Anb London General Terms and Conditions
For Corporate, Personal and Private Accounts
July 2018


Your agreement with us consists of these General Terms and Conditions (“General Terms”) and any Additional Conditions (the General Terms and the Additional Conditions are together the “Terms”) that apply to any product/service that you have.

Additional Conditions include the following, as applicable to your product/service:

  1. all charges that apply to the relevant product/service and are covered in the Tariff of Charges applicable to your product/service (you will be given this when you take out the product/service with us and can also obtain full details of our charges by telephoning us, by looking on our website, or by asking staff in our branch) (“Tariff of Charges”);
  2.  any other terms that we provide you from time to time in accordance with these Terms.

If any Additional Conditions contradict the General Terms, then the Additional Conditions will apply.


‘We’, ‘us’, ‘our’ or ‘Bank’ means arab national bank, whose address and contact details are arab national bank, PO Box 56921, Riyadh 11564, Kingdom of Saudi Arabia. arab national bank are incorporated in Saudi Arabia under commercial registration number 1010027912 and authorised and regulated by the Saudi Arabian Monetary Authority.

We will provide our services to you from our branch in London which is registered with Companies House with branch registration number FC013714 and whose registered office and contact details are 35 Curzon Street, London, W1J 7TT.

In the UK, arab national bank London Branch is authorised and regulated by the Saudi Arabian Monetary Authority (SAMA) in the jurisdiction of the Kingdom of Saudi Arabia and authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.  Details can be found on the UK Financial Services Register under firm reference number 204608.

‘You’, ‘your’, ‘the customer’ means you, the person or persons in whose name(s) the Account is opened or any person authorised by such person in accordance with these Terms. References to an ‘Account’ are references to all Accounts you have with us (including Joint Accounts) unless we make it clear that a condition only applies to a particular type of Account.

Reference to ‘Payment Account’ in these terms and conditions, means an account which is subject to the Payment Services Regulations 2009, which includes current accounts and other types of account which allow cash to be paid into and out of the accounts. Reference to ‘Non Payment Accounts’ means a fixed term deposit and other similar term account where you may be charged a fee or lose interest if you make a withdrawal before the end of the contract period.

“Data Protection Legislation” shall mean the UK Data Protection Legislation and (for so long as and to the extent that the law of the European Union has legal effect in the UK) the General Data Protection Regulation ((EU) 2016/679) and any other directly applicable European Union regulation relating to privacy.

“UK Data Protection Legislation” any data protection legislation from time to time in force in the UK including the Data Protection Act 1998 or 2018 or any successor legislation.

