Terms and Conditions

Terms and Conditions for Deposit Accounts

These Terms and Conditions apply to the opening, operation and closure of all deposit accounts opened or to be opened with Vattanac Bank, Cambodia.

1. Opening and Closing Account

1.1  To open an account, you are required to provide the following:
i. The prescribed copies of the application form duly completed and  signed in the presence of an authorized officer of the Bank.
ii.  A minimum sum (as determined by the Bank) must be deposited into the account at the time it is opened.
iii. Registration and Identification documents as requested by the Bank.
iv. An introduction from a reputable person/firm/corporation acceptable and already known to the Bank,where required.
1.2 The Bank reserves the right to stipulate and vary from time to time the minimum amount of initial deposit required at the time of opening the account.
1.3 The acceptance of the applications is at the sole discretion of the Bank who reserves the right to reject the application without being obliged to disclose any reason thereof.
1.4 The Customer must obtain all necessary approvals if any, from the appropriate Cambodian authorities which may be required from time to time to enable the Customer to open, maintain and operate an account with the Bank. The Bank may request the Customer to provide evidence of such approval at any time.

2. Operation of Accounts – General

2.1 All instructions to the Bank must be in writing with the original signature of an authorised signatory for the applicable account in the same style as the specimen provided to the Bank. Photocopies or instructions by fax, telex e-mail or telegram are not acceptable unless the Customer has made separate arrangements, in writing, with the Bank. In the event the Bank receives ambiguous or conflicting instructions from the Customer, the Bank shall have no obligation to carry out the instructions until the instructions are properly clarified and the Customer will not hold the Bank liable for not carrying out the instructions until such clarification.
2.2 The Customer will be bound by any arrangements agreed with the Bank on the operations of accounts including arrangements for joint signature, multiple signatures, maximum or minimum amounts, or any other arrangements.
2.3 The Bank shall not be liable for any loss incurred by a Customer or by any third party in consequence of any delay in effecting payment howsoever caused.
2.4 The Bank is authorised to honour and comply with all bills of exchange, cheques, promissory notes and other commercial papers or orders signed in accordance with the account operation mandate or the Customer and to debit the amounts thereof to the Customer's accounts and to carry out instructions in accordance with the account operation mandate of the Customer in respect of its accounts.
2.5 In acting on the Customer's instructions to transfer monies from an account to any account or person outside Cambodia,   the Bank shall be entitled to assume that the Customer has obtained all relevant approvals and permission if any are required, from the Cambodian authorities for such transfer of monies out of Cambodia and the Bank will not bear any liability to the Customer or to any third party in consequence of such transfer being made without any necessary approvals. The Bank may request the Customer to provide evidence of such approvals and permissions at any time, if such are required.
2.6 You are requested to notify the Bank as soon as possible of any change of relevant records such as a change of authorized signature/ signatories, change of partners (for partnership accounts), change in address and change of the Memorandum and Articles of Association. The Bank shall not be liable for any losses in respect of changes that have not been notified by to the Bank.
2.7 Interest as prescribed by the Bank from time to time may be payable on the credit balances depending on the specific terms and conditions applicable to such accounts.

3. Joint Account

3.1 Where the Customer consists of two or more parties ("Joint Customers"), these Terms and Conditions will apply to ail of the Joint Customers together and individually. Each Joint Customer will be individually liable to the Bank for the full amount of any liability of the Joint Customers to the Bank.
3.2 For the purpose of satisfying any due liability of the Joint Customers or any of them to the Bank (whether such liability be primary, secondary, collateral, several or joint) the Bank may at any time and without notice to the Joint Customers or any of them combine or consolidate all or any accounts wheresoever situate and whether in any of their individual names or in their Joint names to which they are beneficially entitled and/or 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 such liability.
3.3 You agree that in the event of the decease of any of the joint account holders, you are authorized to pay the balance standing to the credit of this account to the survivor(s) and such payment shall constitute a valid discharge by the Bank of the amount due on the account.
3.4 You authorize the Bank to place all amounts received by you from cheques and other negotiable instruments favouring either/any one of us to the credit of our joint account and to deliver any instrument or cheque you may hold on your joint account to either/any one of us. However, we reserve the right to reject at anytime and at your discretion for any reason whatsoever any instrument or cheque received.
3.5 If it is decided that the account is to be closed, you authorize the Bank to close the account based on the mandate given on the operations of the account and you confirm that this authorization shall be deemed as an instruction coming from all the joint account holders.

4. Current Account (Cheque Accounts)

4.1 Unless the Bank otherwise determines, no interest will be paid on any credit balances.
4.2 Cheque may not be drawn on the Bank except on the forms supplied and registered for each account. Application for cheque books should be made on the printed application form which is to be found in the cheque book, the application form must be duly signed by you and you are requested to read and follow closely the notes of caution printed on the inside covers of the cheque books. Each cheque must be signed by an authorised signatory in the same style or signature as the specimen registered with the Bank.
4.3 Electric/Electronic typewriter and erasable ink should not be used for drawing cheques. The Bank will not be liable for any losses arising from the use of Electric/Electronic typewriter and erasable ink.
4.4 If you draw several cheques or issue several instruction for payment on the account the aggregate amount of the cheques or payment instructions which exceeds your disposable credit balance or any prior arrangement made with the Bank, the Bank shall be entitled irrespective of the dates written on the cheques or the dates of these instructions, time of receipt or amounts to determine at its own discretion which cheques or instructions are to be paid or executed.
4.5 You are responsible for the safekeeping of your cheque books and in the event that any cheques are lost, stolen or misled you are to immediately report the matter by giving written notice to the Bank.
4.6 Notice of your intention to stop payment of any cheque must be in writing. Ensure that the correct account number, correct cheque number/s and relevant particulars (e.g. amount, date, payee, etc) are stated in your letter of notification. Only upon receipt of your letter of notification will the Bank record the order countermanding payment of the cheque. The Bank shall not be responsible for any loss caused by an oversight or the non-receipt of the letter of notification. Any instruction to stop payment of a cheque conveyed or by way of telephone, telex or telegram is not acceptable to the Bank. If however for some reason you have to do this, then you must immediately confirm your instructions in writing. Notice is hereby given that the Bank shall not under any circumstances be responsible for any loss occasioned by you by virtue of your verbal, telephonic, telex or telegraphic instructions to stop payment on a cheque.
4.7 The Bank is entitled to assume that any cheque of the Customer which is presented for payment is properly drawn by the Customer and may make payment and debit the Customer's account accordingly. The Bank will not be liable to the Customer or to any third party in the event that a cheque was not properly authorised by the Customer. The Bank shall not be liable to indemnify the Customer for any loss suffered by the Customer as a result of any fraudulent or forged cheque being honoured by the Bank.
4.8 No account may be overdrawn without prior arrangement and approval. In the event the Bank approves that an account be overdrawn, the amount will be repayable on demand and the Customer shall pay interest on daily debit balance at the prevailing rate set by the Bank, with a minimum interest charge levied on the account overdrawn during any one month.
4.9 In each of the following circumstances the Bank may, (but shall not be obliged to), dishonour a cheque:
i. Where the cheque is not in the Bank's standard form or where it has been altered or where the alterations are confirmed by incomplete signatures or where the cheque is, in the Bank's opinion,incomplete or defective in some other way, including where the cheque is post dated or where it pre-dates the date of presentation by more than the Bank's normal practice;
ii. Where the cheque has been stopped by the Customer in accordance with these Terms and   Conditions or does not conform with written instructions for the issue of the Customer's cheques agreed with the Bank;
iii. Where there are insufficient funds in the Customer's account having taken account of any other liability to the Bank;
iv. Where the cheque has been endorsed to any third party;
v. Where the Bank has received notice of the Customer's insanity, death, dissolution or    bankruptcy; or
vi. Where to make payment under or in respect of the cheque is or may be contrary to the law of  Cambodia or is otherwise inconsistent with  the Bank's normal banking practice.
4.10 In the event that a cheque is dishonoured by the Bank, the Bank may, (but shall not be obliged to), return the cheque to the presenter stating that the cheque has been dishonoured and advising the presenter to "refer to drawer or insufficient funds" or any other reasons. The Bank shall not be liable to the Customer or to any third party for dishonouring a cheque even if the cheque could have been honoured, provided the Bank acts in good faith.
4.11 Cheques must be used in accordance with Cambodian law and the Customer acknowledges that such law may restrict the making of certain payments in Cambodia in US Dollars or other foreign currency. The Bank has no liability to ensure a payment is lawful but may refuse to make a payment until the Bank is satisfied it is lawful.

