Stanbic Bank has been issuing written requests for its members to come and sign new agreements with the bank. A sample of such a letter has been doing the rounds on social media.
Among the new conditions is the bank’s guarantee of withdrawal of deposits. Part of the conditions reads,
16. Withdrawals Availability — [You, the Client, the depositor] acknowledge that a deposit, regardless of the currency of such deposit, may not be immediately available for withdrawal by you. The withdrawal of funds from the account(s), regardless of the currency of such deposit or the currency of the funds withdrawal request, is not unconditional and may be delayed and subject to (i) the availability of such currency notes; and/or (ii) any interruption, interception or suspension to the banking system; and/or (iii) compulsion by any authority to apply or convert the proceeds of deposits to other asset classes or currencies which may not be freely exchangeable, redeemable, convertible, negotiable or otherwise immediately available for withdrawal by you. In addition, the Bank shall be entitled to impose withdrawal limitations or restrictions and may from time to time impose requirements for prior written notification of your intention to make a withdrawal.
The bank also absolves itself from legal liability and says,
Limitation on liability – You agree that neither the Bank nor any of its affiliates shall be liable for any cost, loss, liability, expense or damages (special or otherwise) suffered by you or a third party which arises directly or indirectly from any action or omission by the Bank pursuant to the terms of these provisions. You assume all risks associated with the availability of currency notes and the conversion of currency exchange.
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