Please read these terms carefully before using PaySwiift's services. By creating an account, you agree to be bound by these terms.
These Terms and Conditions constitute a legally binding agreement between you ("User", "Customer", "You") and PaySwiift ("Bank", "We", "Us", "Our"). By accessing or using our banking services, you acknowledge that you have read, understood, and agree to be bound by all terms and conditions outlined herein, including any future modifications.
1.1. "Account" means any account maintained by us for you, including but not limited to current accounts, savings accounts, transactional accounts, business accounts, and any other financial products we may offer from time to time.
1.2. "Agreement" means these Terms and Conditions, together with the Privacy Policy, Data Policy, and any other documents referred to herein, as amended from time to time.
1.3. "Available Balance" means the amount of cleared funds in your Account that is available for withdrawal or transfer, subject to any holds, restrictions, or legal process affecting the Account.
1.4. "Business Day" means any day other than a Saturday, Sunday, or public holiday on which banks are open for general business in the jurisdiction where your Account is held, based on the UTC timezone.
1.5. "Card" means any debit card, credit card, prepaid card, or virtual card issued by us or our partners in connection with your Account.
1.6. "Communication" means any notice, disclosure, document, or other information we provide to you, whether in writing, electronically, through the App, by SMS, or by any other means.
1.7. "Dormant Account" means an Account that has had no customer-initiated transactions or activities for a period as specified in Section 6 hereof.
1.8. "Force Majeure" means any event beyond our reasonable control, including but not limited to acts of God, war, terrorism, civil unrest, strikes, natural disasters, internet failures, power outages, banking system failures, governmental actions, or any other circumstance beyond our control.
1.9. "KYC" means Know Your Customer procedures, including identity verification, due diligence, and ongoing monitoring required by applicable laws and regulations.
1.10. "Payment Instructions" means any instructions you provide to us regarding the transfer of funds, whether through the App, Website, or any other authorized channel.
1.11. "Third Party" means any person or entity other than you and us, including but not limited to other financial institutions, payment processors, merchants, and service providers.
1.12. "Transaction" means any debit, credit, transfer, payment, withdrawal, or other movement of funds to or from your Account.
1.13. "We/Us/Our" means PaySwiift, its successors, assigns, subsidiaries, affiliates, directors, officers, employees, and agents.
1.14. "You/Your" means the individual or entity that has opened an Account with us and any authorized users of that Account.
2.1. Eligibility: To open an Account, you must be at least 18 years of age and a legal resident of a country where we offer services. By opening an Account, you represent and warrant that:
2.1.1. You have provided accurate, current, and complete information;
2.1.2. You will maintain and update your information to keep it accurate;
2.1.3. You are not located in a country that is subject to sanctions;
2.1.4. You have not previously had an Account suspended or terminated;
2.1.5. You are not using the Account for any illegal or unauthorized purpose;
2.1.6. You will comply with all applicable laws and regulations.
2.2. Account Opening: We reserve the right to:
2.2.1. Accept or reject any application for an Account in our sole discretion;
2.2.2. Request additional information or documentation to verify your identity;
2.2.3. Place holds on funds or restrict Account access pending verification;
2.2.4. Close any Account that remains unverified for more than 30 days;
2.2.5. Limit the number of Accounts you may hold with us;
2.2.6. Refuse to open an Account if we suspect fraud or misrepresentation.
2.3. Joint Accounts: If you open a joint Account, all account holders are jointly and severally liable for all transactions, fees, and obligations. Any account holder may:
2.3.1. Conduct transactions without the consent of other holders;
2.3.2. Close the Account (with notice to all holders);
2.3.3. Add or remove authorized users;
2.3.4. Request account changes or updates.
2.4. Business Accounts: For business Accounts, you represent that you have the authority to bind the entity and agree that:
