Agreement for the Use
of Prepaid Visa Card
Between the bank Multibank, Inc., public limited company incorporated under
the laws of the Republic of Panama, represented by the undersigned on his
behalf at the end of this document, who henceforth will be called THE BANK, on
one hand, and on the other, the natural person acting on his own behalf and
that signs on the front and at the end of this document, who henceforth will be
called THE CUSTOMER, declares hereby that the current agreement for the
USE OF PREPAID VISA CREDIT CARD is entered into, in accordance with the
following terms and conditions:
1. THE BANK declares that, by virtue of an agreement entered into with
VISA INTERNATIONAL, it is authorized to issue identical cards with the
trade name of international registration VISA. 2. THE CUSTOMER declares that he has received from THE BANK a
Multibank VISA Prepaid Card and the respective personal identification
number (PIN), hereinafter THE CARD, which will be used by THE
CUSTOMER to purchase goods, service, or cash advances from natural
persons or legal entities that are part of the VISA international global
system.
3. THE CARD must be activated by THE CUSTOMER through the
accreditation of funds to the account representative of THE CARD and
may, at any time, load funds to it, according to the limits established in
the policies of THE BANK, limits and policies that THE BANK states, will
be communicated to THE CUSTOMER at the time of the signature of this
agreement, or with the delivery of THE CARD at the latest. These limits may vary from time to time, for which THE BANK will make
the
corresponding
communications
by
any
mass
media.
THE
CUSTOMER will be responsible for maintaining, at all times, enough
funds, during the period of usage of THE CARD.
4. Due to the characteristics of this service, THE CUSTOMER is aware and
accepts that under no circumstances will be overdrafts in the account,
given that THE CARD is not associated with any account or deposit on
the CUSTOMER’s name at THE BANK. However, in the event that for
any reason the client overdraws THE CARD, the transaction will not be
paid, and instead THE BANK will send automatically to the origin of the
transaction, a report or chargeback for funds not available and will cancel
THE CARD.
5. THE CUSTOMER will have access to the website of THE BANK, where
he can configure his access and entry-into-the-system personal
password, if he wishes to check the movements of funds and
transactions made with THE CARD, as well as to check its balances.
THE CUSTOMER has 90 to 120 days, counted from the date of the
transaction, to submit claims, and depending on the reason of the
chargeback, they may or may not be accepted. If THE CUSTOMER does
not object in writing any of the detailed transactions, they shall be
deemed as accepted by THE CUSTOMER, who will not be able to
submit any claims to THE BANK after this period, so, consequently, the
transactions reflected there will be deemed as accepted and will be final.
6. For the use of THE CARD, THE BANK offers and THE CUSTOMER
accepts, the fraud insurance applicable to this type of financing, and also
accepts any insurance that THE BANK considers necessary and
applicable to this type of product. Such insurance shall be subject to the
terms, conditions, and other provisions contained in the respective
agreements which involve or require their subscription. THE BANK, at
THE CUSTOMER’s request, will provide copy of the respective
contracts. It is also agreed that THE BANK, at its sole discretion, may
vary the amounts of the insurance contracted, and may modify the terms
and conditions, fact that will be communicated by THE BANK to THE
CUSTOMER in a timely manner and prior to the effective date of its entry
into force, through any mass media.
7. THE CUSTOMER, upon presentation of his card, may obtain or purchase
goods, services, or cash advances from the natural person or legal entity
that is part of the VISA INTERNATIONAL credit global system. The use
of the card for any other purpose different than the indicated, or for the
purchase of pornographic products or services that attempt against the
integrity of children or animals, or for the financing of terrorism, will lead
to the cancellation of the card, without any liability for THE BANK, and
THE CUSTOMER shall cancel the balance that the account reflects.
Each time that THE CUSTOMER uses his copy of the Card, he will sign
a receipt or voucher, which is, for the purposes of this agreement, a
promissory note at sight given by the amount of goods, services, or cash
advances acquired, promissory note that must be submitted to the selling
company or person. THE CUSTOMER accepts that, given the
technological advances and innovative modalities of use of the card,
these promissory notes may have the following characteristics:
(a) That they do not bear the signature of THE CUSTOMER, by virtue of
purchases made by him, through telephone or mail, in which case the
amount for the cost of the product or services contracted will not have
to be necessarily signed by THE CUSTOMER.
