E-Banking Terms and Conditions

E-Banking Terms and Conditions

1. Purpose and scope

The following terms and conditions govern the relationship between the client and Maerki Baumann & Co. AG (hereinafter “MBC”), in relation to the use of e-banking including mobile banking (hereinafter collectively “e-banking”). These terms apply for the client as well as for any authorized e-banking user.

2. Access to e-banking

Access to e-banking services is granted to persons having proven their legitimation by entering the identification details required at a time. These identification details normally comprise:

  • user ID,
  • personal password, and
  • an ad-hoc code, which is every time the service is accessed. 

MBC may replace or amend these identification details at any time. For mobile banking, the conclusion of an agreement for the use of e-banking is required.

The client and any authorized e-banking user are obliged to change the personal password immediately upon receipt. MBC also recommends that personal passwords shall be changed from time to time.

Persons identifying themselves in such a way shall be regarded by MBC as being authorized to use the e-banking service. MBC may therefore, within the framework and scope of the services chosen, allow this person to use electronic means to access the accounts/safe custody accounts and accept his orders and communications, irrespective of the internal legal relationship with the client, and regardless of any statements to the contrary in any commercial register entries, publications or stipulations on any signature documentation, and without further checks on his authorization. The client unconditionally acknowledges all such booked transactions. However, MBC has the right, at any time and without stating any reasons, to refuse the provision of information or the acceptance of instructions, orders or communications, and to insist that the client, respectively the authorized e-banking user, legitimates himself by alternative means (by signature or in person).

3. Order execution

The client acknowledges that his orders will be executed provided the necessary funds are available under the respective business relationship account or safe custody account, and are freely disposable.

MBC is generally not in a position to check whether the product is suitable and/or appropriate to the client’s particular investment situation. This applies in particular to transactions (buy or sell transactions) that the client conducts without individual advice and on his own initiative, and that MBC handles on an execution-only basis. In the case of execution-only transactions, the client is expressly waives the provision of any risk disclosure or risk assessment by MBC. 

The client acknowledges that stock exchange orders may not be executed immediately in some instances. The execution and processing of such orders depend in part on the trading hours of the corresponding stock exchanges and any public holidays at the location of the stock exchange. Forex transactions are executed immediately, and booked accordingly to the extend the respective forex markets are open at the time, and the relevant systems are available.

Persons who only have the right of inspection may not issue any orders.

MBC does not accept any liability for orders not executed on time, provided MBC has exercised all due care and diligence.

4. Obligation to exercise due care on the part of the client and the e-banking users

The client and any authorized e-banking user are obliged to maintain confidentiality with respect to all forms of identification and shall ensure that no disclosure to any third party is granted. The identification forms are to be kept separately at all times in order to prevent their misuse. The personal passwords shall not be written down and/or stored on the client’s computer. The personal password should not consist of easily identifiable combinations (such as telephone numbers, dates of birth, car registration numbers etc.). 

The client must not respond to e-mails purportedly coming from MBC where the bank is asking the client to divulge his forms of identification (e.g. by entering its credentials on websites reached via a link). MBC must be notified of such incidents immediately. If there are grounds to assume that unauthorized third persons have knowledge of one of the client’s or the e-banking user’s credentials, these shall be replaced/changed (if necessary through MBC) immediately. Where there is the risk of possible misuse, the client or the authorized e-banking user shall retain from login, and shall contact MBC immediately. 
The client is required to verify the accuracy of the selected MBC e-banking login website and the authenticity of the associated MBC server certificate (fingerprint) for the purpose of reducing errors and misuse when connecting to the e-banking services by electronic means. The client must always log in via the MBC e-banking login web page only and never via the website of a third-party provider. In the event of irregularities, the client must not log in, terminate the connection, and inform MBC immediately. 

The client is liable for all damages resulting from non-compliance with these duties of care, including those resulting from the misuse of the identification features or which occurred before the blocking became effective within the usual business period. The client shall also bear the risk of manipulation of the client’s IT systems by unauthorised persons or from intervention by unauthorised third parties in the data transmission.

5. E-banking security and exclusion of MBC’s liability

Even with the use of the latest technologies in the field of safety precautions, absolute safety cannot be guaranteed. The client end-user equipment (e.g. computer, smartphone or tablet) is part of the system, but is beyond MBC’s control and may become a weak link within the system. Despite all security precautions, MBC cannot accept responsibility for the client’s user device as this is not technically feasible.

The client acknowledges the following risks in particular:

  • Insufficient system knowledge and inadequate security precautions with respect to the end-user equipment may facilitate unauthorized access. It is the client’s responsibility to obtain precise information about the security precautions required. The client must immediately install any re-commended security updates provided by the providers of software and hardware.
  • The possibility cannot be ruled out that the network provider may therefore be monitoring the client’s connection history, i.e. may be able to trace when, and with whom, the client has been in contact.
  • There is a risk that a third party may, during the use of e-banking, gain access to the client’s end-user equipment without being detected.
  • Programs installed on the end-user equipment may lead to malfunctions and therefore cause considerable damage. The client should therefore only use programs and applications that are known to him and that originate from trustworthy sources.

Technical access to e-banking is not provided by MBC but by a network provider (Internet provider). The choice of network provider and programs is entirely the client’s responsibility. Therefore, we cannot provide any guarantee in relation to either the network operator that the client has chosen or the programs that the client uses.

