General Conditions

Article 1 – Definitions

In these provisions is understood by:

a. General Conditions

These general conditions, always in their most recent version;

b. Bank

PSB Bank N.V., with its main office established in Curaçao at Waaigatplein 1, other offices and the office on Sint Maarten and any successor.

c. Bank services

Service, product, advice or facility (in the broadest sense) of the Bank for one or more of its Clients;

d. Communication

A notice, statement or (other) exchange of information.

e. Form

Standardized document made available by the bank in paper or electronically, to be used in a Communication to the Bank.

f. Proof of identity

An official document such as a valid passport, driver’s licence (from one of the islands /countries within the Dutch Kingdom) or identification card.

g. Account

The account, in the name of the Client.

h. The Client

The natural person or entity who has one or several accounts with the Bank and/or who has been issued the ATM card.

i. Online banking

The electronic environment that the Bank has set up with the Client as a secure communication channel between the Bank and the Client, covering also mobile banking and other banking service apps and/or similar functionalities agreed with the Client.

j. User access information

Information composed by the user Online ID, password, and the one-time password (OTP).       


Article 2 – Scope of action

In the context of communication with its offices in Curaçao and Sint Maarten, all existing and future agreements between the Bank on the one hand and its Clients on the other hand are subject to the following “General Conditions”. Unless agreed otherwise in other written agreement(s) and/or special condition(s), these General Conditions apply to services and/or products provided by the Bank. These General Conditions apply exclusively in the relationship between the Bank and the Client as well in the event that the Client uses its own general terms and conditions. In addition, the Bank also has general standing rules that see to (health) safety, security, and clothing regulations, which the Client must adhere to when on the premises of the Bank. The Client must follow the instructions of the personnel of the Bank on the general standing rules. The Bank is allowed to amend these general standing rules from time to time.


Article 3 – Duty of Care

3.1 The Bank must observe the necessary due care and shall take the interests of the Client to the best of its ability into account when rendering its services. It being understood that it is not required of the Bank to use non-public information that it may have knowledge of, including confidential information and/or price sensitive information. No provisions of this General Conditions or of any other special conditions used by the Bank may take away from this principle.

3.2 The Client and its representative(s) understand the need of the Bank for certain information and documentation, and the Client is required to cooperate and/or take the initiative to provide the Bank with the required information.

3.3 The Client and its representative(s) must observe the necessary due care vis-a-vis the Bank, to the best of their ability, taking the interests of the Bank into account. The Client enables the Bank to meet its legal and contractual obligations and to perform its service in a proper manner, not just regarding the Client, but also regarding third parties such as supervisory bodies, regulators, fiscal authorities, national, international and/or supranational authorities.

3.4 Upon first request of the Bank, Client and its representative(s) shall provide the Bank with sufficiently detailed, truthful and completely filled information and documentation, including but not limited to information relating to Client ’s activities and purposes, as well as information related to the products and services that Client wants to purchase from the Bank, source of funds, negotiable instruments and/or other goods  which the Client has, shall take in via and or accommodate with the Bank. Client must inform the Bank immediately of any changes in such information. The Bank shall take the applicable laws and regulations into account.

3.5 Client shall make use of the products and services that the Bank has only for the purpose for which they are intended. The Client shall not misuse, let misuse, and/or make improper or unlawful use, of the services and/or products of the Bank, including but not limited to purposes that are not compatible with legislation and regulations, that contribute to criminal offenses, is harmful for the Bank or its reputation and/or which may harm the operation and the integrity of the financial system.

3.6 In the event that Client fails to provide the Bank with any required information and/or documentation or in the event of any misuse -as referred above- the Bank shall be authorized, at its discretion, to terminate the relationship immediately.

3.7 Client (and its representative(s))as well the Bank, shall comply dutifully with the applicable (bank) laws or foreign or national ordinances, (banking) policy rules and regulations as well as all similar rules and regulations which are imposed by local and foreign legislative bodies, including but not limited to, rules and regulations from national and international fiscal, anti-money laundering and antiterrorism legislation and treaties, including but not limited to, the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) (‘Regulations’). Upon first request of the Bank, cooperation within this framework, is required from the Client and/or its representative(s) in order to provide the Bank with certain “Know Your Client” information. Failure to comply with the requirements on the grounds of these regulations, or the failure to do so in a timely manner and/ or within the term prescribed by the Bank, the Bank will be authorized, at its sole discretion to terminate the relationship immediately.

3.8 The acceptance of any Client and the maintaining of the relationship with an existing Client is at the discretion of the Bank and is in all cases subject to the existing applicable regulations and the internal policies and regulations of the Bank.


Article 4 – Data and Client information

4.1 The Bank may process the Client ’s personal data. The Bank shall take all applicable legislation and regulations into account when processing Client ’s personal data but also data relating to the products and services which Client purchased from the Bank. The personal data that the Bank may collect, store, process or use consists of information such as the identification of Client, address, gender, and date of birth.

