mba code of banking practice booklet
TRANSCRIPT
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MAURITIUS BANKERS ASSOCIATION
2007 EDITION
CODE OF
BANKINGPRACTICE
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MEMBERS
1. Bank of Baroda
2. Banque des Mascareignes Lte
3. Barclays Bank PLC
4. Deutsche Bank (Mauritius) Limited
5. First City Bank Ltd
6. Habib Bank Limited
7. HSBC Bank (Mauritius) Limited
8. Indian Ocean International Bank Limited9. Investec Bank (Mauritius) Limited
10. Mauritius Post and Cooperative Bank Ltd
11. P.T. Bank Internasional Indonesia
12. SBI International (Mauritius) Ltd
13. SBM Nedbank International Limited
14. South East Asian Bank Ltd
15. Standard Bank (Mauritius) Limited
16. Standard Chartered Bank (Mauritius) Limited
17. State Bank of Mauritius Ltd
18. The Hongkong and Shanghai Banking Corporation Limited
19. The Mauritius Commercial Bank Ltd
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MBA CODE OF BANKING PRACTICE
. Introduction
2. Ourkeycommitmentstoyou
3. Choosingtherightproductsandservicesthatmeetyourneeds
4. Termsandconditions
5. FeesandCharges
6. Customerinformation
7. AdvertisingandMarketing
8. Provisionofcredit
9. Runningyouraccount
0. DormantAccounts/AbandonedFunds
. ForeignExchangeServicesandCross-BorderPayments
2. CardsandPINs
3. OnlineBanking
4. Liabilityforlosses
5. Reasonablecare
16. Financialdifculties
7. Disputeresolution
8. Businesscontinuity
MBA CODE OF BAN KI NG PRACTICE
CONTENTS
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1. INTRODUCTION
TheCodeofBankingPractice(theCode)isavoluntarycodeofconductwhich
setsoutthestandardsofgoodbankingpracticethatweasbanksshouldobservein
ourdealingswithcustomersandpotentialcustomers.Wewant toestablishagood
relationshipwithyouandalsopromotegoodbankingpracticebyformalisingstandards
ofdisclosureandconductwhichwewillobservewhendealingwithyou.Wecommit
ourselvestomaintaintherelevantstandardsoffairnesssetoutinthisCode.
IndividualcustomersshouldndtheCodehelpfulinunderstandinghoweverybank
isexpectedtobehavetowardsthem.
The Banking Act provides for the appointment of an Ombudsperson for Banks.
As at the date of publication of this Code the Ombudsperson has not yet beenappointed.However,once theOmbudspersonisappointed,wewouldbeprepared
tosubmitourselvesto thejurisdictionof theOmbudspersonforBankstomediate,
tomakebindingdeterminationsbasedonthe law,whereappropriate,andtomake
recommendationsinothercircumstancesincludingthosebasedonequity.
We will comply with all applicable legislation, codes, rules and supervisory
requirements,specicallythoserelatingtobanking,marketconductandconsumer
protection.
However,noneoftheprovisionsofthisCode:
Willaffectyourstatutoryrights.
WillbelegallybindinginanyCourtoflaw.
Willconstituteanimpliedtermofyourcontractwiththebank.
Maybeusedasanaidtointerpretationorinanywaytoinfluencethe
interpretationoflegalrelationshipbetweenyouandyourbank.
Willgiverisetoatradecustomortacitcontractorotherwise
betweenyouandyourbank.
InthetextofthisCode,YoumeanstheClientandWe,Ourandusreferto
theclientsbank.AlistofdenitionsofcertainwordsandphrasesusedintheCodeis
providedintheglossary.
TheCodewillbereviewedeverythreeyearsorsooner,ifsorequired.
TheCodeappliesasfromJanuary2007.