General conditions governing all Accounts

  1. These Terms are governed by the laws of England and Wales. You and we agree to submit to the non-exclusive jurisdiction of the English courts. These Terms are in English and all communications we send to you will be in English
  2. In order to open an Account with us, you must be at least 18 years of age and you must complete and sign an account application form. Accounts for the benefit of any persons below 18 years of age can be opened by their parent or legal guardian.
  3. The customer must provide the Bank with specimen signatures. Only such specimen signatures shall be valid and applicable on the main account and sub accounts and all transactions related thereto.
  4. Other than in relation to Payment Accounts, statements sent to the customer at their address as stated in the Bank’s file, shall be deemed approved by the customer unless otherwise advised by the customer within fifteen (15) days thereof.
  5. The customer must keep their cheque book in a safe and secure place; loss of such cheque books must be reported to the Bank immediately on the contact detail specified in Clause 50. If the customer decides to close their account then all cheque books must be returned to the Bank or destroyed by the customer.
  6. The customer shall advise the Bank of any change to their address, otherwise the last address used by the Bank will be the valid mailing address.
  7. Other than in relation to Payment Accounts, the Bank’s records shall be deemed correct and decisive evidence which is binding to the customer.
  8. The Bank may without consulting the customer, debit their account for all expenses, fees and commissions whatsoever borne by the Bank on behalf of the customer or as a result of any transaction between the Bank and the customer in accordance with the Tariff of Charges.
  9. Other than in relation to Payment Accounts, the Bank may at anytime, change or amend these Terms or any details forming part of the contract between you and us at any time. For Payment Accounts, any changes or amendments to these will be made pursuant to Clause 83. We will not be liable for any direct or indirect losses incurred by you as a result of changes to these Terms (and for any other matter) if you have failed to update your contact details with us.
  10. The customer authorizes the Bank to debit any of their Accounts with the Bank for any payment order, discounted items, loans, letter of guarantees, cheques, returned cheques or any credit card transactions. All types and kind of customer’s movable and immovable property, securities, funds, commercial papers and, all things of value, which falls under the custody of ANBI (arab national bank Investment Company) or the Bank, its sister companies, affiliates or wherein the Bank is a shareholder or a partner and all things transferred to the title of the Bank or pledged to its favour or kept in its custody or with a third party or registered in the Bank’s record under the customer’s name, shall form a guarantee and security to all customer’s debt plus the interests and all other expenses resulted from or shown in the Bank’s records. Therefore, the customer hereby authorises the Bank via an irrevocable authorisation, to dispose of in any way, at the Bank’s sole discretion, all or some of these money, property, funds and papers, including the right of levying, pledging for its favour, transferring to its title or selling the same in the manner, at the time, and at the market value, without any priority followed or specifying the items to be sold and without giving notice to the customer or taking his permission and without obtaining a court judgement. The Bank shall then credit the sale amount on the customer’s account. Accordingly the customer, hereby, relinquishes any right of objection against any action to be taken by the Bank in this regard. The customer hereby also authorises the Bank to address the official authorities to complete the actions to be taken by the Bank under this Clause (Notary Public(s), Tadawal, Banks, and the C.M.A are examples of authorities to be addressed, if the Bank deems it necessary or by virtue of the laws). All accounts of all types which are currently opened or will be opened in the future in the name of the customer or the customer’s sister, affiliate companies or in the companies where he is a shareholder or partner whether such accounts are opened with the Bank or ANBI or the Bank sister, affiliates companies or the companies wherein the Bank is a shareholder or partner, shall form a guarantee to each other irrespective of their names or types. Hence, the Bank, in case of the customer’s default or breach of any of its obligations under this agreement, or in case of failure or delay or non-payment of its debts, shall have the right to deduct or withdraw any credit balance from the said accounts, and credit it for the Bank’s benefit, and consider such deducted sums as a payment by the customer in compliance with the customer’s obligations under this agreement. Therefore, the customer hereby authorises the Bank to make the necessary set off, account’s settlements, and transfers from the said accounts. Such settlements shall be done in accordance to the price the Bank deems reasonable. The customer shall have no right to oppose or challenge any of the Bank’s actions. The Bank shall take these actions without any pre-required notice or consent from the customer or the need for court judgement.
  11. All the customers’ accounts regardless of their currencies shall only constitute one single account. The Bank shall without notice combine or consolidate all the accounts with the liabilities of the accounts with the liabilities of the account holder and set off or transfer any sum/s standing to the credit of any such accounts or any other sum/s owing from the Bank in or towards satisfaction of any liability to a Bank or any liability to a Bank on any other account or any other respect whether such liability is actual or contingent.
  12. The Bank may from time to time, at its sole discretion, allow the customer to overdraw from their account. The amount by which an account may be overdrawn, the period for which an account may be overdrawn and the rate at which service charges and overdraft interest will accrue will be determined by the Bank. For Payment Accounts, the service charge will be contained in the Tariff of Charges, and the applicable overdraft interest rate will be calculated by adding the current margin rate as specified in the Tariff of Charges to anb London’s current base rate, which will be available to customers on request by telephoning the Bank (the “Overdraft Rate”). The overdraft interest rate will accrue on overdrawn amounts in accordance with the Bank’s regular practices, and all service charges and overdraft interest will be treated as an additional overdrawn amount on which service charges and overdraft interest will subsequently accrue. The customer must pay the overdrawn amount plus all accrued overdraft interest and service charges.
  13. The customer agrees to accept cash deposits credited to their account with the Bank which may be made by any third party unless they provide the Bank with written instructions to reject such deposits. The Bank will not accept any stop payment request unless legally justified and signed by the customer on the Banks form whenever possible and as outlined in Clause 62.
  14. The Bank shall not be obliged to meet customer cash requirements of a foreign currency Account with the Bank unless cash is available and sufficient time is given to the Bank, in which event the Bank will charge the customer a margin based on the prevailing exchange rates on the date of withdrawal. The precise exchange rate applicable to any cash withdrawal will be available on request from the Bank.
  15. The Bank shall not be liable in the event of alteration in any cheque drawn by the customer on their account and filled by an electrical typewriter or any other typing device.
  16. The customer undertakes to use the Bank in withdrawing and depositing transactions.
  17. A minimum balance as specified in the Tariff of Charges (as amended from time to time) or other currency equivalent is required to open an Account with us. If you retain the minimum balance, you will not be charged any account maintenance charges, however, should your balance fall below the minimum required you will be charged in accordance with our Tariff of Charges.
  18. The Bank reserves the right to close Accounts which fall below the minimum balance threshold.
  19. The Bank reserves the right that for cheques causing the customers’ Account to be overdrawn to return them unpaid and to debit the customers Account with a penalty at the Bank’s prevailing Tariff of Charges for each cheque returned due to lack of available funds. Also if a cheque creating an overdraft is inadvertently transacted by the Bank, the account holder shall immediately upon demand, pay to the Bank the amount of the overdraft plus a penalty as specified in the Tariff of Charges and accruing for each day elapsing until the Bank has been fully reimbursed. Each member of a joint account shall be jointly and severally responsible for any amount due to the Bank in connection with the aforementioned accounts.

