Bulk Interac e-Transfer® Terms and Conditions:

1. What the Words Mean:

In this Bulk Interac e-Transfer Terms and Conditions document (the “Agreement”), please remember that:

"I", "me", "my", “you”, “ICICI Bank Customer” and "customer" means the person (as defined below) who has opened an Account with ICICI Bank.

"ICICI Bank" or "the Bank" means ICICI Bank Canada.

Please also remember that:

"Account" means the bank accounts and/or any other type of account(s) opened and maintained with ICICI Bank by the customer, whether in Canadian or other currency..

“Account Documents” have the meaning specified in section 2 hereof.

"Affiliates" means any person that is:

1. The parent company, holding company or subsidiary of ICICI Bank, or
2. Under the control of, or under common control with, ICICI Bank.

“Branch” means any of the branches of ICICI Bank

"Branch Banking" means the banking services offered by ICICI Bank at a Branch. 

“Bulk Interac e-Transfer^®” or “Service” means the service that allows an ICICI Bank Customer to send Transfers to multiple Recipients, and to request Transfers from multiple Responders using a file submission mechanism.

“Digital Banking” means the banking service offered by ICICI Bank to its customers through online or mobile devices and includes services such as the provision of information regarding Account history, bill payments, Transfers and any other service as ICICI Bank may provide from time to time.

"Disclosure Statement" means ICICI Bank’s written statement of the service prices and other operating conditions for an Account as prescribed by ICICI Bank from time to time and available on our website.

“e-Transfer Request Money” or “Request” means a request for an e-Transfer made by a Requestor to a Responder;

“Everlink” means the technology service provider of ICICI Bank for Bulk Interac e-Transfer. 

“Harmful Content” has the meaning specified in section 9.

“ICICI Bank Customer” means a Person who holds an Account with ICICI Bank.

“ICICI Bank Recipient” means an ICICI Bank Customer who is a Recipient.

“ICICI Bank Sender” means an ICICI Bank Customer who is a Sender.

“Participating Financial Institution” means a financial institution participating in the Service, and includes ICICI Bank via Everlink.

"Person" means an individual, company, corporation, sole proprietor, partnership, trust or any other entity or organization or other body whatsoever.

“Recipient” means a Person who claims a Transfer and includes an ICICI Bank Recipient.

“Responder” means a Person who is a responder to an e-Transfer Request Money.

“Requestor” means a Person, including the Customer, who is the requestor of an e-Transfer Request Money;

“Sender” means a Person who sends a Transfer, and includes an ICICI Bank Sender.

“Security Question” has the meaning specified in section 6 hereof.

“Transfer” means a money transfer sent or received using the Service.

"Website" means the website owned, established and maintained by ICICI Bank located at the URL http://www.icicibank.ca or such other website as ICICI Bank may designate from time to time.

In this document, all references to the customer in the masculine gender will be deemed to include the feminine gender, and vice versa. Words in the singular shall include their plural equivalent as the context requires and vice versa. Unless the context otherwise clearly indicates, words used in the singular include the plural, and the plural includes the singular.

2. Applicability of this Agreement:

This Agreement, ICICI Bank’s Client Privacy Policy, ICICI Bank’s Website Terms of Use, and any other agreement or terms and conditions as may be stipulated by ICICI Bank from time to time (as amended from time to time) (“Account Documents”) form the contract between you and ICICI Bank for using ICICI Bank’s banking services and will apply to all your Accounts and all your transactions and other activities in connection with the banking services of ICICI Bank, including Transfers and your use of the Bulk Interac e-Transfer service. Notwithstanding anything contained herein, all terms and conditions stipulated by ICICI Bank pertaining to the Account will continue to be applicable to you. The terms of this Agreement will be in addition to and not in derogation of the terms and conditions relating to your Account.

If you make use of any of the banking services provided by ICICI Bank from time to time, whether Branch Banking or Digital Banking, it will mean that you have received, read and understood the Account Documents applicable to your Account. It will also mean that you have understood and agreed with ICICI Bank to everything written here and in the Account Documents applicable to your Account, and you understand that the Account Documents are applicable to all Accounts that you may have with ICICI Bank from time to time. Unless ICICI Bank otherwise agrees, you must make all payments under this Agreement in money which is legal tender within the jurisdiction of Canada at the time of payment.

3. Use of Bulk Interac e-Transfer®:

You will use the Service in accordance with the terms of this Agreement or as ICICI Bank may otherwise communicate to you from time to time. You will not use the Service for illegal, fraudulent or defamatory purposes. The Service is only available for use with a business Account.