The client is responsible for ensuring that the authorized e-banking users comply with the all obligations set out in this terms and conditions. 

MBC assumes no responsibility for the accuracy and completeness of the e-banking data MBC transmits. In particular, information regarding accounts and safe custody accounts (balances, positions, transactions, etc.) and generally available information such as market prices and foreign exchange rates are to be regarded as non-binding. E-banking data does not constitute a binding offer unless explicitly declared as such.

MBC accepts no liability for loss or damage incurred by the client or the authorized e-banking user(s) as a result of transmission errors, technical defects, system overload, interruptions (incl. system-related maintenance work), malfunctions, illegal interventions and malicious blocking of the telecommunications infrastructure and networks, or owing to other deficiencies on the part of the telecommunications facilities and network operators.

Provided MBC has exercised customary due diligence, MBC is not liable for the consequences of malfunctions or interruptions, especially in processing, that affect e-banking (e.g. those caused by illegal access to the banking system).

MBC expressly disclaims all liability for any software or hardware supplied as well as for the consequences resulting from or occurring during transportation of the software.

If MBC detects any security risks, MBC reserves the right at all times to suspend e-banking services in order to protect the client until such risks have been eliminated. MBC accepts no liability for any damage or loss incurred as a result of such interruptions.

MBC's liability for damages incurred by the client from the non-fulfilment of its contractual obligations towards third parties, as well as for indirect and consequential damages, such as loss of profit or the indemnification of third party claims, is excluded.

MBC shall not accept liability for damages resulting from minor negligence on the part of MBC’s support staff going about their normal duties.

6. Blocking

MBC is authorized to block access by the client and/or one or all of the authorized e-banking users to any or all e-banking services at any time, without explanation, and without prior notification, if MBC determines that sufficient grounds for such measures exist. If the client or one of the authorized e-banking user(s) enter the wrong code three times in succession, access is automatically blocked for the client’s own protection. 

7. Bank client confidentiality

The application of Swiss law (e.g. on bank client confidentiality, data protection) is confined to Swiss territory. All data transmitted abroad therefore loses its protection under Swiss law.

The client hereby acknowledges that data is transmitted via an open, publicly accessible network. Therefore, the data is regularly transmitted across national borders without being monitored. This also applies to data transfers where both the sender and recipient are located in Switzerland. Data is transmitted in encrypted form. However, the sender and recipient are not encrypted and can therefore be identified by third parties. It is therefore theoretically possible for a third party to conclude that a business relationship exists.

8. Foreign legal provisions/import and export restrictions

The offering of financial services for clients and authorized e-banking users abroad may be subject to local legal restrictions. Where MBC does not possess the necessary local permits, MBC is entitled to restrict the scope of the services provided to clients or authorized e-banking users in that country. These restrictions are subject to constant changes in the legal situation and regulatory environment of each country. MBC is authorized to change or limit the scope of services available at any time without giving prior notice. The forms of identification supplied by MBC may be subject to specific import/export and usage restrictions. In addition, imports/exports and the use of forms of identification by the client or authorized e-banking users in a third country/third countries – i.e. countries other than the country in which we originally provided these details – are subject to additional country-specific laws. It is the client’s responsibility as client and that of the authorized e-banking users to be aware of and comply with all relevant restrictions and laws. MBC accepts no liability in this regard.

9. Changes to e-banking terms and conditions

MBC reserves the right to modify these terms and conditions and to make changes to e-banking services at any time. Any such modification will be communicated to the client and the authorized e-banking user(s) in an appropriate manner and will be considered as having been accepted unless an objection is received within 30 days, but in any case no later than the next time the e-banking service is used.

10. Marketing purposes

The client and the authorized e-banking user(s) expressly accept that MBC may use data from e-banking for marketing purposes, although such data will not be passed on to third parties.

11. Fees and prices

Fees are based on the prevailing rates for e-banking as stated in MBC’s “Services and Pricing” brochure. MBC is authorized to debit fees directly to the client’s account. The client hereby accepts that MBC may amend prices at any time and will inform the client of such amendments. If the client does not object within 30 days, the client will be deemed to have accepted the changes. 

Any VAT and other duties owed will be charged in addition to the agreed prices. The forms of identification supplied by MBC may, in the case of imports abroad, be subject to duties and import taxes. Other charges such as those for customs clearance may also be incurred. As MBC delivers duty unpaid, the client will be required to meet all duties and charges in connection with imports abroad.

12. Termination of the agreement/authorization to use e-banking

The e-banking agreement or authorization may be terminated in writing by either party at any time. The client will not be entitled to a refund of any costs or charges incurred in connection with this. Despite termination, MBC remains authorized to process all transactions already generated using the client’s identification details on a legally binding basis on the client’s behalf.

13. Death or incapacity to act

This e-banking relationship will not expire in the event of the client’s death, judicially pronounced presumption of death, legal incapacity or bankruptcy.

14. Applicable law and place of jurisdiction

All legal relations between the client and MBC are subject to Swiss law, to the exclusion of the conflict of law’s provisions of Swiss private international law. The place of performance, exclusive place of jurisdiction for all types of proceedings and place of debt collection, the latter, however, only if the client has a foreign domicile, is Zurich. However, MBC is also entitled to bring action against the client before the competent court of his place of domicile or before any other ordinary or extraordinary court. Swiss law shall also apply in this case.