FORM 101v5 Account Number ___________________
www.CayeBank.bz Phone: +501 (226-2388 email: email@example.com
legal results of opening a particular Account. Account Holder is solely responsible for
selecting the type of Account. Bank recommends that Account Holder consult with
Account Holder’s own attorney or financial advisor in order to determine the advisability
of establishing one type of Account over another.
A. “Individual Account” means an Account payable to or on the order of one Account
Holder while that Account Holder remains living. Account Holder agrees that Bank shall
pay to or on the order of Account Holder, or Account Holder’s Agent, until Bank
receives a certified copy of a death certificate verifying the death of Account
Holder and Bank has had a reasonable opportunity to act on such information. Upon
certification of the death of Account Holder, no deposits will be accepted to the Account,
no checks will be paid on the Account and the Account will not be released until Bank
has been presented with satisfactory documentation to determine, in Bank’s discretion,
what the proper distribution of the Account should be.
B. “ Joint Account (with rights of survivorship)” means an Account payable to or on the
order of two or more Account Holders whether or not all Account Holders remain living.
All Accounts in the name of more than one Account Holder are Joint Accounts (with
rights of survivorship) unless clearly designated otherwise on the signature card signed
by all Account Holders. Upon the death of any Account Holder on the Account, the funds
in the Account survive to, vest in, belong to and become the property of the surviving
Account Holder on the Account as the separate property of the surviving Account Holder,
including any community property in the Account. Bank shall not recognize any claims of
the deceased Account Holder’s estate or any provisions of deceased Account Holder’s
will. Payment of the funds in the Account to the surviving Account Holder shall constitute
a full release and discharge of Bank.
C’. “Deposit Trust Account” means an Account establishing a trust. There are no trust
assets other than the funds on deposit in the Deposit Trust Account. The Account can be
set up by one or more trustees as Account Holder(s) for one or more beneficiaries. The
designation “ TTEE” o n t h e A c c o u n t s h a l l m e a n “trustee.” The Account Holders
named as trustees to the Account own the Account in proportion to their net contributions
to the Account. No Deposit Trust Account shall be opened without a beneficiary
designated on the application and no beneficiary shall have any rights regarding the
Account, except as described in this paragraph. If more than one Account Holder i s
named as trustee on the Account, Bank shall act on the signature of any one of them,
regardless of whether any other Account Holder named on the Account as trustee is
incapacitated or deceased. Upon the death or evidence satisfactory to Bank of incapacity
of all Account Holders named as trustee on the Account, Bank shall pay the Account
by joint check to the beneficiaries. Bank shall not accept responsibility to act as a trustee
or successor trustee under any circumstances. Bank shall have no duty to monitor the
Account or the status of the trustee(s) or beneficiary(ies).
D. “Fiduciary Account” means an account established by a trustee/guardian pursuant to a
written trust agreement or court order, which shall include Grant of Probate or Letters of
Administration. The Account can be set up by one or more trustees/guardians as Account
Holder(s) for one or more beneficiaries.
I. If the Fiduciary Account is being established for a trust, Account Holder must
provide a copy of the written trust agreement or other evidence satisfactory to
Bank of the written trust agreement’s existence and content. By accepting the written
trust agreement, Bank in no way assumes any responsibility to comply with the terms
of the trust agreement. Bank shall not accept responsibility to act as a trustee or
successor trustee under any circumstances, regardless of any trust agreement which
provides otherwise. The designation “TTEE” on the Account shall mean “trustee”. No
Fiduciary Account opened for a trust shall be opened without a beneficiary designated on
the Account application and no beneficiary shall have any rights regarding the Account,
except as described in this paragraph. Upon the death or evidence satisfactory to Bank of
incapacity of all Account Holders named as trustee, Bank shall rely upon the instructions
of the successor trustee(s).