Terms and Conditions for all customer Accounts

  1. Interest will be debited to the end of the days’ debit balance at the end of each month based on the Overdraft Rate. The Bank also reserves the right to charge debit interest on credit balances if the currency of the account is subject to negative interest rates in the market, but this will be done under specific advice to the customer before any such interest is charged.
  2. No interest will be payable on any credit balances on current accounts with us whatsoever. The customer declares that they have no right to claim such interest for any reason.
  3. You authorize the Bank to overdraw your account with the Bank, without notifying you, and debit this out of the interest that has become due to the Bank on a monthly basis. You also authorise the Bank to debit your account for the value of any payment order, bill payments, cheques and charges. You authorise the Bank to use any of your accounts held with the Bank to settle the Banks’ dues in connection to the account. No balance will be paid to you before clearing all of your obligations to the Bank, including any balances in foreign currency accounts.

Joint Accounts (personal and private accounts only)

  1. The bank will accept the authority of any of the joint account holders in accordance with the signed mandate, unless it conflicts with any other instruction given to the bank in writing that governs how the account shall operate. The bank may however in certain circumstances ask for the authority of all account holders before taking action on an instruction, especially on the removal of one of the parties to the account mandate.
  2. If the bank has been made aware of a dispute between the parties on a joint account, or suspects that a dispute may exist, the bank reserves the right to treat this as a notice of cancellation of the mandate. If we do, any further transactions or activity will need the authority of all parties to the account, unless the bank can satisfy itself, using its sole discretion that it is in receipt of valid instructions as to how the account will operate. Until such time as the bank is satisfied with these arrangements any balances may be frozen and all services suspended. The bank may also ask for the return if any unused cheques or the return of cards.


  1. If you issue a cheque on your Account, the time taken for the amount to be deducted from your Account will depend on when it is paid in, the currency of your Account, the currency of the cheque issued and the country in which the recipient’s account is based. When writing a cheque:
    • You must take all reasonable precautions to prevent anyone else altering it or making a forgery;
    • You must clearly write the name of the person you are paying the cheque to and the amount you wish to transfer; and
    • You should not write a future date on a cheque. If you do and the cheque is presented for payment before that date, we will decide in our discretion whether to pay or return it. In either case, we will not be liable to you.
  2. If we receive for payment one of your cheques that is more than six months old, we may, but do not have to, pay it. We will stop/cancel any of your cheques at your request as long as:
    • The cheque has not already been paid; and
    • You give us sufficient details.
  3. A charge as specified in the Tariff of Charges applies for stopping/cancelling any cheques you have issued. We cannot stop or cancel a bankers draft or counter cheque you have asked us to draw up for you.


