From: Robin T Cox
Subject: Re: Bank indemnity
Newsgroups: uk.finance
Date: Sat, 15 Sep 2007 13:25:09 GMT
Bytes: 2915
On Sat, 15 Sep 2007 11:53:42 +0100, ernie mendoza wrote:
> Natwest has offered to upgrade my current account to private banking if
> I sign a phone and fax indemnity form which seems to me heavily
> weighted in the banks favour. It seems to say that if I become the
> victim of identity fraud I will have to repay Natwest any losses it
> incurs and also the costs of an investigation and legal proceedings.
>
> I am particularly concerned by the following clause:
>
> " I/we agree in order to induce the Bank to act in reliance on any
> such (phone or fax money transfer) Instructions from time to time and
> at all times to keep the Bank indemnified from and against all actions,
> proceedings, claims and demands which may be brought or made against the
> Bank and all losses, costs, charges, damages and expenses which the Bank
> may incur or sustain or for which it may become liable by reason of its
> having acted on such Instructions and notwithstanding that any such
> Instructions may not have been duly authorised by me/us. I/We further
> agree to reimburse the Bank on a full indemnity basis for legal fees and
> all other collection costs and expenses incurred in the enforcement of
> this Indemnity."
>
> Is such an indemnity form now standard practice? TIA.
Halifax gives its customers a security guarantee:
Online Fraud Guarantee
We do all we can to protect you online. Even in the unlikely event of
fraud, we promise you won't lose out. As a Halifax online banking
customer, you automatically benefit from our online fraud guarantee:
If a customer of our online service is a victim of online fraud, we
guarantee that they won't lose any money from their account, and will
always be reimbursed in full.
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