CIB Business Online Portal Terms and Conditions

​​​​Client's responsibilities:

• Any action or instruction issued from the client's account by accessing account using the proper Authentication Method, shall be considered issued from the client's authorized signatory and shall be deemed as an evidence of proof, and the client herein declares that such action is unchallengeable and that the client shall have no right to claim that such action is null and/or void for any reason whatsoever.
• For details, on how to subscribe, stop or re-activate the service, please visit the bank's official website (www.cibeg.com) or to contact your Bank Relationship Manager.
• Client should review and adhere to all security guidelines published on the electronic channels or on the bank's official website, and any future changes, this approval is legally binding.
• The client ensures the confidentiality of the Authentication Method.
• In case the client will use the Digital Signature, the Digital signature agreement (Token) and the usage of the E-channel) system(s) is subject to the Law # 15 for year 2004 and its executive statute and relative executive resolutions.
• Access to the Bank Online Banking Service is password protected. The client shall create his own personal password for his exclusive use. The client shall register his password at his own responsibility and shall always keep it confidential as per the security requirements. The client shall not reveal his password to any other person.
• The client must immediately contact the Bank if it appears to him or becomes aware that someone has accessed his personal security details as the bank shall not be responsible in any way where instructions or transactions are made by another person's use client password.
• The client shall promptly notify the Bank in writing with any changes that may occur to the users / authorized signatories of the company; provided that such written notification shall be submitted to the Bank.
• The client shall promptly notify the Bank of any unauthorized access or unauthorized instructions which the client knows of or suspects.
• The client acknowledges when he uses and accesses the Electronic Banking Service (the Electronic Service) that he has viewed, accepted and shall comply with all the conditions mentioned in this terms and conditions or appearing on the Bank's official website (www.cibeg.com) whether in Arabic or English and shall comply with any conditions in any of the two said languages that may be changed in the future. The client acknowledges his full responsibility for following up the terms, conditions and security instructions appearing on the Bank's official website every time he uses any of the Bank's Electronic Services).
• The client hereby agrees that the Bank shall not be responsible to execute any instructions issued as per this Application except in case of the sufficiency of the balance.
• The client undertakes to disclose in writing the purpose of any transfer.
• The client which will generate the payment file must adhere with CIB file format which is available upon request.
• All instructions provided to the Bank shall be completely subject to the Bank's consent and to all banking practices and procedures governing their execution. Such instructions shall also be subject to all terms and conditions as mentioned in CIB's standard bank applications.
• The client acknowledges that if the Bank sends data through any electronic means – as requested by the client - it is the client's responsibility to maintain the confidentiality of this data. The Bank shall not be responsible for the leakage of this data or the client's non receipt of the data for any reason beyond the Bank's control. The charges for the service shall be debited from the client's accounts and may not be entitled to claim any compensation.
• The client shall be entitled to request the cancellation of any of the above services. The Bank shall comply only upon the full payment of all fees and expenses related to the financial aspects of the service.
• The client undertakes that all rules and regulations of the Central Bank of Egypt are binding and enforceable, and any transactions in breach of any of the afore-mentioned rules and regulations cannot be initiated.
• The client accepts that any information he receives under the SMS Alert Service/ E-MAIL  is for his information only
• The client acknowledges his full responsibility and not the responsibility of the Bank for any damage arising from claims, complaints, losses, damages, costs and expenses of whatever nature that could affect the result or incurred by the Bank agreed to extend the SMS Alert Service to The client.
• The client confirms being the sole owner of the mobile phone line number registered and e-mail registered at the Bank and confirms keeping the mobile at all times  under his personal responsibility. He shall also avoid losing it. The client releases and shall not hold the Bank liable for the reading, viewing or stealing of any information through the mobile phone or any other means that allow access to the accounts and information related thereto. 
• The client shall inform the Bank immediately and in writing if his mobile phone is stolen or his number is changed.
• The client agrees that the execution of any transactions shall only be through Token governed in accordance with the Token Agreement.
