Terms and Conditions for the Diamond Y’ello Account

Terms and Conditions for the Diamond Y’ello Account

  1. For the purpose of these terms and conditions (which are in addition to and shall be read in conjunction with the standard terms and conditions for operating a Diamond Y’ello Account set out in www.diamondbank.com and such other communication as may be published from time to time, reference to:

 

"We", "Us" and "Our" means Diamond Bank Nigeria Plc.

 

"You" or "Your" refers to you, the customer and user of the services.  By opting for the Diamond Y’ello Account service, You are deemed to have accepted and be bound by these terms and conditions.

 

  1. We seek to offer MTN Nigeria Communications Limited (MTN) subscribers using the services available on the MTN Network a chance to open and operate a bank account known as “Diamond Y’ello Account”.

 

Services available are:

Account Opening

    1. That the Account shall be available to MTN subscribers only.
    2. That the account shall be opened and maintained by Diamond Bank plc.
    3. By opting in for this service you permit us to use your details captured during your sim registration exercise by MTN as your valid and authentic details.
    4. By opting in you have also enrolled for a loyalty scheme which may remain valid for the lifetime of your  DYA account
    5. The account may be opened by the customer primarily via his/her MTN phone or being physically present at any of the Bank’s branches and designated MTN agents; it may also be contracted at the bank’s website and will be linked to the customer’s supplied mobile phone number.
  1. That the information required by the bank may be received by the bank electronically or may be submitted directly to the bank’s branch or through an agent’s office.
  2. Accounts that have been opened and remain unfunded after the first sixty (60) days will be closed.

vii.      Accounts that have been opened will be restricted until other required Tier 1 KYC customer information and BVN is provided and updated in any of our Diamond Bank branches.

viii.     Account will run in line with CBN regulatory guidelines.

 

 

  1. Eligibility to participate to open a Diamond Y’ello Account: is open only to all existing and active MTN subscribers. For avoidance of doubt, intending subscribers shall be eligible upon subscription for the service via any of the platforms herein referred.

 

  1. You must be eighteen (18) years or older to subscribe for the service. By subscribing or seeking to open a Diamond Y’ello Account, you hereby represent that you are:

 

  1. At least 18 years old and in the same manner eligible to enter into valid contracts under Nigerian law,
  2. Have perused and have a clear understanding of the terms and conditions of operating this bank account ,

iii.       Fully aware and accept that participation will involve financial obligations on your part as certain transactions have fees which you will be required to pay for .

  1. Fully aware and accept that any sums applied or expended by You for operating this service is non-refundable.

 

We reserve the right to verify the eligibility of users. You agree that your personal data or information supplied for subscribing for the Diamond Y’ello Account service may be used by Us to monitor in order to provide services to You from time to time and to evaluate if we can improve on our service to our customers.

 

PORTING

 

In the event that you port to another mobile network provider from MTN, you will be required to withdraw all credit balances in your account within two (2) days of your port request and clear any outstanding debt if granted a loan facility and subsequently close the account. However, you may open another bank account with Diamond Bank other than the Diamond Yello Account whilst with another mobile network operator.

 

SECURITY AND UNAUTHORISED USE
The user selects a confidential Personal Identification Number during account opening. This PIN is mandatory for the use of all DYA features in such a manner that no transaction could be effected without entering and validating this PIN.
You are responsible, for keeping your PIN secret and for all transactions that take place on your account with your PIN and you indemnify us against any claims made in respect of such transactions. Your PIN shall not be communicated to anyone, must be kept in a very confidential manner and should in no case be written on any document. The user must ensure this PIN is always composed out of sight of any individual.
If at any time you believe or know that your cell phone or PIN has been stolen or compromised, you can call us immediately on 118. We will block the account as soon as we reasonably can. You will remain responsible for all transactions that occur until your account is blocked.
Should you dispute that any purchase or withdrawal debited to your account was not authorised by you, you will have to prove it was not authorised.

