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Youth Accounts

The client acknowledges that the money to be invested in or through this account is owned and earned by him\her without any liability to MIDBANK.

  1. The signature format provided to the bank authorizes the signatory to make transactions on the account, and shall remain valid unless notified in writing or in case of signature format renewal. The bank shall instantly be notified in writing in case the authorized signatories are to be replaced. The signature format shall be updated every five years at maximum, with no liability to the bank on authenticating specimen signatures form that hasn’t been updated on time or rejecting a cheque because the signature was found unmatched with the signature format provided to the bank.
  2. The client acknowledges that he is the only beneficial owner of the new account opening, and acknowledges that he shall not deposit funds from anonymous or suspected sources as well as that update any relevant bank account information once changed, as per the bank’s prescribed procedures for updating clients’ data.
  3. The client authorizes the bank to send all the financial statements and all the correspondence via mailing, or to be sent as registered mail to the address referred to at the beginning of this request with no liability to the bank related to divulging confidential information stated in the statement. client acknowledges that in case of not sending any objection on his behalf to the bank related to the balances disclosed on the statements sent to us at the address stated on the request within 15 days from the date of dispatch, this would final approval on his behalf about the data disclosed on the statements therein. The client shall have no right to object to the balance in his accounts sent by the bank neither now nor thereafter. The data about the balances disclosed in these statements is considered conclusive evidence. He also acknowledges that the entries and records of the bank are conclusive and correct evidence of all amounts due to the Bank, and he may not have any objection thereto.
  4. The client’s accounts payable, of all kinds and as per the designated currencies in which the account is opened, securities, and goods are to be an insurance and guarantee to pay off the bank’s dues owed by the client; with no need neither to notify the customer nor obtain a prior consent therefrom. The bank shall have the right to temporarily suspend the account for debt settlement by offsetting the client’s payable liabilities (as an original debtor or guarantor) and the accounts receivables anytime with no need for the client’s consent, sensing an alert or tanking any other procedures. The bank also has the right to convert one currency into another to execute payment orders and to release the value of cheques drawn by the customer, and disbursement cheques.
  5.  The bank shall only deliver the checkbook to the customer in person, or hand it over to his agent or authorized person entitled to keep it safe and the client shall report the bank in case of losing it. Otherwise, the client shall be liable for all damages arising from handing over the checkbook to someone else. The cheques shall only be issued by the person in whose name the checkbook has been issued. The cheques shall not be lent to another client. The minors shall not submit a request to issue a checkbook, as their authorization, as account holders, is limited either by law, the natural person who acts as a guardian, or the specialized family court.
  6. The client shall take full responsibility for any documents or statements issued on his behalf, and cheques that he signed to be drawn on the bank. He also disclaims any liability for the bank and its staff in case of submitting data, signatures, or banking documents written with disappearing ink pen. In this case, the photocopy or the microfilming records of the original documents on which his signature was written and filled by the bank shall be evidence binding on him and may not be withheld or denied either now or later on. The client also agrees to indemnify the bank against any damages or losses that may result accordingly.
  7. The cash withdrawal limit is either based on the balance limit of the payable account or the authorized withdrawal limit. The withdrawal is applicable via cheques and notes payable, as per the format printed at the bank. Cash withdrawal via cheques or notes payable with different formats shall not be acceptable. The bank reserves the right to refuse to cover the value of cheque payments and notes payable with unprescribed forms even if the legal prerequisites of the cheque format are fulfilled. The client undertakes to preserve these cheques and assumes responsibility for whatever might result from loss, theft, forgery, or illegal use. The client shall take the responsibility to instantly notify the bank whenever the cheque is lost or stolen.
  8. When the credit account opened in the client’s name is debited for any reason, the client is obliged to forthwith cover the debit order and the due interests once sent by the bank. The bank, then, is entitled to take all the measures required to ensure restoring all its rights in this regard.
  9. The bank holds the right to change the interest rates on accounts payable and receivable at any time. The bank also has the right to modify the terms and conditions of the accounts in line with the adopted policy, provided that the client shall be notified.