• Company's signature on the electronic services request and submitting it is considered a final binding contract between the bank and company and it consider approval from customer to join any electronic services that the bank will be published in the future, hence company should read and understand all terms and conditions of the service accurately and thoroughly before signing.
• The client declares that all his funds are from known legitimate sources. He also recognize the legitimacy and integrity of the source and that it does not conflict with the anti-money laundering Law and its executive statue & relevant executive resolutions.
• The client declares his responsibilities for the accuracy of his data provided in this application.
• The client hereby unconditionally & irrevocably authorize the Bank to set-off any amounts due to the bank in any form against his Time Deposit / Certificate of deposits / Balances of Saving Account / Current Account. If such Time Deposits / Certificate Of Deposits / Balance Of Saving Accounts / Current Account. Are determined in a currency other than that of the due amounts ,the bank shall have the right to sell them or convert them to the currency of the due amounts with the rates declared by the bank using the market's Mid-Rate calculation ( buy rate + sell rate ) divided by 2 on the day of their sale or conversation.
• The client understands that the subject Treasury bill has been originally acquired and is kept at the Central Bank of Egypt (CBE) as the sole custodian of treasury bills.
• The client acknowledges his full responsibility for accuracy  of  beneficiaries' data inserted  by him , and in case of inserted wrong data, the bank shall not liable for any loss or damage resulting from errors or delays in the transmission or delivery of messages documents or instructions, or failure of transmission or delivery thereof, or resulting from failure to locate, or error in identifying the named payee or resulting from any other cause whatsoever beyond the control of ourselves or any office, branch , correspondent or agent.
• Client has reviewed and approved all the bank's electronic services terms and conditions published on CIB's official website www.cibeg.com which include the Higher Authentication Service : One Time Password ( OTP ) that allows – as one of the features – to perform external transfers through electronic channels , and which is subject to update as per the bank' assessment.
• In case the customer has chosen the e-statement option, the client will be able to review/print his bank accounts' statements and his credit cards' statements as well through internet banking and declares that his electronic option replaces the printed statement that is sent through physical mail. And The client declares that electronic statements communicated by the bank are accurate and confirmed by The client, unless The client disputes on what is communicated in the statement within fifteen days from statement issuance date, and if The client did not dispute within this duration, this means it is confirmation on the accuracy of what is communicated in the statement, and that The client declares the accuracy of all entries and balances on the company accounts and credit cards. The client is always responsible for the continuously maintaining the updated e-mail addresses and all data with the bank.
• Client should review and adhere to all security guidelines related to electronic channels published on these channels or on the bank's official website.
• The bank takes all necessary security precautions to ensure the confidentiality of clients' data, however the bank gives no guarantee against computer viruses or intrusions, the clients must take all necessary measures to protect private information. In addition; CIB is not responsible for any damages that might affect the clients as a result of using online services.
• Clients must never disclose the username or password or any other authentication method related to electronic services or OTP PIN code to any third party for any reason including bank employees. Incase this information is disclosed to any third party, this is considered an authorization from the customer to this party to use the accounts, The clients hereby is deemed responsible for all activities taking place on the accounts following this disclosure, The clients does not have the right to dispute for any losses incurred as a result of these transaction unless an act of negligence or deliberate action is proven against the bank.
• The bank has the right to amend any of the terms and conditions regulating the electronic banking services at any time and with no need for prior notification to the clients. The bank will notify the clients with the amendments through the suitable means and such amendments are considered binding and enforceable.
• All banking services provided through Electronic Channels including internet banking services are governed by Egyptian laws applied for this matter and all later amendments.
• Client  declare that  his data provided in this application is accurate and complete , and that I understand and expressly agree and accept the bank's general terms and conditions related to these accounts and those related to electronic services.
• Client undertakes to update my personal data in case of any changes occurring or upon the bank's request within 30 days.
• Client, hereby declare that he had received the bank services guide stating bank services tariffs.
• The client irrevocably undertakes that he did not and will not assign the proceed of the discounted export letter of credit / availed outward documentary for collection to any other party than the bank.
  