4. Limits:

ICICI Bank may set limits for sending and requesting and receiving Transfers using the Service and may change these limits at any time, with or without notice to you and may set limits and restrictions on file size or types. It is your responsibility to check the limits applicable to you. You may do this by logging on using Digital Banking or reviewing the FAQs section on our website. Other persons, including other financial institutions and Interac, may also set limits, including without limitation limits on dollar amounts of Transfers or Transfer Requests using this Service.

ICICI Bank may refuse to honour a Bulk Interac e-Transfer or Transfer if there are insufficient available funds in the Account to honour the Transfer. If there are insufficient funds for any of the Transfers within a submitted file, ICICI Bank may refuse to honour the entire file. ICICI Bank may refuse to do so even if it has previously honoured Transfers from an Account whose limit has been exceeded. 

Subject to the foregoing, ICICI Bank may, at its own discretion, allow a Transfer to be completed. If for any reason, including actions by ICICI Bank, the completion of a Transfer is allowed when you have insufficient funds in your Account, it is deemed to be a loan made to you, and you will pay ICICI Bank interest on such a loan at the then-current interest rate that is applicable to your deposit set out  on www.icicibank.ca for the relevant business account. ICICI Bank will post that interest to the Account on a monthly basis at the time(s) set out in the Disclosure Statement. You agree to pay all such amounts due to ICICI Bank on demand.

5. Changes to Service:

ICICI Bank may at any time amend any part or feature of the Service without notice. Notwithstanding any such amendment, this Agreement shall apply to the Service.

6. Sending a Bulk Interac e-Transfer:

A Bulk Interac e-Transfer may be initiated by using the Digital Banking service of ICICI Bank or similar service provided by another Participating Financial Institution. The Service is only available for Canadian-dollar accounts held in Canada via Participating Financial Institutions. For a list of Participating Financial Institutions please visit Interac at: https://www.interac.ca/en/.

When a Bulk Interac e-Transfer file is submitted by a Sender, ICICI Bank will immediately withdraw the total amount to be transferred via that file from that Sender’s designated Account. Shortly thereafter, the Recipient(s) will receive an email via Interac at the email address provided, notifying them of the Transfer and (i) identifying the Sender as the Sender, (ii) disclosing the Sender’s email address, (iii) confirming the Transfer amount, (iv) confirming the name of the Recipient, and (v) confirming that the Sender is using the Service. The Recipient will receive the transferred amount after they have claimed it, unless the Recipient is signed up for autodeposit at their financial institution, in which case the Recipient will receive the Transfer as per their financial institution’s processes and policies.

ICICI Bank will not pay any interest after the transferred amount has left the Sender’s Account, including during the period until the Recipient claims the Transfer.

When setting up individual Transfer details within a file to be submitted via the Service, a security question and its answer, may be set (“Security Question”). To prevent unauthorized access to the Transfer, the answer to the Security Question must be something known only to the Sender and the Recipient.

The Security Question is Transfer Specific. For those Recipients using a Security Question, the Sender will need to enter the Security Question and answer each time a Transfer is sent to that Recipient. Recipients need to enter the same answer provided by the Sender in order to claim the Transfer. If Recipient is registered for auto-deposit, then the Security Question and answer are not required.

7. Sending a Bulk Request for Money:

A bulk e-Transfer Request Money is a mechanism whereby a Requestor can request funds from multiple Responders by submitting a single file. The Requestor must provide the Responder details (which will include the Responder’s name, e-mail address and other mandatory information), or must upload a file with the mandatory information and submit the bulk e-Transfer Request Money via the Digital Banking service of ICICI Bank. After the Requestor initiates an e-Transfer Request Money, an email will be sent via Interac to the Responder at the email address that the Requestor provides. The email may identify the Customer as the Requestor, display the e-Transfer Request Money amount, and/or indicate that the Requestor is sending an e-Transfer Request Money. Before using this Service to send a Request Money to a Responder, the Requestor is responsible for ensuring that the Responder is aware they will be receiving the Request Money and can fulfill the Request Money in accordance with these terms and conditions.

After the Responder approves the e-Transfer Request Money, the requested funds will be deposited in the Requestor’s Account promptly. However, the actual time to receive funds will vary and may take significantly longer depending on the circumstances.  ICICI Bank makes no representations or warranties regarding the time required to complete an e-Transfer. In case of any delay of deposit to the Requestor’s Account after approval by the Responder, ICICI Bank will not pay interest on the amount held during this time.

An e-Transfer Request Money will expire at the earlier of: (i) the end of the expiry period set by the Requestor in the Request or (ii) thirty (30) calendar days from the date the e-Transfer Request Money is sent using this Service if the Requestor has not specified an expiry period in the Request.

8. Providing the Recipient or Responder’s email address:

A Customer is solely responsible for (i) providing an active email address for the Recipient or Responder, as applicable, and (ii) ensuring the correct email address is provided for a Recipient or Responder.

