Amourtrust Cooperative Credit Union Ltd. Terms and Conditions
General Terms and Conditions
Under these Terms And Conditions, the terms “we”, “our”, “us”, the “Credit Union”, and “Amourtrust” refer to Amourtrust Cooperative Credit Union Ltd. The terms “You”, “your”, the “Applicant” or “Account holder” refer to every person who opens an account with, or uses an Application, Card, or Service of Amourtrust Cooperative Credit Union Ltd.
These Terms and Conditions shall be the agreement between you and the Credit Union, and shall include any and all amendments thereto, and such other rules, regulations, and terms and conditions as may be issued by Amourtrust Cooperative Credit Union Ltd. from time to time.
By applying for or using the Application, or any Account, Card, or Service of Amourtrust Cooperative Credit Union Ltd., you are deemed to have understood, accepted, and agreed to be bound by all of the Terms and Conditions herein, and as may be amended, modified, or supplemented from time to time, and to pay any fees associated with the use of the Application, Account, Card, or Service.
Definitions
The following definitions apply:
a. “Account” refers to an Amourtrust Cooperative Credit Union Ltd. Account, including Savings Account, Time Deposit(s), and similar or related products to be launched by Amourtrust Cooperative Credit Union Ltd. from time to time.
b. “Affiliate” means any person or entity that, now or hereafter, directly or indirectly, controls (whether singly or together with others), is controlled by, or under common control with Amourtrust Cooperative Credit Union Ltd., where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies whether through ownership of securities or equity interest, management authority, or contract.
c. “Application” refers to Amourtrust Cooperative Credit Union Ltd. Mobile Banking Application.
d. “ATM Network Participant/s” means banks and other financial institutions who are, or in the future will be, members or affiliates of Mastercard affiliated banks or such other ATM networks or affiliations that will allow Amourtrust Cooperative Credit Union Ltd. ATM/Debit Cards in their ATM systems and facilities.
e. “Banking day” means a day, other than a Saturday, Sunday, or public holiday, in which banks are generally open.
f. “Biometrics” means a type of security verification involving biological measurements or physical characteristics that can be used to identify individuals, including facial recognition (through selfie) or fingerprint recognition.
g. “Card” means Amourtrust Cooperative Credit Union Ltd. ATM/Debit Card, Amourtrust Cooperative Credit Union Ltd. Virtual Debit Card, and other ATM/Debit/Credit Cards that may be issued or acquired by Amourtrust Cooperative Credit Union Ltd. in the future.
h. “Cash-In” is a deposit transaction and refers to the funding of an Account.
i. “Cash-Out” is a withdrawal transaction and refers to the process of debiting funds from an Account.
j. “CVC Code (Card Verification Code)” or “CVV Code (Card Verification Code)” means the three (3) digit number displayed on the Amourtrust Cooperative Credit Union Ltd. Virtual Debit Card or at the back of the Amourtrust Cooperative Credit Union Ltd. ATM/Debit Card, which is used to make purchases or payments online.
k. “Customer Number” or “Customer ID”, means the Customer’s overall unique identification number, referencing all accounts linked to this number.
l. “Deposit”, refers to transactions involving crediting, funding, or putting money into the Amourtrust Cooperative Credit Union Ltd. account, including Cash-In, fund transfers, remittances, or any other such credits.
m. “KYC” or “eKYC” shall mean the “Know-Your-Customer” or due diligence requirements, which is the process of verifying the identity of the Customer.
n. “Move Money” means transferring money within the Customer’s own accounts.
o. “OTP” or “One Time Password” shall mean an authorization code sent to the registered mobile phone number to verify customer’s identity and to authorize transactions.
p. “Password” shall mean a personalized alphanumeric code used to access the Application.
q. “PIN” or “Personal Identification Number” shall mean a personalized digit code used to access the Application or Card, and make ATM/POS transactions.
r. “Passcode” means a secondary authentication within the mobile application used for maintenance activities of the Customer.
s. “POS” refers to Point-Of-Sale or point of purchase, which refers to the time and place where a transaction with a merchant is completed.
t. “Service” refers to facilities, offering, or product that are related to the use of the Account, Card, or Application.
u. “Time Deposit” is a credit union deposit product which earns interest over a fixed term or period. The money must remain in the Account for the duration of the fixed term in order to earn the stated interest rate.
v. “Withdrawal”, refers to transactions involving the debiting or sending out of money from the Amourtrust Cooperative Credit Union Ltd. Account, including Cash-Out, outgoing transfers or remittances, or any other debits from the Account.