5. Saving Account

5.1 A minimum balance of USD1-00 or KHR equivalent must be kept in the account.  The Bank reserves the right to change from time to time the minimum amount of deposit to be maintained in the account. Saving account should not have nil balance.  The account shall deem to be closed when the depositor withdraws the entire balance from his account.
5.2 Saving interest shall be calculated either on minimum monthly balances or on the daily balances in accordance with the Bank’s prevailing policy and rates.  Interests shall be credited half-yearly into depositor’s account on 30th June and 31st December.  Interest earned by depositors is subject to withholding taxes and/or levies as may be imposed from time to time by the Royal Government of the Kingdom of Cambodia.
5.3 Depositors are advised to keep their passbooks under lock and keys at all times.  A loss of passbook must be notified to the Bank immediately in writing.  The Bank accepts no responsibility for any loss or damage to the depositor should, due to his negligence, there be any fraudulent withdrawal from the account prior to the Bank’s receipt of written notice of such loss of passbook.  The Bank will levy a charge for issue of a replacement passbook.
5.4 When making withdrawals, the depositor is required to produce Passbook together with the duly completed withdrawal form.  Withdrawals may only be made in person and depositor is requested to bring along identification documents such as identity cards.
5.5 The Bank shall not be responsible for any entry or sum not acknowledged in the Passbook under signature of an authorized staff or validated by the Bank’s teller machine.  The depositor is therefore advised to carefully examine entries in the Passbook before leaving the Bank’s premise.

6. Fixed Deposits

6.1 A minimum sum for placement under Fixed Deposit is USD1,000-00 or KHR equivalent. The Bank reserves the right to change from time to time the minimum placement amount.
6.2 Interest is computed based on calendar month/s and is paid on maturity. No interest is paid for pre-mature withdrawals. However, for fixed deposit that has concluded at least 3 months, interest may be paid at the sole discretion of the bank and at the prevailing interest paid under Savings account for the months completed. Interest earned by depositors is subject to withholding taxes and/or levies as may be imposed from time to time by the Royal Government of the Kingdom of Cambodia.
6.3 A fixed deposit is made to the name of the customer and cannot be transferred or changed.
6.4 A Fixed Deposit Receipt is provided for the customer as evidence of initial placement. Depositors are advised to keep their receipts in a safe place. Any loss of receipt must be notified to the Bank immediately in writing.  The Bank accepts no responsibility for any loss or damage to the depositor should, due to his negligence, there be any fraudulent withdrawal from the account prior to the Bank’s receipt of written notice of such loss of receipt.  Replacement of a lost fixed deposit will be made under an indemnity to be provided to the bank.
6.5 The Fixed deposit receipt must be presented if it is to be withdrawn.
6.6 In the absence of prior instruction from the customer, all maturing fixed deposits shall be automatically rolled-over based on the existing term and at the prevailing interest rates.

7. Deposit, Withdrawal and Transfer of Funds

7.1 Deposits into customer’s account are evidenced by the counterfoil returned to the Customer by the Bank. The Customer is to ensure that the counterfoil bears the signature of an authorized officer of the Bank or is validated by the Bank's teller's machine. Any material alteration of the counterfoil will invalidate it unless the alteration bears the full signature of an authorized officer.
7.2 Deposits of cheques, drafts, postal and money orders,bills of exchange, promissory notes and other commercial papers or orders may be accepted by the Bank at its sole discretion.
7.3 Deposits of cheques, drafts, postal and money orders, bills of exchange, promissory notes and other commercial papers or orders, etc, are received for collection only and the counterfoil given to you should not be construed to mean that the deposit to your account has been cleared. You may draw against it after sufficient time has elapsed for dishonored items to be returned or by special arrangement or after we have credited your account upon clearance of the items received for collection. Risk for collection remains with the Customer. In a case where an item is dishonoured or is honoured for less than the amount credited, the Bank shall have recourse to the Customer for the amount so credited and the credit entry in the Customer's account will be reversed. In all cases of collection items, any charges incurred by the Bank and any interest charge levied by the Bank will be debited to the account of the Customer.
7.4 All bills of exchange, cheques, promissory notes and other commercial papers or orders and other instruments sent by post for the credit of an account should be crossed and marked "account payee only" and accompanied by a letter giving details. The Bank reserves the right not to accept crossed or order bills of exchange, cheques, promissory notes or other commercial papers or orders or other instruments for credit to an account if the payee's name is not identical to that of the Customer as shown in the Bank's record.
7.5 Deposits of cheques, drafts, postal and money orders, bills of exchange, promissory notes and other commercial papers or orders, etc. deposited but which are subsequently dishonored may be returned by post at your own risk and expense to your address last registered with the Bank.
7.6 Withdrawals can only be made in the form as required by the Bank. The Bank may refuse payment if withdrawal is not made in the form required.
7.7 Unless the Bank otherwise agrees, funds in an account shall be payable exclusively at Vattanac Bank, Cambodia and in the currency of the account. The Bank shall not be liable for unavailability of funds (in any currency) due to any reason whatsoever including, but not limited to, restrictions on convertibility or transferability, inability of the Bank to access funds (in whatever currency) in the inter-bank market in Cambodia, requisitions, involuntary transfers, moratoriums, expropriations, acts of war or civil strife, or other similar causes, whether arising in or outside Cambodia or in any place in which such funds are deposited. In such circumstances, neither the head office nor other branches, subsidiaries or affiliates of the Bank shall be responsible for the repayment thereof.
7.8 All withdrawals will be subject to availability of such currency notes and at the sole discretion of the Bank and the Bank will not be liable to the Customer at any branch of the Bank, and in any currency converted at the Bank's prevailing rate of exchange. The Customer shall indemnify the Bank on a full indemnity basis for any cost of loss suffered by the Bank pursuant to such conversion sale or purchase as the Bank shall determine. Any such discharge shall release the Bank from any liability to the Customer.
7.9 Where the Customer instructs the Bank to transfer funds from the account, such instructions, once accepted by the Bank, cannot be withdrawn, cancelled or amended unless the Bank at its sole discretion agrees to the withdrawal, cancellation or amendment of such instructions.

