficient funds available.
  2. By arrangement, you may instruct us by means of computer or other electronic equipment to make payments from your account and we will debit your account with the amounts concerned.
  3. You authorise the Bank to debit your account/s with legitimate amounts and related charges for all such payments.

You agree to release and indemnify the Bank, its employees, officers or agents or its correspondent banks, from and against consequences of our or their failure to send or convey these funds and of any irregularities, delays, mistake, telegraphic error, omission or misinterpretation however caused, that may arise from and against any loss or damage which may be incurred through our/their acting or delay in acting or omission to act on such instructions. You agree that instructions processed will be at your own risk and cost in cipher or otherwise, it being understood that, at the Bank’s discretion, it may use the telephone, fax, other telegraphic service or any other recognized telephone or transmission system. You agree that in order to make some payments, the details of the payment (including any or all information relating to those involved in the payment) may be sent abroad, where it could be accessible by overseas regulators and authorities in connection with their legitimate duties. You understand that swift messages, internal transfers, telegraphic transfers, RTGS, and any other transfers are irreversible and acknowledge that the Bank account details provided are correct, complete and adequate and that the Bank its employees or officers or agents or correspondents will not be held liable for any losses or delays on the funds transmitted using these details.

 

Stop payments

  1. You may stop payment of a cheque you have issued before it is presented for payment unless the bank has made a commitment to pay it, for example, certified it good for payment.
  2. We may accept stop payments of debit orders but the onus rests on you to cancel the underlying contract and you indemnify the Bank against any legal action arising out of such cancellation.

 

Interest and charges

  1. We will charge you interest on any overdrawn balances and we shall inform you of the applicable rate of interest charged, upon request.
  2. We will charge you for various services provided, but details of such charges are available on request.
  3. We may vary charge and interest rates from time to time, but will give you reasonable notice to such changes before they come into effect.

 

Statements

  1. We will provide you with regular statements of your account.
  2. You fail to advise us within 30 days of receipt of the statement, of any entry you regard as incorrect.
  3. If you fail to advise us within 30 days of receipt of the statement of any entry you regard as incorrect, you will be deemed to have accepted the statement as correct.

 

Overdrafts

  1. We may demand payment of all amounts by you at anytime.
  2. A certificate signed by a manager of our bank containing details of an amount, including interest, owed by you will be sufficient proof thereof unless the contrary is proved.
  3. We shall regard the latest postal or residential address given by you to us as the address where notices may be given and documents in legal proceedings may be served.
  4. If necessary, we may take legal action against you in an appropriate Court of Law even if our claim exceeds its jurisdiction.
  5. You shall be responsible for payment of all our reasonable expenses in recovering any amounts you owe us, including legal fees on an attorney and own client basis, collection fees and tracing fees or any other fees we may incur as a result of our efforts.

 

Letter of Set off

In consideration of us giving you financial and/or banking accommodation and other facilities, you agree that in addition to any other general lien or similar right to which we as bankers may be entitled by law, we may at any time and without notice to you combine or consolidate all or any of your accounts with/and liability to us and set off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards satisfaction of any of your liabilities to us on any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.

 

Chequebook

You agree to look after and use any chequebook and any cheque form with the utmost care. You further agree to ensure:

  1. that all uncompleted cheque forms are kept in safe custody at all times;
  2. that we are informed immediately upon discovery by you that any cheque book or cheque form has been stolen, lost or mislaid;
  3. that any person preparing a cheque is authorised to do so;
  4. that any cheque is prepared and signed in ink or other indelible writing material;
  5. that the amount of the cheque is written in such a manner as to prevent any unauthorised addition of letters or figures;
  6. that any cheque and any alteration is signed by an authorised signatory;
  7. that no uncompleted cheque is given to any stranger or other person when you do not have reasonable grounds for believing that person to be trustworthy;
  8. Upon closure of any account you will return to us any remaining uncompleted cheque forms relating to that account and we will return to you where possible the value of any Revenue Stamps reimbursement for them which is obtained by us.
  9. You understand that the use and handling of your cheque book is subject to such arrangements as we may have with regards to the implementation of the Magnetic Ink Character Recognition system as coupled with the Clearing House.

 

Closing of account

  1. We will close your account on receipt of a request in writing signed by you to do so, but the closure will not be effective until:
    1. have returned any unused cheques and bank cards;
    2. all cheques or other items deposited have been paid; and
    3. all your electronic transactions have been settled. Should any of your electronic transactions only be settled after closure of your account, you shall be liable for the costs thereof.
  2. The Bank shall be entitled to close your account on reasonable prior notice and shall not be obliged to give reasons for such action.

 

Credit record

  1. We may make enquiries about your record with any credit reference agency or any other relevant parties.
  2. We may provide credit reference agencies with regular or any other relevant parties updates regarding the conduct of your account including any failure on your part to meet these terms and conditions.
  3. We may provide other banks with bank reports relating to the conduct of your account on their request.

 

Confidentiality

We will treat all your personal information as private and confidential (even when you are no longer a customer). Nothing about your accounts nor your name and address will be disclosed to anyone, other than in four exceptional circumstances permitted by law. These are:

  1. where we are legally compelled to do so;
  2. where it is in the public interest to disclose;
  3. where our interests require disclosure;
  4. where disclosure is made at your requestor with your written consent.

 

General

  1. We may check by reference to third parties the correctness of details given in the application form you have completed for opening the account.
  2. Bank accounts may not be ceded to any other party.
  3. You must notify us immediately if you are placed under an administration order, sequestrated or liquidated or placed under any other form of insolvency or legal disability.
  4. You must notify us immediately of any change of address.
    1. We are entitled from time to time to request updated confirmation documents relating to Anti Money Laundering, Anti-Terrorism Financing and all the required account opening documents and you agree to provide us with current ones.
    2. We will not be held liable for losses arising from unauthorised alterations to cheques which are not readily detectable.
    3. You consent to us carrying out identity and fraud prevention checks and sharing information relating to this application with a financial clearance bureau or law enforcement agency. Should your account conduct at any time in the future reasonably cause us to suspect that your accounts are being used for improper purposes, you consent to us providing details of this suspicion to the aforementioned agencies.

You understand and agree that the record of this suspicion will then be available to other members of these agencies if they carry out credit/other checks on your name.

 

Governing Law

The relationship between the Bank and you the Customer is governed by the laws of the Kingdom of Lesotho