iVestor Terms and Conditions

1. Phrasing/Wording

Words importing only the singular shall include the plural and vice versa. Where the account is a joint account, reference to a single Cardholder shall be referred to both Cardholders. The words importing any gender shall include all genders, words importing a person shall include a sole proprietor, partnership, firm, company, corporation or other entity. The heading of the clauses herein shall not be taken into consideration on the interpretation of these Terms. These Terms and their amendments constitute an integral part of account opening documents and the relevant service documentations offered by the DFM to the Cardholder.

2. Definitions

In these Terms where the context so admits, the following expressions shall have the meanings herein designated unless the context otherwise require: Account: means the investment account with the clearing, settlement and depository division of the DFM and its related trading account, pledge, freeze and/or any other type of account for investment opened with the DFM under any individual name or jointly operated. Bank Card Account: means an account opened in the books of the Bank to record all Transactions relating to each Card and each Cardholder. Bank Services: means any kind of service(s) offered by the Bank to the Cardholder, as more particularly set out in Clause (3) of these Terms and Conditions. ATM: means an automated teller machine or any Card operated machine or device whether belonging to the Bank or other participating banks or financial institutions that are members of the VISA network and which accept the Card. Bank: means Emirates NBD Bank PJSC and its successors and legal assigns. Business Day: means any official working day on which the Bank/DFM is open for business in the United Arab Emirates. Card: the iVESTOR Card, which is a VISA prepaid payment card issued by the Bank to the Cardholder. Cardholder: means individual or individuals to whom a Card is issued and who has individual authority to undertake financial transactions in relation to the Account. Cardholder Instructions: means the instructions given by the Cardholder to DFM from time to time regarding the operation of the Account. Cardholder Transactions: means the use of the Card by the Cardholder to access the DFM Services and to Bank Services. CDM: means and refers to cash deposit machines owned and operated by the Bank, providing its customers and other banks and financial institutions customers access to deposit cash and various payments and services available DFM: means the Dubai Financial Market PJSC and its successors and legal assigns. DFM Services: means any kind of service(s) offered by DFM to the Cardholder, as more specifically set out in Clause 3 of these Terms and Conditions. Identication Facilities: means the Cardholder number, Card number, PIN, Phone Banking Identication, and/or any other identification facilities. Internet: means a collection of information stored in a computer physically located throughout the world. iVESTOR Customer Service: means the customer contact for all issues and queries in relation to the Card PIN: means the Personal Identication Number issued to the Cardholder and/or selected by the Cardholder to enable the Card to be used at an ATM, retail outlet accepting PIN, and other selfservice terminals. Payment Date: means the date on which the funds pertaining to the DFM Services are made available to the beneficiary.

3. Scope of Services

1. Scope of Services
1. Instant access to any dividends declared by companies listed on DFM who appoint DFM as the dividend distribution agent. The dividends would be credited and loaded by DFM directly onto the Card. The dividends can be withdrawn on the Payment Date by the Cardholder from any of the ATMs or over the counter in any of the Bank’s branches across the UAE during the Bank’s banking hours.
2. To make payments to DFM in relation to the limited to Cardholder Transactions. The Cardholder can make cash top ups or deposits through the Card from any of the Bank’s CDMs or over the counter in any of the Bank’s branches across the UAE during the Bank’s banking hours or transfer from your own Emirates NBD account to iVESTOR card through Online Banking Services.
2. Bank Services

The Cardholder can use the Card for the purpose of entering into the following transactions with the Bank in relation to the Bank Card Account:-

1. Purchase goods, services, benefits and/or reservations from merchant partners, within the UAE and overseas, through a point of sale machine accepting VISA Cards.
2. Purchase goods, services, benefits, and/or reservations via the internet, by telephone or mail order, or by any other means where the card is not physically present at the time of the transaction, as permitted by the Bank.
3. Access to ATMs and CDMs displaying the VISA and PLUS mark.
4. Access to Phone Banking services of the Bank.