2.4.1. The entity is properly registered and in good standing;
2.4.2. All beneficial owners have been disclosed;
2.4.3. The entity complies with all applicable regulations;
2.4.4. We may verify business information through third-party sources.
2.5. Account Security: You are responsible for maintaining the confidentiality of your:
2.5.1. Login credentials, including username and password (minimum 8 characters);
2.5.2. PIN numbers, security questions, and answers;
2.5.3. Biometric data used for authentication;
2.5.4. Card details, CVV codes, and expiration dates;
2.5.5. One-time passwords and verification codes.
2.6. Unauthorized Access: You must notify us immediately if you suspect:
2.6.1. Any unauthorized transaction or access to your Account;
2.6.2. Loss, theft, or compromise of your credentials;
2.6.3. Any error or discrepancy in your Account statement;
2.6.4. Any suspicious activity related to your Account.
2.7. Account Statements: We provide electronic statements monthly. You must review each statement and report any discrepancies within 30 days. After 30 days, all transactions are deemed accepted.
2.8. Account Closure: Either party may close the Account at any time by providing written notice. Upon closure:
2.8.1. We will return any positive balance (less fees) within 10 business days;
2.8.2. You remain liable for all outstanding fees and charges;
2.8.3. We may retain records as required by law (typically 5-7 years);
2.8.4. Pending transactions will be completed or cancelled at our discretion.
IMPORTANT: Depending on your jurisdiction of residence, monthly account maintenance fees may apply. Please review the fee schedule applicable to your region carefully.
3.1. Fee Schedule: You agree to pay all fees and charges associated with your Account as set forth in the applicable fee schedule, which may include but is not limited to:
3.1.1. Monthly account maintenance fees: $50.00 per month (where applicable);
3.1.2. Transaction fees for deposits: 0.05% (where applicable);
3.1.3. Transaction fees for withdrawals: 0.1% (where applicable);
3.1.4. Transfer fees: 0.2% (where applicable);
3.1.5. Wire transfer fees: $0.10 (domestic and international);
3.1.6. Overdraft and insufficient funds fees;
3.1.7. Card replacement and expedited shipping fees;
3.1.8. Statement copy and record request fees;
3.1.9. Account closure fees (if applicable);
3.1.10. Dormancy and inactive account fees: $10.00 per month;
3.1.11. Legal process and garnishment fees.
3.2. Monthly Account Maintenance Fees: In certain jurisdictions, accounts are subject to monthly maintenance fees as follows:
3.2.1. Standard Current Account: $50.00 per month (waived with minimum balance of $1,000);
3.2.2. Premium Current Account: $150.00 per month (waived with minimum balance of $5,000);
3.2.3. Savings Account: $30.00 per month (waived with minimum balance of $500);
3.2.4. Business Account: $250.00 per month (waived with minimum balance of $10,000);
3.2.5. Student Account: No monthly fee for first 24 months, then $30.00 per month.
3.3. Fee Changes: We may change fees at any time by providing 30 days' notice. Your continued use of the Account constitutes acceptance of new fees. If you do not accept fee changes, you may close your Account before the effective date.
3.4. Overdraft Fees: If you opt into overdraft protection, you may incur fees of $35 per overdraft item, up to a maximum of 5 items per day ($175). Overdrafts must be repaid within 30 days, or additional fees may apply.
3.5. International Transaction Fees: Transactions in foreign currencies or with international merchants are subject to:
3.5.1. Currency conversion fee: 1.5% above the exchange rate;
3.5.2. International service fee: 1% of transaction amount;
3.5.3. Cross-border processing fee: $5.00 per transaction.
3.6. Fee Deduction: We may deduct fees directly from your Account balance. If your Account has insufficient funds, we may:
3.6.1. Create a negative balance (overdraft) subject to fees;
3.6.2. Deduct fees from future deposits;
3.6.3. Close the Account and send the debt to collections;
3.6.4. Report unpaid fees to credit bureaus.
3.7. Taxes: You are responsible for all taxes, duties, or governmental charges imposed on your Account or transactions, excluding taxes based on our net income.
