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This agreement establishes the terms and conditions governing your relationship with IRAIC BANK. Please read carefully before using our services.
This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully and retain it for future reference.
By signing the signature card or opening or continuing to use the account, you agree to these rules. If you have any questions, please contact our relationship managers.
The Terms of Service ("Agreement") explains important terms and conditions which govern your deposit account(s) with us. When you sign our signature card and/or continue to have an account with us, you and each authorized signer on your account(s) effectively agree to this Agreement, together with any applicable disclosures and related service agreements, including IRAIC BANK's Schedule of Fees and Charges ("Fee Schedule"), the Account Disclosure and Receipt for Time Deposit, which includes product and rate disclosure information provided separately from this Agreement, all or any of which may be amended from time to time by us.
Terms governing your deposit accounts, including checking, savings, and time deposits.
Terms for online banking, mobile app, and quantum-secured digital platforms.
Schedule of fees for banking services, transactions, and account maintenance.
Arbitration provisions and governing law for any disputes.
By opening an account, applying for any product or service, accessing our website, or using any of our digital banking services (including telephone banking, internet banking, mobile banking, and quantum-secured platforms), you agree to be bound by these Terms of Service, as amended from time to time.
If you do not agree to these terms, please do not open an account or use our services. Your continued use of any IRAIC BANK product or service after changes to these terms constitutes your acceptance of the modified terms.
You agree that we may provide notices and disclosures to you electronically, including via email, through our website, or through our mobile application. You consent to receive electronic communications and agree to keep your contact information updated.
To open an account with IRAIC BANK, you represent and warrant that:
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. We may use biometric data, government-issued IDs, and other verification methods as permitted by law.
If you add an authorized signer to your account, you authorize that person to act on your behalf, and you are fully responsible for all transactions they authorize. We are not responsible for managing the authority of your third-party relationships.
The Digital Services Agreement includes important disclosures related to accessing your account(s) digitally. Collectively, these terms of use ("TOU") govern your use of the digital financial services ("Digital Services") that we and our Service Providers make available to you on platforms where you use your Login Credentials.
A biometric feature (such as a fingerprint or face scanner) is functionality that is built into many devices to provide options for unlocking the device and logging into apps. You may enable the biometric functionality of your device to log in to Digital Services using biometrics instead of entering your Login Credentials. If you enable this functionality, you acknowledge that any person who has a biometric feature stored in your device (or a person that looks like you) may be able to access Digital Services on that device.
If you use any location-based feature (such as our ATM locator) you agree that your geographic location and other personal information (such as your unique device identifier) may be accessed and disclosed through the application or service. You may turn off location-based features at any time through the settings of your device.
We may monitor and/or record any communication between you and us (or our Service Providers) and we may monitor and/or record your activity while using Digital Services. Such monitoring/recording is for quality control, permitted business purposes, and for purposes that may be required under applicable law or regulation. This monitoring or recording may be done without any further notice to you or anyone acting on your behalf.
You agree to pay all fees and charges associated with your account as set forth in our Fee Schedule, which is incorporated herein by reference. We may deduct these fees directly from your account without additional notice.
| Monthly Account Maintenance | $0 - $50 (based on tier) |
| Wire Transfer (Outbound) | $25 - $50 |
| Wire Transfer (Inbound) | $10 - $25 |
| Foreign Exchange Fee | 0.5% - 1.5% |
| Expedited Processing | $100 - $500 |
| Account Closure (within 90 days) | $75 |
We reserve the right to alter or modify these charges at our discretion upon 30 days' advance notice to you. These altered or modified charges become part of this Agreement.
With respect to any principal, interest, fee, or any other cost or expense due and payable to us under this Agreement, you hereby irrevocably authorize us to debit any deposit account maintained with us in an amount such that the aggregate amount debited does not exceed such principal, interest, fee or other cost or expense. If there are insufficient funds, such debits will be reversed and such amount not debited shall be deemed to be unpaid.
We process transfer instructions received through our digital platforms, telephone banking, and authorized channels. Cut-off times for same-day processing are published in our digital services. Transactions received after cut-off will be processed on the next business day.