4.2 With due observance of applicable legislation for the protection of personal data, the Bank is also authorized to make copies of documents with personal information, register and retain the information. In case the Client is a legal entity or a partnership, Client must provide insight in the ownership and the control-structure of the legal entity or partnership.

4.3 The Bank is also entitled to exchange personal information with third parties which it engages in its business operations, or the execution of its services, or activities relating to the provision of services according with the legislation and regulations applicable to the Bank. The Bank will also provide information to local, regional or international government and regulatory bodies and authorities, and to credit rating institutions, according to the applicable legislation and regulations available to the Bank.

4.4 The Bank is authorized to register credit information in the system of the Caribbean Credit Bureau (CCB), so that registered users of this system also have access to this information. The Bank may process data regarding the product and services purchased by the Client, taking into account the applicable laws and regulations and the code of conduct that apply to the Bank. The Bank can also exchange data with third parties under the following circumstances:

a. The Bank may exchange personal data with third parties that the Bank makes use of in its business operations or in providing its services. This entails, inter alia, in connection with (i) loans or credit, the transfer of personal and credit data to third parties and (ii) in connection with payments, the passing on of personal data to third parties in countries that do not have the same level of protection as in the country of the Ban.

b. Personal data can be the subject of an investigation by authorized national authorities of the countries where such data is located, in connection with the processing of the data both during and after the processing.

c. The Bank can share personal data with other institutions to (i) give information of consumer credit behaviour in order to mitigate risk of losses, (ii) provide total credit exposure of individuals to prevent over-crediting and (iii) provide information about other credit related behaviour of consumers such as fraudulent behaviour, debt restructuring programs or bankruptcies.

4.5 Client shall inform the Bank immediately and in writing of any changes to the information issued by Client to the Bank, including but not limited to the address to which all documents of Client can be sent.

4.6 The Bank is entitled to use the Client ’s recent address filed in its system as the chosen domicile of the Client for all that concerns the relationship between Client and the Bank. As consequence hereof, all documents and processes meant for the Client will be delivered or served at this address. All documents sent to Client to this address, should be considered to have reached the Client. In case the Bank must conduct an investigation to find out the current address of Client, the costs thereof will be charged to the account of Client.

4.7 The Bank is authorized to use the Client ’s personal data for the processing and generating of data and statistics as well as for marketing purposes.


Article 5 – Force majeure

5.1 If the Bank fails to meet any obligation towards the Client, due to a serious event in the sense of force majeure, leading the agreement between the Bank and the Client at such risk of being disrupted, or in the meanwhile is or has been disrupted, the Bank shall never be liable towards the Client and/ or third parties for any events in this sense, including but not limited to: natural disasters, pandemics, international conflicts, decisions and measures of the national or any foreign government or of a national, foreign, or international supervisory organization, labour disputes, also among its own staff, breakdowns and/or labour disputes in companies which services the Bank uses, lockouts and actions of boycott, failures in the power supply, communication connections, or in equipment or software of the Bank or third parties.

5.2 Upon the first request of the Bank, the Client shall do or avoid from doing anything that the Bank reasonably considers necessary in the context of paragraph 5.1 to facilitate the disruptive provision of services and to limit or prevent damage wherever possible. For these purposes, the Client shall always check whether the request is sent from the Bank; in any doubt, the Client must contact the Bank.


Article 6 – Authority to act and authorization of representation

6.1 The Client vouches for its full and unlimited authority to act towards the Bank.

6.2 The Client is liable for any damage that the Bank may suffer as a result of the non- or not fully existing authority to act. The Client shall also indemnify the Bank against all consequences and any claims by third parties in respect of the non- or not fully existing authority to act.

6.3 The Bank shall be furnished in writing, in a manner and/or form as determined by the Bank, with one or more specimen of the handwritten signatures of the Client and of the person (s) authorized to act together with, for, or on behalf of the Client to have access to the account or other valuables deposited at the Bank and to represent the Client in transactions with the Bank, listing all specification of any restrictions on such authority. The Client shall not be able to claim the Bank that the signature cards provided or sent to the Bank are incorrectly completed.

6.4 If no restrictions as referred to in the previous paragraph have been stated, even if said restrictions have been specifically defined in the Articles of Association and/or other regulations and/or other special powers of attorney and/or in other documents, each of the signatures submitted to the Bank will bind the Client in full and for any amount.

6.5 The Bank is not liable for changes in the authority to act of Client nor its representative(s), nor revocation of the authority of the Client and/or lapse of powers, including powers by virtue of powers of attorney-even if entered into public registers- unless the Bank has confirmed in writing that it has taken due note of this and has had a reasonable period to adapt its services accordingly.

