After new Payment Law comes into force, more favourable conditions to the bank’s clients will be applied

2010-03-01

Since 15 March 2010 new General Rules of Client Service and Provision of Services and General Rules of Payment Services Provision and Bank Account Administration of Šiaulių bankas, where lots of amendments on payment services and innovations that are favourable and useful for the clients are foreseen.

These documents of Šiaulių bankas are prepared on the basis of Payment Law of the Republic of Lithuania which come into force since 15 March this year.

“A new law will affect all the bank’s clients and will undoubtedly strengthen the protection of the clients’ rights. Payment Law authorizes the economy entities to provide more information to the clients regarding the payment services, the conditions of their provision, tariffs, to correct terms of performance of services and information provision by offering more favorable conditions to the clients, amendments of the agreements, etc.”, said Deputy Chief Executive Officer and Head of the Business Development Division Jonas Bartkus.

According to the banker, implementing the provisions of new Payment Law, the bank will inform the client on such amendments, which complicate the client’s state (the increase of commission remuneration, amendments of other payment services conditions) earlier, i.e. no later than before sixty calendar days (if the client is a legal entity - before thirty days). In the new Šiaulių bankas General Rules of Client Service and Provision of Services the payable fees and other expenses order are discussed; the client’s and the bank’s responsibility, liabilities and obligations, consideration aspects of clients’ requests and claims are also described herein.

In the new General Rules of Payment Services Provision and Bank Account Administration of Šiaulių bankas acceptance, performance and cancellation conditions of payment orders are provided herein, also communication between the client and the bank, information transfer ways, terms etc. are discussed; protection and correction measures, cases on agreement’s termination are also included.

After new Payment Law comes into force, European Union’s Payment Services Directive will also come into force, which will create united structure of payment services in EU and European Economic Area (EEA) countries.