CRITICAL TRANSFER CONDITION: If you initiate a transfer where the receiver is designated to pay any associated fees or charges, the receiver MUST have sufficient available funds in their account BEFORE the transfer can be completed. Transfers will be rejected if the receiver has insufficient funds to cover their portion of the transaction.
4.1. Transfer Authorization: By initiating a transfer, you authorize us to:
4.1.1. Debit the specified amount from your Account;
4.1.2. Credit the recipient's account (subject to verification);
4.1.3. Charge applicable fees to you or the recipient as designated;
4.1.4. Verify recipient account details and availability of funds.
4.2. Receiver-Pays Transfer Condition: When you select the option for the receiver to pay any portion of the transfer fees or charges, the following conditions apply:
4.2.1. The receiver must have sufficient available funds in their account BEFORE the transfer is processed;
4.2.2. We will verify the receiver's balance prior to initiating the transfer;
4.2.3. If the receiver has insufficient funds, the transfer will be rejected entirely;
4.2.4. No partial transfers will be processed under any circumstances;
4.2.5. The receiver may incur overdraft fees if the transfer creates a negative balance;
4.2.6. Rejected transfers may still incur a processing fee of $2.50;
4.2.7. The sender will be notified of rejection within 2 business days;
4.2.8. Multiple attempts with insufficient funds may result in account restrictions.
4.3. Receiver's Acceptance: By receiving funds through our platform, the receiver agrees to:
4.3.1. Maintain sufficient funds for any receiver-pays transactions;
4.3.2. Accept all applicable fees associated with the transfer;
4.3.3. Allow us to verify their account balance before processing;
4.3.4. Not hold us liable for rejected transfers due to insufficient funds.
4.4. Transfer Limits: Transfers are subject to the following limits (subject to change):
4.4.1. Daily transfer limit: $10,000 (or equivalent in local currency);
4.4.2. Monthly transfer limit: $300,000;
4.4.3. Single transaction limit: $5,000;
4.4.4. International transfer limit: $2,500 per transaction;
4.4.5. Wire transfer limit: $10,000 per transaction;
4.4.6. Business account limits may be higher upon request and approval.
4.5. Transfer Timing: Processing times vary based on:
4.5.1. Internal transfers (same-day, usually within minutes);
4.5.2. Domestic transfers (1-2 business days);
4.5.3. International transfers (3-5 business days);
4.5.4. Wire transfers (same-day if initiated before cutoff);
4.5.5. Weekends and holidays may delay processing.
4.6. Reversals and Cancellations: Once initiated, transfers may only be cancelled if:
4.6.1. The transfer has not yet been processed by our systems;
4.6.2. The recipient agrees to return the funds (for completed transfers);
4.6.3. We determine the transfer was fraudulent or erroneous;
4.6.4. Required by applicable law or regulation.
4.7. Failed Transfers: We are not liable for failed transfers due to:
4.7.1. Incorrect recipient information provided by you;
4.7.2. Insufficient funds in your or the recipient's account;
4.7.3. Technical issues with banking systems or networks;
4.7.4. Legal or regulatory restrictions;
4.7.5. Force majeure events beyond our control.
MANDATORY REQUIREMENT: Users must complete ALL KYC verification levels before being authorized to initiate any transfers or withdrawals from their account. No exceptions will be made to this requirement.
5.1. KYC Levels: Our multi-tiered verification process consists of the following levels:
5.1.1. Level 0 (Basic): Email and phone verification. No transfer privileges.
5.1.2. Level 1 (Standard): Government ID verification + address verification. Limited to $500 monthly transfers.
5.1.3. Level 2 (Enhanced): Proof of income + source of funds documentation. Full transfer privileges up to $10,000 daily.
5.1.4. Level 3 (Premium): In-person verification + enhanced due diligence. Unlimited transfers subject to approval.
5.1.5. Level 4 (Business): Business documentation + beneficial ownership disclosure. Custom limits based on business profile.
