Swift Bank Terms and Conditions
Last Updated: April 30, 2023
Table of Contents
- 1. Agreement
- 2. Definitions
- 3. Accounts and Services
- 4. Electronic Banking Services
- 5. Fees and Charges
- 6. Security and Authentication
- 7. Privacy and Data Protection
- 8. Liability and Disclaimers
- 9. Disputes and Complaints
- 10. Termination and Suspension
- 11. Changes to Terms and Conditions
- 12. Notices and Communications
- 13. Governing Law
- 14. Miscellaneous Provisions
1. Agreement
This document constitutes a legally binding agreement (the "Agreement") between you ("Customer," "you," or "your") and Swift Bank, including its affiliates and subsidiaries ("Swift Bank," "Bank," "we," "our," or "us"). This Agreement governs your use of Swift Bank's accounts, products, services, website, and mobile applications.
By opening or maintaining an account with Swift Bank, using any of our services, accessing our website or mobile applications, you acknowledge that you have read, understood, and agree to be bound by the terms and conditions set forth in this Agreement, as well as any other agreements, disclosures, or policies that are incorporated herein by reference.
If you do not agree with any provision of this Agreement, you must discontinue use of our services immediately. Your continued use of any Swift Bank service constitutes your acceptance of this Agreement.
IMPORTANT NOTICE: This Agreement contains an arbitration provision that may limit your right to a judicial forum. Please read the "Disputes and Arbitration" section carefully.
2. Definitions
In this Agreement, the following terms shall have the meanings set forth below:
"Account" means any deposit account, loan account, credit account, or other financial account established or maintained by you with Swift Bank.
"ATM" means automated teller machine.
"Available Balance" means the amount of funds available for immediate withdrawal or use, which may differ from the actual balance due to pending transactions, holds, or other restrictions.
"Business Day" means any day other than Saturday, Sunday, or a federal holiday, during which Swift Bank is open for business.
"Card" means any debit card, credit card, or other payment card issued by Swift Bank to you.
"Credentials" means any username, password, PIN, security questions, biometric data, or other authentication information used to access your Account or Services.
"Electronic Banking Services" means services provided through electronic channels, including but not limited to online banking, mobile banking, telephone banking, ATM services, and electronic funds transfers.
"Fees" means any charges, fees, interest, or other amounts payable by you in connection with your Account or use of Services.
"Mobile Application" means any Swift Bank mobile banking application that can be downloaded to a mobile device.
"Services" means any financial services, products, or facilities provided by Swift Bank, including but not limited to deposit services, loan services, payment services, and Electronic Banking Services.
"Transaction" means any activity affecting your Account, including deposits, withdrawals, transfers, payments, or other account activities.
"Website" means Swift Bank's official website and all its subdomains.
3. Accounts and Services
3.1 Account Opening
To open an Account with Swift Bank, you must:
- Complete the account opening application and provide all required documentation
- Meet our eligibility criteria, including age requirements (generally 18 years or older)
- Provide valid identification documents that satisfy our Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements
- Provide any additional information or documentation we may reasonably request
- Make any minimum initial deposit required for the type of account you wish to open
Swift Bank reserves the right to decline any application to open an Account at our sole discretion without providing a reason.
3.2 Account Types
Swift Bank offers various types of accounts, including but not limited to:
- Checking Accounts: Designed for everyday banking needs with features such as check writing, debit card access, and online bill payment
- Savings Accounts: Designed to help you save money and earn interest on your deposits
- Money Market Accounts: Combining features of both checking and savings accounts, typically offering higher interest rates than regular savings accounts
- Certificates of Deposit (CDs): Time deposits with fixed terms and interest rates
- Individual Retirement Accounts (IRAs): Tax-advantaged accounts designed for retirement savings
- Business Accounts: Accounts designed for business customers with specialized features
Each account type is subject to specific terms, conditions, and fees as outlined in the applicable account disclosure provided to you at account opening.
3.3 Joint Accounts
If your Account is owned jointly with one or more persons:
- Each joint account holder has full authority to operate the Account independently
- Each joint account holder is jointly and severally liable for all transactions, fees, and charges on the Account
- We may act on the instructions of any joint account holder without the consent of the other(s)
- If one joint account holder dies, the surviving account holder(s) will automatically own the Account and may continue to operate it
- Any notice we send to one joint account holder will be considered notice to all joint account holders
3.4 Account Maintenance
You are responsible for:
- Keeping your contact information current and updated
- Promptly reviewing all account statements and transaction records
- Notifying us immediately of any unauthorized transactions or discrepancies
- Maintaining sufficient funds in your Account to cover all transactions and fees
- Safeguarding your Account information, cards, checkbooks, and Credentials
3.5 Deposits
We accept deposits to your Account through various channels, including:
- In-person deposits at our branches
- ATM deposits
- Direct deposits
- Mobile check deposits
- Wire transfers
- Electronic transfers from other accounts
All deposits are subject to verification and our Funds Availability Policy. We reserve the right to refuse any deposit, limit the amount of any deposit, or return all or part of any deposit.