2. Fiduciary Accounts may also be used for estate administration, guardianships and other
court-ordered Accounts. Documentation satisfactory to Bank must be presented to Bank
before this type of Account will be opened. For an Account established by court order,
funds will be released pursuant to the court order. If more than one Account Holder is
named as trustee/guardian on the Account, Bank shall act on the signature of any one of
them, regardless of whether any other Account Holder named on the Account as
trustee/guardian is incapacitated or deceased. Bank shall have no duty to monitor the
Account to determine the status of the trustee/guardian or beneficiaries or whether the
trustee/guardian is in compliance with the trust agreement or court order.
“Agent” means every person designated on the signature card to sign checks on the
Account, make deposits to the Account, endorse any check or draft payable to any
Account Holder for deposit to the Account or otherwise, receive information, statements
and canceled checks on the Account, cash checks drawn on the Account or made
payable to any Account Holder on the Account, sign any document in connection with the
Account, and dispose of or deal with the Account as freely and fully as Account Holder
might do in person. Appointment shall be made on the signature card presented to and
accepted by Bank, in its discretion, prior to Agent’s acting with respect to the Account. Any
authority granted to an Agent may be revoked only by written revocation delivered to and
acknowledged by Bank in writing in time so that Bank has a reasonable opportunity to act
upon the information. Agent’s power with respect to an Account terminates on the death of
all Account Holder(s). Each Account Holder, and Account Holder’s estate, agrees to hold
Bank harmless and indemnify Bank against any loss and liability incurred by Bank
because of any action by an Agent after termination of agency by death or otherwise.
Account Holder agrees that no power of attorney shall be binding upon Bank.
21. Accounts of Corporations, Associations and Partnerships:
If Account Holder is a corporation, association or partnership, every person affixing their
signature to the signature card represents warrants and agrees:
A. That they are fully authorized to execute the signature card and enter into this
Agreement in the capacity therein stated;
B. That they shall furnish any and all constitutional documents of the Account
Holder and any other documents as the Bank may request for due diligence purposes.
C. That they shall furnish any resolutions, agreements or documents Bank may request to
evidence any corporate, association or partnership action relating to opening, maintaining
or changing the Account;
D. That Bank shall have no responsibility or duty to monitor such an Account. or the use
of funds paid from it, nor any liability for any act or omission by any person who signs
the signature card;
E. That upon Account Holder’s request, Bank may honor items bearing or purporting to
bear reproductions or facsimile signatures of authorized signatories on the
Account. Account Holder assumes all risks and responsibility for such procedure,
including but not limited to, the risk that the facsimile signature may be affixed by an
unauthorized individual or the risk that the facsimile signature may not be genuine.
The Account may not be transferred by Account Holder except by a change in ownership
that is reflected on the records of Bank. A transfer that occurs due to death,
incompetence, marriage, divorce, attachment or otherwise by operation of law, shall not
be binding on Bank until Bank has received sufficient documentation, in its discretion, and
a new signature card has been executed.
23. Closing of Account:
Bank may, at any time, in its discretion, close the Account. Upon giving 7 days notice in
writing to the customer no deposits will be accepted and no checks will be paid after the
Account is closed. A Bank check or wire transfer for the remaining balance, if applicable,
will be mailed to Account Holder at the address indicated on Bank records.
24. Security Interest; Set-Off:
A. Account Holder agrees that the Account secures all debts and liabilities of Account
Holder to Bank, however and whenever incurred or evidenced, including debt
which may be purchased or otherwise acquired by Bank from others, whether direct or
indirect, absolute or contingent, due or to become due. Account Holder assigns as
security to Bank all balances, credits, deposits, moneys and items now or hereafter in the
B. Account Holder agrees that Bank is authorized at any time to set-off the Account
against Account Holder’s debts or liabilities to Bank, without notice to Account Holder.
Bank shall not be liable for dishonoring items where such setoff results in insufficient
funds in the Account to honor items drawn on the Account. Funds received by Bank
pursuant to its security interest or right of set-off may be applied first to the discharge of
the unsecured part of any debt or liability of Account Holder to Bank, and thereafter to
the discharge of the secured portion, if any, of Account Holders debt or liability to Bank.