(b) That they have minor printing defects.
(c) That the charges corresponding to the advances, services, or goods
purchased are made manually or through the use of electronic
means, which may cause, in the latter situation, that the promissory
note is not even issued.
8. THE BANK undertakes to pay the amount of the goods and services
purchases made by THE CUSTOMER through the use of the Card, to
the person or business that is part of the international system of VISA
Credit Card, provided that the terms and conditions contained in this
agreement have been fulfilled. In this sense, it will be understood that the
payments made by THE BANK for the use of the Card are made on
behalf of THE CUSTOMER, who is obliged to pay such sums to THE
BANK in the way provided later.
9. THE BANK will make the following charges: (a) Cash advance charge: THE CUSTOMER will pay a fixed fee of three
percent (3%) on the respective amounts.
(b) Over-the-limit charge: Although overdrafts are not allowed and lead to
the cancellation of the Card, if they happen, THE CUSTOMER will pay a
fee of five dollars (US$5.00), legal tender of the United States of
America, every time that THE CUSTOMER exceeds the amount
available in the account.
(c) Monthly charge: THE CUSTOMER will pay a fixed monthly charge
that will be debited from his account. This charge will be made whether
or not the client uses the Card.
(d) Charge for the replacement of lost or stolen card: THE CUSTOMER
will pay a fee of twenty dollars (US$20.00), legal tender of the United
States of America, for the replacement of any lost or stolen card, as
provided by THE BANK and at its sole discretion. (e) Monthly charge for Prepaid VISA cards fraud insurance: THE
CUSTOMER accepts to sign the fraud insurance contract that THE
BANK has offered to him, and will pay a compulsory monthly charge in
the currency of legal tender of the United States of America, for the fraud
insurance premium of the credit card that THE BANK has contracted.
The corresponding charges will be reflected in the monthly billing
statements that THE BANK delivers to THE CUSTOMER. This insurance
is, in any case, subject to the terms, conditions, and limits, deductibles,
exclusions and other provisions contained in the respective policy. THE
BANK, by request and expenses borne by THE CUSTOMER, will submit
a copy of this policy. It is expressly agreed that THE BANK, at its sole
discretion, may change the terms, conditions and deductible limits,
exclusions and other provisions of the insurance contracted, or may
suspend or cancel such insurance, which will be informed to THE
CUSTOMER by THE BANK, according to the provisions further
stipulated in the agreement. (f) Charges for transactions defined as "quasi cash": THE CUSTOMER
will pay a fee of three percent (3%), five dollars ($5.00) minimum, legal
tender of the United States of America, for the transactions defined as
“quasi cash" which cover among other things, the purchase of transfers,
money orders, and cashier’s checks.
It is understood and agreed that THE BANK may, from time to time and
at its sole discretion, modify the amounts of the charges previously
mentioned, which shall be notified to THE CUSTOMER, through one of
the ways indicated in the TWENTY-FIRST clause of this agreement.
10. In addition to the charges mentioned in the preceding clause, THE BANK
will charge monthly to the account of THE CUSTOMER, all and any tax,
rate, contribution, levy, and surcharge which may apply, as well as the
charges, financing rate applicable, cost of signature research, returned
mail, mail stopped, document copies, returned checks and any other
charge related to the management of the account linked to the Prepaid
Visa Card.
11. THE BANK will not be responsible for the condition, quantity, or price of
any of the goods, merchandise, or services purchased through the use of
the card, so any claim or dispute shall be addressed or resolved
exclusively with the seller. Likewise, the default of the seller in no way
affects THE BANK, which shall be entitled to charge the respective
amounts of the operations performed by THE CUSTOMER. In the case
of refund or reduction in the price of the goods or services, the right of
THE CUSTOMER is limited to demand the corresponding credit note
from the seller, and if the adjustment does not appear in the next billing
statement, THE CUSTOMER must make the appropriate claim to the
seller.