6.6 No claim shall be made against the Bank for registrations kept in the Trade register, in the Community Property Register or in other public registers, or changes in any such entries, unless the Bank has been informed thereof in writing and has had a reasonable period to adapt its services accordingly.

6.7 Retiring partners (or former partners, in the event of dissolution) remain severally and jointly liable vis-à-vis the Bank, for all claim(s)the Bank has vis-à-vis the Client, whether or not due and payable, and whether or not under specific conditions, until the Bank has been informed in writing and it has taken notice of the resignation (dissolution), provided that even thereafter the several and joint liability of the (former) partner will continue to exist for obligations of the Client entered prior to the Bank having been notified of the retirement or dissolution and for obligations of the Client based on acts already performed prior to the notification of the Bank of the retirement or dissolution.

6.8 The Client is, in addition to its representative(s), liable vis-à-vis the Bank for all damages that the Bank may suffer as a result of transactions of those who represent it vis-à-vis the Bank.

6.9 The General Conditions and all other applicable provisions, rules and limitations between the Client and the Bank, are applicable on the representation of the Client.


Article 7 – Information to third parties

7.1 The Bank shall not be accountable to any party with regard to an account opened, nor make any statements and/ or disclose information to any other party, other than the person in whose name the account has been opened, save for the cases provided for by law, with the exception of usual exchange of information within the Bank and to its affiliate businesses and with the exception of notifications to a credit reporting company, for which the Client has hereby given its consent.

7.2 If, at any time, the Client has an unauthorized debit position with respect to the Bank, irrespective of the manner, or in any form or designation, and/or there is a delay in payment (s) on credit facilities - in any form or designation, including but not limited to loans, mortgage loans, credit card facilities, current account credit facilities or bridging facilities- and such arrears, or any other debt to the Bank is not settled within the term set by the Bank, the Bank will be entitled, at its sole discretion, to report the Client to the credit reporting company Caribbean Credit Bureau or, at the discretion of the Bank, to any other credit reporting company.

7.3 Personal information may also be exchanged with third parties that the Bank engages in its business operations or the execution of banking services.


Article 8 – Video- and audio recording

Within the limits of the applicable legislation and regulations, the Bank makes

image and/or audio recordings for purposes such as effective business operations, to provide evidence, fighting crime, and for the purpose of good quality control that may feature the Client.


Article 9 – Accounts in the name of more than one person having power of disposition

9.1 With regard to joint accounts, opened to the name of two or more persons, each of the persons will be authorized to have access to the account independently.

All transactions, instructions, transfers, or depreciations performed by one or more account holders with regard to those accounts, will be binding for all of them, and they shall all be jointly and severally liable for the totality vis-a-vis the Bank, unless and insofar as expressly agreed otherwise with the Bank in writing.

9.2 Each account holder on the account is entitled to have access to the balance in the joint account independently, unless expressly agreed otherwise with the Bank in writing. The joint account holder(s) is fully responsible for the entitlement to the funds in the joint account. The Bank shall not be involved nor have any obligation to determine such entitlement, nor shall the Bank examine such entitlement.

9.3 In the event that an account is opened in the name of a public partnership, not being a corporation, each partner will be fully authorized towards the Bank, even if his authority and/or liability is limited by a corporate contract, to have access to the account and respectively all partners will be jointly and severally liable for the actions of one or more of them with the Bank for the entire amount and any limitation as referred to above shall not apply to the Bank, unless and insofar as agreed otherwise in writing with the Bank.

9.4 If an account is opened to the name of a committee or other group of persons, such as an association which is not a legal entity, those who, according to the signature card, are authorized to have access to the account will be jointly and severally liable for the entire amount. They may have themselves replaced by others with the written consent of the Bank, but in said event they will remain liable for the obligations that may exist towards the Bank at the time of their replacement or arise directly from acts prior to the replacement.

9.5 In the event of demise of the account holder, the remaining joint account holder(s) shall remain entitled to have access to the funds independently. The remaining account holder acknowledges that the heirs of the deceased can replace the deceased account holder, and that they shall jointly have the same rights to the account(s) as the deceased account holder.


Article 10 – Title of account

10.1 The title of the accounts shall be in accordance with the wishes expressed by the Client in this regard, unless the Bank has any objections. The Bank is authorized, upon notification to the Client, to split up Client’s account into different accounts with titles to be determined by the Bank, should it deem this necessary.

10.2 In case the Client holds more than one cash account with the Bank, these accounts shall be handled as if they belonged to different persons, without prejudice to the Bank's authority to consider them as one account at its discretion - regardless of the currency in which and the conditions under which they are executed -and to set off the balances against each other. This settlement takes place at the exchange rate on the day of setoff.