Account Opening
An applicant may open an Account subject to the approval of Amourtrust Cooperative Credit Union Ltd., upon the submission of relevant information and documents acceptable to Amourtrust Cooperative Credit Union Ltd., and upon verification of the applicant’s identity and/or authority to open the Account.
To be eligible to open an Account with Amourtrust Cooperative Credit Union Ltd., the applicant must:
a. Be at least 18 years of age;
b. Be an individual who is a resident citizen of Cameroon;
c. Have at least one (1) valid government-issued identification document (“ID”);
d. Have a present and/or permanent address in Cameroon;
e. Have a valid local Cameroon mobile number which is used exclusively by the applicant and not shared with another person; and
f. Have a valid e-mail address.
The applicant warrants that he/she is not suffering from any legal disability upon opening of the Account.
The applicant agrees to provide Amourtrust Cooperative Credit Union Ltd. (either directly or through authorized third party channel) with all the required documents and authorizes Amourtrust Cooperative Credit Union Ltd. to obtain and verify the information collected from the applicant, including personal data, such as but not limited to, mobile number, credit score, telco score, email address, and address through government agencies or third parties, including banks, credit bureaus, and telecommunications companies.
Upon successful Account opening, the applicant may be asked to make an initial deposit, and the applicant agrees to make such deposit, in an amount determined by Amourtrust Cooperative Credit Union Ltd. prior to the start of the Account opening process.
Accounts will be denominated in XAF (Central African CFA franc).
The applicant agrees to keep the personal information accurate, current, and complete by promptly updating any changes to the personal information, including but not limited to name, address, mobile number, email address, and government-issued identification details.
The applicant agrees that any notice or communication sent to the last mobile number or e-mail address on record will be considered valid and effective.
The applicant acknowledges and agrees that he/she has read and understood the Privacy Notice of Amourtrust Cooperative Credit Union Ltd.
The applicant understands and acknowledges that Amourtrust Cooperative Credit Union Ltd. may use the Applicant's personal information for such purposes as but not limited to Account opening, processing, administration, risk management, anti-money laundering, fraud prevention, credit investigation, and marketing.
Account Maintenance
The Account holder agrees to maintain the Account in good standing by ensuring that all transactions are authorized, valid, and within the Account holder’s available balance.
The Account holder agrees not to share or disclose his/her Account number, PIN, Password, Passcode, OTP, or any other authentication method to any person or entity.
The Account holder agrees to notify Amourtrust Cooperative Credit Union Ltd. immediately of any unauthorized use of the Account, lost or stolen Card, or breach of security of any other account-related information.
The Account holder agrees that any instructions or transactions made using the Account holder’s PIN, Password, Passcode, OTP, or any other authentication method will be deemed valid and authorized by the Account holder.
The Account holder agrees to comply with all security measures implemented by Amourtrust Cooperative Credit Union Ltd., including but not limited to the use of Biometrics, OTP, Passcode, and Two-Factor Authentication (2FA) to access the Application or perform transactions.
The Account holder agrees that Amourtrust Cooperative Credit Union Ltd. may, at its sole discretion and without prior notice, suspend, restrict, or terminate access to the Account, Application, Card, or Service in case of suspected fraud, security breach, or violation of these Terms and Conditions.
The Account holder agrees to promptly update Amourtrust Cooperative Credit Union Ltd. of any changes to his/her personal information, including name, address, mobile number, email address, or government-issued identification details.
The Account holder acknowledges and agrees that the use of the Account, Application, Card, or Service may be subject to fees, charges, and other terms and conditions as may be imposed by Amourtrust Cooperative Credit Union Ltd. from time to time.
The Account holder acknowledges and agrees that Amourtrust Cooperative Credit Union Ltd. may, at its sole discretion, impose limits on the amount, frequency, or type of transactions that may be performed using the Account, Application, Card, or Service.