  10. Return on credit accounts should be calculated and added to the monthly expenses to be paid on the account, each month based on a 360-day year, other than commissions and expenses (mail, calls, stamp duty, etc.).
  11.  Annual fees and expenses shall be deducted from the account periodically.
  12. The banks may close accounts anytime and without notice. In this case, the client shall withdraw the balance available in the account within the period specified in the notice sent to him/her. Otherwise, the bank has the right to retain the client’s deposit to the treasury of the court or send a cheque to the client. On account closure, the remaining unused cheques and credit cards, and debit cards have to be given back to the bank. The client is obligated to notify the bank about the cheques he/ she previously filled out. Accordingly, the bank shall deduct the value of the unpaid cheques to be cashed. In all cases, the current account may be automatically closed upon the account holder's death, bankruptcy, or placement under guardianship. Generally, upon account closure, all the returns, commissions, and fees agreed shall remain applicable.
  13. The bank may make a deduction from the accounts payable and receivable to credit the cheques requested to be stopped or upon notifying the bank of their loss or requesting a freeze for clearance of debt until reaching a judicial or consensual settlement approved by the bank. The bank is entitled to freeze the cheque crediting upon its provision 6 months after filling it out to be drawn in Egypt. If the cheque is filled out to be drawn in Egypt, the expiry date shall be cashed within 8 months of the original issue date. This is until the validity date to be renewed upon the client’s request. the cheque can be made payable to the bearer upon judicial order. Otherwise, the cheque shall be canceled and submitted to the bank. The frozen cheque amount is neither owned nor disposed of by the client.
  14.  All the bank's records and documents about all transactions performed are valid. The client has no right to challenge or contest their validity in the present or the future.
  15. The conditions of the third-party authorization form:
    a. An official third-party authorization form shall be submitted, when you want to authorize others to deal with the account.
    b. The official third-party authorization form should present in person, to the branch in which the account is opened or the nearby branch if it could be hard to reach the other branch.
    c. The signature format on the authorization form should match that format filled by the bank, so the form can be endorsed by the bank.
  16. The general and special mandates issued from the documentation office of the Real Estate Authority may be applicable on condition that they identify the duties assigned to the third party.
  17.  As for the mandates issued at embassies and consulates abroad, the form should be attested by Foreign Ministry Legalization Office and documented at one of the documentation offices of the Real Estate Authority.
  18. Notice of amendment or cancellation should be sent to the bank via registered letter with acknowledgment of receipt. The cancellation or amendment requests shall apply only on the day following the receipt date on which they arrive at the discreet branch's knowledge. The request should be delivered to the bank’s branch whereby the account opening process is done. Otherwise, the bank shall not be liable to the mandate’s operating the accounts before the delivery of the request to the bank.
  19. The client undertakes to notify the bank of cash withdrawals at values above L.E. 100,000 or its equivalent amount in the value of foreign currencies 24 hours before the withdrawal process.
  20. The client confirms that he\her provided a permanent address as a correspondence address in the account opening request. Any notifications, notices, or announcements received at this address shall be valid and effective in case he\her hasn’t notified the bank in writing or via a call to the bank’s call center 30 days after changing the address. The bank shall not be liable for the dispatch of confidential information resulting from sending the bank’s statement to the previous address.
  21. The client shall provide a clear and readable full signature in the account opening request and signature form.
  22. Any dispute Concern the account shall fall under the jurisdiction of the courts in Cairo or any other court selected by the bank.
  23. The client authorizes the bank to deduct from his\her account or any other accounts to amend the restraints that accidentally occurred on behalf of the bank with no need for prior notification.
  24. The request is written in both Arabic and English languages. In case of any difference found between both texts, the text in the Arabic language is authoritative.
  25. The client authorizes the bank to operate all the activities relevant to using ATMs, credit cards, or any other banking activities through communicating with concerned entities that the bank deals with, without considering that as a privacy concern.