9. Optional message field:

ICICI Bank will not examine any optional message or information included by a Customer with a Transfer or Request and ICICI Bank assumes no responsibility for the contents of such messages or information. You agree not to include any instructions to ICICI Bank, any Participating Financial Institution, Interac, or Everlink in the optional message field.

You are responsible for the contents of any messages or information sent or received using this Service, and you are prohibited from sending or receiving a message or information that is potentially harmful in any way (“Harmful Content”). For greater certainty, “Harmful Content” includes: (i) information or content that is harmful to ICICI Bank, the Sender, Recipient, or any other Person, (ii) personal information of an individual unless the individual has provided appropriate consent to the collection, use, and disclosure of the personal information in accordance with applicable laws, including personal information protection laws; (iii) a uniform resource identifier such as a uniform resource locator (URL), hyperlink, disabling code, or deceptive or malicious content; (iv) content or information that is offensive, defamatory, illegal, relates to illegal activities, or the inclusion or transmission of which is otherwise in contravention of applicable laws; (v) content or information that infringes intellectual property rights; and/or (vi) content or information intended to market products or services. You will indemnify and hold harmless ICICI Bank for any losses arising in connection with this Service, including as a result of any messages or information sent or received using this Service.

10. Claiming a Transfer:

An ICICI Bank Recipient may receive Transfers through the Bulk Interac e-Transfer service via autodeposit or by sending a request for money by submitting a bulk e-Transfer Request Money.

11. Reliance on Security Question:

ICICI Bank is entitled to honor a Transfer if a Recipient correctly answers the Security Question, whether or not that person was the intended Recipient.

As a Sender you agree (i) that you will keep the answer to each Security Question secret and will disclose it only to the Recipient to claim the Transfer, (ii) create a Security Question and answer, that is known only to you and the Recipient, and (iii) not to use email or any optional message that may accompany the Transfer to send the answer to the Security Question to the Recipient.

12. Time limit for a Recipient to claim a Transfer:

A Recipient  may claim a Transfer until it expires. A Transfer will expire at the earlier of: (i) the end of the expiry period set by the Sender in the Transfer or (ii) thirty (30) calendar days from the date the Transfer is sent using this Service, if the Sender has not specified an expiry period in the Transfer.

If you are an ICICI Bank Sender, you will receive an email notice via Interac when a Transfer you have sent expires, is declined, or is cancelled for any other reason. ICICI Bank will manually credit your Account with the amount of the Transfer. ICICI Bank will attempt to do so within a timely manner, but makes no representations or warranties regarding the time period required to effect such credit.

13. Time required to complete a Transfer:

A Recipient who successfully claims a Transfer should receive funds within minutes. However, it may in some circumstances take significantly longer. ICICI Bank makes no representation or warranty about the time it will take to complete a Transfer.

14. Correctness of transaction details:

Customers are responsible for the accuracy of their instructions, including but not limited to (i) the details of the Recipient or Responder, (ii) any email addresses provided, and (iii) the amounts to be transferred. Visit the ICICI Bank website for more details on how to edit the details of a Transfer.

ICICI Bank Senders and ICICI Bank Recipients are responsible for ensuring that their profile and personal information is accurate and up to date at all times. You may notify us of changes to your email address via (i) our website, (ii) your relationship manager, or (iii) at a Branch. ICICI Bank and its suppliers will use the email address you have supplied for the purpose of communicating with you in connection with the Service. Changing your email address for the Service may change your email address for other ICICI Bank products, services or communications.

15. Transfer cancellation:

Transfers that have been initiated cannot be retrieved unless they are cancelled before they have been claimed. A Transfer cannot be cancelled if a Recipient has begun the process of claiming the Transfer.

ICICI Bank Senders may request the cancellation of a Transfer using the Digital Banking service of ICICI Bank only. An ICICI Bank Sender may request such cancellation, so long as the Transfer has not been claimed or declined by the Recipient, until the earlier of: (i) the end of the expiry period set by the Sender in the Transfer or (ii) thirty (30) calendar days from the date the Transfer is sent using this Service, if the Sender has not specified an expiry period in the Transfer. ICICI will use reasonable efforts to cancel a Transfer at the Customer’s request. The Customer discharges and releases ICICI Bank from, and will indemnify and hold harmless ICICI Bank for, any losses resulting from the implementation of, or the failure to implement, a change or cancellation of a Transfer.

Additional terms may be presented at the time of requesting the cancellation of a Transfer. You agree to be bound by such terms.

If the cancellation of a Transfer is successful, the amount of the Transfer will be deposited into the account from which the Transfer was initiated or, at ICICI Bank’s sole discretion, into another account of the Sender at ICICI Bank. Visit the ICICI Bank website for more details on how to cancel a Transfer.

ICICI Bank Recipients agree that a Transfer may be cancelled at any time by a Sender before they have claimed the Transfer.

