Program Terms and Conditions

When your bank participates in the NBID network, it is important to have your own terms and conditions (T&Cs) so that your clients clearly understand how the product works. NBID provides sample language that your bank is welcome to utilize. Please note, the bank is ultimately responsible for the content of the T&Cs.

Using the Sample Language

The sample T&Cs provided include key program details such as deposit management, client consent, fees, and risks. Your bank can use it as your official terms and conditions. However, we recommend that you review and modify it where necessary to better reflect your specific operations, fees, policies, and compliance responsibilities. Customization ensures that the terms are fully aligned with how your bank functions.

Legal and Compliance Review

Even if you choose to use the sample language as-is, we advise that your legal or compliance team review the T&Cs. The review ensures that your bank is aligned with and confirms the roles and responsibilities defined in the T&Cs.

Clarifying Responsibilities

The sample language outlines the bank's responsibility for managing client funds within the program, even if third parties like NBID are involved. By using this language, you’ll ensure clients understand the bank's role as their agent, responsible for the management of deposits. Your bank can easily adopt the provided sample language as your official T&Cs, but remember that the bank is responsible for implementing and maintaining the T&Cs.

Client Communication and Consent

If you copy the sample language, it is essential that it’s clearly communicated to your clients. Ensure clients are aware of how their funds are managed. Additionally, they must sign off on their understanding and agreement to the T&Cs through a formal consent form, as outlined in the sample language.