Article 11 – Right to set off / right of reversal

11.1 The Bank is at all times authorized to set off all claim(s) from the Client, whether or not due and payable, with conditions or based on current and future obligations towards the Bank, against counterclaims the Client may have towards the Bank, regardless of the currency in which such claims are stated. Settlement takes place at the exchange rate on the day of settlement.

11.2 However, if the Bank's claim against the Client or the Client 's counterclaim against the Bank is not yet due and payable, the bank will not exercise its right to set off – if the respective claims are denominated in the same currency-, unless an attachment is levied against the Client 's counterclaim or otherwise recourse is sought against same, a limited right in rem is established thereon or the Client assigns his counterclaim under special title, or the Client is declared bankrupt or is granted a (provisional) suspension of payments.

11.3 The above limitations do not apply if the claims are in different currencies. The Bank is authorized to set off claims in different currencies at the exchange rate of the day of the set-off.

11.4 If possible, the Bank shall notify the Client in advance or as reasonably possible afterwards that the Bank will exercise or has used its right to set off.

11.5 Without prejudice to the foregoing, the Bank shall be authorized and has the right to correct mistakes, erroneous and/or wrongful entries such as but not limited to those relating to undue payment, without the Bank requiring the consent or cooperation of the Client to make that correction.


Article 12 – Accounts in foreign currency

Should an account in foreign currency show a debit balance, any exchange rate losses shall be for the Client ’s account in such a manner that, in the event of a drop in the selling rate of the concerning foreign currency, set by the competent authorities and/or regulators, the Bank will be authorized at any time it desires to charge the Client 's account with the exchange loss that has arisen as a result of this drop. The Bank is not liable for lost profit and indirect damages.


Article 13 – Securities

13.1 Securities (orders) are continuously listed in consecutive order by the Bank unless different instructions apply. Before the Bank can execute a stock option order, the Client must first sign an option agreement. Securities and other stocks of the Client that are held by third parties in the name of the Bank in favour of the Client, shall remain there for the account and risk of the Client. The Bank is at all times entitled, in order to meet its obligation, to deliver these securities to the Client, to fulfil its obligation by instructing the third party or party to make these stocks available to the Client, or to transfer its rights in this regard towards the third party to the Client.

13.2 The securities and other stocks deposited on behalf of the Client with third parties in the name of the Bank shall constitute part of the total valuables deposited in the general account of the Bank with such third parties. The Client shares in all risks involved and on pro rata basis.

13.3 Unless it has been expressly agreed upon in writing that this will occur, the Bank will not be accountable for any number of securities to Clients, except for those that may be excluded by lottery.

13.4 The Bank is authorized to execute all instructions for the purchase and sale of foreign valuables, stocks and shares, coupons, negotiable instruments, also to deposit or withdraw funds against securities given in pledge, at the discretion of the Bank with itself or with third parties as counterparty.

13.5 The Bank is not liable for deficiencies in negotiable instruments held or to be held by it for the Client, nor for the accuracy of the information on their contents.


Article 14 – Execution of instructions

14.1 The Client shall ensure that instructions, statements, and notifications to the Bank are in an understandable manner and provided with correct information. The Client shall not call on the Bank that the signature cards given or sent to him by the Bank have been completed inaccurately. All forms required and provided by the Bank to Client must be fully completed. The Bank shall not execute instructions if the Client did not use forms established or approved by the Bank or the data carrier explicitly approved by the Bank.

14.2 The Client must ensure that instructions, statements, and notifications to the Bank are clear and contain the correct information. Transfer instructions are carried out by the Bank on the basis of the account number provided by the Client, and the Bank is not obliged to verify the accuracy of the information stated in the instructions.

14.3 The Bank guarantees the proper execution, within a reasonable period, of clearly given instructions by the Client. Shortcomings in the execution of such instructions oblige the Bank to compensate the Client for the damage suffered as a result, and this up to a maximum of five hundred guilders or two hundred and eighty United States dollars per instruction, without prejudice to the provisions of the second paragraph of article 31 and without prejudice to the Bank's obligation, unless otherwise agreed, to ensure that these instructions are still carried out properly and without further costs.

14.4 The Bank shall not rely the aforementioned maximum of five hundred guilders or two hundred and eighty United States dollars, if reasonableness and fairness in a specific case imply that such reliance shall not apply.

14.5 If the Client wishes for instructions to be executed by or on a specific date, such execution must be expressly agreed upon with the Bank in writing. The aforementioned does not affect the authority of the Bank to refuse to execute instructions if the balance of the account does not permit execution or if such execution is impeded by attachment levied against the Client or other comparable circumstances.


Article 15 – Use of means of communication

15.1 The Client is required in the transactions with the Bank, to handle carefully and securely, with the use of internet, fax, e-mail, mail, online banking, and other means of communication.

15.2 The Client will bear all risk of misunderstandings, mutilations, delays or improper transmission of instructions and notifications from the Client to the Bank when using e-mail, telephone, telegraph, telex, Online banking or any other (electronic) means of communication in transactions between the Client and the Bank as well as between the Bank and third parties, to the extent pertaining to the Client 's relationship.