4. Conditions of Use

1. The Card may, at the discretion of DFM, be provided to any of its’ customers that satisfy the following:
1. The customer has opened and maintains a valid Account with DFM. ln the event of the Account being closed for any reason, the Card shall immediately be returned to the DFM by the Cardholder and its validity shall cease.
2. The customer subscribes to the Card.
3. A valid Bank Card Account is maintained with the Bank.
2. The services are provided for exclusive use by the Account holder and may not be utilized by any other individual. The Cardholder acknowledges that the services under the Card may not be transferred or assigned by the Cardholder to any third party.
3. All Card transactions shall be calculated and based in United Arab Emirates Dirham (AED). The amount of any Card transaction in a currency other than AED will be converted into AED at the exchange rate determined by the Bank on the date when the relevant Card transaction is debited / credited to the Card. The Bank will impose charges on all transactions processed through the ATMs of other banks whether in United Arab Emirates or abroad.
4. The Cardholder agrees and acknowledges that the Card is issued for use on electronic terminals capable of accepting VISA/PLUS SWITCH cards and who is authorized whenever it’s possible - to purchase goods, services, benefits and/or reservations from retailers, within the UAE and overseas, through a point of sale machine accepting VISA Cards.
5. Subject to the Bank sole discretion and prior written approval the Bank may allow the Cardholder to use the Card to purchase goods, services, benefits and/or reservations via the internet, by telephone or mail services, order, or by any other means where the Card is not physically present at the time of the transaction. The Cardholder may be allowed to access ATMs displaying the VISA or PLUS trademarks/ logos and access to the Bank Interactive Voice Response (IVR).
6. The Card shall not be used to obtain credit of any description.
7. Upon receipt of the Card, the Cardholder shall sign the signature panel of the back of the Card immediately and such signature and/or Card activation and/or use of the Card will constitute binding and conclusive evidence of the Cardholder’s confirmation to be bound by those terms and conditions, not withstanding that DFM or the Bank is not notified of the Cardholder’s receipt of the Card.
8. The Cardholder shall only use the Card for purchases that are legally acceptable in the UAE and/or the Country of purchases. The Bank reserves the right (subject to applicable law) to refuse settlement of any Card transaction on the Cardholder’s behalf if the Bank is of the reasonable opinion that the Card transaction is for goods / services and unlawful.
9. The Bank reserves the right at all times and without notice to the Cardholder to refuse to authorize any purchase or cash advance, cancel or suspend the right to use the Card or PIN in respect of all or specific transactions.
10. The Cardholder agrees that in case of a Card linked to joint Account, fast cash transactions performed on the Bank ATMs, all transactions done on other ATMs, and purchases carried out with the Card, will be recorded only on the primary Bank Card Account from which the main Card was issued.
11. Any deposit made through the ATM and CDM will be subject to verification from the bank whitch shall be binding and conclusive for all purposes.
12. The Bank shall debit the Cardholder’s Bank Card Account with the amount of any withdrawal / transfer payment of telephone, water electricity bills / payment for good, services, benefits and reservations at merchant outlets, and all such payments as effected by the use of the Card along with the related Bank charges and expenses related to processing such transactions.
13. The Cardholder accepts all debits made to the Account and the Bank Card Account arising from using the Card without limitation.
14. The Cardholder shall ensure that there is sufficient balance available for drawing in the Bank Card Account and the Account to which the Card is linked before making any withdrawals or transaction. If for any reason such account is overdrawn by the use of the Card or towards any Bank or DFM charges, the Cardholder shall be responsible for settling the overdrawn amount immediately by a direct payment or transfer of funds from any other accounts maintained with the Bank / DFM. Failure to comply with this condition shall entitle the Bank / DFM to cancel the Card and / or make a transfer of the overdrawn amount or any amount due from any account in the Cardholder’s name maintained with the Bank, (if more than one account is maintained at the Bank / DFM). The Bank shall have the right to debit or set off any other accounts of the Cardholder with the Bank / DFM in order to cover the overdraft amount of the Cardholder without prior notice.

