General Terms And Conditions

    1.GENERAL RULES

    1.1SCOPE

    • Scope of application

    The General Terms and Conditions govern the entire business relationship between the customer and the offices of ADVANS GHANA SAVINGS AND LOANS LTD (hereinafter referred to as “Advans Ghana”).

    • Amendments

    Any amendments to these General Terms and Conditions will be notified to the customer by means of a notice listed at the premises of Advans Ghana or in writing. These amendments shall be deemed valid and approved by the customer unless objections thereto have been lodged with Advans Ghana in writing. The customer’s objection must be made known to Advans Ghana within one month from notification of the amendments.

    • Secrecy
      • Banking secrecy

    Advans Ghana has the duty to maintain secrecy regarding any customer-related facts and evaluations of which it may have knowledge. Advans Ghana may only disclose information concerning the customer and/or his/her banking affairs if any of the following circumstances prevail.

    1. where disclosure is under compulsion of the law;
    2. if Advans Ghana is authorized, in writing, to disclose banking affairs to third parties;
    3. if disclosure is a legitimate interest of the bank (e.g. issuing a writ or calling up a guarantee);
    4. where there is public duty to disclose.
      • Disclosure of banking affairs

    Disclosure of the details of banking affairs comprises the furnishing of statements and/or comments of a general nature concerning the financial status, credit-worthiness and/or solvency of the customer or business entity to third parties, thereby, unauthorized to receive such information.

    • Prerequisites for the disclosure of banking affairs

    Details of banking affairs shall be disclosed only if the requesting party has substantiated its justified interest in the information requested and there is no reason to assume that the disclosure of such information would be contrary to the customer’s legitimate concerns.

    • Recipients of disclosed banking affairs

    Advans Ghana will disclose details of banking affairs only to its own customers or to other credit institutions for their own purposes or those of their customers if deemed justified within the legal framework.

    • Liability for contributory negligence

    In performing its obligations, Advans Ghana shall be liable only for gross negligence on the part of its staff. In the event that the customer has contributed to the occurrence of loss (e.g., by violation of the duties to co-operate as defined in 2.5 of these Regulations), the principles of contributory negligence shall determine the extent to which Advans Ghana or the customer shall have to bear the loss.

    • Set-off limitations on the part of the customer

    Set-off is a legal right that entitles a debtor to take into account the sum immediately owing to him by his creditor when determining the net sum due to the creditor. The customer may only set off claims against those of Advans Ghana if the customer’s claims are undisputed or have been confirmed by a final court decision.

    1.5  Right of disposal upon the death of a customer

    Upon the death of the customer and before any rightful claim shall be delivered, Advans Ghana may, in order to clarify the right of disposal, demand  a certificate of death, a letter of administration or probate and/or further documents required for such purpose. Any document written in a language other than English must, if Advans Ghana so requests, be translated into English and notarized.

    1.6 Applicable Law

    Ghanaian law shall govern all aspects of the business relationship between the customer and Advans Ghana.

    2.ACCOUNTS

    • General
      • Savings accounts serve as a means of accumulating funds, through regular or irregular payments for an unspecified period while earning an explicitly stated interest rate. They are not designed for customers to conduct business operations or payment transactions with a greater degree of frequency.
      • Kids account is a form of savings account only opened in trust for individuals below 18 years of age. They are not designed for customers to conduct business operations or payment transactions.
      • Current accounts are transactional accounts designed for customers to conduct business operations or frequent payment transactions without limit.
      • Prestige account is a specially designed current account with added services as indicated in the Memorandum of Understanding signed by the customer at the time of opening the account.
      • All charges and interests related to these accounts are set out in the list of tariffs.
    • Accounts statements
      • Issue of account statements

    Upon request from the customer, Advans Ghana shall issue a complete account statement for any specified account held by the customer, thereby clarifying the claims accrued by the customer during the stated period (including accrued interest and charges imposed by Advans Ghana)

    • Objections

    Any objections a customer may have concerning the correctness or completeness of an account statement must be submitted, in writing, not later than 30 days following receipt of the statement. Failure to lodge written objections in the due course of time will be considered approval by default.

    • Reverse entries made by Advans Ghana

    Incorrect entries on a client’s account shall be rectified through a corresponding debit or credit entry to the extent that Advans Ghana has a legitimate repayment claim on the indiscretion. The customer may not object to the rectifying debit or credit entry.

    Errors or mistakes on the account shall be promptly reported to the Advans Customer care tall free number at 0800 355 355 during working hours or to the Whatsapp number +23324234171 or via email customercontact@advansghana.com outside working hours.