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MBA CODE OF BANKING PRACTICE 3
2. OURKEYCOMMITMENTSTOYOU
Wepromisethatwewillactfairlyandreasonablyinallourdealingswithyouby
meetingallthecommitmentsandstandardsinthisCode.Wewill:
2. ensurethatclearinformationisavailableinrespectofallourservicesand
products;
2.2 ensure that our advertising and promotional literature is clear and
notmisleading;
2.3 assist you to choose a service or product appropriate to your needs and
understand thebasicfinancialimplications of theproducts or services you
choose;
2.4 assistyoutounderstandhowyouraccount(s)works;
2.5 helpyoumonitoryouraccount(s)bysendingyouregularstatements(where
appropriate)andwewillkeepyouinformedaboutchangestotheinterestrates,
charges,termsandconditionsthatmayapplytoyouraccountswithus;
2.6 providereliablebankingandpaymentsystemsservicesandtakereasonable
caretomaketheseservicessafeandsecure;
2.7 ensure that the products and services we offer andmore particularly our
lending criteria, are based solely on commercial principles and do not
discriminateagainstyouonanybasisnotpermittedbylaw;
2.8 publicise thisCode,have copiesavailable andmakesure thatour staffare
trainedtoputitintopractice;
2.9 treatallyourpersonalinformationasprivateandconfidential;
2.0 considereach caseoffinancialdifficultyon itsmeritsandactquicklyand
effectively;
2. informyouaboutourcomplaintsproceduresandhandlecomplaintsspeedily;
2.2 generallyactonyourwritteninstructionsonlyafteryoursignaturehasbeen
verified. We will act in accordance with other forms of instructions in
exceptionalcircumstancesonlyorwherethenatureoftheprocesssodictates,
for example ATM, telephone, internet or any other form of electronic
banking.
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3. CHOOSING THE RIGHT PRODUCTS AND SERVICES THAT
MEETYOURNEEDS
3. Beforeyoubecomeacustomer,wewill:
Giveyouclearinformationexplainingthekeyfeaturesoftheservices
andproductsyoutellusyouareinterestedin.
Giveyouclearandappropriateinformationonthedifferenttypesof
productsandaccountsavailablefromus toassistyouinmakingan
informedchoiceappropriatetoyourneeds.
Tellyouwhatinformationweneedfromyoutoproveyouridentity
(bylaw,wearerequiredtoascertainyouridentitytoassistinprotecting
ourcustomers,membersof thepublicandourselvesagainst fraud
andothermisuseofthebankingsystem). Makeavailabletoyourecommendedsafetymeasuresandtipsonour
servicesandproductsinwhichyouexpressaninterest.
3.2 Wewilltellyouifweofferproductsandservicesinmorethanoneway(for
example,ontheinternet,overthephone,inbranchesandsoon)andtellyou
howtofindoutmoreaboutthem.
3.3 Anyinformationprovidedwithrespecttoproducts/servicesshallbedeemed
tobeaguidelineonlydesignedtoassistyouinmakingyourowndecisions.
4. TERMSANDCONDITIONS
4. Wewillgiveyouallrelevanttermsandconditionsfortheproductyouhave
askedustoprovide,whenyouapplytobecomeacustomeroracceptaproduct
forthefirsttime.
4.2 Allwrittentermsandconditionswillbefairandwillclearlysetoutyourrightsand
responsibilitiesinrespectofaproductorserviceinplainlanguage.Wewilluse
legal and technical language onlywherenecessary.Where legal and technical languageisused,wewillexplainwhatwemean.Ifyouarestilluncertainafter
studyingtheexplanation,youmayapproachusforfurtherclarification.
4.3 Whenyoubecomeacustomer,wewillinformyouastothemodebywhichyou
willbeapprisedaboutchangestothosetermsandconditionswhichweareentitled
by law tomodify. This will normally be through direct communication to the
customerorbyadviceondisplay inbranchesorATMsorbystatementsin the
mediabeforethechangesareimplemented.Wewillgiveyoureasonablenotice,
whichinnormalcircumstancesshallnotbelessthan30daysbeforeanychange
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takeseffect,sothatyouwillhavetimetodecidewhetheryouwanttocontinue
withtheproductorservice.
4.4 Wewill,uponrequest,andiftherearesignificant changesina2months
period towarrant it,make available to youasingle documentproviding a
consolidation of the variationsmade to the termsandconditions over that
period.