  Transactions:

• All transactions received before 2PM in a normal banking working day are subject to implementation on same day of its receipt unless a problem occurred for e.g. insufficient balance. Transactions received after 2PM shall be subject to implementation on the next working day.
• The client hereby expresses and confirms its full acknowledgement, awareness and explicit consent to the L\Gs and\or L\Cs & or IDC & or ODC standard terms and conditions set by the Bank and any other amendments that may be set thereto (Trade Transactions).
• The client hereby confirms its full awareness that all information provided by such application considered guiding information and not final data as only the approved trade finance transactions by the Bank that appears in the Bank's records are considered a final legally binding document (Trade Transactions).
• All letters of credit instructions provided to the Bank through the CIB Trade Online application are subject to the Uniform Custom & Practice applicable at date of issuing the letter of Credit (Trade Transactions).
• The client hereby confirms under its full responsibility and without any responsibility on the Bank that the goods required for importation under its letters of credit instructions provided to the Bank through the CIB Trade Online application will be shipped from the goods country of origin /or from one of the main centers of the production company /or one of its branches /or one of its sales centers & are not prohibited for importation by the Government of Egypt (Trade Transactions).
• The client hereby confirms its full understanding that the new Letters of Credit applications & L/Cs amendments (increase) will not be implemented by the Bank until the Bank's receipt importation documentation (i.e. Performa invoice/Purchase order. Such forms shall be delivered to its CIB branch in the same day of transmitting the instructions to the Bank through CIB Trade Online (Trade Transactions).
• The client hereby authorizes the Bank to renew the issued Letters of Guarantee prior to its expiry date at beneficiaries' request or the Bank discretion without any further consent from the client (Trade Transactions).
• The client hereby confirms its awareness that "Outward Documentary Collection" new transactions will not be implemented by the Bank until the Bank's receipt of the original documents (Trade Transactions).
• The client hereby confirms its awareness that by using the financing request module as long as he uploaded the assignment approval form this will be as an acceptance and acknowledge for him as a final irrevocable waiver for part/full of the export documentary collection/Export letter of credit proceeds. (Trade Transactions).
• The client acknowledges that all fund transfers or payments to other parties executed through the electronic services shall be considered as a confirmed acknowledgement that the Client execution of these transactions- at his own responsibility and the Bank shall not be liable for the validity of these transactions (Cash Online – ACH direct credit).
• The client undertakes to disclose in writing the purpose of the said transfer (Cash Online – ACH direct credit).
• The Creditor Client shall not issue any Instructions except after the related mandates have been approved by the Debtors' Banks and EG- ACH, and the Creditor's Bank may ask Creditor Client to provide the Creditor Bank with such approved mandates or any other evidence or references that prove such approval provided to be acceptable to the Creditor's Bank otherwise the Creditor Bank may refuse to perform the Instructions (ACH direct debit).
• In the event of issuance a revocable mandate instructions, the Creditor Client should preserve in his accounts sufficient balance to cover any direct debit transactions that are revoked by the debtors as the Creditor Bank will debit any of the creditor accounts without previous approval. The Creditor Client shall be solely liable vis-à-vis the Creditor Bank, the Debtors Clients, the Debtors Banks or any other parties (ACH direct debit).
• In case the transaction settlement was in a currency other than the currency of the client debit account, the client accepts that the Bank shall exchange the currencies to the available currency in accordance with the CIB exchange rate on the transfer date.
• Once the Bank receives the transactions request submitted by the client regarding ACH, the Bank shall send such requested transactions to the Egyptian Banks Company through electronic files.( ACH direct credit)
• The Bank's responsibility is limited to sending the data mentioned herein to the Egyptian Banks Company to execute the said transactions .( ACH direct credit)
• The Creditor Bank shall not be liable for the accuracy of any data or instructions provided by the Creditor Client in connection with the EG-ACH service. If such Instructions or Data have proven to be inaccurate, the Creditor's Bank shall not be liable for indemnifying the Creditor's Client for any inaccuracy that may occur. The Creditor's Client shall be fully liable for the such Instructions either vis-à-vis the Debtor Client (s) and/or Debtor's Bank and/ or Third Party and the Creditor's Bank shall not provide any recourse to liabilities that may result from the implementations by the Creditor's Bank of such Instructions .( ACH direct credit)
• The Creditor Bank shall credit the Creditor Account with the amounts actually debited on Debtors Accounts and the obligation of the Creditor Bank in this regard shall be deemed met immediately after crediting these amounts to the Creditor's Account .( ACH direct credit)
• The Bank hereby consider all data provided by the Creditor Client in this context – through electronic media – as an official authorization to debit the Debtor Client's Account with the amounts stated and accordingly crediting the relevant accounts/ Banks on the data stated.( ACH direct credit)
• The bank responsibility is limited to the processing of the data received and cannot be held responsible for the inaccuracy of any data or information provided by the customer. The bank shall not be responsible also for indemnifying the clients for any inaccuracy that may occur. The clients has no right to cancel or amend any entry after its value date.
• Redemption requests submitted to the bank by the units' holder or his legal representative prior to 12: 00 pm during bank business days are to be processed at the redemption unit price declared by the bank on that day. In case redemption requests are submitted after 12:00 pm, they are to be processed on the following business day at the unit redemption price declared by the bank on that day.
• Should no instructions be available to the bank with regard to the Time Deposit on its maturity date , the Time Deposit will automatically renewed for similar period with the same terms and declared interest rate set by the bank on renewal date.
• The Bank should be notified in writing or through authenticated channels of any eventual change in the given instructions related to the time deposit at least 48 hours prior to the Time Deposit maturity date.
• Should you request to withdraw any amount from the time deposit fully or partially before its maturity date, the bank would be entitled to debit expenses resulted thereof, according to the rules & regulations prevailing at the bank on the date of said withdrawal.
• In the event the Time Deposit is renewed for one or more periods, the interest rate computed will be that prevailing at the Bank on the renewal date.
• The return on the Time Deposit (paid in case) will be calculated according to the Bank's internal procedures.
• The draft cannot be cancelled unless the client (issuer) provides us with either the original draft or a written approval delivered from beneficiary to branch.
• Terms and conditions of the Ministry of Finance apply when buying or selling treasury bills/ biding treasury Bonds auctions and we declare our knowledge and reviewing of these terms and conditions and that we have accepted buying according to these terms and conditions, and without any responsibility or risks towards the bank, whereas the bank is only delegated in performing our request for buying the treasury bills mentioned in this application.
• The client hereby authorize the Bank to debit our below mentioned account with the accepted bid value along with fees and commissions. On maturity date, please credit the bills nominal value to same account after deducting due taxes.
• The client hereby authorize the bank to debit his accounts with the present value along with fees and commissions. On maturity date, to credit the treasury bonds nominal value to same account after deducting due taxes for each coupon.
• The client hereby understand that the subject Treasury bond has been originally acquired is kept at MCDR as the sole custodian of treasury bonds.
• The client must send the Treasury bond request before Central Bank of Egypt cutoff time with at least two hours.
• The client hereby understand that it is prohibited sending, canceling or amending bidding request after the closure of Treasury bond auction from Central Bank of Egypt.
  