ICICI Bank Requestors may request the cancellation of an e-Transfer Request Money using the Digital Banking service of ICICI Bank only.

An e-Transfer Request Money that has been submitted by an ICICI Bank Requestor may be requested to be cancelled until the earlier of: (i) the end of the expiry period set by the Requestor in the Request or (ii) thirty (30) calendar days from the date the e-Transfer Request Money is sent using this Service if the Requestor has not specified an expiry period in the Request, provided the e-Transfer Request Money has not been declined or fulfilled by the Responder. ICICI Bank will use reasonable efforts to cancel an e-Transfer Request Money at the Requestor’s request. The Customer discharges and releases ICICI Bank from, and will indemnify and hold harmless ICICI Bank for, any losses resulting from the implementation of, or the failure to implement, a change or cancellation of an e-Transfer Request Money.

ICICI Bank shall not be held responsible for any cancellation request which failed at Interac’s end.

16. Your Liability for Transfers:

ICICI Bank Customers are responsible if (i) you make any entry error, worthless, or fraudulent deposit when using the Service, or (ii) you voluntarily or negligently allow another person to use your computer, mobile device or tablet if you use that computer, mobile device or tablet to access the Service.

ICICI Bank may cancel a Transfer, at any time before a Recipient has claimed the Transfer, if we believe that the Sender or Recipient is engaging in fraudulent, unlawful, or improper activity, or that an error or mistake has occurred.

17. Limitation of Liability:

Neither ICICI Bank nor its Affiliates will be liable for any unauthorized Transfers occurring on your Account and you hereby fully indemnify and hold ICICI Bank and its Affiliates harmless against any action, suit, or proceeding initiated against any of them or any loss, cost or damage incurred by any of them as a result thereof.

ICICI Bank may cancel or restrict access to the Service without notice to you. ICICI Bank will under no circumstances be held liable to you if access to the Service is not available in the desired manner for reasons including, but not limited to, natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of ICICI Bank. Under no circumstances will ICICI Bank be liable for any damages whatsoever, whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by you or by any other Person.

Illegal or improper use of the Service will render you liable for payment of financial charges as decided by ICICI Bank and may result in suspension of your Account. You hereby agree that under no circumstances will ICICI Bank be liable for any special, indirect, incidental, punitive or consequential damages, even if it had been advised of the same, and under no circumstances will ICICI Bank’s aggregate liability for claims relating to your Account, whether for breach of contract or tort (including, but not limited to, negligence), exceed the transaction charges/fees or consideration paid by you to ICICI Bank within the previous twelve (12) months, such amount excluding any sums deposited and/or transferred into or out of your Account.

ICICI Bank is not responsible or liable for (i) any penalties, fees, interest, costs or damages imposed upon or suffered by you with respect to any Transfers, including for any delays in Transfers being processed / sent / received, (ii) any losses or damages incurred by a Sender or Recipient arising out of (a) a Security Question being answered by a person other than the Recipient, or (b) as the result of the misuse, improper communication or improper disclosure of the answer to the Security Question, and (iii) any loss resulting from a failure to complete a Transfer or a misdirected Transfer that occurs as a result of ICICI Bank Canada’s Sender’s or Requestor’s failure to provide a correct and operational email address for the Recipient or Responder, as applicable

18. Transfer records:

ICICI Bank Customers will be provided with an electronic verification number for files and Transfers processed through the Service. Absent manifest error, the records of ICICI Bank will be conclusive evidence of Transfers.

The date and time on which a Transfer is posted on your Account may be different from the date and time on which the Transfer was completed.

If you have a query about a Transfer posted to your Account, please contact our call center.

19. Termination:

ICICI Bank may restrict or terminate/suspend the use of the Service or terminate this Agreement at any time without notice to you if you breach this Agreement or any other Account Document applicable to the ICICI Bank services you use. Either party may terminate this Agreement at any time by giving notice in writing to the other.

Termination of this Agreement shall not relieve you of your obligations under the Account Documents, which shall continue in full force and effect. You are not relieved of your obligations until all amounts owed to ICICI Bank, including interest, service charges and costs, have been paid in full.

20. Waiver, Amendment:

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement by me shall be binding on ICICI Bank unless executed in writing by me and ICICI Bank. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver, unless otherwise expressly provided.

21. Privacy Policy:

Personal information collected by ICICI Bank in connection with the Service, will be treated in accordance with ICICI Bank’s Client privacy policy (the “Privacy Policy”). We will share personal information of ICICI Bank Customers (as Senders, Requestors, and Recipients) with the other Participating Financial Institutions, and with service provider suppliers and agents, for purposes of operating the Service.

By using the Service you agree you have received, read and understood the Privacy Policy and be bound by the terms and conditions.