8. Statements of Account and Account Information

8.1 Where there are transactions on the account for a particular month, the Bank will furnish the Customer with statements of account for such  month. The statement of your account will be available for collection on the first week of the following month. You are advised to make arrangements to collect the statement at our Bank or by other arrangements. If Customer request that the statement be sent by mail, the statements and all correspondence and notices to the Customer in respect of an account shall be sent by post to the nominated address of the Customer specified in the account opening forms or to such other address as the Customer may, from time to time, notify the Bank in writing. The Bank shall not be obliged to ensure the Customer has actually received such correspondence. Customers are required to notify the Bank of any change in their address, occupation or other particulars.
8.2 You agree and undertake to examine with all due care the entries in the statement promptly and to report immediately to the Bank any error or discrepancy found therein. If the Bank does not receive any notification in writing within fourteen (14) days form the last day of the month covered by the statement of any error or discrepancy as regards to the debit or credit entries in the statement then you accept such entries made up to the date of the last entry in the statement as correct, binding, final and conclusive and thereby adopts all cheques drawn therein. You shall not after the expiry of the a foresaid period of fourteen (14) days question any item in the statement on any account whatsoever provided always the Bank shall have the absolute right to reverse out any credit items erroneously credited to your account. You further undertake to refund and indemnify the Bank against any loss which the Bank may incur by reason of the erroneously credit entries. In furtherance of the demands expected of banking business you hereby agree to be precluded from asserting against the Bank such unauthorized signature or endorsement or alteration, if any, which has not been made known in writing to the Bank within thirty (30) days of the rendering of the relevant statement.
8.3 For audit purposes; letters of confirmation will be dispatched from time to time to all Customers at their last known addresses, and Customers are requested to sign and return the letters of confirmation after verification of the balances of their accounts.

9. Fees, Set-off and Disclosure of Information

9.1 The Customer will pay on demand all fees, interest and other charges applicable to accounts, cheques and other banking facilities. The Bank may debit an account with any such charges, fees and penalties payable for services rendered or costs incurred in such amount as may be determined by the Bank at its discretion without obtaining further authority from the Customer.
9.2 In addition to the Bank's right of setoff as bankers, the Bank may at any time and without prior notice or liability to account for loss of interest or setoff, transfer any monies standing to the credit of any of the Customer's accounts of whatever description with the Bank to pay sum owing to the Bank notwithstanding the balance in the Customer's account is in a currency different from the currency of the sum owing or held at a branch in a different location or jurisdiction.
9.3 The Customer authorises the Bank to disclose at all time any information relating to the Customer, his financial affairs or accounts, to its branches wheresoever situated its agents, servants, independent contractors and/or associates and if and when required to do so by the Cambodian authorities. You hereby give your consent to the Bank to disclose information such as may be required by the National Bank of Cambodia in compliance with their directive and/or to companies in the Vattanac Bank Group and other financial institutions for the purpose of a bona fide credit evaluation or if completed by Bank. In so doing, the Bank shall be absolved from any responsibilities or liabilities whatsoever.
9.4 If the Bank seeks in any manner to enforce or protect any of its rights or resolve any dispute relating to an account the Customer will pay to the Bank at the costs, fees and charges incidental thereto, including legal fees on a full indemnity basis and the Bank shall be authorised to debit the Customer's account accordingly.

10. Indemnity

10.1 The Customer unconditionally and irrevocably agrees to indemnify the Bank and keep the Bank indemnified against all claims, demands, actions, liabilities, damages, costs, losses and expenses of whatever nature which the Bank may incur in any way in connection with any credit    or banking facility or accommodation, performing any banking service for the Customer, any cheque or other instrument of or in favour of the Customer or any account of the Customer (the "Bank's Liability") and, without limiting the foregoing, to pay to the Bank on demand all sums which may be claimed from the Bank or which the Bank may pay or become liable to pay under or by reason of or in connection with the Bank's Liability.
10.2 The Bank may pay immediately any and all amounts claimed from it or which the Bank may become liable to pay under or in connection with the Bank's Liability without any reference to or further authority from the Customer and without being under any duty to enquire whether any claims on the Bank are properly made, even if the Customer disputes the validity of any such claim, and the Customer shall accept any claim on the Bank and any payment which the Bank makes as binding on the Customer.

11. Close Account

11.1 Should the Customer wish to close the account, you are to comply with the following:
i. To give written notice of your intention to close your account. Instruction to close your account conveyed either verbally or by way of telephone, telex or telegram is not acceptable to the Bank.
ii. To return all unused cheque, passbooks or any other documents of the Bank   immediately.
11.2 The Bank may close any account after given due notice in the event of:
i. Nil balance in account
ii. Unsatisfactory conduct of account
iii. Inactive/dormant
11.3 The Bank may at its absolute discretion close an account by notice and shall not be bound to disclose any reasons thereof.
11.4 The Bank shall have no responsibility to Customers for any diminution of funds due to taxes,depreciation or currency fluctuation.

12. Miscellaneous

12.1 The rights of the Bank under these Terms and Conditions shall be in addition to all other rights to which the Bank may be entitled. If any of these Terms and Conditions or the terms of any agreement with the Customer are unlawful or unenforceable then at the Bank's election they may be severed from these Terms and Conditions without affecting any of the other Terms and Conditions.
12.2 The Bank may retain as security for liabilities to the Bank all property or monies or assets of the Customer or placed by the Customer in the Bank's possession or custody for safe keeping or otherwise, The Bank shall not be liable for any loss suffered by the customer in respect of any property, documents or other assets held by the Bank for safe keeping, or otherwise.
12.3 Any forbearance or failure or delay by the Bank in exercising any right, power or remedy or partial exercise thereof shall not be deemed as a waiver of such right, power or remedy and shall not preclude any further exercise thereof. The Bank's rights, powers, and remedies shall continue in full force and effect until such rights are specifically waived by an instrument in writing executed by the Bank.
12.4 In respect of its liabilities arising from time to time to the Bank, the Customer hereby irrevocably waives any immunity (sovereign or otherwise) to which it or any of its property or assets may be entitled under any law from enforcement or other legal proceedings or any court judgement or arbitral award.
12.5 If any payment due to the Bank by the Customer is subject to any withholding or deduction the Customer will pay to the Bank such additional sum as may be necessary to ensure that the Bank receives, is entitled to retain and without any further liability on the Bank's part a net sum equal to the amount that would have been due from the Customer had no such withholding or deduction been made.
12.6 The Customer's liabilities to the Bank will not be affected by any change in its constitution or legal status and will bind all successors of the Customer.
12.7 The Customer may not assign or transfer any rights or obligations under or in connection with any account or any other agreement or transaction entered into between the Customer and the Bank to any party without the prior written consent of the Bank.
12.8 To the extent that any Khmer version of any document, including these Terms and Conditions, is inconsistent with the English version, the terms of the English versions shall prevail.
12.9 The Customer shall not (a) assign, novate or otherwise transfer its rights or obligations to or in respect of any account, or (b) create any security interest in or over any account, without in either case the prior written consent or the Bank.
12.10 The Customer will be liable to pay and the Bank may debit to the Customer's account, all fees and charges which the Bank may levy as set out in a Schedule of fees and charges which the Bank may publish from time to time.
12.11 These Terms and Conditions shall be governed by Cambodian law. The Customer irrevocably agree that in the event of any dispute arising  in connection with these Terms and Conditions or any other agreement between the Bank and the Customer or any other financial or  commercial   matter between the Bank and the Customer, such dispute shall, at the sole option of the Bank, be referred to and resolved by  the Court of Cambodia. Any award or decision of the court shall be binding and enforceable and the parties shall strictly comply with its  terms. Costs shall   be borne as determined by the court.
12.12 The Bank may add to, alter, vary, rescind and modify any or all of the above Terms and Conditions at any time at its own discretion and the Customer will be bound by the same.

