Payment Service Rules are changing from 01 February 2017

2016-11-30

Dear Clients,

Please be  informed that following the new provisions of the Law on Payments of the Republic of Lithuania and other changes related to payment service provision, Šiaulių Bankas AB has updated the Payment Service Rules (hereinafter the Payment Rules) which will come into effect start being applied since 01 February 2017.

The Payment Rules are integral part of any agreement concluded between You and Šiaulių Bankas related the performed transactions or banking services used by You.  The currently effective Payment Rules as well as their recast are available on Šiaulių Bankas website or they may be provided in any customer service point free of charge.  

The key amendments made to the Payment Rules are as follows:

  • the major part of currently effective bank account and payment card  account agreement conditions has been included into the Rules, therefore the scope of these agreements will become shorter since 01 February 2017 and the content will be more concise and simple;
  • a new chapter called Main Payment Account has been created; it reveals the information on the main account opening, related services, commission fee and termination of this account (see 3.3.);
  • conditions of provision of the Account-related Payment Service sets to the consumers have been included (see 4.16.);
  • following the recommendations of the Bank of Lithuania, recast includes the conditions and actions of Šiaulių Bankas in relation to refunding when a payer mistakenly executes a payment transaction specifying a wrong unique identifier or submits an application for refund when a payment transactions has been executed correctly (see 5.7.);
  • direct debit provision conditions have been removed as since 01 January 2016 Šiaulių Bankas has ceased rendering this service.

We kindly recommend getting familiar with recast of the Payment Rules:

Payment Service Rules

We kindly remind that in case the amendments to the Payment Service Rules are not acceptable to You, You have a right to terminate service rendering agreements concluded with Šiaulių Bankas immediately and free of charge prior to the date they come in force. Please also note that in this case liabilities to the bank under the terminated agreements have to be duly fulfilled. Failure to receive Your notification on disagreement with the amendments to the Payment Service Rules shall be deemed as Your agreement.

Yours,
Šiaulių Bankas AB