Terms and Conditions – Online Facilities
1. Nature of the Facilities
An Online Facility is either a Loan, a Temporary or Permanent Overdraft (“Overdraft”), or a Temporary Credit Card Increase offered by the Bank as digital straight-through credit products made available through the Bank’s online banking platform and/or mobile banking application. The Borrower(s) acknowledge(s) and agree(s) that any Facility may be granted on the basis of predefined internal eligibility criteria and information available to the Bank at the time of application.
2. Borrower Responsibility
By accepting any Facility, the Borrower(s) confirm(s) that they have considered their financial circumstances and repayment capacity and that they are able to repay the relevant Facility in accordance with its terms. The Borrower(s) assume(s) full responsibility for the due and punctual repayment of all principal, interest, fees, penalties, insurances, taxes, and any other amounts payable under this Agreement.
The Borrower(s) acknowledge(s) that the Facility is granted through an automated process based on predefined criteria and available account information.
3. Electronic Application and Acceptance
The Borrower(s) acknowledge(s) and agree(s) that any Facility may be applied for, approved, accepted, documented and administered electronically. Any application, instruction, consent, acceptance, confirmation or authorization made through online banking credentials, one-time password, app confirmation, click-acceptance, digital signature or any other authentication method accepted by the Bank shall constitute valid and binding consent and shall have the same force and effect as a handwritten signature.
The Borrower(s) agree(s) that the Bank’s electronic records, including but not limited to authentication data, timestamps, transaction logs and system records, shall constitute evidence of the application and acceptance of any Facility, subject to counterproof.
4. Indemnity for False Information or Artificial Eligibility
The Bank shall not be liable if the Borrower(s)’ eligibility for any Facility was based on false, incomplete or misleading information, or on any manipulation or circumvention intended to artificially create eligibility under the Bank’s criteria or approval process. The Borrower(s) shall be fully responsible and shall indemnify the Bank against any resulting loss, damage, cost or claim, to the extent permitted by applicable law.
5. Automated Decisioning and Reservation of Rights
The Borrower(s) acknowledge(s) that the Bank may use automated processing and predefined decision rules in determining whether an application qualifies for approval. The Borrower(s) further acknowledge(s) that such automated processing is based solely on predefined criteria determined by the Bank.
Nothing in these Terms and Conditions shall oblige the Bank to grant any Facility. The Bank reserves the right, at any time and in its sole discretion, to decline an application, suspend the availability of any Facility, request additional information or documentation, or require the Borrower(s) to apply through the Bank’s regular credit assessment process.
6. CIF-Level Liability
Where a Customer Identification File (CIF) includes more than one person, each such person shall be jointly and severally liable (“hoofdelijk aansprakelijk”) for any Facility granted under that CIF, irrespective of which person initiated, requested or accepted the Facility through the Bank’s online or mobile channels.
7. Interest Rate
If the Online Facility is a Loan or an Overdraft, interest shall be computed for the actual number of calendar days from the date the proceeds of the Facility have been made available to Borrower(s), calculated on the basis of a 360-day year.
If the Online Facility is an Overdraft, if the Facility expires and the account remains overdrawn, an overdrawn rate shall apply to the overdrawn balance from the date of expiry until full repayment.
8. Pricing Information
Prior to acceptance of any Online Facility, the Borrower(s) shall be provided with an overview of the applicable interest rate and fees relating to the relevant Facility.
9. Balance Protection
If the Online Facility is a Loan, a Balance Protection Fee in the currency of the account, including all taxes, applies to the Facility and will be deducted from the Bank’s total commitment under the relevant Facility Agreement. The Balance Protection Fee will ensure that in the event of death of the Borrower(s), and provided the Borrower(s) is not in default on the date of death, the then outstanding balance including interest of such Facility will be considered paid off by the Bank and no amount of principal or interest will remain due thereunder. Balance Protection Fee is valid until Borrower(s) reach sixty-five (65) years of age.
10. Closing Fee and Renewal Fee
If the Online Facility is an Overdraft, a closing fee and a renewal fee in the currency of the account, including all applicable taxes, it shall be deducted from the Facility amount.
11. Application of Payment
Any payment made by Borrower(s) shall first be applied to costs, expenses and fees, then to accrued interest and thereafter to the outstanding principal amount or overdrawn balance, as applicable.
12. Late Payment or Non-Compliance
If the Online Facility is a Loan, then a monthly late fee in the currency of the account will be charged to the Borrower(s) account in the event of late payment or non-compliance.
13. Additional Loan Payments
If the Online Facility is a Loan, additional payments are allowed without penalty but do not relieve Borrower(s) of the obligation to make the monthly payments as scheduled.
14. Full Payment / Early Repayment
If the Online Facility is a Loan, if the Borrower(s) decide(s) to fully repay the total outstanding balance before the contractual maturity date, a penalty fee in the currency of the account shall apply.
15. Events of Default
The amounts outstanding under any Online Facility, together with accrued interest and all other moneys and liabilities owed by Borrower(s) to the Bank under this Agreement, shall be due and payable forthwith without any legal procedure being required to that effect if one or more of the following events (an event of default) shall occur, including, but not limited to:
a. Payment of any principal and/or interest and/or other amount has not been received by the Bank on the due date thereof;
b. Any of the stipulations of this agreement is not fulfilled or is infringed upon, with non-fulfilment or infringement not rectified within twenty (20) days after written notice thereto;
c. Borrower(s) is adjudicated bankrupt or a petition is filed for that purpose or in case Borrower(s) should apply for a moratorium (“surseance van betaling”) or an arrangement with his/her creditors or an important part thereof makes a general assignment for the benefit of them or action shall be taken by Borrower(s) for the purpose of effecting the foregoing or if an attachment or execution is levied against any portion of the property of Borrower(s);
d. A Borrower(s) is placed under guardianship (“onder curatele”);
e. The Guarantee, if any, ceases to be in full force and effect;
f. Any representation or warranty made by Borrower(s) or Guarantors, if any, in this Agreement or in connection therewith, or any statement made in any document, report, financial statement furnished by either of them to the Bank, has proven to have been false or misleading in any material respect when made;
g. Any data, account activity, credits, authentication, profile information or transaction pattern relied upon by the Bank in granting any Facility proves to have been false, inaccurate, incomplete, unauthorized, manipulated or misleading in any material respect;
h. Borrower(s) is dismissed by or resigns from his present employer or stops with his present business;
i. Borrower(s) intends to leave the island of Aruba in order to settle somewhere else;
j. Death of Borrower(s) and/or Guarantors, if any.
k. In the case of an overdraft facility or credit card increase, expiry of the overdraft facility while the account remains overdrawn shall also constitute an event of default.
16. More than one Borrower(s)
In case of more than one Borrower(s), each shall be jointly and severally liable hereunder, and all provisions hereof shall apply to each of them.
17. Expenses
All costs, expenses and taxes in connection with this Agreement, including and without limitation, those with respect to the collateral and the collection of the moneys owed by Borrower(s) to the Bank – such as present and future stamp duties, registration fees, appraisal costs, representation expenses, legal costs and collection fee (including extra-judicial collection fees which may run up to twenty percent (20%) of the entire principal amount or overdrawn balance outstanding together with accrued interest and all other moneys and liabilities owed by Borrower(s) to the Bank at such time) – shall be borne exclusively by the Borrower(s).
18. Fees, Commissions, Interest and Costs
All fees, commissions, interest rates and/or costs in connection with any Facility are published on the Bank’s website and are subject to change at the Bank’s discretion.