4.5 Undernormalcircumstances,wewillnotcloseyouraccountwithoutgiving
youreasonablewrittennotice,which,inanycase,shallnotbelessthan7days,
atthelastaddressyougaveus.
4.6 However,subjecttoyourrightunderParagraph7,wereservetheright,to
protect our interest, to take such other measures as we deem appropriate includingsummarilyclosingyouraccountforthefollowingnon-exhaustive
reasons:
Ifwearecompelledbylaw.
Ifyouusethreateningandabusivebehaviourtowardsstaff.
Ifwe have reasons to believe that your account is beingused for
fraudulentand/orillegalpurposes.
4.7 Wewillnormallyprovideyouwith30dayspriornoticeofourintentionto
closeanyofourbankbranches,outletsorATM/electronicbankingcentres.
5. FEESANDCHARGES
Feesandcharges
5. We will make available to you rates of the fees and charges, if any,
payable in connection with the operation of your accounts. These will
beintheformofpublishedtariffscoveringbasicaccountservices,whichwill
be given to youat the time the accountsare opened and atany time upon
request.
5.2 Ratesofthefeesandchargeswithrespecttoallourproductsandserviceswillbe
conspicuously displayed in the public part of our branches and will also be
postedonourwebsites.Details of any changes tothe ratesof those feesand
chargeswill begivenbydirectcommunicationto customersor by adviceon
display in branches or by statements in the media before the changes are
implemented.
5.3 We will inform you of the nature and amount of charges debited to
youraccounts.
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Interestrates
5.4 Wewillinformyouoftheinterestratesapplicabletoyouraccounts,themanner
inwhichinterestiscalculatedandwhenitwillbechargedtoyouraccounts.
Thesewillincludetheratesapplicableandanyotherapplicablefees/charges when your accountsare overdrawnwithout prior agreementor exceedthe
agreedborrowinglimit.
5.5 Whenwe change interest rateswith immediateeffect,wewill give public
noticeofthosechanges,forexample,bynoticesinourbranchesorinthepress
oronstatementsorthroughourATMnetworkorourwebsites.
6. CUSTOMERINFORMATION
6.. Wewill treat all customer information as strictly private and confidential
(evenafteryouceasetobeacustomer).Wewillnotrevealyourpersonaldetails
ordetailsaboutyouraccountstoanyoneexceptwhenrequiredorallowed
underthelaworwhenwehaveyourpermissiontodoso.
6.2. Wewillnotpressyoubyrestrictingaccesstoanyofour standardservices
and products upon the condition that you consent to pass your personal
informationtoanycompany,includingthoseinourgroup.
6.3 Undercertainconditions,wearerequiredtodiscloseinformationaboutyour
creditexposuretotheMauritiusCreditInformationBureau(MCIB).
7. ADVERTISINGANDMARKETING
7. Wewillmakesurethatalladvertisingandpromotionalmaterialisclear,fair
andnotmisleading.
7.2 Wewillmarketandapprovecreditresponsibly,basedontheinformationyou
supply to us, to match your requirements and capabilities and supply you withsuitableproducts,inanattempttoensurethatyouarenotextendedbeyond
yourfinancialmeans.
7.3 Wemay inform you about the services or products of another company.
Ifyouagree,thatcompanymaycontactyoudirectly.
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8. PROVISIONOFCREDIT
8.. Alllendingwill be subjecttoan assessment of your abilitytoafford such
facilityandyourwillingnesstorepay.Thisassessmentwillinclude-butwill
notbelimitedtothefollowing:
Checks we are required to carry out with the Mauritius Credit
InformationBureau(MCIB).
Checkswemaycarryoutwith otherbankswithwhom youhave
transactedpreviouslytoascertainyourcreditworthiness.
How you have conducted your previous and existing accounts
withus.
Informationsuppliedbyyou,includingverificationofyouridentity
andthepurposeoftheborrowing.
Anysecurityorcollateralprovided.
Creditscoring.
Yourfinancialstatements.