15.3 Without prejudice to the above, the Bank is entitled to not proceed with instructions it has received that seem unclear to it, before having received confirmation or clarification of these instructions.

15.4 The Bank is free to choose the means of communication to be used. The Client is obliged to use means of communication in a safe and careful manner, including but not limited to a properly protected computer, mobile telephone, tablet, or other equipment, protected against viruses, harmful software, malware, spyware and other misuse.

15.5 All consignments to or by the Bank from or to the Client or third parties on behalf of the Client will be effected at the expense and risk of the Client.

15.6 The Bank is not responsible for damages incurred by the Client as a result of the inability to meet their payment obligations to third parties resulting from any failure of the Bank's internet- and computer system including but not limited to external cyber-attacks and/or security breaches.


Article 16 – Engagement of third parties

16.1 The Bank is authorized to use the services of third parties when executing the instructions of the Client and when executing other agreements with the Client, and outsource work (in part), and give in custody goods and / or negotiable instruments of the Client in the name of the Bank to third parties.

16.2 The Bank is authorized to make use of the intermediary services of third parties for the account and risk of the Client, in the execution of instructions from the Client and is also authorized to have the stocks and shares and other securities of the Client in the name of the Bank deposited on behalf of the Client under a third party.

16.3 The Bank is further authorized to provide third party with coverage for the account at the risk of the Client.

16.4 The Bank shall observe due care in selecting such third parties. If the Bank proves that it has not acted carelessly in terms of its choice, it will not be held responsible for shortcomings of those third parties. If, in that case the Client has suffered any damage, the Bank will in any case assist the Client as much as possible in his attempts to reverse or limit said damage.

Article 17 – Credit entries with reservation

17.1 For each credit entry of an amount received or to be received in favour of the Client, the condition is that there is a reservation that the Bank must actually, definitively and unconditionally receive this amount. If this condition is not fulfilled, the Bank is authorized to reverse the credit entry without prior notice to the Client by debiting an equal amount or a part thereof with retroactive effect.

17.2 The costs incurred in connection with such reversal shall be for the Client’s account.


Article 18 – Use of information carriers and forms

18.1 The Bank may require that the Client use forms, cards, information carriers and other means of communication approved or specified by the Bank, for all dealings and transactions in accordance with the instructions of the Bank. Forms must be completely filled in by the Client. All other information carriers or means of communication approved by the Bank, must be used by the Client in accordance with the Bank's instructions.

18.2 The Bank shall not execute instructions if, when given such instructions, no use has been made of established or approved forms, or other information carriers or means of communication. The Bank may require that notifications be made in a specific manner.

18.3 The Client must carefully keep the forms, cards or information carrier provided or sent to it by the Bank; the Client is obliged to notify the bank (in writing) immediately after the Client becomes aware of the loss or theft of one or more of these forms, cards and/or information carrier or of any other irregularity.

18.4 Up until the time that the Bank receives this notification, the consequences of the use of the forms, information carriers or other means of communication are for the account and risk of the Client, unless the Client shows that the Bank is to blame.

18.5 After receiving such a notification, the Bank will try to prevent the Client from being disadvantaged as much as possible. However, the Bank accepts no responsibility for the execution of instructions based on a lost or stolen and / or unlawfully used, falsified or forged or counterfeit form, card or information carrier. If the relationship ends, the Client is obliged to return the unused forms to the Bank as soon as possible.


Article 19 – Costs, Taxes, Commissions, interest, license fees and other expenses

19.1 All costs incurred by the Bank in connection with the relationship with the Client, such as but not limited to commissions, interest, postage, stamp, telegram, telephone, telex and representation costs, costs in the event of (intended) foreclosure of property, appraisals deemed necessary (whether or not in conjunction with execution), extra judicial collection costs, legal costs and costs of legal assistance, including amounts not allocated by the judge, will be for the Client ’s account, with the exception of legal costs and costs of legal assistance, in case the Bank is condemned to pay the costs as the losing party. Costs incurred by the Bank in and out of court, in case of an attachment, proceedings or disputes between the Client and a third party, shall be for the account of the Client. These charges will be charged to Client at the Bank’s convenience.

19.2 The costs referred to in the previous paragraph, as well as the interest amounts owed by the Client to the Bank, shall be charged to the Client by the Bank at times convenient to the latter.

19.3 When executing instructions and transactions of the Client for which the Bank owes license fees and/or levies or other costs to third parties, including the Central Bank of Curaçao and Sint Maarten, these will be passed on to the Client.

19.4 The Bank may vary the commission, fees and interest and may therefore set varying rates for these. The Bank is entitled to change these variations and rates from time to time, unless the Bank has agreed a fixed fee with the Client for a fixed period. In the event of rate change, the Bank will inform the Client in advance as much as is reasonably possible.