Terms and Conditions for Remittances

1. The acceptance of this application for remittance is subject to compliance of any regulation laws currently in force and in accordance to the Terms and Conditions of the Banks set forth below.

2. The Bank shall, on behalf of the customer, be free to make use of any of its branches, correspondents or agents or any other agencies to effect the payment of the draft or the transfer of the funds.

3. Neither VATTANAC BANK (hereinafter referred to as the Bank) nor its branches, correspondents or agents shall be liable for any delay, damage or loss caused by any act, decree or order of any government or government agency or as a result or in consequence of any other cause whatsoever which is beyond the control of the bank or its branches, correspondents or agents. 

4. Telegraphic Transfer are sent by SWIFT, wire, cable or telex or through any other channels, coded as required, entirely at applicant’s own risk. Neither the Bank nor any of its branches, correspondents and agents shall be liable for any consequence which may arise through interruption, omission, error, misinterpretation, mutilation, loss or delay in transmission.

5. The Bank shall endeavor to transmit a Telegraphic Transfer within the same working day. However the Bank or its agents is not liable for the delay in payment if the transaction is delayed due to agents in different time zones.

6. Encashment or payment of the draft or of the transferred funds is subject to the rules and regulations applicable in the country where payment is to be made.

7. Demand Draft and Cashier’s Order will be issued crossed unless instructions to th contrary are given.

8. Provided the Bank is still in possession of the funds, any refund by the Bank of the amount of the cashier’s order or draft or of the transferred funds shall be made where possible only to the applicant at the Bank’s sole discretion (less all costs, interest, charges and expenses) subject to the compliance of such Terms & Conditions as may from time to time be required by the Bank. If the amount of the draft or the transferred funds is in a foreign currency, the refund may be based on the Bank’s ‘on demand’ buying rate for the currency in question on the day the refund is made and subject to any exchange or other restrictions. In the case of a cashier’s order or draft, the refund shall be made only upon the receipt of the cashier’s order or draft by the Bank, duly endorsed by the applicant. If the cashier’s order or draft applied for is lost, stolen or destroyed, the applicant, in connection with the request for the issuance of a replacement, will provide the Bank with an acceptable letter of indemnity protecting the Bank against any loss or liability in respect of the lost, stolen or destroyed cashier’s order or draft.

9. All costs, expenses and charges arising from the above are to be borne by the applicant.

10. All charges outside Cambodia are to be borne by the beneficiary unless  instructions to the contrary are given.

11. The Bank may in the ordinary course of business disclose information in relation to the applicant’s affairs or account: 

a. To any bank or financial institution for any investigation of whatsoever nature to be made.

b. For or in connection with any action or proceedings taken for the purpose or recovery of moneys due and       payable by the applicant to the Bank.

c. To any authority or body established by the Central Bank or any other authority having jurisdiction over the

   Bank.

Terms and Conditions for ATM Service

The use of the ATM Card by a Cardholder is governed at all times by the following terms and conditions. The Cardholder is requested to carefully read the terms and conditions before signing or using the ATM Card(s). Upon signing or using the ATM Card(s), the Cardholder will be bound by this Agreement. 

In these terms and conditions: 

"Bank" means Vattanac Bank; 

"ATM" refers to the Automated Teller Machines installed by the Bank; 

"Card" means the ATM Card which is issued to a Cardholder; 

"Cardholder" means the person to whom a ATM Card is issued by the Bank for his or her use; 

"Multi-Account Card" means single ATM Card issued on both the Cardholder's personal/joint savings and personal/joint current accounts. The same ATM Card will give the Cardholder access to both the Cardholder's savings and current account; and 

"Transaction" means banking transaction transacted or capable of being transacted by the use of the ATM Card and shall include balance inquiries, deposit (of cash or cheques), funds transfer and withdrawals from the Cardholder's savings and current accounts with the Bank and/or with any other bank(s) or other financial institution(s) engaged in the sharing of the Bank's ATM Network both domestic and international, electronic fund transfers in respect of point of sale (EFTPOS) services and any other electronic banking services as the Bank shall offer or introduce from the time to time.

1.       Terms and Conditions for ATM Service

The Bank reserves the right in determining who or what accounts are eligible for the ATM service. The Bank may revoke the right to use the ATM Card at any time, with or without cause and with or without notice, or refuse to reissue, renew or replace the ATM Card.

2.       Ownership

The ATM Card remains the property of the Bank at all the times and shall be returned to the Bank when the Cardholder closes his or her account or at the Bank's request.

3.       Non-Transferability

The ATM Card is issued solely for the Cardholder's use. It is not transferable and cannot be pledged as security.

4.       ATM Services

4.1       Fund Transfers to Loan Accounts

  4.1.1      Transactions of fund transfer(s) to facilitate the payment of installments in respect of loan       accounts (if any) shall not be subject to any limit for transfer.

  4.1.2      The Bank shall be entitled at its sole discretion to apply the proceeds of such fund transfer(s)       transaction(s) as are accepted by the Bank in accordance with the following order of priority       of payments:

      i.    Insurance premium

      ii.   Commitment fees (if any)

      iii.   Progressive interest

      iv.  Late charges (if any) and

      v.   Installment

4.2       Fund Transfers to Fixed Deposit Accounts

  4.2.1 Transactions of fund transfer(s) for placement of Fixed Deposits shall not be subject to any limit for transfer.

  4.2.2 hereby agree that any sum of money deposited by me in a fixed deposit account with the use of the Card, such deposit shall be subject to the Bank's prevailing rate of interest on the day of deposit for the period of deposit of the Bank. In the event of any conflict between the rate shown on the ATM and the rate quoted/advertised by the Bank the rate quoted/advertised by the Bank shall prevail.

