Terms of Bank Account Agreements and Terms of Payment Card Usage and Account Management Service are being updated

2016-06-29

Dear Clients,

We would like to draw Your attention that respective terms of the bank account agreements with natural persons and legal entities (hereinafter referred to as the Bank account agreement terms) are being changed.

Recast of the Bank account agreement terms to the new clients shall come into force from 1 July 2016. It shall apply to the currently existing clients from 1 September 2016. 

The major amendments to the agreements are as follows:

 

Until 01 July 2016

From 01 July 2016

7. Validity of the Agreement, amendments and termination

The Bank shall have a right without informing the Client to terminate the Agreement in case no transactions (a recalculation of exchange rates, interest payment for the balance on the Bank Account, automatic payment of administration fee or other fess specified in the Typical fees are not considered as a transaction) have been performed on the Bank Account within two calendar years.

 

The Bank shall have a right without informing the Client to terminate the Agreement in case no transactions (a recalculation of exchange rates, interest payment for the balance on the Bank Account, automatic payment of administration fee or other fess specified in the Typical fees are not considered as a transaction) have been performed on the Bank Account within two calendar years.

At the Client’s request the Bank Account cannot be closed in case the Client holds a deposit in the Bank, for which service the Bank Account is used, or the Bank Account is seized or other restrictions are applied.

 

At the Client’s request the Bank Account cannot be closed in case the Client holds a deposit in the Bank, for which service the Bank Account is used or has other active transactions which are related to the account, e.g. SB Linija, SMS bankas, and etc. or the Bank Account is seized  and it contains a balance of funds or the Client has financial liabilities with the Bank.

 

Information on insurance of funds placed with the bank has also been updated in the Bank account agreement terms.

Until 01 July 2016

From 01 July 2016

The Bank informs that the funds held in bank accounts and Bank liabilities to investors in the United States dollars,  euro and in national currencies the European Union Member States and European Economic Area are insured at the state undertaking  "Deposits and investment Insurance", as foreseen in the Law on Deposits and Liability to Investors of the Republic of Lithuania  (hereinafter - the Law), excluding deposits and liabilities to investors which are not considered to be the object of insurance as provided for by the Law. The Client is aware that in case of insurance event the Client will receive the amount which will not exceed the amount of all  insured monetary funds (deposits) of the Client existing in the Bank on 4th insurance event day  and/or liabilities of the Bank to the investor existing on that day.

The Bank informs that the funds not exceeding the equivalent of 100 000 euro held in bank accounts and Bank liabilities to investors not exceeding the equivalent of 22 000 euro are insured at the state company Deposits and Investment Insurance as foreseen in the Law on Deposits and Liability to Investors of the Republic of Lithuania  (hereinafter - the Law), excluding deposits and liabilities to investors which are not considered to be the object of insurance as provided for by the Law. All information related to insurance, its terms and limits is available at www.sb.lt or address in any customer service point of the Bank or state company Deposit and Investment Insurance directly, address Algirdo str. 31, Vilnius, LT-03219; telephone +37 5 2135657; fax +370 5 2135546; e-mail address sekretoriatas@iidraudimas.lt.  Website address: www.iidraudimas.lt.

 

We would also like to draw your attention that this information on insurance of deposits placed with the bank has also been updated in Payment card usage and account management  service conditions (PDF) and shall apply to all the customers since 01/07/2016.

We kindly invite You to get familiar with the recast of the Basnk account agreement terms:

Terms of Bank Account Agreement to Natural Persons (PDF)

Terms of Bank Account Agreement to Legal Entities (PDF)

We kindly remind that in case the amendments to the Bank account agreement terms are not acceptable to You, You have a right to terminate the Bank account agreements concluded with Šiaulių Bankas immediately and free of charge prior to the date they shall apply to You. 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 Bank account agreement terms shall be deemed as Your agreement.

More information on these amendments may be provided in any customer service point of Šiaulių Bankas. Telephone for enquiry 1813, +370 37 301 337 (when calling from abroad).

Yours,
Šiaulių Bankas AB