    • Interest Payments and capitalization
      • Unless otherwise agreed upon, Advans Ghana shall pay interest to the account at the applicable rate as set out in the list of tariffs.
      • The period of interest payment shall start from the working day on which the funds were deposited and shall end on the  working day on which the customer redeems the funds. Interest is calculated on a daily basis.
      • Accrued interest on account is credited to the customer’s account at the end of each month and added to the existing principal; interest is paid on the compounded amount from the start of the new month.

    2.5 Early Closure

    If a client is desirous of paying off a loan earlier than the scheduled date, the client shall notify Advans Ghana in writing of his/her intention to close the loan. Client has twenty (20) working days from the date of communicating his/her intention to close the loan to pay off the outstanding loan amount, accrued interest, early closure fees and all other charges.

    Fees applicable to early closure shall be 0.25% of the principal amount of the loan.

    2.6Power of Attorney

    If formally authorized by the client, in writing and with prior notice thereof given to  Advans Ghana, a third party (Donee or Attorney) can act either generally or in a specified transaction on behalf of the person who gives the power to act (Donor). Any person(s) having power to contract may appoint an attorney.

    2.7Repayment

    2.7.1Loan repayments will be recovered in accordance with the conditions sets out in  the Loan Agreement

    2.7.2. In all instances, the onus is on the Customer to ensure that sufficient funds are available to meet the repayment as indicated on the date specified in the Repayment Schedule.

    2.7.3 The Customer authorizes Advans to debit any account (including Compulsory Guarantee Deposit and Term Deposit Accounts)  held with Advans Ghana on any date we deem necessary to collect any repayments due.

    2.8Duties of the customer to cooperate

    2.8.1Applicable law and legal obligation of the client

    The client is obliged to use the account for lawful purposes only. Advans Ghana reserves the right to invalidate any transactions based on unlawful acts, albeit deposit, withdrawal, or transfer of funds, if sufficient proof of unlawfulness thereof can be furnished by Advans Ghana. The same applies to the holding of accounts on charges of unlawful conduct of business, and where Advans Ghana is instructed by public law to block or invalidate transactions connected to or based upon unlawful acts. Unlawfulness of the transactions shall be defined as any financial transaction supporting, either directly or indirectly, or related to any criminal offence as stipulated under current Ghanaian Law.

    2.8.2 Change in the customer’s particulars

    A  customer is required to notify Advans Ghana, without delay, of any changes in the customer’s name, identification number and address, as well as the termination of, or amendment to, any powers of representation towards Advans Ghana conferred to any person through the means of power of attorney.

    2.8.3Clarity of orders

    Orders of any kind must unequivocally show their contents. Orders that are not clearly worded may lead to queries, which may result in delays in execution. In particular, when giving orders to debit an account (e.g. internal account transfer orders); the customer must ensure the correctness and completeness of the name of the payee and the account number. Amendments, confirmations or repetitions of orders must be designated as such.

    2.8.4 Special reference to urgency

    If the customer feels that an order requires particularly prompt execution, the customer shall instruct Advans Ghana. In such cases, Advans Ghana reserves the right to charge a fee for such transactions.

     2.8.5 Examination of notifications received from Advans Ghana

    The customer must immediately examine statements of account, other statements, advice of execution of orders, as well as information on expected payments and consignments (advice) to ensure their correctness and completeness and, if applicable, raise any objections relating thereto in writing without any undue delay.

    • Cost of Services
      • Interest and charges

    All interest and account charges are set out in the list of tariffs, as displayed in the banking hall. If a customer makes use of a service listed therein and no divergent agreement has been entered into between Advans Ghana and the customer, those interest and account charges in the most current list of tariffs shall be deemed applicable. For any services not stated therein which are provided following the instructions of the customer, or which are believed to be in the interests of the customer, and which can, in the given circumstance, only be expected to be provided against remuneration, Advans Ghana may at its reasonable discretion determine the charges and debit the customer accordingly.

    • Changes in interest and charges

    Charges for services that the customer, in the context of the business relationship, typically uses on a lasting basis may be changed by Advans Ghana at its reasonable discretion.

    Advans Ghana reserves the right to change stated interest rates for savings and loan products. Any such changes therein are effected by Advans Ghana at its discretion and the customer shall be notified by means of a posted announcement in the banking hall.

    1.CLAIMS

    • Lien in favour of Advans Ghana
      • Agreement on the lien

    Advans Ghana acquires a lien on any claims that the customer has or may in future have against Advans Ghana arising from the business relationship (e.g. credit balances)

    • Secured claims

    The lien serves to secure all existing, future and contingent claims arising from the business relationship, which Advans Ghana with all its domestic offices is entitles to against the customer.

