Terms and Conditions for BASIC Bank Internet Banking/ Mobile App (Magpie App)
The terms outlined in this agreement define your rights and responsibilities, as the user, and our obligations, as BASIC Bank Limited, regarding our Mobile Banking (Magpie App) / Internet Banking Services. This agreement is legally binding, so we strongly suggest that you take the time to read and fully understand all the terms and conditions.
1. Bank refers to BASIC Bank Limited.
2. Magpie App refers to the Mobile App based banking service offered by BASIC Bank Limited.
3. "Service" means BASIC Bank Mobile App or Internet Banking Service that BASIC Bank Limited makes available through the Internet Network to enable the electronic receipt and transmission of information and Instruction.
4. "Customer" means the Account Holder or his authorized person.
5. "User" means the authorized and registered user of the BASIC Bank Internet Banking Service.
6. "Account(s)" means the account(s) of the Customer with BASIC Bank Limited operable through its branches in Bangladesh, which the bank has registered as accessible by the Internet Service, including any new accounts opened.
7. The card refers to a BASIC Credit Card/Prepaid Card/Debit Card held by the customer.
8. User ID or Magpie App ID refers to the User Identification Number, created by a customer.
9. "Password" means the alpha-numeric identification number for accessing the Internet Banking Service, created by a customer.
10. Two Factor Security Token (2FA Token) is a software/hardware/SMS/Email token to generate one time Password for using Fund Transfer transactions.
11. NPSB refers to National Payment Switch Bangladesh as per the rules of Bangladesh Bank and the amendments thereto, made from time to time.
12. BEFTN refers to Bangladesh Electronic Fund Transfer Network as per the rules of Bangladesh Bank and the amendments thereto, made from time to time.
13. RTGS refers to Real Time Gross Settlement as per the rules of Bangladesh Bank and the amendments thereto, made from time to time.
1. To sign up for Magpie App or Internet Banking, the customer must have at least one active checking (Current/Savings/SND) account with the bank.
2. Magpie App or Internet Banking will give the customer access to multiple services. Services are balance checks, fund transfers (own accounts, BASIC Bank accounts, others bank accounts), RTGS, BEFTN, NPSB, Mobile Top-up, Fund Transfer to MFS, Statement and Utility Bills payment, E-Wallet Payment etc.
3. The Bank reserves the right to accept or decline any Magpie App or Internet Banking Service application without explanation.
Customers Discretion to a Customer ID, Password, and Security:
1. The customer has to set a unique User ID and a password for accessing to Magpie App or Internet Banking for the first time.
2. The customer is responsible for maintaining the confidentiality of their User ID and password. He/she agrees not to disclose the password to anyone, including anyone claiming to represent the bank or someone assisting a technical helpdesk. Bank employees do not need the user's password for any reason.
3. If the customer gives their password to anyone or fails to keep it confidential, he/she does so at their own risk. Anyone with the user's password will have access to his/her account.
4. If the customer's password/mobile number/e-mail is lost, stolen, or known by someone else, he/she must notify BASIC Bank Limited immediately. The bank may provide information to the police or any prosecuting authority if they think it will help find out if someone else is using the User ID, password, or security details.
5. The customer must ensure at all times that the mobile number registered with Magpie is accessible and operable only by him/ herself and none else.
6. Using the assigned password indicates the customer's acceptance of the terms and conditions for their account(s) and this Magpie App or Internet Banking Agreement.
7. The bank reserves the right to prevent customer access to the Magpie App or Internet Banking if he/she believes the confidentiality of the customer's password has been compromised.
8. The user agrees and acknowledges that BASIC Bank Limited will not be held responsible for any loss due to information disclosed by the bank regarding the customer's account(s) or carry out the customer's instructions through Internet Banking. The user will indemnify and hold BASIC Bank Limited harmless in this regard.
9. The customer understands that the bank has implemented a security procedure to verify the authenticity of instructions transmitted to the bank, not to detect errors in such instructions.
To prevent unauthorized transactions through Mobile App or Internet Banking Services, it is advised to follow these guidelines:
1. The password should not be written down.
2. Ensure that no one is physically observing the password when logging in.
3. Log out after finishing a Mobile App or Internet Banking session.
4. Do not leave a computer unattended with a valid username and password cached in the browser, as this may result in unauthorized access to the account.
1. The customer must take necessary precautions to prevent the unauthorized and illegal use of Mobile App or internet banking and unauthorized access to the accounts provided by Mobile App or internet banking.
2. If the customer notices any unauthorized transactions in their account, they must change their password immediately and notify the bank without delay.
3. The user should check their account statements for any unauthorized transactions. If there are any discrepancies, the user should immediately inform BASIC Bank Limited in writing, otherwise, it will be considered correct.
1. The User agrees and confirms that they will not use Mobile App or Internet Banking services for money laundering or any illegal or unlawful purposes.
2. The User will comply fully with all laws related to money laundering and will not use Mobile App or Internet Banking services for any terrorism or activities against the state.
3. BASIC Bank Limited reserves the right to request an explanation from the User regarding any matter related to the country's laws on money laundering and anti-terrorism.