12. THE CUSTOMER will be responsible for the payment of those sales
receipts or promissory notes which, even without the signature of THE
CUSTOMER, or being it different, contain the printing of the data
embossed in the card or the information on the magnetic stripe of the
Card made through the printing of the seller. Likewise, THE CUSTOMER
will be responsible before THE BANK even in those cases in which the
data of the seller or of THE CUSTOMER, in the receipt or promissory
note made by the seller to make proof of the transaction, is unintelligible.
If this is the case, the date of the deposit of the promissory note made by
the seller shall be considered as the date of invoice. .
13. In the case that any of the copies of THE CARD is lost or stolen, THE
CUSTOMER shall notify in writing immediately to THE BANK of such
circumstance, which, upon receiving the notification, will proceed to block
the use of the respective card. Is responsibility of THE CUSTOMER not
to disclose or provide his PIN. Any transaction made with THE CARD will
be considered valid and done by THE CUSTOMER. As a result, THE
BANK is not responsible for fraudulent transactions that have been
carried out with THE CARD.
.
14. The duration of this agreement is of one (1) year counted from the
issuance of the first copy of the Card. However, this term will be renewed
automatically for successive periods of one (1) year each, unless one of
the parties notifies the other at least fifteen (15) days before the effective
date of termination. At the time of the corresponding extension. In
addition to the above, THE BANK shall have the right to terminate this
agreement at any time, without valid reason and without any
responsibility, just giving notice to THE CUSTOMER at least fifteen (15)
days before the effective termination date. At the time that the
termination of the current contract takes place according as determined
previously, THE CUSTOMER will return to THE BANK the cards issued
by virtue of the same, or, otherwise, they will be deactivated. THE
CUSTOMER undertakes to cancel, upon request, the total balance due
to THE BANK. THE BANK may, if it deems convenient, make new copies
of the Card in each renewal of this agreement, or in case of loss, theft or
robbery of any copy, without the above meaning modification or
alteration of the terms of this agreement, specifically in regards to the
obligations of THE CUSTOMER.
.
15. Without prejudice to what has been agreed in the previous clause, it is
agreed that THE BANK may declare term expired and terminate the
current agreement immediately, without prior notice, and claim the
payment through legal means in the event that any of the following
events occur: (a) That the property of THE CUSTOMER is seized or sequestrated, or in
the event that THE CUSTOMER has declared bankruptcy or creditors’
meeting.
(b) If THE CUSTOMER does not make one or more payments, in a
timely manner, according to the terms of this agreement.
(c) If THE CUSTOMER, without the previous authorization of THE BANK,
exceeds the maximum limit authorized for the use of the Prepaid Visa
card.
(d) If THE CUSTOMER defaults any of the terms and conditions of this
agreement, or any payment arrangement agreed upon with THE BANK.
(e) At the time that the account of THE CUSTOMER reflects an overdraft.
(f) If THE CARD is used for any other purpose different than the indicated
in this agreement.
(g) The use of the card in unlawful activities, money laundering, financing
of terrorism, or for the acquisition of services that denigrates the rights
and morale of the minors, will result in the revocation of the card, without
any liability for THE BANK.
The termination of the agreement for any of the grounds listed in these
clauses immediately suspends the right to use the card. All the funds, if
any, will remain at the disposal of THE CUSTOMER, unless THE BANK
has received an order issued by competent authority to obey injunction
on the funds existing on THE CARD.
16. For legal purposes, including the warrant of execution against THE
CUSTOMER, the balance indicated in the books of THE BANK,
according to the declaration of the latter, will be considered as the true
and correct balance of the obligations of THE CUSTOMER. The
certification
issued
by THE
BANK
regarding
the
amount
and
enforceability of the debit balance, once signed by an authorized public
accountant, will give full faith at trial and lend right of execution, being the
amount indicated in such certification deemed as clear, liquid, and
payable.
17. THE CUSTOMER declares that THE BANK is authorized, at its
discretion and any time, with or without notice to THE CUSTOMER, and
even for the amounts due by virtue of this agreement, to deduct any
amount that THE CUSTOMER keeps on deposit or in another form at
THE BANK, and apply the deducted amount to the payment or reduction
of the amounts due jointly by THE CUSTOMER to THE BANK. The right
acknowledged here in favor of THE BANK does not imply the extinction
of the obligation of THE CUSTOMER to pay the outstanding balances
which are still due.