    • Security interests in items for collection

    The ownership transferred or assigned by way of security serves to secure any claims which Advans Ghana may be entitled to against the customer arising from the customer’s account when items are deposited for collection or rising as a consequence of the re-debiting of unpaid items for collection. Upon request of the customer, Advans Ghana re-transfers to the customer the ownership by way of security of such items and of the claims that have passed to it if it does not, at the time of such request, have any claim against the customer that must be secured or if it does not permit the customer to dispose of the counter value of such items prior to their final payment.

    3.3 Limitation of the claim to security

    Advans Ghana may demand that security be provided or increased until the realizable value of the total security corresponds to the absolute amount of all claims arising from the business relationship (cover limit).

    3.4 Realisation of securities

    In case of realization of security, Advans Ghana may choose between several security items. When realizing security and selecting the items to be foreclosed upon, Advans Ghana will take into account the legitimate concerns of the customer and any third party who may have provided security under the auspices of the customer.

    2.TERMINATION RIGHTS

    2.1Termination by Advans Ghana

    Termination of the business relationship on the part of Advans Ghana, as a whole, or of particular relationships without notice, is permitted if there is reasonable justification for which it is deemed acceptable to Advans Ghana to continue the business relationship. This can be effected after having given due consideration to the legitimate concerns of the customer. Such cause is given, in particular, if the customer has made incorrect statements as to the customer’s financial status, provided such statements were of significant importance to Advans Ghana’s decision concerning the granting of credit or other operations involving risks for Advans Ghana. Furthermore, if a substantial deterioration occurs or threatens to occur in the customer’s financial status, jeopardizing the discharge of obligations towards Advans Ghana, termination shall be deemed justified.

    3.JOINT ACCOUNTS

    3.1Joint and Several Liability

    When an account is opened in the names of two or more persons they (the account holders) shall be jointly and severally liable, i.e. Advans Ghana can demand settlement of all claims from each individual account holder.

    3.2Information

    Account information and other notification shall be provided by Advans Ghana to any or all account holders upon the latter\s formal request thereof. Notification of termination of business relationships or notification of intention to terminate will be presented to each account holder.

    3.3Right of disposal

    3.3.1Separate right of disposal of each account holder

    Within the limits agreed upon with Advans Ghana, each account holder may conduct transactions on the joint account without permission from the other account holder unless otherwise stated in the mandate.

    3.3.2Conferment and termination of powers of representation

    Authority for a third party to dispose of an account can only be conferred by all account holders jointly. Cancellation of this authority by one of the account holders shall effectively terminate the complete powers of representation. Such cancellation is not effective until Advans Ghana has received confirmation thereof, in writing.

    1.1.1Closure of accounts

    Each account holder may close accounts individually. However, to maintain a business relationship with Advans Ghana it is necessary to hold at least one account.  Complete termination of the entire business relationship may only be undertaken jointly by both or all account holders.

    1.2Death of account holder

    Upon the death of an account holder, the right to dispose of and close the account passes directly to the surviving account holder(s).

     

    2.MY PROJECT ACCOUNTS

    6.1General

    Saving Plan serves as a means of accumulating funds through regular or irregular deposits of a minimum amount for a specified period while earning an explicitly stated floating interest rate. Advans Ghana reserves the right to require the account holder to maintain a minimum balance on the account as displayed on the list of tariffs. Opening of a saving plan requires that the client has a saving account or current account in the same branch (the connected account).

    6.2 Duration of plan

    The duration of a plan begins on the Advans Ghana working day when the initial deposit is credited to the saving plan and ends on the precise day stated in the subscription form or if this day is not an Advans Ghana working day, on the next working day. The terms available are set out in the list of tariffs. The deposited amount shall be transferred to the connected account at the maturity date.

    6.3 Minimum amount and interest

    The minimum amount required to open a saving plan and the minimum amount accepted as deposit are set out in the list of tariffs. Interest will be accrued during the whole duration of the deposit. Interest is calculated on a daily basis. The saving plan is not subject to interest capitalization. The interest rate is floating. Accrued interest is credited to the connected account at maturity of the plan. Advans Ghana has the right to adjust the frequency in which interest payments are done.