 

 

  1. This service is open to Nigerian residents only.

 

How to subscribe for the service

 

Operating the Account:

 

  1. That the Diamond Y’ello Account (DYA) service shall be valid only within Nigeria or any limit that may from time to time be imposed by law or regulations
  2. That lodgments or deposits may be made by customer and third parties; withdrawal can only be made by customer and any withdrawals made under this product is deemed made by customer
  3. That the DYA may be valid for use for funds transfer within Nigeria.
  4. You must authorise your transactions with your secret PIN, which you create during account opening, or by such other method we may prescribe from time to time.
  5. To manage your money safely, there are daily limits on your account. A maximum of N20, 000 per transaction and daily limit of N30, 000 (Tier 1 only), or a maximum of N50, 000 per transaction and daily limit of N100, 000 (Tier 2 only).
  6. Limits shall comply with the tiered approach below.
  7. For Tier One, maximum single deposit into the account shall be N20, 000.00 while the   maximum cumulative credit balance in the account shall be N200, 000.00 only at any point in time.
  8. For Tier Two, maximum single deposit of N50, 000.00 while the maximum cumulative credit balance in the account shall be N400, 000.00 only at any point in time.
  9. For Tier three, limits do not apply.

 Increasing Account Limits: Tier Migration:

  1. All customers that want to move to the next tier will provide the relevant documents to a Diamond bank branch.
  2. To migrate from Tier1 to Tier 2, customer should submit a valid Identity card

To migrate from Tier2 to Tier 3, customer should submit a valid identity card and utility bill for address verification.

 

ACCESS CHANNEL

 

Amongst the various options available to open and operate this account includes but not limited to USSD, APP, WEB,AGENT and Diamond bank branches, The customer acknowledges that USSD is clear text and unencrypted service, and shall undertake the responsibility for appraising it as a preferred  choice for accessing this service.

 

The customer also acknowledges that USSD Service being a computer and telecommunications system is not fault-free and occasional periods of downtime could occur and as a result, our partner MTN does not guarantee, nor be liable to ensure that the service will be uninterrupted, timely, secure, or error-free, or that data loss will not occur.

 

 

FEES AND OTHER CHARGES

 

  1. There are certain fees that you will apply when you use your account to carry out certain transactions A list of these fees is available from the designated MTN agent outlets, by contacting our Call Centre on 118 and on the website.

 

 

 

OBLIGATION OF THE BANK

 

  1. To provide the customer with the requisite banking platform across various channels including but not limited to (USSD, APP, IVR, WEB, AGENTS & BANK branches) to open the account and access the Product for transactions;
  2. To ensure that all payments made by or on behalf of the Customer are posted into the customer’s account;

iii.       To issue debit card and pin to the customer for use on the account

  1. To make the following services available:
  2. Funds transfer to and from any bank account in Nigeria
  3. Payment for goods and services
  4. Offer Micro credit (qualified customers only)
  5. Pay interest on customers balances
  6. Enable deposit and withdrawal of money from designated agent locations in addition to diamond
  7. Bank branches nationwide
  8. Subject to the foregoing, we reserve the right to change these terms and conditions at any time without notice. By continuing to subscribe for DYA service, You will be deemed to have accepted these and any varied terms and conditions which will be posted or published on our official website.

 

  1. We accept no responsibility for any incorrect or incomplete registration details that You may supply as part of your registration for subscribing for the DYA service.

 

  1. MTN shall not be responsible for undelivered, lost or delayed text messages nor for any network errors for which there may be delays during peak time.

 

  1. These terms and conditions are governed by Nigerian Law and You submit to the exclusive jurisdiction of the Nigerian Courts.

 

For more information, You may contact Diamond Bank customer service by calling 118 or peruse the terms and conditions for the DYA service on the website www.diamondbank.com

NOTICES
We are entitled to send information to you via SMS to the contact cell phone number supplied on your application form and as amended from time to time. These SMS are for information purposes only.

You must notify us immediately of any change of your details at a Diamond bank branch.

 

DISCLAIMER

This Diamond Y’ello Account is subject to the Terms and Conditions stated herein and by subscribing to the service, You agree to be bound, without reserve, to the said Terms and Conditions without any liability to Diamond Bank Plc and MTN Nigeria Communications Limited.

I accept to be bound by the above Terms and Conditions.

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