5. Credit limit

1. The following credit limits shall apply to transactions conducted by the Cardholder in a day in relation to the DFM Services:-
1. There shall be a default limit per day of AED 10,000 cash withdrawal at ATM and can be increased up to AED 25,000 by managing the withdrawal limit through the iVESTOR card control feature via DFM smart service app. Any greater amount, can be withdrawn over the counter in any of the Bank’s branches across the UAE during the Bank’s banking hours.
2. There shall be a maximum of AED 40,000 cash deposit limit at the Bank’s CDMs. Any amount greater than AED 40,000, can be deposited over the counter in any of the Bank’s branches across the UAE during the Bank’s banking hours or transfer from your own Emirates NBD account to iVESTOR card through Emirates NBD Online Banking Services.
2. The Bank reserves the right, at its sole discretion to limit the total cash sum and purchase sum used by the Cardholder during any 24 hour period without giving any reasons or prior notice to the Cardholder. Such Changes shall apply immediately.

6. Fees and Charges

1. The Cardholder shall be liable to pay charges while undertaking transactions through the Card (“DFM Charges”) to avail the DFM Services along with other related DFM costs, charges and expenses related to the Card. Details of the DFM Charges shall be set out in the “Schedule of Fees” notified by DFM from time to time.
2. A cash withdrawal fee will be levied on all transactions processed through non Bank ATMs both within the United Arab Emirates and overseas.
3. The Cardholder shall be liable to pay charges while undertaking transactions through the Card (“Bank Charges”) to avail the Bank Services along with other related Bank costs, charges and expenses related to the Card. Details of the Bank Charges shall be set out in the “Schedule of Fees” notified by Bank from time to time.

7. duty of care

1. The Cardholder undertakes not to disclose his / her PIN to any other person. In the event the PIN becomes known to someone other than the Cardholder, that person may be treated by the DFM and the Bank as acting as an agent on behalf of the Cardholder and the Cardholder shall indemnify the DFM and the Bank against all loss or damage which may occur as a result of the PIN becoming known.
2. The Cardholder shall take maximum care to prevent the Card from being lost, misplaced, damaged, stolen or any unauthorized use being made of the Card and the Cardholder undertakes not to pass the Card to any other person.
3. In the event that the Card is lost, misplaced, damaged or stolen or the PIN is disclosed to any other party or any unauthorized use is made of the Card, the Cardholder shall immediately, thereafter report the said loss, theft or disclosure, damage or unauthorized use, together with the particulars of the Card, to the Bank / DFM by calling the iVESTOR Customer Service. Until the loss, theft or disclosure of PIN to a third party (as the case may be) is reported, the Cardholder will be responsible for the transactions processed by use of the Card. The DFM and the Bank shall not be liable for any damages or loss resulting from such loss, theft or disclosure of PIN or any unauthorized use made of the Card.
4. Where verbal notice of loss, theft, damage or disclosure or unauthorized use of either the Card or the PIN is given, it must be confirmed in writing by the Cardholder within 48 hours from the receipt of verbal notification to the iVESTOR Customer Service.
5. If a replacement is issued afterwards, a Card replacement fee shall be levied as per the DFM effective Schedule of Fees.

8. Responsibility, Liability and Indemnity

1. he Card is issued entirely at the risk of the Cardholder who shall indemnify the Bank / DFM for all loss or damage howsoever caused resulting from the issuance and use of the Card.
2. The Cardholder shall at all times remain liable for any transaction made by the use of the Card and shall indemnify DFM and the Bank for all loss / damage howsoever caused by any unauthorized use of the Card or related PIN. The DFM and the Bank record of transactions processed by the Card electronically or otherwise in relation to the DFM Services and the Bank Services shall be conclusive and binding for all-purpose, in particular for the purpose of legal evidence.
3. The Bank / DFM shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Card or the ATM or the temporary insufficiency of funds in such machine and the manner in which the refusal was communicated to the Cardholder.
4. The Cardholder undertakes and agrees to indemnify the DFM on demand and hold harmless against any loss, damages, liability, costs and expenses, whether legal or otherwise, which the DFM may incur by reason of any DFM Service or transaction or otherwise under these Terms and Conditions.
5. The Card shall remain the property of the Bank and DFM at all times and either of them may, at their sole discretion, cancel the validity of the Card and request its return at any time, in which case the Cardholder shall immediately comply with such request.
6. The Cardholders shall be jointly and severally liable under these Terms and Conditions, if the Account and the Bank Card Account is opened in two or more names.