  1. We may debit money from your Account to cover:
    • each cheque and any other item which is paid into your Account but later returned to us unpaid;
    • each withdrawal or payment you request or authorise in accordance with these Terms;
    • the interest which you have to pay us on any overdraft;
    • any fee or charge as detailed in the Tariff of Charges which you owe us on your Account; and
    • any loss or expense we suffer in connection with your Account to the extent permitted by the applicable laws and regulations.

Credits to your Account

  1. We only accept responsibility for payments into your Account after we have received and checked them. Any sums which are paid into your Account on a Business Day but which:
    • are not in cash; or
    • are in a currency other than that in which the Account is denominated,
    will be credited to your account within 2 hours of our receipt and before 16.00. If such sums are received to be paid into your Account later than our cut-off time of 16.00 or on a non-Business Day, they will be dealt with on the next Business Day within two hours of the Bank being open for business. (see clause 64 for details of our business hours).
  2. All cash deposits of over a certain limit require purpose of payment to be mentioned in accordance with our anti-money laundering and fraud protection safeguards.
  3. If you pay in cash or a cheque of one currency into your Account which is held in another currency we will convert the amount at our applicable rate of exchange. If you are paying in the cash or cheque over the counter or otherwise if you telephone us to request this we will tell you the exchange rate and any fees we may charge. Any such fees will be debited to your Account. Similarly if we receive a payment electronically in a currency different from your Account’s currency, we will convert its amount to the currency of your Account at the applicable rate of exchange in accordance with these Terms. In relation to Payment Accounts, details of the applicable exchange rate in relation to a transaction are available by telephoning the Bank.
  4. We reserve the right to question you about any transactions over your Account in accordance with our anti-money laundering and fraud protection safeguards

Bank Charges

  1. When you open your Account, we will inform you of our current Tariff of Charges. For Non-Payment Accounts, we will also tell you about any charge for a service related to your Account that is not in our Tariff of Charges either upon request, prior to or at the time that we provide the service to you. You can also request information about these charges by telephoning us or by asking our staff at our branch.


  1. For Payment Accounts we will provide you with statements in accordance with Clause 72. For Non-Payment Accounts, we will send you statements for your Account at regular intervals or at a frequency you have agreed with us. You agree to dispense with the requirement in certain cases under the Consumer Credit Act 1974 (as amended) for us to send separate statements to each Joint Account Holder. You should check your statements as soon as you receive them and let us know immediately if you think the statement includes any information you believe to be wrong. Should you wish to be excluded from receiving any correspondence from us (including statements), we offer a hold mail service. To apply for our hold mail service you will need to sign a hold mail mandate. For information on our hold mail service please enquire at our London Branch. All applications for the hold mail service are subject to approval by the Bank. We will not usually approve such applications unless there are special circumstances for requesting this. Should you choose to subscribe to the hold mail service you will indemnify, and keep indemnified us and all our personnel on demand against all losses, liabilities, claims, actions, costs and expenses whatsoever and howsoever incurred or sustained by us or them in complying with this request. By subscribing to the service, you will waive your rights to take any action whatsoever or make any claim or request for compensation or damages that may arise from us holding the said mail.

Cut off Times





14:30 on the day


14:30 on the day


14:30 on the day


15:30 the day before



15:30 2 days before

Cheque clearing times

  1. Sterling cheques paid into an account, will receive value after two working days, however, if you wish to draw cash against this cheque you will be unable to do so until day five.

Non-sterling or non-UK cheques will not be cleared by us, but will be sent to the bank on which it is drawn. We will credit your account with the funds once we have received payment from the drawing bank. We will deduct a collection fee from the proceeds when we receive them, or, if the cheque is returned unpaid, charge you a fee as per Clause 66.


  1. When you apply for an Account with us, you authorise us to use your personal information for certain purposes, in accordance with the data protection statement in the account opening form. We will only use and disclose your information in accordance with the data protection statement, or for other purposes with your consent.
  2. Unless otherwise stated in these Terms we will not reveal your name and address or details about your Account to anyone who is not a member of the anb group other than in the following cases:

-If we are required or permitted by law or the rules of any regulatory body of which we are a member or whose rules or provisions apply to us to release the information;

-If we are required to release the information by any court order or similar process;

-We decide in our sole discretion that we should do so in connection with suspected money laundering, other serious crime(s) or a statutory or regulatory duty to reveal information; or

- If you ask us to reveal the information, or if we otherwise have your permission to do so.