4.3       Fund Transfer to Own Accounts (Multi-Account ATM Card)

  4.3.1 Transactions for fund transfer(s) of Multi-Account ATM Card in respect of my personal/joint savings account and personal/joint current account shall not be subject to any limit for transfer.

  4.3.2 The Cardholder may however select to impose an upper limit per day for transfer(s) by submitting a request to the Bank

4.4       Cash Withdrawal and Fund Transfer to Third Parties

Cash withdrawal and fund transfer to third party account is limited at US$1,000.00 per ATM Card per day or such other revised limit that may be subsequently imposed by the Bank from time to time.

4.5       Deposits

The amount of any cash or cheques which the Cardholder deposits with the use of the ATM Card are subject to the final verification of the Bank before crediting to my respective account(s). The amount verified by the Bank shall be conclusively and irrefutably deemed to be the correct amount deposited.Proceeds from cheques which are accepted for collection will not be available until the cheques are cleared.

5.       Availability of Funds and Bank's Rights to Reject Transactions

All transactions shall always be subject to the availability of sufficient funds in the respective Cardholders' account(s). The Bank however reserves the rights to reject any transaction(s) without having to assign any reason.

6.       Record of Transaction

6.1 The amount of any cash or cheques which the Cardholder deposits with the use of the ATM Card are subject to the final verification of the Bank before crediting to my respective account(s). The amount verified by the Bank shall be conclusively and irrefutably deemed to be the correct amount deposited. Proceeds from cheques which are accepted for collection will not be available until the cheques are cleared.

6.2 The balance(s) which is/are reflected on the video screen against my respective account number(s) shall not include my deposit(s) which has/have not been verified by the Bank. It will also not account for cheque (s) which I have issued and have still not been processed by the Bank. The amount(s) stated on the video screen shall not for any purpose whatsoever be taken as conclusive of the statement of my respective account(s) with the Bank.

7.       Bank Charges

7.1 The Cardholder shall be responsible where applicable for the following charges (unless specifically waived by us) including but not limited to:

a.    A non-refundable annual service fee for the issue and renewal of each ATM Card

b.    An administrative fee for any replacement ATM Card and/or PIN

c.    Transaction fee for ATM Card transactions

d.    Late charges (if any) and

e.    A service charge or administrative fee for any service or facility provided by us or any action taken by       us in carrying out any of your instructions and/or requests relating to your ATM Card, whether such       service or action is referred to or contemplated in this Agreement or otherwise.

7.2 The Bank may at any time at its absolute discretion, change the prevailing rate and/or amount of any charges or fees payable by the Cardholder as stated.

7.3 The Cardholder hereby agrees and undertakes to pay to the Bank all such charges as the Bank at its absolute discretion decides to impose from time to time in respect of the ATM facility accorded to the Cardholder by debiting the Cardholder's account with the same without prior notice.

8.       Minimum Balance

The Cardholder shall maintain, at all times, such minimum balance in the account/s, as the Bank may decide from time to time and the Bank may at its discretion levy such penal or service charges as per the Bank's rules from time to time, or withdraw the ATM facility, if at any time the balance falls short of the required minimum as aforesaid, without giving any further notice to the Cardholder(s) and/or without incurring any liability or responsibility whatsoever by reason of such withdrawal.

9.       Loss/Theft of Card/Disclosure of PIN/Account Number

9.1 The Cardholder has a duty to prevent loss, theft or fraud of the ATM Card or PIN. The Cardholder must keep their ATM Card secure and ensure that the ATM Card number and PIN are not disclosed to any other person. At no time and under no circumstances shall the Cardholder reveal or cause to reveal his or her secret personal identification number to any person. The Cardholder is accordingly advised NOT to keep his or her secret personal identification number together with the ATM Card to protect against unauthorized withdrawals in the event of loss.

9.2 Should the Cardholder discover that his or her ATM Card is lost, stolen or used in an unauthorised way, the Cardholder shall notify the Bank of the loss/theft or unauthorised use by calling the Bank's Customer Service Hotline or by notifying the Bank in writing.

9.3 In certain circumstances, the Bank may also require the Cardholder to make a police report accompanied by written confirmation of the loss/theft/misuse/disclosure and any other information that the Bank may require.

9.4 The Cardholder shall not be liable for any transactions carried out after the Bank has been notified of the loss/theft/disclosure. However the Bank shall debit the relevant ATM Card account for all ATM Card Transactions carried out before the Bank is notified of the loss/theft/disclosure, even if such transactions were carried out without the Cardholder's authorization.

9.5 Once the ATM Card has been reported as lost or stolen it must not be used if subsequently retrieved. The Cardholder shall cut such retrieved original ATM Card and return the same to the Bank. Any ATM Card that is thrown away or surrendered or returned to the Bank must be cut into pieces. The Cardholder shall be liable for any loss or damage arising from any failure to do so.

9.6 The Bank may at its discretion issue a replacement ATM Card upon such terms and conditions as the Bank may deem fit, and reserve the right to charge a replacement fee in respect of any lost or stolen ATM Card. Such ATM Card replacement fee shall be debited to the Cardholder's account and shall not be refundable for any reason whatsoever.

10.    Termination of ATM Card

10.1 The Cardholder may terminate this Agreement upon giving notice in writing. The ATM Card will cease to be valid immediately after any notification of cancellation has been given by the Cardholder to the Bank. The Cardholder will then not use the ATM Card after such notification.

10.2 The Cardholder will not use the ATM Card after he or she has closed their respective account(s) with the Bank. The Cardholder undertake to return the ATM Card to the Bank for cancellation upon closing of their respective account(s) with the Bank.

10.3 The Bank may revoke the right to use the ATM Card at any time, with or without cause and with or without notice, or refuse to reissue, renew or replace the ATM Card if at its discretion, decides that the Cardholder has not operated the account or the ATM service in a satisfactorily manner.

10.4 In the event that this Agreement is terminated whether by the Bank or by the Cardholder pursuant to paragraphs above the Cardholder undertake to return the ATM Card to the Bank.

11.    Change of ATM Services and Functions

The services, functions and facilities available through the ATM service shall be determined by the Bank from time to time. The Bank may modify or vary any or all of the services, functions and facilities available through the use of the ATM service or suspend or terminate the availability of any or all of such services, functions and facilities without any notice to the Cardholder.

12.    Change of Terms and Conditions

The Bank reserves the right to amend or supplement any or all of these terms and conditions at any time at its absolute discretion and the Cardholder undertake to be bound by any such amendments and/or supplements.

13.    Notification of Change

13.1 We may notify you of any changes to the terms and conditions in this Agreement and any new, modification or cancellation of the ATM service, features and facilities that may be introduced by the Bank from time to time by:

a.    Publishing such changes in your statements

b.    Displaying such changes at our branches or automated teller machines

c.    Posting such changes on our website

d.    Electronic mail or letter

e.    Such other means of communication as we may determine

13.2 Any notice of any change to this Agreement given to or served on a Cardholder shall be deemed to have been given to and received by (all) his joint Cardholder(s) at the time when the Cardholder shall have received or is deemed to have received the same.