8.2 Whenweextendcredittoyou,includingamortgageloan,weshalldiscloseto
you:
(i) the interestchargedthereonandthemanner inwhichit is tobe
calculated;
(ii) anyapplicablefeesorotherchargesandthemannerinwhichthey
aretobecalculated; (iii) alltermsandconditionsapplicabletothecredit,clearlyidentifying
your obligations and encourage you to take independent legal
advice;
(iv) theoperationandrepaymentofyourloan,includingallthecharges
and costs, and the additional interest and costs payable should
youraccountfallintoarrears.Wewillalsoexplainthebenefitsand
possibleadditionalfeeswithregardtoacceleratedpayment;
(v) thatyourcreditfacilitymay,subjecttoParagraph6,berecalled
at any time, shouldyou fail to respect the terms and conditions
applicabletothecredit;
(vi) thatyouriskthepossibilityoflosinganypropertygivenassecurity
shouldyounotkeepupyourloanrepayments;and
(vii) whether thebankrequires insurance tobe takenout andwhose
responsibilityitistoarrangefortheinsurance.
8.3 Ifyouwantustoacceptanyguarantororothersecurityfromsomeoneforyour
loans,wewill:
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(i) adviseandcautiontheguarantorthat,bygivingthesuretyorother
security,theymaybecomeliableinsteadof,oraswellas,you;
(ii) encouragetheguarantortotakeindependentlegaladvicetomake
sure that they understand the commitment and the potential
consequencesofsuchadecision;
(iii) ensurethatall thedocumentstheguarantorwillbeaskedtosign
willcontainclearandprominentnoticetothiseffect;
(iv) advise the guarantor whether it is a limited (and themaximum
value)orunlimitedsuretyand tell themabout theimplicationsof
anunlimitedsurety;and
(v) undertaketoinformtheguarantorassoonasreasonablypossibleif
theprincipalhascommittedabreachofthetermsofanyfacility.
9. RUNNINGYOURACCOUNT
9. We recommend you to check your statements or savings account book
regularly.Ifyourstatementorsavingsaccountbookhasanentrythatseemsto
be wrong, you should tell us as soon as possible, so that we can resolve
matters.
Tohelpyoumanageyouraccountandcheckentriesonit,wewillgive
youregularaccountstatements,atleastonahalfyearlybasisunless
you request otherwise or this is not appropriate for the type of
accountyouhave(suchasanaccountwhereyouhaveapassbook). You can ask us to give you account statements more often than
isnormallyavailableonyour typeof account,but theremaybea
chargeforthisservice.
You should manage the use of your statements to meet your
requirements taking into account the charges associated with
providingthem.
9.2 Wewill,uponrequest,adviseyouastohowdirectdebits,standingordersand
recurringtransactionsworkandhowyoumaycanceloneofthesewhenyou
nolongerrequireit.
9.3 Wewill keep original chequespaid from your accountor copies of these,
fortheperiodprescribedbylaw.
9.4 Ifweretainacheque,wewillkeepthechequeforaperiodofatleast0years
asfromthedatethechequeisdrawn.
9.5 If,aftertheperiodof0yearsreferredtoinParagraph9.4,wehavenotkept
theoriginalofthechequeweshallkeepalegiblecopythereofinsuchformas
isrequiredbylawforafurtherperiodof20years.
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9.6 IfwedonotkeepsuchacopyofthechequeasreferredtoinParagraph9.5,
weshallkeepthechequeforaperiodof20years.
9.7 Wherewehavepaidacheque,uponrequestbyyouasdrawerwewillwithin
areasonabletimeprovideyouwitheitherthechequeoralegiblecopyofthe chequeonpaymentofafee.
9.8 Wewill,uponrequest,adviseastohowwedealwithunpaidchequesandout
ofdatecheques.
9.9 Wewill,uponrequest,adviseastohowandwhenwemaystopachequeor
countermandothertypesofpayments.
9.0 Wewill,onrequest,adviseastowhenfundscanbewithdrawnafteracheque
orotherpaymenthasbeencreditedtotheaccount.
9. Wewillinformyouifachequeyouhavedepositedhasbeenreturnedunpaid.
9.2 Itisessentialthatyoukeepusinformedofanychangewithrespect toany
informationprovidedatthetimeoftheopeningoftheaccountandwhichmay
haveaneffectontheday-to-dayrunningofyouraccount(e.g.name,address,
revenue,employer).Youwillberequiredtosubmitdocumentaryevidence.