  1. Notwithstanding the above, by signing the account application form you consent to us releasing information about your Account to credit reference agencies in order to verify your identity and suitability for an account with us and any services or products which we may from time to time offer or consider offering to you.

Crime Prevention

  1. To prevent crime, to verify your identity and to recover debt, we may also exchange information (both within the UK and overseas) about you and/or your Account with other members of the anb group, and, where appropriate with fraud prevention and debt recovery agencies and other organisations (including other lenders and financial institutions).
  2. If you have given us false or inaccurate information or if a fraud or other serious crime on your part is identified, we may pass details of and relating to you and your Account to fraud and crime prevention agencies or other authorities.
  3. Sanctions

Anb may be subject to Sanctions and/or embargos imposed by the international community including the UK, EU,UN, USA (OFAC) and KSA (SAMA). We may not accept instructions and may refuse to make payments if in our opinion to accept an instruction or to make a payment is likely to result in a breach of Sanctions. We may be obligated and shall be permitted to disclose to the relevant authorities such information as we deem necessary.

Data Sharing

  1. The anb group, which includes us, may record, exchange, analyse and use relevant information about you and your relationships with the anb group (including the nature of your transactions) for credit assessment, customer service, market research, insurance and administrative purposes. This may include information provided by you, or someone acting on your behalf.
  2. Relevant information may also be exchanged with members of the anb group and others for audit purposes and if required by appropriate governmental and non-governmental regulators and ombudsmen.
  3. We may use other anb group offices and/or third parties to process information and provide services on our behalf. Data may be transferred to, stored or processed in, other countries (including countries which do not offer “adequate protection” for the purposes Data Protection Legislation) for any purpose related to the operation of your Account. Whether it is processed in the UK or overseas, your information will be protected in accordance with applicable Data Protection Legislation and by a strict data protection policy to which all members of the anb group, their staff and any third parties used to process information or provide services on our behalf are subject, and in any event your information will only be used in accordance with our instructions.
  4. You acknowledge that we shall process Personal Data relating to you in order to provide our services to you, and that the lawful basis on which such personal data shall be processed shall usually be:
    1. For the performance of this contract or compliance with some other legal obligations to which we are subject; or
    2. For the purposes of our legitimate interests or those of a third party.
  5. Further details are provided in our Privacy Notice which can be found on the London Branch page of the ANB website..
  6. Any personal data that we handle will be processed in accordance with all applicable data protection laws in force from time to time. All personal data we have is stored on our database in the UK. Your data will be retained for no longer than is necessary and in accordance with our data retention policy.
  7. Unless another lawful basis for overseas transfer is to be relied upon, you consent to the transfer of such of your information as may be required to third parties outside the European Economic Area in order to further our business interests. In such circumstances, we will ensure that such transfers are made in compliance with data protection laws in force from time to time and that your rights under the relevant legislation are not compromised.

Security Information

  1. It is important for you to take all reasonable precautions to prevent fraudulent use of your Account with us. The care of your cheque books, VISA cards, personal security information, statements and other Account documentation is essential to help protect your Account and to prevent misuse by others. Such methods include but are not limited to:
    • If you have a VISA card, you must sign it as soon as you receive it;
    • Do not keep VISA cards and cheque books together;
    • If you change your PIN, passwords or other security information you should choose the new details carefully;
    • Do not allow anyone else to use your cheque books, VISA cards and other Account documentation or selected personal information;
    • Keep your cheque receipts and other information about your Account containing business and personal details (e.g. statements) safe and dispose of them carefully (e.g. shred all printed Account information that is no longer required);
    • Avoid the use of cordless or mobile telephones to telephone us as we will not be responsible if anyone else intercepts or overhears any telephone conversation between you and us;
    • Act immediately on any further instructions we give you to ensure that you can operate your Account and related services securely and privately. Any instructions we give you will reflect good security practice;
    If you believe that your cheque book, VISA card,  paying in book, other Account documentation or selected personal information (passwords or security information), has been lost or stolen, or that another person may have come into possession of such documents or details, or your Account is otherwise at risk of being misused, you must notify us immediately by telephoning us on +44 (0)207 297 4600. We will take action to prevent access to your Account.