5.2. Transfer Prohibition Until Full Verification: You acknowledge and agree that:
5.2.1. NO transfers, payments, or withdrawals may be initiated until Level 2 verification is complete;
5.2.2. Attempting to bypass verification requirements may result in immediate account termination;
5.2.3. Funds deposited before verification completion will be held in a suspense account;
5.2.4. Deposits may be returned to source if verification is not completed within 60 days;
5.2.5. We may refuse to process any transfer if verification is incomplete or outdated;
5.2.6. Verification status may affect interest accrual and account features.
5.3. Required Documentation: Based on your KYC level, you may be required to provide:
5.3.1. Government-issued ID (passport, driver's license, national ID);
5.3.2. Proof of address (utility bill, bank statement, lease agreement);
5.3.3. Tax identification number or equivalent;
5.3.4. Source of funds documentation (pay stubs, tax returns, business financials);
5.3.5. Employment information and verification;
5.3.6. Beneficial ownership information for business accounts;
5.3.7. Additional documentation as requested by our compliance team.
5.4. Verification Timeline: KYC verification times vary:
5.4.1. Level 1: 1-2 business days;
5.4.2. Level 2: 3-5 business days;
5.4.3. Level 3: 5-10 business days (may require in-person visit);
5.4.4. Level 4: 10-15 business days;
5.4.5. Complex cases may take longer at our discretion.
5.5. Re-verification: We may require re-verification at any time if:
5.5.1. Your information changes or appears outdated;
5.5.2. We detect suspicious activity on your account;
5.5.3. Required by changes in applicable law;
5.5.4. After a period of account inactivity;
5.5.5. At our discretion based on risk assessment.
5.6. Consequences of Non-Compliance: Failure to complete required KYC verification may result in:
5.6.1. Freezing of account access;
5.6.2. Rejection of transfer requests;
5.6.3. Return of funds to source;
5.6.4. Account closure;
5.6.5. Reporting to financial intelligence units;
5.6.6. Legal action where permitted by law.
IMPORTANT: Accounts that remain dormant for extended periods may require an in-person visit to a physical branch for reactivation. Digital reactivation may not be available for dormant accounts.
6.1. Definition of Dormancy: An account is considered dormant when there have been no customer-initiated transactions or activities for a continuous period of:
6.1.1. 6 months: "Inactive" status - restrictions begin;
6.1.2. 12 months: "Dormant" status - most features disabled;
6.1.3. 24 months: "Suspended" status - access fully restricted;
6.1.4. 36 months: "Escheatment" status - funds may be transferred to state authorities;
6.1.5. 60 months: Account may be closed and funds forfeited where permitted by law.