3.6 Withdrawals
You may withdraw funds from your Account through various methods, subject to applicable withdrawal limits, fees, and the Available Balance in your Account. Withdrawal methods include:
- In-person withdrawals at our branches
- ATM withdrawals
- Debit card transactions
- Checks
- Electronic transfers
- Wire transfers
- Bill payments
We may refuse any withdrawal request that exceeds your Available Balance or that we reasonably believe may be fraudulent or illegal.
3.7 Overdrafts
An overdraft occurs when you do not have enough money in your Account to cover a transaction, but we pay it anyway. We may, at our discretion, honor withdrawal requests that overdraw your Account. If we do, you agree to pay the overdraft amount plus any applicable fees immediately.
We offer various overdraft protection services, which are subject to separate terms and conditions. You may opt in or out of certain overdraft services as permitted by applicable law.
3.8 Account Statements
We will provide periodic statements for your Account as required by law. Statements may be delivered electronically if you have consented to electronic delivery. You agree to:
- Review your statements promptly
- Notify us of any errors, unauthorized transactions, or irregularities within 60 days from the statement date
- If you fail to notify us within this period, we will not be liable for any unauthorized transactions
3.9 Account Closure
Either you or Swift Bank may close your Account at any time, with or without cause. If we close your Account, we will send you notice within ten days after closing and provide a check for the remaining balance in your Account, if applicable.
If you close your Account:
- You remain responsible for any outstanding items and charges
- You must return all unused checks and cards associated with the Account
- You should cancel any automatic transfers or payments
IMPORTANT: We may report Account closures to consumer reporting agencies and may decline to provide banking services to you in the future if your Account is closed for unsatisfactory handling.
Account Security
You are responsible for maintaining the confidentiality of your account credentials, including usernames, passwords, and security questions. You agree to notify us immediately of any unauthorized use of your account or any other breach of security.
Never share your login credentials with anyone. Swift Bank will never ask for your password via email or phone.
Account Closure
We reserve the right to close your account at any time, with or without cause, upon reasonable notice. You may also request to close your account, subject to any outstanding obligations or fees.
Banking Services
Online Banking
Access your accounts, make transactions, and manage your finances from your computer.
Mobile Banking
Manage your accounts on-the-go with our secure mobile application.
Transactions
Make secure transfers, payments, and other financial transactions.
Service Availability
Our online and mobile banking services are subject to availability and may be modified, suspended, or terminated at any time. We will make reasonable efforts to notify you of any planned service interruptions.
Transaction Verification
All transactions are subject to verification and approval. We may refuse to execute any transaction that we believe may violate applicable laws, regulations, or our policies.
Fees and Charges
Our services may be subject to fees and charges as outlined in our Fee Schedule. We reserve the right to modify our fees and charges at any time with appropriate notice.
4. Electronic Banking Services
4.1 Available Electronic Services
Swift Bank offers various Electronic Banking Services, including but not limited to:
- Online Banking: Access to your accounts through our secure website
- Mobile Banking: Access to your accounts through our mobile application
- ATM Services: Access to your accounts through automated teller machines
- Telephone Banking: Access to your accounts through our automated telephone system
- Electronic Funds Transfers: Movement of funds electronically, including direct deposits, automated clearinghouse (ACH) transactions, wire transfers, and bill payments
- Debit Card Services: Use of your debit card for purchases and ATM transactions
4.2 Access and Security
To access our Electronic Banking Services, you will need to use your Credentials. You agree to:
- Keep your Credentials confidential and secure
- Not share your Credentials with anyone
- Notify us immediately if you believe your Credentials have been compromised
- Change your password regularly
- Log out of online and mobile banking sessions when finished
- Use secure networks when accessing your accounts
You are responsible for all transactions made using your Credentials until you notify us of their unauthorized use and we have a reasonable opportunity to act on that notification.
IMPORTANT SECURITY NOTICE: Swift Bank will never contact you by email, phone, or text message to request your Credentials. If you receive such a request, do not respond and contact us immediately.
4.3 Online and Mobile Banking
Our online and mobile banking services allow you to:
- View account balances and transaction history
- Transfer funds between accounts
- Pay bills
- Deposit checks (mobile banking)
- Set up alerts
- Manage account settings
- Communicate with customer service
By enrolling in online or mobile banking, you consent to receive electronic communications and disclosures related to these services. You may withdraw this consent at any time by contacting us, which may result in termination of your access to these services.
4.4 ATM Services
When using ATM services:
- You may be charged fees for using ATMs not owned by Swift Bank
- Daily withdrawal limits apply and may vary based on your account type and relationship with us
- ATM transactions are subject to verification and may not be immediately reflected in your account balance
- You should exercise caution when using ATMs, particularly in unfamiliar or isolated locations
4.5 Electronic Funds Transfers
Electronic funds transfers are subject to:
- Daily and monthly transaction limits
- Cut-off times for same-day processing
- Verification procedures
- Applicable fees
For international transfers, exchange rates and additional fees may apply. Processing times for international transfers may be longer than domestic transfers.