19.5 The Bank informs the Client, as part of its services, as much as reasonably possible about its rates (commissions, interest and other costs). The Bank ensures that this information is readily available.

19.6 If an unauthorized debit balance is created on the account as a result of the debit, the Client must clear that debit balance immediately without notice of default by the Bank being required.

19.7 In the event that the Client uses online banking but requests the Bank to keep sending paper statements to the Client, the Bank will charge a fee for the sending of the paper statements.


Article 20 – Contract takeover

The Client hereby – by the fact that these General Conditions become applicable- gives his cooperation in advance, in the event of transfer (in part) of the Bank’s business and that his legal relationship with the Bank within the framework of this transfer (in part) passes to a third party (in part).


Article 21 – Probative value and retention period of bank records

On any amount owed to the Bank by the Client or due to the Client by the Bank at any time, a signed extract from the bank's records serves as full proof, unless the Client provides evidence to the contrary. The Bank does not have to keep its administration longer than the statutory retention periods.


Article 22 – Verification of information provided by the Bank and instructions executed

22.1 The Client shall check upon receipt, all confirmations, bank statements, invoices, or other statements or other information and/or data sent to Client or made available to Client by the Bank; Client shall procure to verify the data as soon as possible after they have been made available to Client if the Bank puts such notifications available to the Client electronically. The date of dispatch or of making available shall be the date of dispatch or of making available as appears from copies, mailing lists, or otherwise from the records of the Bank.

22.2 The Client shall procure to verify the soonest it can, whether the Bank has executed instructions accurately and completely given by the Client or on its behalf. The Client shall notify the Bank immediately in writing if Client does not receive a notification from the Bank, whereas Client knows or should know to expect a notification from the Bank. In case Client notices any inaccuracy or incompleteness, it shall notify the Bank hereof immediately in writing and take all necessary and reasonable steps to prevent any (further) damage and/or cooperate in rectifying the error.

22.3 The Bank is authorized to correct errors and/ or mistakes, also reverse a mis entry without prior consent of the Client. The Bank is authorized to reverse the crediting of an account of the Client pursuant to an instruction given by a person without power of disposition or power to act.

22.4 If the Client requests a copy of information previously provided to him by the Bank, the Bank will provide this to the Client within a reasonable time and against payment of the reasonable costs to be incurred by the Bank, unless the Bank no longer has the information or the Bank has reasonable grounds for not complying with the request.


Article 23 – Bank approval of statements

If the Client has not disputed the content of confirmations, bank statements, invoices, other statements or other information sent or made available to the Client (such as, but not limited to online banking), in writing within twelve months after that information has been made available to the Client by or on behalf of the Bank or may reasonably be assumed to have been received by the Client, the content of that information shall in any case be deemed to have been approved by the Client, and the Client can therefore no longer hold the Bank responsible for the consequences of incorrect entries.


Article 24 – Name and address of Client

24.1 The Client is obliged to notify the Bank in writing of the physical address and, insofar as applicable, the email address to which all documents and / or information intended for the Client can be sent. Changes to name and address must be reported to the Bank in writing without delay.

24.2 The Bank is authorized to consider the last known address of the Client, as the chosen domicile for everything relating to its relationship with the Bank, to which all the documents and / or information and writs intended for the Client can be delivered.

24.3 The Client who does not have an address known to the Bank shall be deemed to have chosen domicile at the Bank's head office in Curaçao.

24.4 All documents and/or information sent by the Bank to the addresses mentioned in the previous three paragraphs will be deemed to have been received by the Client.


Article 25 – Right of pledge

25.1 By the fact that these general banking conditions become applicable, the Client has:

a. committed himself to pledge the following properties, including the corresponding ancillary rights, to the Bank as security for all that the Bank may claim or obtain from him, at any time, for whatever reason:

i.all (monetary) claims that the Client, for whatever reason, has or obtains on the Bank;

ii. all goods, securities, negotiable instruments, and other financial instruments that the Bank or a third party, for whatever reason, has or will have under its custody from or for the Client;

iii. all shares in joint depots that the Bank has or will have under its custody; 

iv. all goods that (will) replace the goods under i, ii or iii;

b. pledged to the Bank the goods referred to under ‘a’, to the extent legally possible

c. irrevocably authorized the Bank, with the right of substitution, to pledge these goods to itself on behalf of the Client, repeatedly if necessary, and to do everything that is useful for the pledge.

25.2 The Client vouches that he is authorized to make the pledge and that the goods in question are (will be) free from rights and claims of other parties other than the Bank.