Closing your Account and Terminating these Terms and Conditions

  1. You may:
    1. close your Account at any time provided that:
      • all outstanding obligations in respect of that Account, such as credit cards, cheques and credit facilities, have been fully satisfied in accordance with their terms and conditions; and
      • you have returned to us (or confirmed to us that you have destroyed) all VISA cards and cheque books in respect of the Account to be closed.
    2. terminate these Terms by giving us at least one month’s prior notice in writing. In the case of Joint Accounts, any one account holder can request closure as well as the redirection of any balances and regular payments, unless it conflicts with any other authority given to the bank in writing or the bank becomes aware of a dispute between the account holders, in which case we may suspend the use of our services or refuse to act in such circumstances; in these cases the bank may at its discretion require written authority of all Joint Account Holders before taking any action. Once the bank is satisfied it has a valid receipt of notice from you, we shall close your Account.
  2. We may close your Non-Payment Accounts upon written notice, at any time and without giving you any reason. If we decide to close your Non-Payment Accounts we will wherever possible, give you at least 60 days’ notice unless, in our opinion, there are exceptional circumstances; (e.g. we believe you are no longer eligible for the Non-Payment Account, you have given us false information, you or someone else is using the Non-Payment Account illegally or fraudulently, or you are seriously or persistently in breach of these Terms).
  3. In the event that your Account has become dormant, we may ask you to provide certain identification documents.
  4. Upon closure of your Account by us you must pay us all amounts you owe and return all VISA cards and cheque books in respect of the closed Account immediately. These Terms will continue to apply to your Account until all cheques drawn on it and other amounts you owe on it have been paid, and all cards and chequebooks have been returned to us, after which they shall terminate immediately.
  5. In exceptional circumstances, we may, without prior notice, suspend your right to operate your Non-Payment Account.

Complaints procedure

  1. If you have a complaint about the service you have received you should contact us by:
    • letter addressed to: Compliance Department, arab national bank (London branch), 35 Curzon Street, London, W1J 7TT;
    • fax on fax number: +44 (0) 207 297 4900; or
    • telephone on +44 (0) 207 297 4610.
    or such other details as we may notify you from time to time in accordance with Clause 83 of these Terms.
  2. If you are still dissatisfied, you may, if your complaint falls within their terms of reference, contact the independent body known as the Financial Ombudsman Service at Exchange Tower, London E14 9SR, Tel +44 (0) 207 964 0500 if calling from outside the UK or 0800 023 4 567 or 0300 123 9 123 if calling within the UK.

The Financial Ombudsman e-mail address is

  1. If your complaint is about payment services you can, in addition to any other bodies you may be entitled to complain to or seek redress from, complain to the Financial Conduct Authority (FCA) whose contact details are: The Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, Tel +44(0) 20 7066 1000.

Financial Services Compensation Scheme

Your eligible deposits with Arab National Bank, London Branch are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit will not be covered.

Please ask for further information or visit the

The Payment Services Directive, the Payment Services Regulations 2009 and the Banking Conduct of Business Rules

The Payment Services Directive (the “PSD”) and the Banking Conduct of Business Rules (“BCOBS”) came into effect on 1st November 2009. The Payment Services Regulations 2009 (the “PSR”) implement the Payment Services Directive in the UK and apply to all Payment Accounts. These Terms are a framework contract for the purposes of the PSR.