The Account holder acknowledges and agrees that Amourtrust Cooperative Credit Union Ltd. may, at its sole discretion, amend, modify, or supplement these Terms and Conditions at any time by giving prior notice to the Account holder through the Application, email, SMS, or any other means of communication deemed appropriate by Amourtrust Cooperative Credit Union Ltd.
The Account holder agrees that any amendment, modification, or supplementation to these Terms and Conditions shall be binding and effective upon the Account holder upon receipt of notice from Amourtrust Cooperative Credit Union Ltd.
The Account holder acknowledges and agrees that failure to comply with these Terms and Conditions may result in the suspension, restriction, or termination of access to the Account, Application, Card, or Service, and may subject the Account holder to liability for any losses, damages, or expenses incurred by Amourtrust Cooperative Credit Union Ltd. as a result of such non-compliance.
The Account holder acknowledges and agrees that Amourtrust Cooperative Credit Union Ltd. may, at its sole discretion, terminate or suspend the Account, Application, Card, or Service for any reason, including but not limited to non-usage, inactivity, closure, or liquidation of the Account, or violation of these Terms and Conditions.
The Virtual Debit Card or Cards bearing the Mastercard logo can be used for transactions at Mastercard ATMs, POS, and Online Merchants located in countries outside Cameroon from your Account in Cameroon. You acknowledge that such overseas transactions may be subject to transaction fees, foreign exchange mark-ups, and the relevant exchange rate governing such transactions that AMOURTRUST and/or Mastercard affiliated banks/financial institutions will determine. You authorize AMOURTRUST to debit from your Account all charges including those incurred in countries outside Cameroon through the use of the Virtual Debit Card or Cards. Such charges shall be billed and shall be payable in Cameroon Pesos, subject to a foreign conversion factor, as may be imposed by AMOURTRUST at the time of posting of the transaction.
In the event that your Card is not honored at Mastercard accredited establishments, you agree to hold AMOURTRUST free and harmless from any and all claims or liabilities as a result of the refusal of any Mastercard accredited establishment to honor your Card.
AMLA REPORTING
You authorize AMOURTRUST to make the necessary verifications, reports, submissions, and other processes for the purpose of complying with the Anti-Money Laundering Act (R.A. No. 9160) as amended, and its implementing rules and regulations, and you hereby waive your rights under R.A. No. 1405 as amended, R.A. 6426 as amended, and other applicable laws in relation thereto.
OVERDRAFT
You acknowledge that any payment instructions you have given using the Application or any authorized third party channel may not be given immediate value or immediate effect and might not always be immediately reflected in the balance owing on your Account. You acknowledge that you must not use the Services or Application to create an unauthorized overdraft on your Account and agree that AMOURTRUST is entitled to refuse to accept any instruction that would do so. If an unauthorized overdraft is created, we may take any action at our sole discretion and charge applicable interest and charges to the Account in question.
SERVICE AND OTHER BANK CHARGES
You agree that AMOURTRUST is authorized to collect from you all applicable service charges, penalty charges, and other fees that you may incur for the use of the Application, Account, Card, or Services of AMOURTRUST.
AMOURTRUST, with prior notice, may from time to time introduce or change fees and charges for the use of the Application or Card. You authorize AMOURTRUST to debit from your Account the amount of fees and charges payable for transactions made via the Application or Card.
Service charges, fees, and penalties include but are not limited to, the following:
a. Annual fee;
b. Fees for Accounts falling below the required maintaining balance;
c. Dormancy fee;
d. TD Early Withdrawal fee;
e. Card-related fees;
f. Other fees and charges that AMOURTRUST may impose from time to time, subject to relevant laws and regulations.
Accounts with zero balance due to service charges or other causes may be closed by AMOURTRUST.
You may refer to AMOURTRUST’s website or the Application for information on service charges and other bank charges. AMOURTRUST reserves the right to change such service and other bank charges from time to time with prior notice, and in accordance with applicable laws and regulations.
You agree that AMOURTRUST may suspend or terminate Services if at any time there are insufficient funds in your Account/s to cover applicable fees and charges, and you agree that AMOURTRUST shall not incur any liability as a result thereof.