13.3 All notices to the Cardholder sent by ordinary post to or left at the address(es) of the Cardholder given to the Bank or at the Cardholder's last known address shall be deemed to have been delivered in the ordinary course of post or on the day they were so left.

14.    Cardholder's Declaration and Undertaking

14.1 I shall accept full responsibility for all transactions made by the use or purported use of the ATM Card, with or without my knowledge or authority and agree to waive any and all right and remedies against the Bank in respect of any such use or purported use. In this regard, I hereby authorize the Bank to debit my respective account(s) with the amount of any withdrawal(s) transfer(s) transaction(s) made by the use of the ATM Card.

14.2 All transactions arising from the use of my ATM Card to operate a designated joint account shall be binding on all the account holders, jointly and severally.

14.3 In case any of the joint account holder gives "stop payment transactions" instructions in respect of operations of the ATM Card, on any of the accounts held jointly by them, no operations will be allowed on such account(s) of the linked ATM Card.

14.4 I shall not at any all time use or attempt use my ATM Card unless there are sufficient funds in my account/s.

14.5 I shall immediately notify the Bank should I discover that my ATM Card is lost, stolen or used in an unauthorized way and shall be responsible for all transaction made prior to such notice.

14.6 I hereby agree that I shall immediately upon performing a withdrawal transaction with the use of ATM Card, count and verify the withdrawal sum and should there be any discrepancy in the amount dispensed to me I shall notify the Bank forthwith so as to enable the Bank to conduct its investigation as to the merit of my claim. In the event of any failure on my part in notifying the Bank promptly the Bank shall be under no obligation to conduct any investigation as to the merit of my claim and the discrepancy alleged by me and I shall not hold the Bank liable for any losses or damages whatsoever incurred by me as a result thereof.

14.7 I shall not hold the Bank liable, responsible or accountable in any way whatsoever in the event of any loss, injury or damage in the event my ATM Card is not honored in anyway.

15.    Exclusions and Exceptions

The Bank shall not be liable in any way:

15.1 for any malfunction, defect or error in any ATM terminal used to process ATM Card Transactions, or of other machines or system of authorization whether belonging to or operated by us or other persons or the inability of any terminal, machine or system to accurately, properly or promptly transmit, process or store any data

15.2 for any inconvenience or consequences caused if the ATM terminal is destroyed or not functioning due to power failure and insufficiency of cash in the ATM

15.3 for any delay or inability on our part to perform any of our obligations under this Agreement because of any electronic, mechanical system, data processing or telecommunication defect or failure, Act of God, civil disturbance or any event outside our control or the control of any of our servants, agents or contractors

15.4 for any damage to or loss or inability to retrieve any data or information that may be stored in your ATM Card or any microchip or circuit or device in your ATM Card or the corruption of any such data or information, howsoever caused

15.5 for any loss, theft, use or misuse of the ATM Card or disclosure of your PIN and/or any breach of this Agreement

15.6 for any fraud and/or forgery perpetrated on us or any merchant

15.7 for any injury to your credit, character and reputation in relation to our repossession or our request for the return of the ATM Card or your use of the ATM Card

15.8 for the interception by or disclosure to any person (whether unlawful or otherwise) of any data or information relating to you, any ATM Card transaction or your ATM Card account transmitted through or stored in any electronic system or medium, howsoever caused and/or

15.9 for any delay, inability or failure by us to perform any of our obligations under or pursuant to this Agreement caused or contributed in any way by any one or more of the events or occurrences set out in this Clause.

16.    Rules and Regulations for Designated Accounts

The use of the ATM Card shall be subject to the Bank's prevailing Rules and Regulation governing Current, Savings. Fixed Deposit and Loan Accounts.

17.    Set-Off and Consolidation

The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Cardholder's Primary Account and/or, Secondary Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the ATM ATM Card services extended to and/or used by the Cardholder.

18.    Disclosure of Information

The Cardholder consent for the Bank to, whether before or after termination of the ATM service, disclose any information relating to the Cardholder or the ATM Card Transaction or the linked accounts ("Information") to (i) any third party as the Bank may deem fit in its absolute discretion, including but not limited to our subsidiaries, branches, agents, correspondents, agencies or representative offices, (ii) any person authorised by the Cardholder to operate the ATM Card Account, (iii) any merchant, bank or financial institution, (iv) any credit bureau and/or its compliance committee and for such credit bureau and/or its compliance committee to disclose the Information to third party or parties, including but not limited to its member banks or financial institutions, (v) any government agency, statutory board or authority in Cambodia or elsewhere, and (vi) any other person to whom the Bank consider in its interest to make such disclosure.

19.    Indemnity

The Cardholder shall indemnify and keep the Bank fully indemnified against all claims, demands, action, proceedings, losses, damages, costs and expenses of any nature (including legal costs on an indemnity basis) incurred, suffered or sustained by the Bank, directly or indirectly, by reason of or in connection with this Agreement, including but not limited to:

19.1 breach of any provision of this Agreement on the Cardholder's part and/or

19.2 the enforcement or protection of the Bank's rights and remedies against the Cardholder under this Agreement, or in obtaining or seeking to obtain payment of all or any part of the monies hereby agreed to be paid by the Cardholder and/or

19.3 for any loss, theft, use or misuse of the ATM Card or disclosure of your PIN and/or any breach of this Agreement

20.    Governing Law

This Agreement is subject to Cambodian law and the Cardholder hereby submit to the non-exclusive jurisdiction of the courts of Cambodia.

21.    Other Versions of this Agreement

In the event of any inconsistency between different versions of this Agreement, the English version shall prevail.

Terms and Conditions for ATM Service

The use of the ATM Card by a Cardholder is governed at all times by the following terms and conditions. The Cardholder is requested to carefully read the terms and conditions before signing or using the ATM Card(s). Upon signing or using the ATM Card(s), the Cardholder will be bound by this Agreement. 


In these terms and conditions: 

"Bank" means Vattanac Bank; 

"ATM" refers to the Automated Teller Machines installed by the Bank; 

"Card" means the ATM Card which is issued to a Cardholder; 

"Cardholder" means the person to whom a ATM Card is issued by the Bank for his or her use; 

"Multi-Account Card" means single ATM Card issued on both the Cardholder's personal/joint savings and personal/joint current accounts. The same ATM Card will give the Cardholder access to both the Cardholder's savings and current account; and 

"Transaction" means banking transaction transacted or capable of being transacted by the use of the ATM Card and shall include balance inquiries, deposit (of cash or cheques), funds transfer and withdrawals from the Cardholder's savings and current accounts with the Bank and/or with any other bank(s) or other financial institution(s) engaged in the sharing of the Bank's ATM Network both domestic and international, electronic fund transfers in respect of point of sale (EFTPOS) services and any other electronic banking services as the Bank shall offer or introduce from the time to time.

1.       Terms and Conditions for ATM Service

The Bank reserves the right in determining who or what accounts are eligible for the ATM service. The Bank may revoke the right to use the ATM Card at any time, with or without cause and with or without notice, or refuse to reissue, renew or replace the ATM Card.