Our Payment Services

  1. Depending on the type of Payment Account you have with us, you may be able to make all or some of the following types of payments from your Payment Account:
    • Cash deposits to, and withdrawals from, your Payment Account.
    • Standing orders and direct debits: These are regular payments from your Payment Account to the account of a third party. In the case of standing orders, the amount of each payment will be set by you. In order to set up a standing order, you will need to provide us with the recipient’s name, sort code and account number as well as the date, frequency and amount of each payment. For direct debits, the third party will ask you to complete a direct debit mandate. The third party will normally then lodge the direct debit instruction electronically onto your Payment Account, and we will make payments when a payment request matches the payment reference on a direct debit instruction. The amount of each payment under a direct debit mandate will be set by the third party, and may vary by amount or by date.
    • CHAPS and SWIFT payments (wire transfers): payments made from your Payment Account using either the Clearing House Automated Payment System (CHAPS) or Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. In order to make CHAPS or SWIFT payments, you will need to provide us with the recipient’s full name, Bank Identifier Code, account number and sort code. You also need to provide us with the full name of the recipient’s bank and the country this bank is located in.
    • Cheques: Cheques received for deposit to your account are sent to our clearing agent for clearing and the clearing process can vary depending on the amount of the cheque and the currency. Please see Clause 36 for details of cheque clearing times.
  2. For us to consent to the execution of a payment request the relevant particulars listed for each type of payment service in Clause 59 above must be provided for, in particular, standing orders, direct debits, Chaps and Swift payments.
  3. Your request to transfer funds can be communicated to us by letter or by telephone, e-mail or fax provided that (i) we hold a telephone, e-mail or fax indemnity from you (which we will provide to you on request in accordance with Clause 71); (ii) we have given you prior approval that we will accept telephone, fax and/or email communications from you; and (iii) any telephone instructions to us are confirmed in writing by you to us as soon as possible. All faxes and email sent to us must be signed by the authorised signatory on the Account. In addition, we may perform a telephone call back to you to verify any instructions received by fax or by email.
  4. If you wish to cancel a payment instruction, you must communicate this to us in writing by letter or fax (if we hold a fax indemnity for you) in accordance with Clause 70, such letter or fax to be received by us at least one business day before execution of the payment instruction you wish to cancel. In relation to direct debits, any cancellation instruction must be received by us before the end of the preceding business day when a payment is due to be made. All faxes and letters sent to us must be signed by the authorised signatory on the Account. We will be unable to cancel any payment instruction received after this deadline.
  5. We may refuse to execute any payment instruction, including withholding funds, which is not in accordance with these Terms, or if the execution of the payment instruction or release of funds would be unlawful, or at our absolute discretion, would result in a breach of statutory / legal obligations. Where we refuse to execute a payment instruction, we will notify you of the refusal and, if possible dependent on our statutory / legal obligations, the reason for the refusal and procedure, where appropriate, for rectifying any factual error that led to the refusal.
  6. We will process outgoing payment instructions received on the business day that we receive them provided we receive those instructions before the relevant cut off time and latest by the next working day and within our business hours, which are Monday to Friday, 09.30 to 16.00. If we receive your instructions on a non-business day or after the relevant cut-off time we will process them on the next business day. Our cut-off time for all payment instructions are contained at Clause 35.
  7. Other than in relation to cheques, we will provide value and credit your account within 2 hours of our receipt of any funds received on the day as long as the funds are received by us before our cut off time of 16.00

Charges, Interest and Exchange Rates

  1. Our Tariff of Charges (which is available on request by contacting us in accordance with Clause 70 contains details of all applicable charges, interest and exchange rates. Details of our charges are also available by telephoning us or by looking at our website on The Tariff of Charges sets out the charges and commissions for the services we provide. If we change our charges and commissions we will notify you accordingly 2 months before the revised charges and commissions take effect.
  2. No interest will be paid on any credit balances on our Payment Accounts. Unarranged overdrafts will accrue interest at the Overdraft Rate specified in Clause 12.
  3. Our exchange rates are benchmarked on live market rates. The exchange rate we will apply to payments involving a currency exchange is the rate we provide or make available to you when you request payment. You can find out the exchange rate by telephoning us.
  4. You may be liable for other taxes or costs which are not imposed for or paid by us. The rate of interest you receive will depend upon your circumstances and may be subject to change in the future.