  Client Security Duties:

• The client accepts to maintain and comply with the security and management control procedures and any other instructions received concerning CIB security and client should review and adhere to all security guidelines published on the electronic channels or on the bank's official website. . The client agrees to set up, maintain and regularly review any further security measures that are needed to comply with good computer user practice and to  take all the necessary measures to protect his private information. The client is responsible for ensuring the security of its own computing and communications equipment and the safe transmission of messages to CIB. Overall, the client accepts that it is its responsibility to ensure that the security measures within its control will be adequate for its use of CIB Applications.

• Client must never disclose his/her username or password or any other authentication methods related to electronic services to any third party for any reason including bank employees. In case this information is disclosed to any third party, this is considered as an authorization from the client to this party to use his/her accounts, the client hereby is deemed responsible for all activities taking place on the account following this disclosure. The client does not have the right to dispute for any losses incurred as a result of these transactions unless an act of negligence or deliberate action is proven against the bank

• The client is responsible for setting up and maintaining security measures for user ID's Authentication Methods which are or have at any time been under its control, in particular by keeping codes secret at all times as been assigned by it with certain privileges as per its rules.
• The Bank's responsibility is limited to the processing of the data received and accepting it and cannot be held responsible for the inaccuracy of any data or information provided by the client. The Bank shall not also be responsible for indemnifying the client for any inaccuracy that may occur. The client has no right to cancel or amend any entry after its value date.
• Electronic Banking Services are available 7 days a week and in case of a planned maintenance or service disruption, client will be informed through the appropriate channel. The Bank shall make reasonable effort to provide the service. However, the Bank shall not be liable for any failure to provide all or part of the Bank Online Banking Services for any reason beyond its control including in particular any suspension for maintenance or upgrades to the Bank's systems or those at any party the Bank uses to provide the Service.