Online Banking Terms & Conditions (EQIOBS)

1. Definitions

“Account Agreement” means the account agreement (general terms and conditions) between you and the Bank.

“Affiliate” means (a) any subsidiary or related company by way of common ownership of the Bank, (b) any Group Companies, and (c) each of their directors, officers, empolyees, agents, successors and assignees.

“Client Administrator” means one or more natural person(s) appointed by you who is responsible for authorizing and designating users and assigning authorization levels. The Bank will establish user IDs, initial passwords and issue security codes. 

“Designated User” means users of the Site who are designated by the Client Administrator in accordance with Clause 9 hereof.

“EQIOBS” means the Bank’s online banking system which provides internet access to Accounts held at the Bank.

“Group Companies” means the Bank, EQITrade Limited, EQITech SEZC Limited, EQI Holdun Exchange Limited, and EQIFi Limited.

“Indemnified Party” means each of the Group Companies and their respective directors, officers, employees, agents, successors and assignees from time to time.

“Intellectual Property” means computer code, patents, trademarks or other proprietary material related to the online banking service or the Bank which you may have the occasion to copy, download, read or print.

“Online Banking” means our internet banking service and includes on-line real time access to Account information, transferring funds between Accounts, wire transfers and access to other electronic financial products and services authorized and/or provided by us.

“Site” means as defined in the Website Terms of Use.

“Terms” means these Online Banking Service Terms and Conditions.

“Transaction” means any transaction as described in Clause 8 of these terms.

“you””your” and “Client” means each person who requests access to Online Banking or uses Online Banking, including Designated Users and Authorised Signatories.

“we”“us”“our” and “Bank” are references to EQIBank Limited of 24 Hillsborough Street, Suite II, Roseau, Commonwealth of Dominica, its successors, assigns and transferees (and including where applicable its Affiliates).

2. General

2.1. All our products and services and those of Group Companies are subject to the terms and conditions (and disclaimers) of the applicable agreement governing their use which, to the extent of any inconsistency, shall prevail over these Terms.  These Terms are supplemental to the terms and conditions of the Account Agreement entered into between you and the Bank. 

2.2. In the event of a conflict between these Terms and the Account Agreement, these Terms shall only prevail regarding your use of Online Banking and the Account Agreement will prevail with respect to all other matters.

2.3. Defined terms used but not defined herein shall have the same meaning as in the Account Agreement.

3. Accepting These Terms

3.1. These Terms govern your use of the Online Banking System, EQIOBS. By clicking “Accept” to the Account Agreement and/or using EQIOBS you signify that you agree to be bound by these terms as amended from time to time. If you do not agree with the Terms you may not use online banking with the Bank.

3.2. Notification of any amendments to these Terms will be provided on the home page of EQIOBS or the Site. It is your responsibility to review the amendments to the Terms on a periodic basis.

4. Online Services

4.1. Neither your course of conduct, nor that of the Bank, nor trade usage, shall act to modify or alter any of these Terms. The Bank reserves the right to change or modify at its absolute discretion these Terms and the rules of operation, accessibility, security procedures and provisions, type and location of resources, administration, features and functionality of the online banking system from time to time and without notice. 

4.2 As and when each Transaction is made by you on an Account, you are deemed to have received, read and understood these Terms and to have agreed to be bound by them and the applicable terms on the Site.

4.3. The Bank makes no representations, warranties, conditions or other terms, express or implied, as to the performance, quality or fitness for purpose of the online services.

4.4. The Bank does not warrant that access to online banking will be error-free or uninterrupted or that the functions of the online banking will meet your needs and you acknowledge and agree that interruptions in access to the Bank’s computer systems may occur and that the Bank shall have no liability whatsoever in respect of any such interruption. If any such interruption occurs, the Bank shall, in so far as the interruption is within its control, use its reasonable efforts to restore such access as soon as is practicable.

4.5. You shall use the online banking services for your own purposes only and shall not make any part of it available for usage by any third party except in accordance with these Terms. In the event that the Bank suspects or discovers that you are acting for or on behalf of a third party, the Bank reserves the right to terminate its relationship with you, without giving reasons.


5.1. When you transmit instructions to the Bank, approval and confirmation thereof will be displayed online and/or by email to you (making it an “Instruction”) should any instruction from you be declined by us, notification thereof will be sent to you in the same manner as notification of a confirmation or an approval. Should you not receive an acceptance or rejection notice of an instruction within a reasonable time of having sent an instruction, then such instruction will lapse, and the Bank shall not be bound to consider such instruction, nor confirm, approve or reject it.

5.2. The Bank will use reasonable endeavors to affect an Instruction or to amend or cancel any earlier instruction provided that such earlier instruction has not already been approved. The Bank shall not be liable whatsoever to you for any losses suffered or incurred by you in the event that the Bank has not amended or canceled an Instruction.

6. Security 

6.1. You agree that you shall keep secret and not disclose your Security Information to any third party except in accordance with these Terms.