2.       Ownership

The ATM Card remains the property of the Bank at all the times and shall be returned to the Bank when the Cardholder closes his or her account or at the Bank's request.

3.       Non-Transferability

The ATM Card is issued solely for the Cardholder's use. It is not transferable and cannot be pledged as security.

4.       ATM Services

4.1       Fund Transfers to Loan Accounts

  4.1.1      Transactions of fund transfer(s) to facilitate the payment of installments in respect of loan       accounts (if any) shall not be subject to any limit for transfer.

  4.1.2      The Bank shall be entitled at its sole discretion to apply the proceeds of such fund transfer(s)       transaction(s) as are accepted by the Bank in accordance with the following order of priority       of payments:

      i.    Insurance premium

      ii.   Commitment fees (if any)

      iii.   Progressive interest

      iv.  Late charges (if any) and

      v.   Installment

4.2       Fund Transfers to Fixed Deposit Accounts

  4.2.1 Transactions of fund transfer(s) for placement of Fixed Deposits shall not be subject to any limit for transfer.

  4.2.2 hereby agree that any sum of money deposited by me in a fixed deposit account with the use of the Card, such deposit shall be subject to the Bank's prevailing rate of interest on the day of deposit for the period of deposit of the Bank. In the event of any conflict between the rate shown on the ATM and the rate quoted/advertised by the Bank the rate quoted/advertised by the Bank shall prevail.

4.3       Fund Transfer to Own Accounts (Multi-Account ATM Card)

  4.3.1 Transactions for fund transfer(s) of Multi-Account ATM Card in respect of my personal/joint savings account and personal/joint current account shall not be subject to any limit for transfer.

  4.3.2 The Cardholder may however select to impose an upper limit per day for transfer(s) by submitting a request to the Bank

4.4       Cash Withdrawal and Fund Transfer to Third Parties

Cash withdrawal and fund transfer to third party account is limited at US$1,000.00 per ATM Card per day or such other revised limit that may be subsequently imposed by the Bank from time to time.

4.5       Deposits

The amount of any cash or cheques which the Cardholder deposits with the use of the ATM Card are subject to the final verification of the Bank before crediting to my respective account(s). The amount verified by the Bank shall be conclusively and irrefutably deemed to be the correct amount deposited.Proceeds from cheques which are accepted for collection will not be available until the cheques are cleared.

5.       Availability of Funds and Bank's Rights to Reject Transactions

All transactions shall always be subject to the availability of sufficient funds in the respective Cardholders' account(s). The Bank however reserves the rights to reject any transaction(s) without having to assign any reason.

6.       Record of Transaction

6.1 The amount of any cash or cheques which the Cardholder deposits with the use of the ATM Card are subject to the final verification of the Bank before crediting to my respective account(s). The amount verified by the Bank shall be conclusively and irrefutably deemed to be the correct amount deposited. Proceeds from cheques which are accepted for collection will not be available until the cheques are cleared.

6.2 The balance(s) which is/are reflected on the video screen against my respective account number(s) shall not include my deposit(s) which has/have not been verified by the Bank. It will also not account for cheque (s) which I have issued and have still not been processed by the Bank. The amount(s) stated on the video screen shall not for any purpose whatsoever be taken as conclusive of the statement of my respective account(s) with the Bank.

7.       Bank Charges

7.1 The Cardholder shall be responsible where applicable for the following charges (unless specifically waived by us) including but not limited to:

a.    A non-refundable annual service fee for the issue and renewal of each ATM Card

b.    An administrative fee for any replacement ATM Card and/or PIN

c.    Transaction fee for ATM Card transactions

d.    Late charges (if any) and

e.    A service charge or administrative fee for any service or facility provided by us or any action taken by       us in carrying out any of your instructions and/or requests relating to your ATM Card, whether such       service or action is referred to or contemplated in this Agreement or otherwise.

7.2 The Bank may at any time at its absolute discretion, change the prevailing rate and/or amount of any charges or fees payable by the Cardholder as stated.

7.3 The Cardholder hereby agrees and undertakes to pay to the Bank all such charges as the Bank at its absolute discretion decides to impose from time to time in respect of the ATM facility accorded to the Cardholder by debiting the Cardholder's account with the same without prior notice.

8.       Minimum Balance

The Cardholder shall maintain, at all times, such minimum balance in the account/s, as the Bank may decide from time to time and the Bank may at its discretion levy such penal or service charges as per the Bank's rules from time to time, or withdraw the ATM facility, if at any time the balance falls short of the required minimum as aforesaid, without giving any further notice to the Cardholder(s) and/or without incurring any liability or responsibility whatsoever by reason of such withdrawal.

9.       Loss/Theft of Card/Disclosure of PIN/Account Number

9.1 The Cardholder has a duty to prevent loss, theft or fraud of the ATM Card or PIN. The Cardholder must keep their ATM Card secure and ensure that the ATM Card number and PIN are not disclosed to any other person. At no time and under no circumstances shall the Cardholder reveal or cause to reveal his or her secret personal identification number to any person. The Cardholder is accordingly advised NOT to keep his or her secret personal identification number together with the ATM Card to protect against unauthorized withdrawals in the event of loss.

9.2 Should the Cardholder discover that his or her ATM Card is lost, stolen or used in an unauthorised way, the Cardholder shall notify the Bank of the loss/theft or unauthorised use by calling the Bank's Customer Service Hotline or by notifying the Bank in writing.

9.3 In certain circumstances, the Bank may also require the Cardholder to make a police report accompanied by written confirmation of the loss/theft/misuse/disclosure and any other information that the Bank may require.

9.4 The Cardholder shall not be liable for any transactions carried out after the Bank has been notified of the loss/theft/disclosure. However the Bank shall debit the relevant ATM Card account for all ATM Card Transactions carried out before the Bank is notified of the loss/theft/disclosure, even if such transactions were carried out without the Cardholder's authorization.

9.5 Once the ATM Card has been reported as lost or stolen it must not be used if subsequently retrieved. The Cardholder shall cut such retrieved original ATM Card and return the same to the Bank. Any ATM Card that is thrown away or surrendered or returned to the Bank must be cut into pieces. The Cardholder shall be liable for any loss or damage arising from any failure to do so.

9.6 The Bank may at its discretion issue a replacement ATM Card upon such terms and conditions as the Bank may deem fit, and reserve the right to charge a replacement fee in respect of any lost or stolen ATM Card. Such ATM Card replacement fee shall be debited to the Cardholder's account and shall not be refundable for any reason whatsoever.

10.    Termination of ATM Card

10.1 The Cardholder may terminate this Agreement upon giving notice in writing. The ATM Card will cease to be valid immediately after any notification of cancellation has been given by the Cardholder to the Bank. The Cardholder will then not use the ATM Card after such notification.

10.2 The Cardholder will not use the ATM Card after he or she has closed their respective account(s) with the Bank. The Cardholder undertake to return the ATM Card to the Bank for cancellation upon closing of their respective account(s) with the Bank.