For transactions involving currency conversion, we will use our then-current exchange rates, which include a markup. Exchange rates may vary from market rates and are subject to change without notice.
We may establish limits on the amount or frequency of transactions through our digital services. These limits are disclosed in your account agreement and may be adjusted for security purposes.
An error generally refers to any inaccuracy or mistake related to your account information displayed within Digital Services. An unauthorized transaction is one that another person conducts without your permission and from which you receive no benefit.
Contact us as soon as possible if you notice any errors or suspect that an unauthorized transaction has occurred. Contacting us right away may help reduce possible losses.
Be prepared to provide your name and account number, the date and a description of the error or suspected unauthorized transaction, and the dollar amount involved. For some accounts, you can report an error or suspected unauthorized transaction from the transaction history within Digital Services.
You must report an error or suspected unauthorized Electronic Fund Transfer within 60 days from when we send you an account statement on which the error or suspected unauthorized Electronic Fund Transfer first appears. If you tell us after the 60-day period, you may lose the amounts transferred without your authorization.
Subject to the claims process described above, you will not be liable for unauthorized Electronic Fund Transfers involving your Consumer Accounts provided you contact us within 60 days. If a good reason (such as a long trip or a hospital stay) prevented you from telling us, we may extend that time period.
| Transfer Type | Details |
|---|---|
| Preauthorized Transfers | You may arrange for recurring deposits or payments. You may stop payment by notifying us at least 3 business days before the scheduled transfer. |
| Wire Transfers | International and domestic wires are processed on business days. Cut-off times apply. |
| Bill Payments | We are not responsible for late payments due to insufficient funds or incorrect payee information provided by you. |
| Quantum-Protected Transfers | Transfers utilizing our quantum encryption protocol may require additional verification. |
You may close your account at any time by providing written notice. Early closure fees may apply if the account is closed within 90 days of opening.
We reserve the right to close your account at any time for any reason permitted by law, including but not limited to account inactivity, negative balances, or violation of these terms. We will provide notice as required by applicable law.
If your account has no activity for the period specified by law, we are required to transfer your funds to the appropriate government authority. We will attempt to notify you before such transfer.
We may update this Agreement periodically to reflect changes in our practices, products, or legal requirements. The "Last Updated" date at the top indicates when changes were made. In accordance with your communication preferences, you will receive an electronic notification of material changes in advance of the effective date of such changes. By continuing to use our services after the effective date of the change, you are reaffirming your acceptance of the most recent version.
This Agreement and your account are governed by the substantive laws of Switzerland, unless stated differently in your account opening documents. In the case of Accounts opened in jurisdictions where IRAIC BANK does not have a branch presence, the applicable state law will be that of Switzerland.
THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE. THE BINDING ARBITRATION PROVISIONS (WITH A CLASS ACTION WAIVER) GOVERN HOW CLAIMS ARE RESOLVED BETWEEN US. UNLESS YOU OPT-OUT OF ARBITRATION WITHIN 30 DAYS AS DESCRIBED IN THE BINDING ARBITRATION SECTION, THESE PROVISIONS MAY REQUIRE INDIVIDUAL ARBITRATION FOR ANY DISPUTE THAT YOU ASSERT AGAINST US AND MAY LIMIT OUR LIABILITY TO YOU.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in Geneva, Switzerland before a single arbitrator. The arbitration shall be administered by the Swiss Chambers' Arbitration Institution pursuant to its Swiss Rules of International Arbitration.
You agree that any proceedings to resolve or litigate any dispute will be conducted solely on an individual basis, and you waive any right to participate in a class action lawsuit or class-wide arbitration.
To the extent permitted by law, we shall not be liable for:
You agree to indemnify, defend, and hold harmless IRAIC BANK, its affiliates, officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys' fees) arising out of or in connection with:
This Agreement, together with the Fee Schedule, Privacy Policy, and any account opening documents, constitutes the entire agreement between you and IRAIC BANK regarding your account and supersedes all prior agreements, understandings, or representations.
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
If you have questions about these Terms of Service, wish to report unauthorized activity, or need assistance, please contact us:
For fraud or unauthorized transaction reporting, call our Fraud Liaison Center immediately at the number above. We accept relay calls.