18. Is understood and agreed that, when asked by THE BANK, THE
CUSTOMER shall provide collateral or personal guarantees, as required
by THE BANK, to guarantee the proper fulfillment of the obligations
contracted or that might be contracted with THE BANK in virtue of this
agreement.
19. It is also agreed that THE BANK may, at its sole discretion and any time
it deems appropriate, sell, assign, or transfer to any other title, the total or
part of the credit and other rights arising in favor of THE BANK by virtue
of this agreement, to any credit institution or third party, either a natural
person or a legal entity, national or foreign. THE CUSTOMER also
agrees that THE BANK may, at its sole discretion and at the time it
deems appropriate, one or more times, supply, obtain, access
information, credit references and the history of fulfillment of his past,
present, and future obligations, with companies, agencies, associations,
or any entity dedicated to collect, access, and provide reference services
and credit information, and to exchange information with economic
agents on THE CUSTOMER. THE CUSTOMER expressly exonerates
THE BANK, its shareholders, directors, and officers of any consequences
resulting from the exercise of THE BANK, its shareholders, directors, and
officers of the right to provide the documents and information mentioned
in this clause.
THE BANK SHALL KEEP AT MY DISPOSAL ALL THE INFORMATION
RECEIVED BY VIRTUE OF THE AUTHORIZATION GRANTED BY THIS
MEANS, AS WELL AS SHALL DELIVER TO ME, UPON REQUEST, ALL
THE
INFORMATION
RECEIVED
AS
A
RESULT
OF
THE
VERIFICATION OR CONFIRMATION CONDUCTED.
20. THE BANK reserves the right to modify this agreement, once or several
times, as long as it provides notice of the modification to THE
CUSTOMER, personally or through any mass media, at least fifteen (15)
days prior to the effective date of the modification in question, and can
even vary the amounts, percentages, or rates fixed for the fees or
charges, or establish new charges.
21. Any notice or notification which THE BANK shall give or may want to
give to THE CUSTOMER according to this agreement, shall be made in
writing and, at THE BANK’s choice: (a) through a letter (for the purpose
of this clause, the monthly billing statement will be equivalent to a “letter”)
sent by mail to THE CUSTOMER to the address recorded at THE BANK,
in which case the receipt issued by the post office will be sufficient
evidence of the delivery of the notice or notification and the date; (b)
through announcement published for two (2) consecutive days in a
nationwide newspaper; (c) through the placement of the notice in a
visible place of the head office and other branches of THE BANK for a
period of ten (10) days; or (d) through any mass media.
The notice or notification shall be deemed as given, in the case that it is
made through a letter, on the date of the deposit of the same at the post
office; in the case that it is made through publication in a newspaper,
since the date of the second publication, and in the case that it is made
through the placement of the notice in a visible place of the head office
and other branches of THE BANK, or through any mass media, once the
ten (10) days in which the announcement has remained effectively
placed have passed. The parties agree that THE BANK may give the
corresponding notices or notifications individually, i.e., specifically in
regard to THE CUSTOMER’s VISA credit card. 22. Is understood and agreed between the Contracting Parties, that the
terms followed by their respective plural in parentheses, will be indeed
interpreted in the plural when required by the context.
23. THE CUSTOMER waives summary proceeding and jurisdiction based on
domicile, and accepts that, in case of dispute, the laws of the Republic of
Panama shall be applied, and the courts of the City of Panama, Republic
of Panama, shall have jurisdiction in any legal action arising from this
agreement.
24. In the event of any dispute, the laws of the Republic of Panama shall
be applied, and the courts of the City of Panama, Republic of Panama,
shall have jurisdiction in any legal action arising from this agreement.
The parties declare to be satisfied with the terms and conditions
contained in this agreement, and in witness whereof, is signed in the city
of ____________, this ____day of the month of _________, _____.
THE BANK
THE CUSTOMER
______________________
__________________________
Signature of the holder of the card.
ID: ____________
If it is a legal entity, the name of the
company must be added.