10. DORMANTACCOUNTS/ABANDONEDFUNDS
0. Wherethefundsyouhavedepositedwithusfallbelowourminimumbalance
requirement (which may vary among banks) and these have been left
untouchedforaminimumperiodofoneyear,wewillnotifyyouinwriting
priortoapplyinganyservicefeesorcharges.Shouldyoufailtorespondwithin
6monthsofsuchnotificationmadetoyou,yourdepositwillbetransferredto
thecentralbank.
0.2 Bylaw,wearerequiredtotransfertothecentralbankfundsyouhavedeposited
withus,whichhavebeenleftuntouchedandnotreclaimedforaperiodof0
yearsormore.Priortothetransferoffunds,wewillinformyouinwritingatthe
lastknownaddressyouhaveprovidedus.Ifyoudonotrespondwithin6months ofournotification,thefundswillbetransferredtothecentralbank.
0.3 FundstransferredtothecentralbankinaccordancewithParagraphs0.and
0.2willalwaysremainyourproperty(orifyoudie,itwillbecomepartof
yourestate).Thisisthecasenomatterhowmanyyearspass.However,such
funds will not bear any interest. Upon request, we will advise you of the
processtoretrieveyourfunds.
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11. FOREIGN EXCHANGE SERVICES AND CROSS-BORDER
PAYMENTS
. Wewillexplaintheservices, details of the exchangeratesand the charges
whichwill applytoourforeignexchangeservices.The ratesofthefeesor
chargeswillalsobedisplayedinourbranchesand/orourwebsite.
.2 When you wish to effect cross-border payments, we will, upon request,
provideyouwithdetailsoftheservicesweoffer.Indoingso,wewillprovide,
asaminimum:
(i) abasicdescriptionof theappropriateservicesavailableand the
mannerinwhichtheycanbeused;
(ii) informationas towhenmoneysentabroadonyour instructions
maybeexpectedtoarrive;and
(iii) thedetailsoftheexchangerate,anycommissionorchargespayable
to us including a warning where agents' charges may also be
incurred.
.3 Ifmoneyis transferredtoyourbankaccountfromabroad,wewilltellyou
theamountreceivedandanychargesapplicable.Ifthesenderhasagreedtopay
allcharges,wewillnottakeoffchargeswhenwepaythemoneyintoyour
account.
12. CARDSANDPERSONALIDENTIFICATIONNUMBERS(PINS)
Thissectionappliestocardsasdefinedintheglossary
Generalfeaturesofcards
2. Unlessyouridentityhasalreadybeenverifiedbyus,wewillrequestyouto
establishyouridentitywhenyouapplyforacard.
2.2 Wewillonlyissueanewcardtoyouuponrequestorinreplacementofany existingcard.
2.3 Wewillinformyouifthecardissuedtoyouhasmorethanonefunction.
2.4 Whenyouapplyforacredit/debitcard,wewilltellyouhowitworksandgive
youthetermsandconditions.
2.5 Ifyoudonotrecogniseacardtransactionthatappearsonyourstatement,we
willgiveyoumoredetailsifyouaskus.Insomecases,wewillneedyouto
giveusconfirmationthatyouhavenotauthorisedatransaction.
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2.6 If weare satisfied that a transaction isunauthorised, the amount involved
togetherwithanyinterestcharged,asaconsequenceofthetransactionbeing
unauthorised,willberefundedunlessyouhaveactedfraudulentlyorwithout
reasonablecare.
2.7 Wewillinformyouastothefrequencyatwhichyouwillreceivearequest
forpaymentandtheperiodwithinwhichpaymentshouldbemade.
2.8 Wewillinformyouinwriting,notlessthan30daysbeforeanyvariationof
thetermsandconditionsrelatingtoyourcardsbecomeseffective.
PINs
2.9 WewillgiveyouyourPINseparatelyfromyourcard.Wewillnotrevealyour PINtoanyoneelse.
2.0 Wewilltellyouaboutoursystems,whichallowyoutochooseandchange
yourPIN.
