General Terms And Conditions

These Terms and Conditions are applicable to all accounts, which the undersigned undertakes and agrees to be bound by these Terms and Conditions.

Operation of Account

  1. The account Holder is personally liable for any overdraft or the obligation arising in connection with the account(s) and the Bank is hereby authorized to debit the account(s) with all interests and commission, other Bank charges and expenses including legal charges incurred in connection with the account(s)
  2. Account holder agrees to maintain the minimum balance and all other conditions applicable to all accounts including savings, current, and domiciliary accounts. The Bank may decide from time to time at its sole discretion without prior notice to account holder to impose service charges on the account(s), if the minimum credit balance of such account(s) is/are less than the balance prescribed by the Bank.
  3. The Bank reserves the right to debit the account in case of erroneous credit made into account holder’s account
  4. The account holder agrees to assume full responsibility for the genuineness, correctness and validity of all endorsements appearing on cheques, orders, bills, notes, negotiable instruments and receipt and other documents deposited in account holder’s account.
  5. If a cheque credited into account holder’s current account is returned dishonored, the same may be transmitted to account holder through the last known address either by bearer or by post.
  6. Account holder agrees that unless there is an agreement with the Bank in writing, only Tellers sitting across the counter are authorized to handle cash and cheque transaction. Account holder further agrees that the Bank will not be liable for any loss arising from cash given to unauthorized staff.
  7. Account holder agrees to notify of any disagreement with entries on account holders Bank statement within (15) days of the dispatch of the Banks statement. Failing receipt of notice of disagreement of entries within 15 days from the date of dispatch of account holders Bank statement it will be assumed by the Bank that the statement as rendered is correct.
  8. The account holder shall immediately notify the Bank in case of any change in his or her particulars as indicated overleaf.
  9. The account (s) shall not be as a medium of converting funds belonging to other persons.

10 That my attention has been drawn to the necessity of safeguarding my/our cheque book and other Banks instrument so that unauthorized persons are unable to gain access that may lead to consequential loss being charged my/our account(s).

  1. 11. Collateral: All security documents, Bank notes, valuables and property of whatever nature which are held in the name of the account holder by the Bank whether in any type of the account or otherwise shall be so held as security to guarantee the settlement of any debit balance due to the Bank arising from general terms and condition or any other credit facility agreement granted or will be granted to the account holder in future. Furthermore, Account holder agrees to keep it within the Banks possession amounts held in “Collateral against credit facilities until the account holder fully pays all indebtedness to the Bank Including all interests, commission expenses and other due charges.
  2. Joint account Holders: In case of joint account (s) and the death of one of the holders, any money for time being standing to the credit of our joint accounts may be held to the order of the survivor. Also anything held by Bank whether by the way of security or for safe custody or any purpose whatsoever otherwise than for collection or the joint account(s) shall be held to the order of the survivor and the personal representation of the deceased acting jointly. Any liability incurred by joint account holders to the Bank in respect to our instructions (Whether in form of borrowings or otherwise) shall be joint or several.
  3. Dormant Account: If the Bank classifies account or accounts as dormant, any funds remaining in the account or accounts will always remain in the account holders property (or if the account holder dies it will form part of the account holders estate.
  4. Closure of account: The Bank shall have the right at any time and its absolute discretion by given seven (7) days written notice to the account holder to close the account without given any reason for taking such action, and without incurring any Liability whatsoever to the account holder in so doing.
  5. In the event of such closure the Bank will return any amount standing in account holders credit to account holders registered address or issue Bank draft for account holders pick up at the branch of account domicile; after deduction of any tax, charges and fees (If applicable)

16.(a) If Bank should discontinue any product that account holder has with the Bank , the bank may close the account by giving Thirty(30) days’ notice and whatever funds in the account shall be transferred into an alternative  account holders account (if there is any) or raise a bank draft for account holder pick up after deducting every necessary charges.

(b)Account holder may close account for any reason without charge and account holder existing credit balances shall be paid provided that

 * Account holder informs the bank by giving thirty (30) days’ notice in writing of intention to close the account;

*the account holder destroys cheques and other security documents issued on the account.

*Account holder repays any money owed the Bank including the amount of any cheque, card transactions or other payment instructions and any charges or interest incurred which the bank had not debited into the account



  1. Change in Terms and condition: It is agreed that the Bank shall have the right to modify the nature, conditions and stipulations of this general terms and conditions to any account by a written notice to the account holder or by notice posted in the Banking hall. Any such amendments shall be binding on the account holder from date of the said notice for any reason whether or not the account holder actually receives the notice.
  2. The account holder agrees to accept as due notification of any notice changed conditions governing the account directed to account holders address posted in the banking hall and to be bound by such change.
  3. 19. Indemnity /Disclaimer clause: I/we hereby agree to indemnity NEPTUNE MICRO FINANCE BANK LTD. In full against any action, claim proceedings, act arising from this account or representation made by me/us in respect of this account or for whatsoever connection with this account. We/I further confirm all our dealings in respect of this account shall not be contrary to any subsisting regulation in force whether in Nigerian or any other country from time to time.
  4. The Bank disclaims any liability for any funds asset deposited by you which are subsequently found to have been derived from illegal source or activities.




  1. The customer shall not allow anybody access to his or her account through the services.

2.Customer agrees that the card shall be kept secure at all times and that his/her personal identification Numbers (PIN) Card verification value (CVV) and card verification code will not be disclosed to any third party.

3.Agrees that cash withdrawal at the ATM shall be deemed to have been concluded at the point when the ATM dispenses cash to me via cash tray. The Bank accept no liability whatsoever for any subsequent event occurring after cash had been dispensed.

  1. Customer changes password and access code immediately it becomes known to someone else.
  2. The ATM card holder shall notify the Bank immediately if the ATM card is lost, misplaced or stolen or if the PIN is unwillingly or otherwise disclosed or made available to a third party.
  3. The bank reserve the right to limit the total cash sum withdrawn by the ATM card holder and total amount spent on POS terminal during 24hours period. Note: the bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the ATM card or the ATM machine or the Temporary insufficiency of funds in such machine
  4. The customer undertakes to be absolutely responsible for safe guarding his username password and PIN and under no circumstance shall customer discuss any of these to any person.
  5. The customer shall be responsible for any instruction given by the means of customer’s password/PIN. Accordingly, The Bank shall not be responsible for any fraudulent, duplicate or erroneous instruction given by the means of customer’s password/PIN
  6. The Bank reserve the right to charge my/our account fees and commission as it may be deem appropriate for the use of this service.
  7. Customer agrees that his /her right under this service is personal and therefore not assignable or transferable.