9. Notice and Comunication

1. DFM may send the Card and any replacement Card to the Cardholder by normal post or courier to the last known mailing or other address of the Cardholder maintained on the DFM’s records and at the Cardholder’s responsibility.
2. The Cardholder may request the DFM to provide monthly statements of the DFM Services by Fax or E-mail upon submitting a formal request for the same. The content of the statement of account will be considered correct and valid unless a written notification to the contrary is received by DFM within fifteen days of the statement date.
3. Subject to the DFM’s sole discretion, the DFM may issue a monthly or quarterly statement to each Cardholder (in respect of its Bank Card Account in respect of the Bank Services by normal post or courier. The statement must be carefully checked and reviewed by the Cardholder on receipt and any error or discrepancy must be notified in writing to the DFM within fifteen days (15 days) of the statement date as it appears in the DFM records. If no such notice is given by the Cardholder, the statement is deemed to be correct and the Cardholder may not thereafter raise any objections to the statement. If the Cardholder does not receive a statement for any period, it is the responsibility of the Cardholder to request a statement from the DFM within one month of the date on which such statement would normally have been sent to him / her.
4. The DFM will be dispatching the statement of the Bank Card Account to the address in their records at the agreed frequency. However the DFM shall suppress, the generation of statements and discontinue their dispatch if the statement dispatched to the Cardholder address, as appearing in their records is returned undelivered consecutively on two or more occasions, until such time the DFM is provided with an alternative address for mailing the statements, and those statements not mailed to the Cardholder, may be collected from the DFM premises after serving sufficient notice for retrieval from the system. The Cardholder hereby absolves the DFM from any consequences, losses, damages, claims or other rightful acts, which the Cardholder may otherwise have against the DFM / Bank arising either directly or indirectly, of the DFM not dispatching the statements of the Bank Card Account.

10. Confidentially

1. The Cardholder irrevocably authorizes and permits DFM to disclose and furnish such information that is deemed relevant concerning the Cardholder or his / her Account to the Bank.
2. The Cardholder irrevocably authorizes and permits the Bank and DFM to disclose and furnish such information that it deems concerning the Cardholder or his / her accounts with the DFM and the Bank not limited to the DFM / Bank’s associate companies, agents, and / or or any other third party.

11. Marketing

1. In connection with any special promotions, discounts and / or offers made by the Bank, the DFM or by any specific merchants from time to time:
1. The Bank and DFM do not hold any warranty or make any representation of the delivery, quality, design, specifications or otherwise set out in respect for such offers.
2. Such offers / promotions / discounts may be subject to availability of what is declared by the merchant and will be allocated on a first come, first served basis.
3. The Bank or DFM shall not be held responsible where any of the said merchant withdraws, cancels, alters or amends such promotional offers.
2. Cardholder participation in any Card promotions usage campaigns will be subject to the promotion / campaign terms and conditions, which may not concern the Bank and DFM.

12. General

1. The DFM and the Bank may, from time to time, at their sole discretion and without notice to the Cardholder, change or amend any of these Terms and Conditions.
2. The Cardholder agrees that the invalidity or enforceability of any part of these Terms and Conditions shall not prejudice or affect the validity or enforceability of the other provisions herein.
3. The failure of the Bank or DFM to insist in one or more instances upon the strict performance of any of the provisions of these Terms and Conditions or take advantage of any of its rights hereunder shall not be construed as a waiver of any of such provisions or the relinquishment of any such rights, which shall continue in full force and effect.
4. The Cardholder agrees that the Bank and DFM shall have the right to assign and transfer any of their rights and obligations under these Terms and Conditions to any third party without obtaining the Cardholder consent. The Cardholder have no right to assign any of his rights and obligations under these Terms and Conditions unless if he / she has obtained DFM’s prior written consent.
5. These Terms shall be construed in accordance with the laws of the UAE and the rules, regulations and directives of the UAE Central Bank, the Securities and Commodities Authority and shall be subject to the jurisdiction of the courts in Dubai, UAE.
6. These Terms are made in bilingual (Arabic and English) text however, if there is any contradiction between the Arabic and English text, the Arabic text shall prevail.

13. Terms and Conditions

Each Cardholder acknowledges that it has read, understood and agrees to abide by these Terms and Conditions.