Creditcards
2. When we issue a card to you, our literature will provide the following
information:
(i) yourrightsandobligationsinrespectof:
a. the credit limit authorisedunder the card and the amount of
indebtednessoutstandingatanytime;
b. theperiodoftimeforwhicheachstatementisissued;
c. anychargesandinterestcostsforwhichyoubecomeresponsible
foracceptingandusingthecard;
d. theminimumamountinrespectofthebalanceoutstandingthat
mustbepaidattheendofeachstatementperiod;and
e. themaximumamountofyourliabilityforunauthoriseduseof
thecardwhereitislostorstolen.
(ii) the cost of borrowing in respect of any loan obtained through
theuseofthecard;
(iii) theexchangerateappliedandthemannerinwhichitiscalculated;
(iv) in theevent therequired instalment isnotpaidontheduedate,
particularsof thechargesandpenalties thatyou shouldpay; and
(v) theamountofanychargeorfeeforwhichyouareresponsiblefor
acceptingandusingthecardandthemannerinwhichthechargeis
calculated.
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2.2 Beforewegiveyouacreditlimitorapproveyourrequestforanincreaseinthe
creditlimit,wewillmakeanassessmentastoyourrepaymentcapacity.
2.3 Wemay increase or decrease yourcredit limitonyourcard. Howeverwe
willnotchangeyourcreditlimitunlesswehaveinformedyoubeforehand.
Youcancontactusatanytimeifyouwanttoreduceyourcreditlimitoropt
outofreceivingcreditlimitincreases.
2.4 Youwillreceiveamonthlystatementforyourcreditcardunlessyouraccount
hasanilbalanceandhasnotbeenused.Themonthlystatementwillinclude
informationabouttransactionssincethelaststatementdate,anyinterestand
othercharges/fees,whichapply,andtheminimumrepayment.
2.5 Wewillinformyouoftheperiodoverwhichanypromotionalofferinrelation toyourcreditcardwillapply.
2.6 Ifyoumakeacashwithdrawalwithacreditcard,wewilltreatitasacash
advance and you may be charged a handling fee and interest at the cash
advancerateasfromthedateofthewithdrawaluntilfullpaymentiseffected.
13. INTERNETANDTELEPHONEBANKING
Onlineandtelephonebankingaresafeaslongasyoutakeanumberofsimple
precautions:
Keepyourpassword/PINsecret.
Reviewyourbankstatementsandreconcileyouraccountsregularly.
Treatemailsyoureceivewithcautionandbewaryofemailsorcalls
askingyoutorevealanypersonalsecuritydetails.NeitherthePolice
norwewillevercontactyoutoaskyoutorevealyouronlinebanking
orpaymentcardPINs.
CheckthesitesecuritycertificatefortheInternetBankingsiteeach
timebeforeyoudoyourbanking.
Changethepasswordthatwasissuedtoyoutoapasswordofyour
choiceknownonlytoyou.
Shouldyoubeawarethatyoursecretaccesscode/PIN/passwordor
otheruniquemeansofpersonal identificationhasbeenobservedby
anyone,changeitimmediately.
Thesecurityofyourpersonalcomputerisyourresponsibility.
Ensure that you have read and are familiar with the terms and
conditionsofyourbankswebsite,includinganysecurityprecautions,
andtheproducttermsandconditionsonthewebsite.
Do not use the browser facility to store your password in order
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to avoid having to enter it each time you transact, using internet
banking.
Ensurethatthereisadequateanti-virusandsecuritysoftwareinstalled
andenabledonthecomputeryouuseforinternetbanking.
14. LIABILITYFORLOSSES
4. It is essential that you tell us as soon as you can if you suspect or
discoverthat:
Yourchequebook,passbookorcardhasbeenlostorstolen;or
Someone else knows your PIN, password or other security
information.
4.2 Thebest wayof informingus about the losswill usuallybe by telephone
initially,usingthenumberswehavegivenyouorbyemailifwehavegiven
youanaddressforthispurpose.Youneedtothereafterpromptlyconfirmthe
lossinwriting.Wemayrequireyoutogiveastatementtothepoliceaboutthe
lossortheftofyourcard.