    6.4 Transactions and account closure

    During the term of a saving plan, deposits are permitted with no frequency restriction. Standing orders from connected account to saving plan are possible on demand of the client. Disposals are not permitted. Any disposal will lead to early closure of the plan. In case of early closure, the deposited amount shall be transferred to the connected account, as well as fifty percent (50%) of the accrued interest on condition that fifty percent (50%) of the term has been covered. Interest is calculated on a daily basis with saving plan account floating interest rate. Saving plan will automatically close on the date of maturity.

    3.TERM DEPOSITS

    7.1Duration of deposit

    The duration of a deposit begins on the working day when the deposit amount is credited to the term deposit account and ends on the precise day the agreed term has elapsed or, if this day is not on a working day, on the next working day. The terms available are set out in the list of tariffs.

    7.2 Minimum amount and interest

    The minimum amount required to establish a term deposit account is set out in the list of tariffs.

    Interest will be paid during the whole duration of the deposit. The interest rate is fixed. Accrued interest is credited to a connected account in the same branch at the end of maturity. The deposited amount shall, when the contract is not renewed, be transferred to the connected account at the maturity date.

    7.3Transactions and Account closure

    During the term of a term deposit agreement, neither deposits nor disposals relating to it are permissible. If, in exceptional cases, disposals are permitted prior to maturity, early withdrawal penalty interest will be charged at the rate of 100% of the principal invested multiplied by the interest rate per day multiplied by the number of days left on the term deposit account. This amount is subtracted from the figure of the principal multiplied by the interest rate per day multiplied by the number of days of accrued interest that has accrued. However, in no case shall the penalty affect the principal amount that was initially deposited.

    Changes to the deposit amount and closure of the account are permissible only as of the maturity date of the individual term deposit agreement.

    4.TREASURY FINANCE

    8.1General

    Treasury Finance may be available to customers upon request and approval from Advans Ghana. It is targeted to be used for short term cash needs.

    The account is expected to be positive on monthly basis.

    Advans Ghana reserves the right to use the credit balance on your account to set off any outstanding exposures on any of your accounts.

    5.INSURANCE

    9.1Principles

    All Customers contracting a loan up to 24 months duration shall compulsorily register with ADVANS Obra Pa Insurance by signing an enrolment form before disbursement and by paying a credit risk fee as displayed in the list of tariffs  in addition to their processing fee.

    The terms of the Insurance cover details, term of coverage, Policy Conditions, Exclusions, waiting period, Incontestability, Surrender and Assignment, Claims procedure and termination are captured on the enrolment form and the Insurance Certificate.

    All deposits are insured with the Ghana Deposit Protection Corporation Scheme in accordance with the Ghana Deposit Protection Act, 2016 (Act 931).

    6.MONEY LAUNDERING & FINANCING OF TERRORIST ACTIVITIES

    All Clients agree and undertake not to engage in fraud, criminal activities, money laundering or financing of terrorist activities.

    All Clients agree and/or undertake not to use their account for money laundering or any criminal activities.

    All Clients agree not to associate with any person or entity engaged in money laundering, financing of terrorist activities or any criminal activities.

    7.Environmental and Social Management

    All Clients undertake not to engage in any business or activity that is illegal or against social ethics. Clients shall comply with all laws, rules, regulations, policies, and other requirements, licenses, permits, and any other governmental approvals, related to the environment, social issues, labor, health/ safety, and security applicable to his/her/it business.

    Advans Ghana may make random visit to clients to evaluate their activities from an environmental, health and safety, and labour perspective.

    Client’s level of compliance to environmental, social, health and safety, and/or labour issues may be considered as a condition to the grant of loans.

    Marketing Communication Consent

    I/We, agree and consent to allow representatives of Advans Ghana Savings and Loans, its Directors and its employees, agents and third party service providers to use my name, contact details, products and services portfolio information, transaction pattern and behaviour, financial background and demographic data held by the Advans Ghana Savings and Loans from time to time to contact me for any direct marketing, advertising and promotional information that  Advans Ghana may be selling, marketing, offering or promoting, and to remind me (borrowers/guarantors) about my loan obligations through the following modes of communication:

    □ Phone Call | □ SMS/ MMS | □ Fax | □ Direct Mailer |□ WhatsApp | □ Any Social Media Platform | □ All of the above

    Data Subject Consent

    I/We, hereby authorize Advans Ghana Savings and Loans Ltd. and all its third parties to collect and process my personal data (including sensitive data), to enable it to decide about granting products/services to me/us. I am aware that this is a legitimate business interest of the institution and that I can find full description of the purpose for which the data is collected on the Privacy notice on the company’s website (www.advansghana.com). I am also aware that I may withdraw this consent at any time by using the Data Subject withdrawal form available at any branch location of Advans Ghana or on www.advansghana.com.