1. The Bank has the right to impose annual service charges or transaction fees, and change them as deemed necessary, for the Mobile App or Internet Banking Services provided to the Customer.
2. The Customer authorizes the Bank to debit their account with such fees, commissions, and charges.
Changes/Amendments to the Terms:
1. BASIC Bank reserves the right to make changes, amendments, additions, or deletions to any of the Terms at any time and will try to provide prior notice for these changes whenever possible.
2. Notification of these changes to the Terms will be communicated to the Customer through the website, newspaper, other mass media, email, letter, etc.
3. By continuing to use any existing or new services offered by BASIC Bank, the Customer is deemed to have accepted the modified Terms.
Service Software & Hardware Requirements:
1. The User is fully responsible for maintaining, installing, and operating their computer and the software used to access Internet Banking.
2. BASIC Bank Limited is not responsible for any computer viruses that may affect the Customer's computer or software while using Internet Banking or accessing Internet Banking through the World Wide Web (WWW).
3. BASIC Bank also cannot be held liable for any malfunctions of third-party software, such as Internet Explorer, used by the Customer.
Online Fund Transfer:
1. Customer will be solely responsible for all financial transactions through the Magpie App / Internet Banking. Funds can be transferred to a BASIC Bank own account, BASIC Bank other account, other bank account. Funds can be transferred to a bank account with another bank through BEFTN, NPSB, RTGS, or Binimoy. The rules and regulations set by the Bangladesh Bank for BEFTN, NPSB, RTGS and Binimoy app (please read the Terms and Conditions for BEFTN, NPSB, RTGS and Binimoy of the Bangladesh Bank through their website) shall also apply.
2. For fund transfers to other bank accounts, BASIC Bank will send the transfer request through the selected method, such as BEFTN, NPSB, RTGS and Binimoy. The processing time for the transfer will depend on the recipient bank.
3. Customer will be fully responsible for ensuring the valid MFS ID (MSISDN) for transferring funds to/from MFS (bKash/Nagad/Rocket, etc).
4. Customer will be solely responsible for ensuring the valid mobile number and operator for mobile recharging using the Magpie App / Internet Banking.
5. Customer will be fully responsible for ensuring the accuracy of the account number and transaction amount for the fund transfer request. BASIC Bank will not be held liable for any errors caused by you entering wrong information.
6. BASIC Bank will set minimum & maximum transaction limit, transaction number based on daily and monthly basis. Customer can change his/her transaction limit that will not exceed the maximum limit.
7. For transactions made outside of business hours or on holidays, the value date will be the next business day.
8. Transactions from non-convertible Taka accounts to convertible accounts and transactions from Foreign Currency Accounts are not allowed through the Magpie App.
BILL PAYMENT SERVICE:
The Electronic Utility Bill Payment Service is only available to customers of the bank who are also customers of the bank's Magpie App Service and covers all utility bill payments for different billers with which the bank has a written agreement.
2. Scope of Service
The bank will provide the Electronic Utility Bill Payment Service to its customers to pay their utility bills through Magpie App / Internet Banking, with payment instructions that include the customer's and biller's details as agreed between the bank and the biller from time to time.
1. The access granted by BASIC Bank Limited to use Magpie App or Internet Banking does not transfer any proprietary or ownership rights to the software. The user shall not attempt to modify, translate, disassemble, decompile, or reverse-engineer the software or create any derivative product based on the software.
2. The user must keep all information, including their own, BASIC Bank Limited’s, or any third party's/customer's, derived from the Internet Banking Services confidential and shall not disclose to any third party without the prior written consent of BASIC Bank Limited.
Right of Set-off and Lien:
The bank has the right to set off and lien on the user's account deposits for any outstanding dues arising from Internet Banking, regardless of any other present or future lien or charge.
1. These terms and the user's account operations will be governed by the prevailing laws of Bangladesh.
2. BASIC Bank Limited may take legal action for any breach or violation of these terms in Court, Tribunal, or appropriate forum at its discretion, regardless of the user's location when accessing Internet Banking Services. The user consents to such jurisdiction.
3. Any provisions of these terms that are prohibited or unenforceable in any jurisdiction will be ineffective to the extent of prohibition or unenforceability in that jurisdiction but will not invalidate the remaining provisions or affect them in any other jurisdiction.
If BASIC Bank Limited is unable to fulfill its obligations under this agreement due to any cause beyond its control, such as system errors, network issues, strikes, labor disputes, accidents, government requisitions, travel restrictions or regulations, hospital operations, political disturbances, acts of war, or acts of God, BASIC Bank Limited shall not be held responsible.
Cancellation of Internet Banking:
The User can request to cancel their Magpie App or Internet Banking at any time by providing written notice to BASIC Bank Limited at least 15 days in advance. The cancellation will become effective on the 15th day. However, the User is always responsible for any outstanding obligations or requests made before or on the date of cancellation.
Acceptance of Terms and Conditions:
I do hereby declare that I have read and fully understood all the terms and conditions contained herein above and do hereby accept and agree to all the terms and conditions.