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The Bank’s Rights of Accounts set-off & Securities
a) A Customer that maintains more than one account or establishes more than one account in the future whether with the Bank’s Head Office or at any of its Branches, such relationship between the Bank and the Customer will be deemed to constitute that of a single account relationship. The Bank shall have an absolute right to combine or merge any or all the Customer’s account for the purpose of setting-off debit balance against available credit balance or to reimburse itself for recovery of dues of commitments for which the Customer is liable.
b) The Customer agrees that the Bank, at any time and without giving any prior notice, freeze, set-off or transfer any amounts between the Customer’s accounts whatsoever their types or names, whether individual and/or joint account, in local or foreign currency, so that each account shall be considered as security for the other accounts, individually or jointly, for the purpose of settling any debts of the Customer or the party(s) guaranteed by the Customer towards the Bank.
c) Bank may attach all the guarantees and properties maintained by the Bank in the name of the Customer for the purpose of settling any amounts due by the Customer to the Bank. |
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(c) 2010. Emirates Islamic Bank - All Rights Reserved.
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