The General Rules of provision of Šiaulių bankas services and the Payment Service Provision Rules updated

2018-05-31

Dear Customers,

We inform you that the documents defining the provision of bank services are updated: the General Service Provision Rules of Šiaulių bankas (General Rules) and Payment Service Provision Rules (Payment rules). The new wording of the regulations will come into force from 1 August 2018.

The General Rules regulate all relationships between the bank and the client, regardless of whether you have entered into a specific service agreement or are using services when the contract is not required. The Payment Rules define the terms of payment transactions, account management and other payment services, your and the bank’s rights and obligations.

The most important amendments to the General Rules relate to the entry into force of the General Data Protection Regulation on 25 May 2018 and the principles of good customer information, as well as the increasingly frequent use of electronic signature. We draw your attention to the most important changes to the General Rules:

-          With the renewed data protection requirements, key aspects of the personal data processing are published in a separate document, the Personal Data Protection Rules. The rules define what, how and why your bank collects your personal data and which related rights you have. The rules are published publicly on the bank's website;

-          In order to make banking services even more convenient, the bank ensures the right to submit and sign documents by electronic signature with the bank;

-          It is clarified what is considered as appropriate informing of clients: information about the changed conditions of the bank’s services is sent to you personally to the last known to the bank your e-mail, by SMS or post, it is also available on online banking system;

-          The bank has the right to change the procedure and conditions for the provision of services if it turns out that the client's activities may pose a risk to the bank's reputation, stability, finances, etc.

The most important changes to the Payment Service Provision Rules are related to the updated version of the Law on Payments of the Republic of Lithuania which will enter into force on 1 August 2018:

-          The fee for the termination of the account will be applied only if the account is used for less than 6 months (the term of 12 months was set earlier);

-          When concluding a contract for a time deposit, suretyship, guarantee, the client will have to have at least a limited use account in the bank for administering this service;

-          After making an incorrect payment transaction to the payee's account, the funds will be returned to the payer only with the consent of the payee;

-          Other changes related to the changes in the Law on Payments.

We kindly invite you to familiarize with the updated General Rules here and Payment Rules here.

Please note that if the changes to the rules are unacceptable to you, you are entitled to terminate your service provision agreements with Šiaulių bankas free of charge before the day of their application. Please note that in this case, liabilities to the bank under terminated contracts must be properly executed. If we do not receive your disagreement with the changes to the rules, we will assume you agree with them.

Yours
Šiaulių bankas