Terms and Conditions
Please read these terms and conditions of the product before signing the application forms. It provides important information about the Kidistar Account. By signing the application form the Trustee agrees to be bound by these Terms and conditions.
- General conditions
The procedures the Trustee must follow for this banking service are contained in the application form. The Trustee must follow these procedures when using this service.The conditions include maintaining minimum balances, charges, interest rates, notice periods, and other terms which are specific to a particular account or service.
If the conditions are inconsistent with the general conditions on the application, the former conditions will apply.
- The Account
- Kidistar Account is operated by Ghana Commercial Bank Limited.
- The Bank will not be responsible for debits to funds deposited with it due to any future Government order, Law, Levy, Moratorium, Exchange restrictions or any other cause beyond the Bank's control.
- The Bank will not be liable for funds handed over to members of its staff outside the banking hours or outside the Bank's premises.
- Any anomaly in the entries on Bank Statement must be brought to the attention of the Bank within one month of the date thereof. It is agreed that failure to give such notice absolves the Bank from all liabilities arising thereof.
- In the event that the Bank receives from Trustee, an ambiguous or conflicting instruction in connection with an account the Bank may in its absolute discretion and without any liability act or decline to act as the Bank thinks it fit.
- Contacting the Bank
In trying to communicate any information, the Bank may contact the Trustee by telephone or e-mail via internet, using the latest address, telephone number or electronic mail address the Trustee has given the Bank. It is the Trustee's responsibility to ensure that the Bank has the current contact details.
If the Trustee does not inform the Bank promptly of a change of details, the security of the Trustee's information could be put at risk. Failure to inform the Bank promptly of a change of contact details may result in the security of the Trustee's information being put at risk.
- The Trustee may contact the Bank at the account holding branch or at the enquiries desk, on phone or by e-mail.
- Instructing the Bank
- Instructions received on the Kidistar account after the close of business at a Branch will be processed on the next working day or on the date specified in the instructions.
- Statements
- The Bank will provide quarterly statements showing all transactions of the Kidistar account including "uncleared" balances. The Trustee must check the statement carefully and inform the Bank as soon as there are transactions the Trustee has not authorized.
- Interest and Charges
- Unless otherwise stated, the interest shall be calculated only on cleared balances on an annual basis and applied monthly.
- Where applicable, the Bank shall charge fees for crediting the Kidistar account via on-line.
- Security
- To help prevent any security breach, the Trustee should also read and follow any security procedures the Bank advises from time to time.
- The Bank will try to prevent a breach of security, resulting in unauthorized access to the Kidistar account and the information the Bank holds about the Trustee. As long as the Trustee has not breached the conditions, the Bank will accept liability for any loss or damage to the Trustee resulting from any breach of security of the Bank's systems.
- Death of Trustee
- When the Trustee dies, automatically the funds go to the Administrator(s) or Executor(s) of his/her Estate to be managed by them, unless the beneficiary turned 18 years before the death of the Trustee.
- Death of the Beneficiary
- If the beneficiary should die before they reach age 18, the Kidistar account ceases to be operational. The credit to the account as at the date of death will pass to the child's Trustee. The Trustee will have to communicate the death of the beneficiary to the Bank and provide documentary evidence of the beneficiary's death e.g. the original copy of the Registrar's Death Certificate.