25.3 The Bank shall release the pledged goods, if the Client wishes to have disposal of same, if the value of the pledged goods remaining thereafter provides sufficient guarantee for everything that the Bank has a claim and/or will have a claim on the Client for whatever reason. The Bank may only proceed with the sale of the pledged property if it has a due and payable claim on the Client and the Client is in default with the payment thereof. The Bank shall not sell more of the pledged goods than necessary for the payment of the Client’s debt. After the Bank has exercised its authority to sell off the goods, it will notify the Client of this in writing as soon as possible.


Article 26 – Immediately due and payable

26.1 All that which the Client owes to the Bank, on any grounds whatsoever, will at all times be immediately due and payable, unless expressly agreed upon otherwise in writing or if a statutory provision prescribes the observance of a period of time.

26.2 Likewise, any credit shall become immediately due and payable, including if a repayment or notice period has been agreed upon, or a specified due date has been set without any notice of default being required, in the following cases:

(a) if the conditions under which the credit has been granted are not complied with by the Client;

(b) if the Client is declared bankrupt and/or applies for a suspension of payments;

(c) if goods or funds of the Client are attached;

(d) if the Client is a legal entity or a company which is not a legal entity, in the event of liquidation or dissolution, and/or if the Client is a natural person, in the event of death or placement under guardianship;

(e) if one of the circumstances referred to under b, c and d occurs with regard to a surety of the Client or with regard to a joint and several debtor for the Client ’s debt;

(f) if it appears that the Client has provided incorrect information to the Bank in order to obtain or extend any credit.

26.3 The Client is obliged, upon first request of the Bank, to comply with the Bank's demand to pay the amount due, in whole or in part, as claimed by the Bank.


Article 27 – Security

27.1 The Client is obliged, upon first request of the Bank and to the satisfaction of the Bank, to provide or supplement any security provided in the form and extent desired by the Bank. These securities must always be such, and to this end be replaced and / or supplemented by the Client to the satisfaction of the Bank if necessary, so that the Bank has and will have continuously sufficient security, in view of the Client ’s risk profile, the collateral value of the security and any other factors relevant to the Bank. At the Client’s request, the Bank will state the reason for this security, or the replacement or supplementation thereof. The extent of the requested security must be in reasonable proportion to the Client’s obligations.

27.2 If the Client fails to comply with this request, or if the Client fails to meet his obligations towards the Bank for whatever reason, the Bank will be entitled to realize, at its discretion, all securities or any part thereof, without prior summons or notice of default, at the time and in the manner that appear desirable, in order to recover from the proceeds, the amount owed to the Bank, together with interest and costs.


Article 28 – Online Banking

28.1 The conditions in this article applies the moment the Bank accepts the fully completed and duly signed application form for the use of online banking services. By completing the form, the Client accepts the applicability of these General Conditions.

28.2 The Client shall take at all times the highest precautions and secrecy when using the online user ID, password, and the one-time password (OTP) to be received by either e-mail, SMS, authentication application and/or other electronic media to be determined by the Bank. In the event the Client suspects that unauthorized persons have access to Client’s (user) access information, Client must notify the Bank immediately, by telephone and thereafter in writing without any delay. In addition, if Client notices an unauthorized transaction from an account or unauthorized use of the service, Client will immediately notify the Bank by telephone and thereafter in writing, without any delay.

28.3 The Client is responsible at all times for all instructions given to the Bank by online banking system. The Bank is not obliged to determine whether the instructions come from the Client or from another person, with or without knowledge or consent of the Client. The Bank is entitled to assume authenticity of instructions received by online banking and will rely on the instructions without the need to start any investigation into the identity or authority of the sender of the instructions.

28.4 The Client shall confirm all times for the accuracy of the instructions given by the Client when using online banking, as the Bank is only entitled to execute instructions received by online banking.

28.5 The Bank can refrain from sending paper statements and/or post declarations, messages, statements and other documents and information to Client, when Client is engaged with online banking with the Bank. However, the Client can request the Bank to send a paper statement subject to article 19.

28.6 The Client can terminate the use of online banking at any time by notifying the Bank in writing. The Client will remain responsible for transactions made until the access to the service has been terminated. The Bank can cancel the use of online banking in cases the Client does not use the online banking for six (6) months; the Bank will duly notify the Client hereof as soon as possible. The Bank shall not be held liable in this event for any loss the Client may suffer as consequence of such cancellation of the service.


Article 29 – Termination of the relationship

29.1 Each of the parties are at all times unilaterally authorized to terminate the relationship in writing. The Client and the Bank have no obligation to continue the relationship for an indefinite period. The Bank, as well as the Client, will take cancellation periods into account, unless explicitly agreed otherwise in writing.

29.2 In case the Bank terminates the relationship with the Client, the Bank shall inform the Client insofar possible and at its request, about the reason for the termination.

29.3 The Bank shall restrict, suspend or terminate the banking relationship in whole or partially, at its sole discretion with immediate effect in the event the Client or its representative(s) fail to comply with these General Conditions, and/or terms and conditions agreed, and/or violate or do not comply on time or completely with the Regulations.