6.2. Dormancy Fees: Dormant accounts may be subject to:
6.2.1. Monthly inactivity fee: $10.00 after 6 months of inactivity;
6.2.2. Statement fee: $2.00 per mailed statement;
6.2.3. Reactivation fee: $25.00 (may be waived for Level 3+ accounts);
6.2.4. Escheatment processing fee: $50.00 or 5% of balance, whichever is greater.
6.3. Reactivation Requirements: To reactivate a dormant account, you may be required to:
6.3.1. Visit a physical branch in person with valid government-issued ID (MANDATORY for accounts dormant > 12 months);
6.3.2. Complete new KYC verification (all levels);
6.3.3. Provide updated employment and source of funds information;
6.3.4. Pay all accrued dormancy and reactivation fees;
6.3.5. Wait 5-10 business days for verification processing;
6.3.6. Accept current terms and conditions (may differ from original agreement).
6.4. In-Person Reactivation: For accounts dormant beyond 12 months, the following in-person requirements apply:
6.4.1. Visit must be to a physical branch location (virtual/remote reactivation unavailable);
6.4.2. Appointment may be required (wait times up to 30 days);
6.4.3. Original documents must be presented (no copies accepted);
6.4.4. Biometric verification (fingerprint/photo) will be captured;
6.4.5. Interview with branch manager may be required;
6.4.6. Account may be subject to enhanced monitoring after reactivation.
6.5. Exceptions: In-person reactivation may be waived for:
6.5.1. Military personnel deployed overseas (with verification);
6.5.2. Customers with medical disabilities (with documentation);
6.5.3. Residents in areas without physical branches (case-by-case);
6.5.4. Accounts with balance under $100 (may be closed instead).
6.6. Unclaimed Property: If your account remains dormant and we are unable to contact you, funds may be:
6.6.1. Transferred to state unclaimed property offices after statutory periods;
6.6.2. Subject to escheatment laws of your jurisdiction;
6.6.3. Forfeited to the bank if below minimum thresholds (where permitted);
6.6.4. Used to offset dormancy fees until depleted.
7.1. Limitation of Liability: To the maximum extent permitted by law, we shall not be liable for any:
7.1.1. Indirect, incidental, special, consequential, or punitive damages;
7.1.2. Loss of profits, revenue, business opportunities, or goodwill;
7.1.3. Loss of data or unauthorized access to your information;
7.1.4. Delays or failures in processing transactions;
7.1.5. Actions taken by third parties, including other financial institutions;
7.1.6. System outages, technical failures, or force majeure events;
7.1.7. Compliance with legal or regulatory requirements;
7.1.8. Freezing or restricting access to your Account as required by law.
7.2. Cap on Liability: Our total liability to you for any claim arising from these Terms shall not exceed the lesser of:
7.2.1. The amount of fees paid by you in the 12 months preceding the claim; or
7.2.2. $1,000 USD (or equivalent in local currency).
7.3. Indemnification: You agree to indemnify, defend, and hold harmless PaySwiift, its affiliates, officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising from:
7.3.1. Your use of the Account or Services;
7.3.2. Your violation of these Terms;
7.3.3. Your violation of any applicable law or regulation;
7.3.4. Any transaction or instruction initiated from your Account;
7.3.5. Any misrepresentation or inaccurate information provided by you;
7.3.6. Any dispute between you and a third party, including other account holders;
7.3.7. Any unauthorized access to your Account due to your negligence;
7.3.8. Any taxes, fees, or penalties imposed on your Account.
7.4. No Warranty: We provide all services "AS IS" and "AS AVAILABLE" without any warranties, express or implied, including but not limited to:
7.4.1. Warranties of merchantability or fitness for a particular purpose;
7.4.2. Warranties of uninterrupted or error-free service;
7.4.3. Warranties regarding the accuracy or completeness of information;
7.4.4. Warranties regarding the security of communications or data.
8.1. Governing Law: These Terms shall be governed by and construed in accordance with the laws of [Jurisdiction], without regard to its conflict of laws principles.
8.2. Dispute Resolution: Any dispute arising from these Terms shall be resolved through:
8.2.1. Informal negotiation (30 days);
8.2.2. Mediation (if negotiation fails);
8.2.3. Binding arbitration in accordance with [Arbitration Rules];
8.2.4. Class action waiver: You agree to resolve disputes on an individual basis;
8.2.5. Small claims court option for claims under $5,000.
8.3. Amendments: We may amend these Terms at any time by providing notice through:
8.3.1. Email notification to your registered address (from no-reply@payswiift.com);
8.3.2. Notice through the App or Website;
8.3.3. Physical mail for customers without email.
8.4. Severability: If any provision of these Terms is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.
8.5. Waiver: Our failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.
8.6. Assignment: You may not assign your rights or obligations under these Terms without our written consent. We may assign these Terms without restriction.
8.7. Entire Agreement: These Terms, together with our Privacy Policy and Data Policy, constitute the entire agreement between you and PaySwiift regarding your Account and Services.
By creating an account with PaySwiift, you acknowledge that you have read, understood, and agree to be bound by all terms and conditions set forth in this document, including but not limited to:
If you do not agree to these terms, please do not create an account or use our services.
Our legal team is available to address any questions or concerns.
Version 1.0.0 | Last Updated: March 21, 2026 | PaySwiift is a registered financial institution