CLOSURE OF ACCOUNTS
You may close your Account if you have no outstanding loan or obligation to AMOURTRUST. Should you wish to use the Application again after the closure of your Account, you would have to re-register and re-start the application process.
An Inactive Account is an account which (a) has no client-initiated or third-party initiated transaction for 3 consecutive months and (b) has a balance of less than P1.00 during such 3-month period.
AMOURTRUST has the right, at its sole discretion, to close your Account in the following instances:
a. If you have opened an Account with AMOURTRUST and you have not funded the Account within the first 3 months;
b. If your account becomes an Inactive Account;
c. If you do not submit the documentary requirements within fifteen (15) days from the date you open your AMOURTRUST Account, or from the time you are requested to submit additional documents by AMOURTRUST; or
d. For failure to comply with periodic KYC refresh as per applicable laws and regulations.
In the event that the closure is due to your account becoming an Inactive Account, AMOURTRUST shall have the right to impose a one-time Inactivity Fee, and remove the remaining funds in the Account and transfer the same to a liability account or such other account as AMOURTRUST may determine at its sole discretion, without prejudice to the turnover of the same to the Cameroon treasury in accordance with the then applicable law, rules, and regulations.
AMOURTRUST may, at its sole discretion, opt not to close your Account if the Account has transaction instructions, or if there are other Accounts with sufficient balance linked to your Account.
AMOURTRUST reserves the right to immediately suspend or close your Account at any time without prior notice in the following situations:
a. in the event that you misrepresent or falsify information;
b. if at any time, AMOURTRUST discovers that the Account may have been used, or is being used in connection with any fraudulent or illegal activities or transactions;
c. if at any time, AMOURTRUST discovers that it may be exposed to any financial, operational, legal, reputational, or other risks by maintaining the Account;
d. if you fail to abide by any provision of the terms and conditions for deposit accounts;
e. if you have breached any of the Terms and Conditions, including, if:
i. you are, or we reasonably suspect you may be, using or obtaining, or allowing someone else to use or obtain, an Account, Service, or money illegally;
ii. you were not entitled to download the Application;
iii. you have failed to repay an overdrawn balance on your Account despite our demand to do so;
iv. we have reasonable ground to suspect that your security details have not been kept safe;
v. we have reasonable ground to believe you may have violated any law or regulation in connection with your Account;
vi. you have not satisfied a KYC or due diligence requirement;
vii. there has been or we suspect that there has been fraud involving your Account or any of your transactions;
viii. there has been or we suspect that there has been suspicious activity on your Account; or
ix. we have reasonable grounds to suspect unauthorized or fraudulent use of your security details;
AMOURTRUST reserves the right to suspend or close your Account if you have handled your Account in a manner not satisfactory to AMOURTRUST, or if you perform a successful withdrawal against insufficient funds and/or uncollected deposits.
In the event your Account is suspended or closed on the ground that the same is improperly handled, you acknowledge, accept, and agree that AMOURTRUST shall report such closure and the reason(s) for such closure to the relevant regulatory authorities in accordance with applicable laws, rules, and regulations.
NOTICE
Any notice sent by AMOURTRUST to you shall be deemed received by you within five (5) calendar days from the date it was sent to your registered email address and/or mobile number with AMOURTRUST.
Any notice sent by you to AMOURTRUST shall be deemed received by AMOURTRUST within five (5) calendar days from the date it was sent to AMOURTRUST through the Application or such other channels as AMOURTRUST may prescribe.
In the event of any change in your email address, mobile number, or other contact details, you agree to promptly notify AMOURTRUST of such change to ensure that you continue to receive notices from AMOURTRUST.
CONFIDENTIALITY AND SECURITY
You acknowledge and agree that all transactions made through the Application or any other AMOURTRUST channels are confidential. You agree to keep your personal login details, passwords, and other account details secure and confidential at all times. You shall be solely responsible for all activities and transactions made using your Account and password.
You agree that AMOURTRUST shall not be liable for any loss or damage arising from your failure to maintain the confidentiality and security of your Account details.
You agree to notify AMOURTRUST immediately if you become aware of any unauthorized use of your Account or password or any other breach of security.