C. If the Account is designated a Joint Account on the signature card; each Account
Holder agrees that Bank may set-off the entire amount in the Account against the debt or
liability to Bank of any Account Holder on the Account, notwithstanding the interest of
other Account Holders in the Account. Each Joint Account Holder agrees to hold Bank
harmless and indemnify Bank for any losses, expenses and costs, including attorney’s
fees, incurred by Bank in enforcing Account Holders’ agreement to be jointly and
severally liable for overdrafts and to permit set-off of the Account against one another’s
debts or liabilities to Bank.
25. Account Holder Responsibility:
Account Holder shall bear any loss arising from the failure to identify properly the
Account by name and number on any deposit instrument or for failure to deliver the
deposit instrument to the Bank. Account Holder shall maintain a record identifying each
Because Account Holder is in the best position to discover an unauthorized signature, an
unauthorized endorsement or a material alteration, Account Holder agrees that the
Bank will not be liable for paying such items if the Account Holder has not reported
an unauthorized signature, an unauthorized endorsement or material alterations to the
Bank within 30 days of the mailing date of the earliest statement describing these items.
26. Ordinary Care:
Any failure by Bank to act or delay by Bank beyond time limits prescribed by law or
permitted by this Agreement is excused if caused by Account Holder’s negligence,
interruption of communication facilities, suspension of payments by another financial
institution, war, hurricane, earthquake, flood, or other Acts of God, emergency conditions
or other circumstances beyond the control of the Bank, provided the Bank exercised
such diligence as the circumstances require.
27. Determining the Availability of a Deposit:
For determining the availability of Account Holder’s deposit, every day is a business day
except Saturdays, Sundays, and Public Holidays. If Account Holder makes a deposit
before 12:00 p.m. ET on a business day that Bank is open, Bank will consider that day
to be the day of Account Holder deposit. If Account Holder makes a deposit after 12:00
p.m. ET or on a day Bank are not open, Bank will consider that the deposit was made on
the next business day Bank is open. The length of the delay varies depending on the type
of deposit and is explained below. Funds Account Holder deposits by check shall not be
deemed received by the bank until clearance with correspondent Bank and notification
thereof to the Bank or otherwise not less than fifteen business days of deposit of check
with the Bank whichever is greater.
28. Longer Delays May Apply:
Funds may be delayed for a longer period under the following circumstances:
(a) Bank believes a check Account Holder deposits will not be paid; (b) Account Holder
re-deposits a check that has been returned unpaid; (c) Account Holder has overdrawn
his/her/its account repeatedly in the last six months; or (d) there is an emergency, such as
failure of communications or computer equipment. Bank will notify Account Holder if Bank
delays Account Holder’s ability to withdraw funds for any of these reasons, and Bank
will tell Account Holder when the funds will be available. They will generally be
available no later than the 15th business day after the day of Account Holder’s deposit.
29. Unauthorized use of Personal Identification Code
If Account Holder believes his/hers Personal Identification Code (PlC) has been
discovered by someone else, or that someone has gained access to his/her/its account or
has conducted, or may conduct any banking transaction without Account Holder’s
permission, contact Bank immediately
30. Business Days:
For purposes of posting transactions, Bank’s business days are Monday through Friday.
31. Disclosure of Account Information to Third Parties:
A. The Bank shall not disclose any information relating to the affairs of Account Holder
which it has acquired in the performance of its duties or the exercise of its functions
under the Offshore Banking Act except where such information:
(a) is lawfully required or permitted by any law or court of competent jurisdiction in Belize;
(b) is in respect of the affairs of Account Holder with the authority of Account
Holder which has been voluntarily given; or
(c) is disclosed by the Central Bank in accordance with the Offshore Banking Act to a
banking regulatory or supervisory authority outside of Belize where such information is