6.2. If you have reason to believe that your Security Information or any part thereof pertaining to your access to online banking is ever in the possession of any unauthorized third party, you shall immediately contact the Bank by telephone and request that all access codes be reset, and confirm such request in writing (to be sent by email from the email account associated with your Account and addressed to ).

6.3. The Bank, Group Companies and their Affiliates shall have no liability whatsoever to you (or to any of your affiliates) for losses suffered by you (or your affiliates) in respect of any instruction transmitted as a result of the possession, loss, use and/or misuse of your Security Information.

6.4. If a Designated User has lost their password or security token they must notify their Bank Account representative immediately, so that a new password or security code can be issued. The Designated User will be allowed to attempt to enter online banking with the security codes 3 times. If the third attempt fails, the Designated User will not be allowed to log into the online banking application. In this case the Designated User must notify the Bank Account representative so that the security token value can be reset.

7. Client Administrators 

7.1. The Bank will provide the Client Administrator with a user ID, initial password and security code necessary to access the online banking service. The Client Administrator must change its password on the initial login. The Bank will assign a security code for each transaction.

7.2. The Client Administrator will be the person that the Bank contacts in the event of queries which the Bank may have from time to time. Any change of Client Administrator shall be immediately notified to the Bank. The Bank is entitled (but not bound) to take reasonable actions in respect of such queries or problems if the Bank is unable to contact the Client Administrator.

7.3. The Bank shall provide support by email at: 

8. Online Banking Transactions

“Account Inquiry” – a Designated User has the ability to view all of their active Bank Accounts online and on a real-time 24/7 basis.

“Wire Transfers” – a Designated User has the ability to initiate a wire (funds) transfer transaction online to an external party from their Accounts that have sufficient balances on a 24/7 basis.

“Internal Transfers” – a Designated User can initiate an internal transfer of funds online from or to any of their designated Accounts on a 24/7 basis.

“Fixed Deposits and Fixed Deposit Renewals” – a Designated User can request to establish online a fixed deposit Account or renew an existing fixed deposit Account. The interest rate will be established two business days prior to the start date of the deposit. The Bank will notify the Client of the interest rate.

“Foreign Exchange” – foreign exchange Transactions cannot be conducted online. Please contact your Account representative for information on how to process such trades.

9. Alerts 

9.1. You may request to receive Alerts (notices via secure email or internet email) in the event that certain activities happen on the Account. The Client Administrator will inform the Bank which Designated Users should receive the Alerts. Each individual Designated User has to establish the limits for each Account for each Alert after their initial login.

9.2. You may request to receive an Alert with respect to the following activities happening on the Account: (a) Current Accounts – Account Balance High Limit, Account Balance Low Limit, Large Transaction Amounts, and Large Credit Amounts, and/or (b) Fixed deposit Accounts – Number of days to maturity and maturity of deposit today.

10. Limitations of Liability 

10.1. You acknowledge and agree that the Bank and each Indemnified Party shall have no liability in relation to losses suffered or incurred by you in relation to the use of the online banking services as a result of any act or omission on the Bank’s part in fulfilling any part of this Agreement. You further agree that the Bank and each Indemnified Party will not be liable for indirect, special or consequential damages, even if advised of the possibility of such damages.

10.2. Without limitation to the foregoing, you acknowledge and agree that access to online banking services including transmittal of instructions may be carried out by the usage of technology which varies in terms of reliability, and that the Bank is not liable for any breach of your security, or any breach of the Bank’s security, whether such breach is committed by the Bank, you, or a third party.

10.3. You agree to indemnify the Bank and each Indemnified Party to the fullest extent permitted by applicable law against all actions, claims, proceedings, suits and demands which may be brought against the Bank or an Indemnified Party (and against any losses incurred or sustained by the Bank or an Indemnified Party) in performing its obligations or duties hereunder other than by reason of the Bank’s own fraud, willful default or gross negligence as determined after final adjudication.

10.4. Specifically in relation to your use of the online banking service and pursuant hereto, you authorize the Bank and each Indemnified Party to debit your Account accordingly in respect of any claim for indemnification properly made by the Bank or an Indemnified Party.

10.5. You alone are solely responsible for the expense, installation, upgrade and maintenance of all hardware, software and provision of telecommunications used to access the Site and/or Services.

11. Intellectual Property 

11.1. You acknowledge that you do not own any copyright or other Intellectual Property rights in the Services or the Site and are subject to the conditions of confidentiality specified in the Account Agreement.

12. Governing Laws and Jurisdiction 

12.1. If you access the service or the Site from a country outside of the Commonwealth of Dominica, you shall be responsible for complying with the laws and regulations of that country.

12.2. The construction, validity, and performance of these Terms will be governed by the laws of the Commonwealth of Dominica and you irrevocably submit to the jurisdiction of the Courts of the Commonwealth of Dominica. In the event of a dispute between you and us, you agree to abide by the arbitration provisions in the Website Terms of Use.