29.4 The Bank will not be held liable, in the event of suspension, restriction or termination of the banking relationship, for damages that the Client has incurred or will incur as a consequence thereof, unless such suspension, restriction or termination lies in the Bank’s sphere of risk, e.g. violation of the Regulations.

29.5 In case of immediate termination, the position will then be settled as soon as possible. During the settlement, these General Conditions and the specific conditions applicable to the individual agreements remain applicable.


Article 30 – Death of Client

30.1 The Bank must be notified in writing of the death of the Client as soon as possible. As long as the Bank has not been notified of the death of the Client in this manner, it can continue to execute instructions given by or on behalf of the deceased. The Bank may validly (continue to) execute instructions given before or shortly after the Bank has been notified of the death of a Client, if it cannot reasonably prevent such execution.

30.2 Unless expressly agreed differently in writing, in the event of the Client 's decease, the Bank is authorized to transfer the balance of Client ’s account, as well as any other property the Bank may have in its custody for that Client, with liberating effect to the person or persons named in a certificate of succession or executor with the power to take possession, issued by a civil-law notary. Heirs or executors are obliged to provide the Bank with such certificate of succession upon request of the Bank.

30.3 After receiving the notification of decease of the Client, the Bank will need some time to adjust its services accordingly resulting that the Bank may still have instructions, received before, or sometime after the notification of the decease, to execute. In cases like these, the Client’s estate will be bound by this if the execution cannot reasonably be prevented.

30.4 The Bank has no obligation to provide information about actions and transactions performed before the time of death of the Client. In case of more than one heir, the Bank has no obligation to respond to information request (e.g. payments through the account of Client), of individual heirs.


Article 31 – Liability of the Bank

31.1 The Bank is liable if failure in the compliance with an obligation vis-a-vis the Client is attributable to it or is its responsibility by law, legal act or generally accepted standards, without prejudice to the provisions elsewhere in these General Conditions.

To the extent this does not originate by law, the Bank shall at any case not be liable if a failure of the Bank is the result of:

i. international conflicts;

ii. violent or armed acts, or serious threat of any such acts;

iii. measures of any domestic, foreign or international government;

iv. measures of a supervisory authority;

v. boycott actions;

vi. natural disasters;

vii. pandemics;

viii. labor disputes at third parties or among its own personnel;

ix.capacity problems with and / or malfunctions in the electricity supply, in communication connections or in equipment or software of the Bank or third parties.

31.2 If a circumstance as referred to in the previous paragraph arises, in order to limit any adverse consequences for the Client, the Bank will take such measures as can reasonably be expected of it. The Bank is also not liable for indirect damage or lost profit.


Article 32 – Partial nullity or voidability

In the event that one of the clauses of these General Conditions is (partially) invalid, declared unenforceable for any reason whatsoever or becomes null and void, it will be replaced by a valid provision as similarly as possible. However, all remaining provisions of these General Conditions will continue to be applicable.


Article 33 – Applicable law

Exclusively the laws in effect in the place of domicile of the Bank shall apply to the relationship between the Bank and the Client. For this purpose, the place of domicile of the Bank shall be considered to be the office or branch office of the Bank where the Client has his account.


Article 34 – Complaints and disputes

If the Client is not satisfied with the services provided by the Bank, it must first contact the Bank in accordance with the procedure applicable at the Bank. Complaints can be filed by completing the complaint form through our website: or by e-mail to provided with the following information: name, address, telephone number, e-mail address, account number (if applicable), description of the complaint.

Complaint can also be sent in writing by sending a complaint letter to:


Waaigatplein 1

Toren Unit



Article 35 – Competent court

Disputes between the Client and the Bank shall be adjudicated by the court in Curaçao.


Article 36 – Amendments and supplements to the General Conditions

36.1 The General Conditions may be modified from time to time. Deviation from or supplementing these General Conditions, shall only be made if this has been recorded by the Bank in writing.

36.2 Copies of these General Conditions and of the amendments that the Bank may impose is available at all times at the offices of the Bank or can also be found on the Bank's website:

36.3 The Bank can also send the Client a copy of the applicable text upon request. Amendments and supplements that the Bank might impose to these General Conditions will be binding on the Client four weeks after filing these General Conditions and/or amendments and/or supplements at the office of the Clerk of the Court of First Instance of Curaçao and the Clerk of the Court of First Instance of Sint Maarten

Client36.4 In the event of a (legal) dispute, the language of the original text of these General Conditions in Dutch shall prevail.


Article 37 – Entry into force

These (revised) General Conditions will supersede all previous General Conditions and enters into force the date on which these General Conditions are filed with the court registry of the Court of First Instance of Curaçao and the Court of First Instance of Sint Maarten.