hello guys, not sure if this is the right section to post this, mods kindly move to appropriate section if you don't mind...

I logged into my GTBank portal to make a transfer and I saw this (emphasis added by me) :

IN CONSIDERATION of GUARANTY TRUST BANK PLC (hereinafter called “the Bank”) agreeing to process transactions initiated by me via the Bank’s Internet Banking Platform above the Central Bank of Nigeria’s approved limit of N1,000,000.00 (one million Naira only) (hereinafter called “Transactions”), I, hereby fully indemnify the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority or control against any costs, losses, damages, litigation, action, proceeding, expenses (including Attorney’s fees), judicial awards of any kind, or any payments of whatsoever nature made or any cost however incurred, whether directly or indirectly, remotely or otherwise, resulting from the Bank processing such Transactions.

Furthermore, I, hereby irrevocably and unconditionally agree that in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time and without notice to me combine or consolidate all or any of my other deposits and accounts with and liabilities to the Bank in any currency that may at any time be in possession of the Bank and set off or transfer any sum or sums standing to the credit of any one or more of such accounts or deposits in or towards satisfaction of any claim made against the Bank or loss suffered by the Bank as a result of or pursuant to the Bank processing such Transactions.

My obligation herein shall not be reduced by any claim by me against the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority.

This Indemnity shall be a continuing obligation in respect of any and all matters connected to or arising from the Bank processing such Transactions. This Indemnity shall remain valid and in full force from the date of its execution hereof until the Bank issues a letter discharging me from my obligations herein.

This Indemnity shall be construed in accordance with the laws of the Federal Republic of Nigeria.


To me this looks like the bank is making you indemnify i.e absolve them from any issues that may arise from using internet banking.

Can a lawyer confirm this?

What is the implication for us? To my mind this will not motivate the bank to address weaknesses that may exist in their system, knowing they will not be liable for any loss...

.....

caveant

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I saw the same form and i did not fill it. I later put a call through to their customer care line. Spoke with a lady who does not know about the form. She later went to make an inquiry and she confirmed that the form is from them. I asked her if they (GTB) will bear any risk associated with theft from their member staff or theft resulting from negligence of security procedures by their staff or the malfunctioning of your computers and she could not answer. My question is,"IS THIS NOT FRAUD", or should i say 'CONSPIRACY TO FRAUD". I just hope they will change soon but before then i think i will make do with other banks.

its a way of exonerating themselves