You acknowledge that AMOURTRUST may, in its sole discretion, block or suspend your access to the Application or your Account in case of suspected unauthorized or fraudulent use of your Account or password.
GOVERNING LAW AND JURISDICTION
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of Cameroon. You hereby agree to submit to the exclusive jurisdiction of the courts of Cameroon in any dispute arising out of or in connection with these Terms and Conditions.
AMOURTRUST shall have the right to initiate legal proceedings against you in any other jurisdiction that AMOURTRUST may deem appropriate for the protection of its rights and interests.
These Terms and Conditions constitute the entire agreement between you and AMOURTRUST with respect to your use of the Application and Services provided by AMOURTRUST, and supersedes all prior or contemporaneous communications and proposals, whether oral or written, between you and AMOURTRUST.
If any provision of these Terms and Conditions is held to be invalid or unenforceable, such provision shall be struck out, and the remaining provisions shall be enforced to the fullest extent under the law.
AMOURTRUST’s failure to enforce any right or provision of these Terms and Conditions shall not be deemed a waiver of such right or provision.
AMOURTRUST reserves the right to amend or modify these Terms and Conditions at any time without prior notice. Any changes or modifications will be effective immediately upon posting the revisions on the Application or on AMOURTRUST’s website. Your continued use of the Application or Services after any such changes or modifications shall constitute your acceptance of these changes or modifications.
Termination of Account
The Account holder may request the termination or closure of the Account by giving written notice to Amourtrust Cooperative Credit Union Ltd. and settling any outstanding balances or obligations associated with the Account.
Amourtrust Cooperative Credit Union Ltd. may, at its sole discretion, terminate or close the Account or restrict access to the Application, Card, or Service without prior notice to the Account holder for any reason, including but not limited to non-compliance with these Terms and Conditions, suspected fraud, security breach, or violation of applicable laws or regulations.
Upon termination or closure of the Account, the Account holder agrees to surrender any Card(s) issued by Amourtrust Cooperative Credit Union Ltd. and to cease all use of the Application, Card, or Service.
Upon termination or closure of the Account, Amourtrust Cooperative Credit Union Ltd. shall have the right to retain any balances or funds remaining in the Account to settle any outstanding balances or obligations owed to Amourtrust Cooperative Credit Union Ltd.
The Account holder acknowledges and agrees that termination or closure of the Account may result in the forfeiture of any benefits, rewards, or privileges associated with the Account.
The Account holder acknowledges and agrees that termination or closure of the Account does not discharge the Account holder’s liabilities or obligations incurred prior to the termination or closure of the Account.
The Account holder acknowledges and agrees that Amourtrust Cooperative Credit Union Ltd. shall not be liable for any losses, damages, or expenses incurred by the Account holder as a result of the termination or closure of the Account.
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of Cameroon, without regard to its conflict of laws principles.
Any dispute, controversy, or claim arising out of or in connection with these Terms and Conditions, or the breach, termination, or invalidity thereof, shall be settled by arbitration in accordance with the Arbitration Rules of the Chamber of Commerce of Cameroon.
The Account holder acknowledges and agrees that any arbitration proceedings shall be conducted in the English language and held in Yaoundé, Cameroon.
The Account holder acknowledges and agrees that any judgment or award rendered by the arbitrator(s) shall be final, binding, and enforceable against the parties.
These Terms and Conditions constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the parties with respect to the subject matter hereof.
These Terms and Conditions may not be modified or amended except in writing signed by both parties.
No failure or delay by either party in exercising any right, power, or privilege under these Terms and Conditions shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege hereunder.
The provisions of these Terms and Conditions are severable, and if any provision or part thereof is held to be invalid or unenforceable, the remaining provisions or parts thereof shall nevertheless be valid and enforceable to the fullest extent permitted by law.
Acceptance of Terms and Conditions
By clicking the “I Agree” button or by using the Application, Account, Card, or Service of Amourtrust Cooperative Credit Union Ltd., you acknowledge that you have read, understood, and agreed to be bound by these Terms and Conditions. If you do not agree to these Terms and Conditions, you should not proceed with the Account opening process or use the Application, Account, Card, or Service.