4.3 Afteryouinformusthatachequebook,savingsaccountbookorcardhasbeen
lostorstolenorthatsomeoneelseknowsyourPIN,passwordorotherunique
meansofpersonalidentification,wewilltakeimmediatestepstopreventthese
frombeingusedtoaccessyouraccount.
4.4 Subject to Paragraphs 4.6 and 4.7, we will refund you the amount of
any transaction together with any interest or charges associated with the
disputedtransactioninthefollowinginstances:
Where you have not received your card and it is misused by
someoneelse.
Foralltransactionsnotauthorisedoreffectedbyyouafteryouhave
informedusoftheinformationlistedinParagraph4..
Where systemmalfunctionshaveoccurred inATMsorassociated
systems,whichwerenotobviousorsubjecttoawarningmessageor
noticeatthetimeofuse.
4.5 If someone else uses your card before you tell us it has been lost or
stolen,thebankwillrefundanydisputedtransactionsif:
Youhaveexercisedreasonablecareinsafeguardingyourcardfrom
riskofloss,theft,orunauthoriseduse;and
Youimmediatelyandwithoutdelaynotifiedthebankupondiscovery
oftheloss,theft,orunauthoriseduse;and
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APINhasnotbeenusedasthecardholderverificationmethodforthe
unauthorisedtransaction(s);and
Youhavecompliedwiththetermsandconditionsofthecardholder
agreement.
4.6 Ifyouactfraudulently,youwillberesponsibleforalllossesonyouraccount.
If youhave actedwithout reasonable care and this causes losses, youmay
be responsible for them.Your responsibility may also applyif you failto
followmeasuressetoutinParagraphs3and5.
4.7 Whenacreditcardtransactionisdisputed,wewouldrequestyourpatience
andcooperationwhilewewillconductaninvestigationtoestablishwhether
therehasbeenfraudandnegligence.Insuchcases,weexpectyoutocooperate
withusandthePoliceinanyinvestigationandweundertaketoreverttoyou within30daysofyournotificationtothebankofthedisputedtransaction.
15. REASONABLECARE
5. Thecareofyourcheques,passbook,cards,PINsandothersecurityinformation
isessentialtohelppreventfraudandprotectyouraccounts.Pleasemakesure
thatyoufollowtheadvicegivenbelow.
Donotkeepyourchequebookandcardstogether.
Never give your account details or other security information to anyoneunlessyoucanreasonablytrustthepersonandyouare
informedwhyhe/sheneedsthem.
Donotallowanyoneelsetouseyourcardanddonottellanyoneelse
yourPIN/password.
IfyouchangeyourPIN,youshouldchooseyournewPINcarefullyand
avoidPINsthatareeasytoguess,suchasoryourdateofbirth.
TrytorememberyourPIN,passwordandothersecurityinformation
anddestroythenoticeassoonasyoureceiveit.
Neverwrite down or record your PIN, password or othersecurity
information.
DonotkeepbothyourcardandPINtogether.
AlwaystakereasonablestepstokeepyourcardsafeandyourPIN,
passwordandothersecurityinformationsecretatalltimes.
Keepyourcard receiptsandotherinformationaboutyouraccount
containingpersonaldetails(forexample,statements)safeandgetrid
ofthemcarefullybydestroyingthem.
Take carewhen storing or getting rid of information about your
accounts. People who commit fraud use many methods, such as
binraiding,togetthistypeofinformation.Youshouldtakesimple
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stepssuchasshreddingprintedmaterial.
Ensurethatyouarealerttotherisksofmuggingandcardswapping
whenusingATMsorotherelectronicbankingdevices.
DonotuseATMs/POSthathaveobviouslybeen tamperedwithor
thatcontainwarningmessages.
5.2 Youarebylawrequiredtoexercisereasonablepromptnessinexaminingthe
bankstatementswesendyou.Ifthereisanentrythatseemstobewrong,you
shouldtellusassoonaspossiblesothatwecansortitout.Wewillremindyou
tocheckyourstatementseverytimewesendyouastatement.
