Receiving Money from Third Parties. In certain currencies, we may provide to you specified bank account details that you can in turn provide to third parties so that they can send money to your BANEKS Account using either the electronic funds transfer method, or the domestic wire transfer method. These account details are offered by our third-party banking partners. These specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by BANEKS and its affiliates (and we will credit your BANEKS Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. When someone sends money to your BANEKS Account using a method that we support, the money will appear in your BANEKS Account. You should check the incoming funds in your BANEKS Account against your own records regularly and let us know if there are any irregularities. When you receive funds you can accept them as-is and maintain a balance in your BANEKS Account in that currency or accept them and then convert it to another currency, and hold that currency or send it to your or a third party’s account. If you choose to receive money using this method, you will not have access to such funds until we receive the funds into our specified account. You acknowledge that the money received in your BANEKS Account via this method may be subject to Reversal or Chargeback and you agree that we may deduct the received amount from your BANEKS Account if it is reversed by the person who paid you the received amount or any relevant payment services provider. In cases for any reason the transaction is cancelled or refused, then we will promptly return the deposit to the bank account from which the transaction originated. See further details in the Negative Account Balances section. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us when you registered for your BANEKS Account. If you provide the account details we provide to you to a third party, you agree that you will not impose a surcharge or any other fee solely for accepting payment through a Service offered by BANEKS. You are not permitted to receive payments by other payment methods, including cash, mailed check, or electronic check. There may be financial limits for particular payment methods or currencies, please visit the FAQ section for more information.
Appears in 2 contracts
Samples: Customer Agreement, Customer Agreement
Receiving Money from Third Parties. In certain currencies, we may provide to you specified bank account details that you can in turn provide to third parties so that they can send money to your BANEKS Account using either the electronic funds transfer method, or the domestic wire transfer method. These account details are offered by our third-party banking partners. These specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by BANEKS and its affiliates (and we will credit your BANEKS Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. When someone sends money to your BANEKS Account using a method that we support, the money will appear in your BANEKS Account. You should check the incoming funds in your BANEKS Account against your own records regularly and let us know if there are any irregularities. When you receive funds you can accept them as-is and maintain a balance in your BANEKS Account in that currency or accept them and then convert it to another currency, and hold that currency or send it to your or a third party’s account. If you choose to receive money using this method, you will not have access to such funds until we receive the funds into our specified account. You agree that BANEKS may need to verify the identity of the third party in certain countries before depositing the fund into your BANEKS Account. We may decline the payment at our sole discretion and return the fund to the third party. You acknowledge that the money received in your BANEKS Account via this method may be subject to Reversal or Chargeback and you agree that we may deduct the received amount from your BANEKS Account if it is reversed by the person who paid you the received amount or any relevant payment services provider. In cases for any reason the transaction is cancelled or refused, then we will promptly return the deposit to the bank account from which the transaction originated. See further details in the Negative Account Balances section. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us when you registered for your BANEKS Account. If you provide the account details we provide to you to a third party, you agree that you will not impose a surcharge or any other fee solely for accepting payment through a Service offered by BANEKS. You are not permitted to receive payments by other payment methods, including cash, mailed check, or electronic check. There may be financial limits for particular payment methods or currencies, please visit the FAQ section for more information. Holding A Balance in your BANEKS Account BANEKS is not a bank and your BANEKS Account is not a bank account. BANEKS is not a bank and therefore value held as a balance in your BANEKS Account represents an unsecured claim against BANEKS and is not insured by the Canada Deposit Insurance Corporation (CDIC) or any other deposit protection scheme. BANEKS holds balances held by customers in segregated accounts for their benefit. BANEKS owns the interest or other earnings on these investments, if any. BANEKS does not use balances held by its customers for operating expenses or other corporate purposes. In addition, as discussed above, the specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by BANEKS and its affiliates (and we will credit your BANEKS Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. For further information on how we look after your money, please visit our FAQ page.
Appears in 1 contract
Samples: Customer Agreement
Receiving Money from Third Parties. In certain currencies, we may provide to you specified bank account details that you can in turn provide to third parties so that they can send money to your BANEKS Account using either the electronic funds transfer method, or the domestic wire transfer method. These account details are offered by our third-party banking partners. These specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by BANEKS and its affiliates (and we will credit your BANEKS Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. When someone sends money to your BANEKS Account using a method that we support, the money will appear in your BANEKS Account. You should check the incoming funds in your BANEKS Account against your own records regularly and let us know if there are any irregularities. When you receive funds you can accept them as-is and maintain a balance in your BANEKS Account in that currency or accept them and then convert it to another currency, and hold that currency or send it to your or a third party’s account. If you choose to receive money using this method, you will not have access to such funds until we receive the funds into our specified account. You agree that BANEKS may need to verify the identity of the third party in certain countries before depositing the fund into your BANEKS Account. We may decline the payment at our sole discretion and return the fund to the third party. You acknowledge that the money received in your BANEKS Account via this method may be subject to Reversal or Chargeback and you agree that we may deduct the received amount from your BANEKS Account if it is reversed by the person who paid you the received amount or any relevant payment services provider. In cases for any reason the transaction is cancelled or refused, then we will promptly return the deposit to the bank account from which the transaction originated. See further details in the Negative Account Balances section. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us when you registered for your BANEKS Account. If you provide the account details we provide to you to a third party, you agree that you will not impose a surcharge or any other fee solely for accepting payment through a Service offered by BANEKS. You are not permitted to receive payments by other payment methods, including cash, mailed check, or electronic check. There may be financial limits for particular payment methods or currencies, please visit the FAQ section for more information.
Appears in 1 contract
Samples: Customer Agreement
