1. A bank cash deposit is a contract by which one person delivers a sum of money, by any means of payment to the bank which undertakes to return it upon demand or according to the agreed conditions.
2. The bank shall acquire ownership of the deposited money, and it shall be entitled to dispose of the money thereof for the needs of its own activity, with an obligation to return its equivalent to the depositor. Return of the money shall be in the same currency as that deposited.

1. Unless otherwise agreed upon, the cash deposit must be returned immediately upon demand, and the depositor may at any time dispose of the balance or any part thereof.
2. The foregoing right may be made conditional upon the serving of a prior notice or the expiry of a specific time limit.

Save where the deposit is intended for investment, a cash deposit shall be considered a debt and clearance may be effected between a cash deposit and a debt owed to the bank by the depositor, and any agreement to the contrary shall be null and void.

Where the bank issues a saving deposit book, it must be in the name of the person in whose favor the book is issued. Deposits and withdrawals shall be entered therein; the particulars entered in the book and signed by the bank official, shall constitute an evidence for proving the said particulars, as between the bank and the person in whose favor the book was issued, and any agreement to the contrary shall be null and void.

Unless otherwise agreed upon, the deposits and withdrawals shall be made in the branch of the bank where the account was opened.

In case the depositor has several accounts in one bank or in the same branch of a bank, each account shall be deemed independent of the other, unless otherwise agreed upon.

Subject to the provisions of Article (391) hereof, a contract of deposit does not vest the depositor with the right to draw from the bank sums in excess of the sums deposited. In case the bank carries on operations which cause the depositor’s balance to be in debit, the bank must forthwith inform the depositor thereof to adjust his position.

The bank is bound to send to the customer a statement of the balance of the account once every month, unless otherwise agreed upon.

A bank may open a joint deposit account for two or more persons with equality among them, unless otherwise agreed upon and provided that the following provisions are complied with:
1. The joint account shall be opened by all its holders or by one person holding a power of attorney from the holders of the joint account duly authenticated by an official competent authority. Withdrawals from such account shall be effected according to the agreement of the account holders.
2. In case an attachment is imposed on the balance of a joint account’s co-holder, the said attachment shall be valid on the distrainee’s share of the account balance as of the day on which the bank is served with the notice of the attachment. In such a case, the bank shall suspend withdrawals from the joint account up to and equivalent to the attached share. The co-holders of the joint account or whoever represents them shall be informed of the attachment within no more than five days as of the date of imposing the same.
3. Upon affecting a set off between the various accounts of a co-holder of a joint account, the bank may not include such joint account in the set off, except with the written consent of the other co-holders.
4. Upon the death or loss of legal capacity of a co-holder of a joint account, the other co-holders must give notice to the bank of that fact within no more than ten days from the date of death or loss of capacity; the bank shall thereupon suspend the withdrawal from the joint account from the date of notification until a successor is appointed.

1. A bank transfer is a transaction pursuant to which the bank enters a specified sum on the debit side of the account of the person who has ordered the transfer following a written order from such person, and enters the same on the credit side of another account.
2. The following may be achieved through the above transaction:
a) The transfer of a specified sum from the account of one person to another person’s account, each of whom having an account with the same bank or in two different banks.
b) The transfer of a specified sum from one account to another both of which are opened in the name of the person who has ordered the transfer, in the same bank or in two different banks.
3. The agreement between the bank and the customer ordering the transfer shall regulate the conditions of issuing the order. However, the order of transfer may not be made to bearer.

In case a bank transfer is effected between two branches of the same bank or between two different banks, every objection by third parties regarding this transfer must be addressed to the branch or the bank where the beneficiary’s account is opened.

A transfer order may be made in respect of sums which are actually entered in the account of the person ordering the transfer, or in respect of sums which may be entered in such account within a specified period as may be agreed with the bank.

It may be agreed that the beneficiary submits the transfer order in person to the bank where the account of the person ordering the transfer is opened, rather than it being communicated to such bank by the said person.

1. The beneficiary shall acquire ownership of the bank transfer value as of the time it is entered in the debit side of the account of the person ordering the transfer; and the latter may countermand the transfer order until the foregoing entry is made.
2. However, in case it is agreed that the beneficiary shall submit the transfer order to the bank in person, the person ordering the transfer may not countermand the transfer order, taking into consideration the provisions of Article (389).

A debt in settlement of which the transfer order is made shall remain outstanding with its securities and supplements until the value has been actually entered on the credit side of the beneficiary’s account.

It may be agreed to defer the execution of specified transfer orders, whether they were sent directly by the person ordering the transfer or presented by the beneficiary, until the end of the day in order to have them executed together with other orders of the same kind and presented to the bank on the same day.

1. In case the transfer order is addressed directly by the person making the order to the bank, the latter may, if the balance of such person is less than the value indicated in the transfer order, refuse to execute the order, provided it notifies without delay such refusal to the person ordering the transfer.
2. In case the transfer order is presented by the beneficiary, the bank shall credit his account with the partial
(insufficient) balance, unless the beneficiary refuses the same. The bank shall further endorse on the transfer order the crediting of the partial balance or the beneficiary’s refusal of the transfer.
3. Where several beneficiaries present themselves to the bank at the same time and the value of the transfer orders held by them exceed the balance amount of the person ordering the transfer, they shall be entitled to require the distribution of the insufficient balance between them, pro rata to their shares.
4. In case the bank refuses to execute the transfer order or where the beneficiary refuses to accept the transfer of the partial balance in accordance with paragraphs (1) and (2) hereinabove, the person ordering the transfer shall have the right to dispose of such balance.
5. In case the bank fails to execute the transfer order on the first working day following the day on which it is presented, the order shall, within the limits of the non- executed part, be considered as null and void and must be returned to the person who presented it against a receipt. Where an agreement is reached for a longer period, the transfer order which has not been executed shall be added to the orders submitted on the following days.

In case of the death of the person ordering the transfer, the bank shall, as of the date on which it was informed of the death, cease execution of the transfer order issued by him. If the beneficiary dies, the bank shall carry on with the execution of the transfer orders.

1. In case the beneficiary files for bankruptcy, the person making the transfer order may suspend the execution of that order even if the beneficiary has received it in person.
2. The declaration of the bankruptcy of the person making the transfer order shall not stop execution of such transfer order which had been presented to the bank prior to the issue of the bankruptcy declaration judgment, save where the Court decides otherwise.