10.3 The Bank may revoke the right to use the ATM Card at any time, with or without cause and with or without notice, or refuse to reissue, renew or replace the ATM Card if at its discretion, decides that the Cardholder has not operated the account or the ATM service in a satisfactorily manner.

10.4 In the event that this Agreement is terminated whether by the Bank or by the Cardholder pursuant to paragraphs above the Cardholder undertake to return the ATM Card to the Bank.

11.    Change of ATM Services and Functions

The services, functions and facilities available through the ATM service shall be determined by the Bank from time to time. The Bank may modify or vary any or all of the services, functions and facilities available through the use of the ATM service or suspend or terminate the availability of any or all of such services, functions and facilities without any notice to the Cardholder.

12.    Change of Terms and Conditions

The Bank reserves the right to amend or supplement any or all of these terms and conditions at any time at its absolute discretion and the Cardholder undertake to be bound by any such amendments and/or supplements.

13.    Notification of Change

13.1 We may notify you of any changes to the terms and conditions in this Agreement and any new, modification or cancellation of the ATM service, features and facilities that may be introduced by the Bank from time to time by:

a.    Publishing such changes in your statements

b.    Displaying such changes at our branches or automated teller machines

c.    Posting such changes on our website

d.    Electronic mail or letter

e.    Such other means of communication as we may determine

13.2 Any notice of any change to this Agreement given to or served on a Cardholder shall be deemed to have been given to and received by (all) his joint Cardholder(s) at the time when the Cardholder shall have received or is deemed to have received the same.

13.3 All notices to the Cardholder sent by ordinary post to or left at the address(es) of the Cardholder given to the Bank or at the Cardholder's last known address shall be deemed to have been delivered in the ordinary course of post or on the day they were so left.

14.    Cardholder's Declaration and Undertaking

14.1 I shall accept full responsibility for all transactions made by the use or purported use of the ATM Card, with or without my knowledge or authority and agree to waive any and all right and remedies against the Bank in respect of any such use or purported use. In this regard, I hereby authorize the Bank to debit my respective account(s) with the amount of any withdrawal(s) transfer(s) transaction(s) made by the use of the ATM Card.

14.2 All transactions arising from the use of my ATM Card to operate a designated joint account shall be binding on all the account holders, jointly and severally.

14.3 In case any of the joint account holder gives "stop payment transactions" instructions in respect of operations of the ATM Card, on any of the accounts held jointly by them, no operations will be allowed on such account(s) of the linked ATM Card.

14.4 I shall not at any all time use or attempt use my ATM Card unless there are sufficient funds in my account/s.

14.5 I shall immediately notify the Bank should I discover that my ATM Card is lost, stolen or used in an unauthorized way and shall be responsible for all transaction made prior to such notice.

14.6 I hereby agree that I shall immediately upon performing a withdrawal transaction with the use of ATM Card, count and verify the withdrawal sum and should there be any discrepancy in the amount dispensed to me I shall notify the Bank forthwith so as to enable the Bank to conduct its investigation as to the merit of my claim. In the event of any failure on my part in notifying the Bank promptly the Bank shall be under no obligation to conduct any investigation as to the merit of my claim and the discrepancy alleged by me and I shall not hold the Bank liable for any losses or damages whatsoever incurred by me as a result thereof.

14.7 I shall not hold the Bank liable, responsible or accountable in any way whatsoever in the event of any loss, injury or damage in the event my ATM Card is not honored in anyway.

15.    Exclusions and Exceptions

The Bank shall not be liable in any way:

15.1 for any malfunction, defect or error in any ATM terminal used to process ATM Card Transactions, or of other machines or system of authorization whether belonging to or operated by us or other persons or the inability of any terminal, machine or system to accurately, properly or promptly transmit, process or store any data

15.2 for any inconvenience or consequences caused if the ATM terminal is destroyed or not functioning due to power failure and insufficiency of cash in the ATM

15.3 for any delay or inability on our part to perform any of our obligations under this Agreement because of any electronic, mechanical system, data processing or telecommunication defect or failure, Act of God, civil disturbance or any event outside our control or the control of any of our servants, agents or contractors

15.4 for any damage to or loss or inability to retrieve any data or information that may be stored in your ATM Card or any microchip or circuit or device in your ATM Card or the corruption of any such data or information, howsoever caused

15.5 for any loss, theft, use or misuse of the ATM Card or disclosure of your PIN and/or any breach of this Agreement

15.6 for any fraud and/or forgery perpetrated on us or any merchant

15.7 for any injury to your credit, character and reputation in relation to our repossession or our request for the return of the ATM Card or your use of the ATM Card

15.8 for the interception by or disclosure to any person (whether unlawful or otherwise) of any data or information relating to you, any ATM Card transaction or your ATM Card account transmitted through or stored in any electronic system or medium, howsoever caused and/or

15.9 for any delay, inability or failure by us to perform any of our obligations under or pursuant to this Agreement caused or contributed in any way by any one or more of the events or occurrences set out in this Clause.

16.    Rules and Regulations for Designated Accounts

The use of the ATM Card shall be subject to the Bank's prevailing Rules and Regulation governing Current, Savings. Fixed Deposit and Loan Accounts.

17.    Set-Off and Consolidation

The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Cardholder's Primary Account and/or, Secondary Account(s) or in any other account, whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the ATM ATM Card services extended to and/or used by the Cardholder.

18.    Disclosure of Information

The Cardholder consent for the Bank to, whether before or after termination of the ATM service, disclose any information relating to the Cardholder or the ATM Card Transaction or the linked accounts ("Information") to (i) any third party as the Bank may deem fit in its absolute discretion, including but not limited to our subsidiaries, branches, agents, correspondents, agencies or representative offices, (ii) any person authorised by the Cardholder to operate the ATM Card Account, (iii) any merchant, bank or financial institution, (iv) any credit bureau and/or its compliance committee and for such credit bureau and/or its compliance committee to disclose the Information to third party or parties, including but not limited to its member banks or financial institutions, (v) any government agency, statutory board or authority in Cambodia or elsewhere, and (vi) any other person to whom the Bank consider in its interest to make such disclosure.

19.    Indemnity

The Cardholder shall indemnify and keep the Bank fully indemnified against all claims, demands, action, proceedings, losses, damages, costs and expenses of any nature (including legal costs on an indemnity basis) incurred, suffered or sustained by the Bank, directly or indirectly, by reason of or in connection with this Agreement, including but not limited to:

19.1 breach of any provision of this Agreement on the Cardholder's part and/or

19.2 the enforcement or protection of the Bank's rights and remedies against the Cardholder under this Agreement, or in obtaining or seeking to obtain payment of all or any part of the monies hereby agreed to be paid by the Cardholder and/or

19.3 for any loss, theft, use or misuse of the ATM Card or disclosure of your PIN and/or any breach of this Agreement

20.    Governing Law

This Agreement is subject to Cambodian law and the Cardholder hereby submit to the non-exclusive jurisdiction of the courts of Cambodia.

21.    Other Versions of this Agreement

In the event of any inconsistency between different versions of this Agreement, the English version shall prevail.