16. FINANCIALDIFFICULTIES
6. Shouldyouraccountgointodefault,ourfirststepwillbetotrytocontactyou todiscussthematter.
6.2 Ifyoufindyourselfinfinancialdifficulties,youshouldletusknowingood
timeand,inparticular,respondtoourcommunicationsassoonaspossible.The
soonerwediscussyourproblems,theeasieritwillbeforbothofustofind
a solution and develop a plan with you for dealing with your financial
difficulties,consistentwithbothourinterestsandyours.
17. DISPUTERESOLUTION
7. Ifyouwanttomakeacomplaint,wewilladviseyouofourprocedures.
7.2 Ifwedonot resolveyourdisputeoryou are not satisfiedwith the outcome of
ourdispute handlingprocess,wewould be prepared to submit ourselvesto the
jurisdictionoftheOmbudspersonforBanks.
18. BUSINESSCONTINUITY
We will take all necessary measures to ensure the continuity of business operationsandtominimiserecoverytimeinthecaseofadisaster(naturalor
otherwise)orintheeventofanemergency.
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6 MBA CODE OF BANKING PRACTICE
GLOSSARY
These definitions explain the meaning of words and terms used in the Code. They are not precise legal or
technical definitions.
ATM(AutomatedTellerMachine)
A cash machine or freestanding electronic banking device dispensing cashwhich may also provide other
informationorservicestoclientswhohaveacardandaPIN,passwordorothermeansofuniqueidentification.
Bankingandpaymentsystems
Thisreferstotheunderlyingclearing,moneytransmissionandcomputersystemsusedbybanks.
Cards
Ageneraltermforanyplasticcardusedtopayforgoodsandservicesand/ortowithdrawcash.
Cheque
Achequeisanunconditionalorderinwritingdrawnonabanktopay,ondemand,asumofmoneyasspecifiedin
wordsandfiguresbyadrawerwithhissignature.Achequeisvalidforoneyearasfromthedateofissue.
Directdebit
Itisaninstructioninwritingdulysignedbyacustomertoabanktopayasumofmoney,tobespecifiedbythe
beneficiary,asclaimedforaparticularserviceprovidedbythebeneficiarytothecustomer.
Equity
Justiceappliedincircumstancescoveredbylawyetinfluencedbyprinciplesofethicsandfairness.
MauritiusCreditInformationBureau(MCIB)
The MCIB collects, stores and provides credit information to lending institutions about customers credit
exposures.ItisadministeredbytheBankofMauritiusunderstrictconfidentiality.
Outofdatecheque
Achequewhichhasnotbeenpaidbecausethedatewrittenonthechequeistooold(normallyolderthan2monthsforlocalcheques).
Password
Awordoranaccesscodethatiseithersuppliedbyabankorchosenbycustomerstoallowthemtousephoneor
internetbankingservices.
PIN(PersonalIdentificationNumber)
Aconfidentialnumberwhichallowscustomerstomakepurchasesofgoodsandservices,withdrawcashanduse
otherservicesatacashmachine.CustomerswilloftenhavetoentertheirPINintoapointofsaleterminal,instead
ofsigningareceipt,toauthoriseatransaction.
POS(PointOfSale)
Apointofsale(POS)terminalisacomputerisedreplacementforacashregister.
Standingorder
AStandingorderisaninstructioninwritingdulysignedbyacustomertoabanktopayacertainsumofmoney
onspecificdate/stoanamedpartyduringaspecifiedperiod.
Unpaidcheque
Thisisachequewhich,afterbeingpaidintotheaccountofthepersonitiswrittenoutto,isreturnedunpaid
(bounced)bythebankwhosecustomerissuedthecheque.Thisleavesthepersonthechequewaswrittenoutto
withoutthemoneyinhisaccount.
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3rd Floor, Plantation House
Duke of Edinburgh Street
Port Louis - Mauritius
Tel: (230) 210 9677 - 211 2980 - 213 0990
Fax: (230) 213 0968Email: [email protected]
Website: http://www.mba-limited.intnet.mu