4.6 Bill Payment Services
Our bill payment services allow you to schedule one-time or recurring payments to payees. You are responsible for:
- Providing accurate payee information
- Scheduling payments with sufficient time for processing and delivery
- Maintaining sufficient funds in your account to cover scheduled payments
- Monitoring your account and payee statements to verify that payments are made correctly
We are not responsible for any failure of a payee to properly credit your payment in a timely manner.
4.7 Mobile Deposit Services
Our mobile deposit services allow you to deposit checks using your mobile device. When using mobile deposit:
- You must endorse the check as "For Mobile Deposit Only at Swift Bank" along with your signature
- You must keep the original check for 14 days after the deposit and then securely destroy it
- Deposits are subject to verification and may not be immediately available for withdrawal
- Certain types of checks may not be eligible for mobile deposit
- Daily and monthly deposit limits apply
4.8 Electronic Banking Limitations
Electronic Banking Services may be temporarily unavailable due to system maintenance, technical issues, or circumstances beyond our control. We are not responsible for any damages or inconvenience resulting from such unavailability.
We may impose limits on the amount, number, or type of transactions you can make using Electronic Banking Services. These limits may change from time to time and may vary based on your account type and relationship with us.
4.9 Electronic Statements and Notices
If you enroll in electronic statements and notices:
- You will no longer receive paper statements or notices by mail
- You are responsible for maintaining a valid email address on file with us
- You agree to review your electronic statements and notices promptly
- You may request paper copies of electronic statements or notices, which may incur a fee
You may withdraw your consent to receive electronic statements and notices at any time by contacting us.
Electronic Communications
Email Communications
Receive account statements, notices, and important updates directly to your registered email address.
Notifications
Stay informed about account activity, security alerts, and important service updates.
By using our services, you consent to receive electronic communications from us, including account statements, notices, disclosures, and other information. You agree that electronic communications have the same legal effect as written communications.
You may opt out of certain electronic communications, but this may affect your ability to use some of our services. To manage your communication preferences, please visit your account settings.
Intellectual Property
Ownership of Content
All content on our website and mobile applications, including text, graphics, logos, icons, images, audio clips, and software, is the property of Swift Bank or its licensors and is protected by intellectual property laws.
Restrictions
You may not reproduce, distribute, modify, display, perform, or use any of our intellectual property without our prior written consent.
Unauthorized use of Swift Bank's intellectual property may result in legal action. If you wish to use any of our content, please contact us for permission.
Prohibited Activities
Important Notice
When using our services, you agree to abide by all applicable laws and regulations. Violation of these terms may result in account suspension or termination.
When using our services, you agree not to:
Legal Compliance
Violate any applicable laws, regulations, or third-party rights
Unauthorized Use
Use our services for any illegal or unauthorized purpose
Unauthorized Access
Attempt to gain unauthorized access to our systems or other users' accounts
Service Disruption
Interfere with or disrupt the operation of our services
Harmful Code
Upload or transmit any viruses, malware, or other harmful code
Fraudulent Activities
Engage in any fraudulent or deceptive activities
Financial Crimes
Use our services to launder money or finance terrorism
Limitation of Liability
Liability Limitations
To the maximum extent permitted by law, Swift Bank shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising out of or related to your use of our services, even if we have been advised of the possibility of such damages.
Maximum Liability
In no event shall our total liability to you for all claims exceed the amount you have paid to us for the services giving rise to the liability.
We are not liable for any loss or damage resulting from:
- Your failure to comply with these Terms and Conditions
- Unauthorized access to your account due to your negligence
- System failures or technical issues beyond our reasonable control
- Delays or interruptions in our services
- Inaccurate or incomplete information provided by you
Indemnification
Your Responsibility
You agree to indemnify, defend, and hold harmless Swift Bank and its affiliates, officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising from:
Service Usage
Your use of our services
Terms Violation
Your violation of these Terms and Conditions
Legal Compliance
Your violation of any applicable laws or regulations
Third-Party Rights
Your infringement of any third-party rights
Governing Law and Jurisdiction
Applicable Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of the United Kingdom, without regard to its conflict of law principles.
Dispute Resolution
Any dispute arising out of or relating to these Terms and Conditions shall be subject to the exclusive jurisdiction of the courts of the United Kingdom.
Changes to Terms and Conditions
Updates to Terms
We reserve the right to modify these Terms and Conditions at any time. We will notify you of any material changes through our website, mobile applications, or other communication channels. Your continued use of our services after such modifications constitutes your acceptance of the updated Terms and Conditions.
We recommend reviewing these Terms and Conditions periodically to stay informed of any updates or changes.
Severability
If any provision of these Terms and Conditions is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.
Entire Agreement
These Terms and Conditions, together with our Privacy Policy and any other policies or guidelines referenced herein, constitute the entire agreement between you and Swift Bank regarding your use of our services.
Last Updated: April 29, 2023