Ok here goes my beef with the latest approach by the so called "Best Bank in Nigeria". I tried to add a beneficiary on the internet banking platform and saw the indemnity message put up by GT Bank. Despite not being a Lawyer, I personally believe message was drafted in bad blood. Hence my approach of bringing to the attention of the good people of Nairaland. The sooner we resist this the better for us all.

I N D E M N I T Y

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.

I hope this post will get a look in....

I still cant understand this

Curiouscat:
I still cant understand this

What don't you understand here? They just want you to commit to them incase anything happens in the course of the transfer. The terms are however irritating