I tried to initiate some transfers to other banks on GTB's online platform and saw that there is a new Indemnity agreement that I need to accept before I can proceed. The opening of the agreement is posted below:
"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."
end of quote..

My concern is that I do not intend to transfer more than my usual 5K, 20K, etc, so why should I agree to this indemnity? I have called their customer service and they said the notice actually applies to all customers/transactions. So why don't they simply reword the verbiage to indicate that the indemnity applies to all transactions no matter the amount.

Have you accepted the indemnity and did you read before you accept?

I dont bank with GTB but i think that you are bound by that which has been accepted as the indemnity agreement in black & white prints...not by the verbal explanation. So if the indemnity states anything above N1million, then it basically does not concern any amount less than 1million.

Go ahead with ur transaction.