Contact Details

  1. You may contact us in relation to this Agreement and the services referred to within it by contacting us by writing to: Customer Services Department, arab national bank (London branch), 35 Curzon Street, London, W1J 7TT.
  2. We will contact you in relation to these Terms and the services referred to within it by using the contact details you have provided to us, including your address and telephone number in your account opening form. You must ensure that your contact details are accurate and that you notify us as soon as possible of any changes.
  3. We will provide you with paper monthly statements on your Account, unless:
    • we have agreed with you otherwise; or
    • your account has become dormant,
    in which case monthly statements will not be sent to you but will be provided to you only on request. If you require additional copies of your statement or more frequent statements, please contact us. We reserve the right to charge you in accordance with our Tariff of Charges for any additional statements.
  4. You have a right at any time during the term of this Agreement to obtain paper copies of these Terms and all documents that form a part of your contract with us as well as all information specified in Schedule 4 of the PSR

Security Measures

  1. You must keep your bank account details and your personal details secure at all times and take all reasonable precautions to keep safe and prevent fraudulent use of any security details.
  2. You must notify us in accordance with Clause 50 without undue delay if you become aware of the loss, theft, misappropriation or unauthorised use of any payment instrument.
  3. We may stop the use of any payment instrument if we have reasonable grounds relating to (i) the security of the payment instrument; (ii) the suspected unauthorised or fraudulent use of the payment instrument; or (iii) there is a significantly increased risk that you will not be able to fulfil your liability to pay.
  4. We will contact you in accordance with Clause 71 above before or, if that is not possible, immediately after, stopping the use of any payment instrument and shall notify you of our reason for doing so. However, this Clause 76 shall not apply if contacting or notifying you would be unlawful or compromise reasonable security measures.
  5. Other than if you have (i) acted fraudulently; or (ii) intentionally or with gross negligence failed to use a payment instrument in accordance with this Agreement, you will:
    • only be liable for a maximum of £50 for any losses incurred in respect of an unauthorised payment transaction resulting from a lost or stolen payment instrument or from the misappropriation of a payment instrument where you have failed to keep your personalised security features safe; and
    • have no liability for any losses incurred in respect of an unauthorised payment transaction arising (i) after you have notified us of the loss, theft, misappropriation or unauthorised use of any payment instrument in accordance with Clause 50; or (ii) where the payment instrument has been used in connection with a distance contract (other than an excepted contract). ‘Distance contact’ and ‘excepted contract’ have the meanings given in the Consumer Protection (Distance Selling) Regulations 2000.
  6. Subject to Clause 80 below, where a payment transaction has been executed by us which was not consented to by you we will refund the amount of the unauthorised payment transaction to you and restore your Payment Account to the state it would have been in if the unauthorised transaction had not taken place.
  7. Subject to Clause 82 below, you are entitled to a refund from us of a non-executed or defective payment instruction, and to have your Payment Account restored to the state it would have been in if the non-executed or defective payment instruction had not taken place, if (i) you or a payee submit a payment instruction to us in accordance with these Terms; and (ii) the recipient or the recipient’s payment service provider does not receive the payment amount.
  8. In addition to the Direct Debit Guarantee Scheme, if you have authorised a direct debit which is to be paid from your Payment Account and the following conditions apply:
    • the authorisation did not specify the exact amount of the payment when the authorisation was given;
    • the amount of the payment transaction exceeds the amount which you could reasonably have expected taking into account your previous spending pattern, this Addendum and the circumstances around the payment transaction; and
    • the time limit in Clause 82 is fulfilled,
    we will refund the full amount of any authorised payment transaction initiated through a payee to you.
  9. You must notify us within:
    • 13 months after the debit date of any unauthorised or incorrectly executed payment transaction; or
    • in relation to direct debit payments, 8 weeks from which the funds were debited
    • in order to be entitled to any redress from us under these Terms.

Amendments to the Terms and Termination

  1. Subject to Clause 84 below, we may amend these Terms and shall give you at least two months notice before any such amendments come into force. You will be deemed to have accepted any amendments to these Terms unless, before any amendment comes into force, you notify us that you wish to terminate these Terms with us. There will be no charge for terminating your agreement with us in this way.
  2. We may amend our interest and exchange rates immediately and without notice to you where these changes are more favourable to you or where the changes are based on changes to any reference rates used to calculate any interest rate, overdraft rate or exchange rate.
  3. This Agreement shall be for an indefinite period. We may terminate this Agreement by giving you two month’s notice. Nothing in this Clause 85 shall affect any applicable right of either party’s to treat these Terms as unenforceable or void, including any right arising out of a breach of these Terms.