Checking Account:-
The checking account may be opened in all main currencies, the account features the following:
· Collecting cheques (immediate and term).
· Cheque books.
· By default this account should not go overdrawn; however if an overdraft occurs, an interest rate is to be set on the amount overdrawn at the end of each month.
· ATM cards.
· You may give the bank the authorization to automatically pay your bills through your checking account.
· The checking account is subject to the general terms and conditions signed upon when the account was first opened.
TERMS AND CONDITIONS:
1- The customer is committed to withdraw from his/her account only by using original checks issued to him by the bank; the bank has the right and without bearing any responsibility to reject cashing any checks drawn by the customer if they were drafted using checks different from the original ones issued by the bank. The bank is not responsible for any loss or damage that occurs as a result of using checks that were obtained by fraud, error, theft, or loss including losing it in the mail, and that starting the date it was sent. The customer is committed to notify the bank about any loss or theft duly.
2- The customer grants the bank, with his option, the right to overdraw his account and without referring to him to register an accrued interest entry on the account. The customer gives the bank the authorization to register a debit entry on his account with the values of checks, notes payable, or any other notes in the possession of the bank whether they were in the process of collection or in any other form, the bank has the right to cover the overdrawn account debit balance from any other account with a credit balance the same customer has at any of Quds Bank branches including saving accounts and security deposits. The bank is not obligated to pay any of the customer dues unless the customer has paid off all his obligations towards the bank. The bank has the right to reconcile between his accounts to cover the overdrawn amount. The account statement, whether by withdrawing from it or by registering to it, will not be considered as an approval from the bank to grant the customer credit facilities on the overdraft, but it is considered a complementary service offered by the bank that is payable within a period of 30 days as of the account statement date.
3- In the event that the account holder is a juristic person, he shall provide the bank with the following document:
a) The legal status, the articles and memorandum of association and/or its new registration certificate
b) A list of the names of the persons who are authorized to sign on the account; the said list shall be organized and accredited in due forms and within the conditions and the samples of signatures of the authorized people that are prepared by the bank for this purpose
c) The account holder commits himself to notify the bank with any amendment brought to the names of authorized people to sign on the account and he shall bear all the relevant responsibilities, including the legal and financial responsibilities resulting from his failure of execution
4- It is understood and agreed that in the event of any conflict or dispute between the bank and account holder, the Palestinian courts shall have the competence to settle upon the disagreement and to enforce the laws in force in Palestine (Palestinian National Authority zones)
5- In the event of returning many cheques to the customer for the non-adequacy of the balance, the bank may take the necessary procedures in line with the instructions of the control bodies.