Valid since 22.05.2010
CURRENT ACCOUNT AGREEMENT CONDITIONS
1. GENERAL PROVISIONS
1.1. The Current Account Agreement (hereinafter the Agreement) regulates relations between Tallinn Business Bank, as a keeper of the Account (hereinafter the Bank) and the Account owner (hereinafter the Client), on opening and usage of the current account.
1.2. The current account (hereinafter the Account) is a bank account accessible for Client, where the Bank keeps money amounts belonging to Client or transferred to Client. The Client may open several accounts in the Bank in his/her name.
1.3. All relations between Client and the Bank in regard to the Account and not stipulated in the Agreement are to be treated in accordance with the General Conditions of the Bank and the Price List of the Bank.
2. USAGE OF THE ACCOUNT
2.1. The Bank credits the Account in favour of Client within the limits of transferred amounts and debits the Account on the basis of the Client’s payment order (hereinafter Order) and other articles of present conditions.
2.2. Giving the Order, Client has to provide the Bank with the required data on a payee and a payment transaction.
2.3. The Bank fulfils the Client’s Order in accordance with the recipient’s account number given by the Client to Estonian domestic account or international account on the basis of IBAN and BIC code (unique identification). The Bank is not responsible for unduly fulfilled Order due to incorrect or error unique identification submitted by the Client.
2.4. The Order given to the Bank is binding for the Client only if the Client gave his consent for its fulfilment (authorized Order). To fulfil the Order issued in the Bank office, the Client affixes his signature to the payment order. Providing of the Order and consent for its fulfillment, by electronic means of payment (credit card, debit card, internet bank) and other communications, proceeds in accordance with the agreement between the Bank and Client.
2.5. The Order is binding for the Bank as from receipt. If the Bank receives the Order, provided by electronic means of payment, on the day that is not Bank's settlement day, it will be considered to have been received on the following settlement date. The day when the Bank and payment intermediaries are open for the transactions is the settlement day.
2.6. Client has the right to cancel his Order prior it is receipted by the Bank. The Client incurs all the charges and risks for cancellation and emendation of the Order.
2.7. The Bank has the right to demand the documentary proof from the Client, before the fulfilment of the Order, concerning the legal origin of funds used for the transaction.
2.8. Client has the right to receive the data on service fees and fulfilment terms of the Order before the Bank starts the fulfilment process. Client could receive the data on fulfilled Order and the payments received in the Bank offices and internet bank.
2.9. Client shall undertake to notify the Bank about non-authorized and/or incorrect fulfilled Order immediately after having found out about it but not later than after 13 (thirteen) months from the date of debeting the account. In case of later notification, the Client forfeits the right to present the objections related to the Order.
2.10. Client has the right to commit transactions only in the amount of funds being on his Account. The Client is obliged to provide his Account with a sufficient sum of money to ensure the fulfilment of the Orders and payment of service fees.
2.11. If there are no enough financial means on the Client’s Account for fulfilling the Order and paying the service fee, the Bank is obliged to fulfil such Order only if it was previously agreed between parties. If the Bank fulfilled such order without preliminary agreement, it is to be considered as the bank overdraft.
3. INTEREST RATES, SERVICE AND OTHER FEES TO BE PAID BY CLIENT
3.1. The Bank shall pay the Client interests for amounts kept on the Account in accordance with the price list of the Bank.
3.2. Client shall pay the Bank a service fee for opening, administration and usage of the Account in accordance with the price list of the Bank, if the Agreement does not stipulate otherwise.
3.3. The Bank has the right to debit the Account with all claims arising from the Agreement or any other contracts concluded between the Bank and Client and related to the Account, including loan agreements, agreements on transactions with securities and usage of bank cards, as well as service fee and other fees and debts. If there is no sufficient amount on the Account to debit the abovementioned sums, the Bank has the right to debit such sums from other Client’s accounts held with the Bank at the Bank’s discretion.
4. RESPONSIBILITY OF THE BANK
4.1. The bank is responsible for an appropriate fulfilment of the Client’s Order. In order of non-fulfilment or unduly fulfilment of the Order, the Client has the right to demand for an immediate refund of the sum of Order and service fee or an appropriate fulfilment of the Order.
4.2. The Bank is not responsible for the damage caused by non-fulfilment of payment or its unduly fulfilment due to incorrect or error order, or circumstances arising from the current legislation (suspicion of money laundering, arresting, blocking).
4.3. The Bank is not responsible for the damage caused by non-fulfilment of obligations due to the circumstances beyond its control (force major).
5. ACCOUNT CLOSING
5.1. Client has the right to close an account by providing with application of a corresponding content.
5.2. Necessary conditions to satisfy the Order of account closing are: a zero balance on the Client’s account, as well as a termination of the credit agreements, deposit agreements and securities account agreements fulfilment of which involves using of the appropriate Account.
5.3. In addition to the General Conditions of the Bank, the Bank has the right to close an account if its balance does not exceed 10EUR or equivalent sum in other currency or the Client has not used the Account for the last 12 months. The Bank notifies the Client about the account closing 1 month in advance.
5.4. Termination of the Agreement does not change the order of recovery and fulfilment of financial claims occurred before the Agreement was terminated.
5.5. If within one month after termination of the Agreement, the Bank receives a transfer in favour of Client, the Bank is to accept the transfer, notify Client and pay money off in accordance with the Client’s Order.
5.6. All the Agreements related to the Account are considered to be terminated since the termination of the Agreement and time terms for fulfilment of obligations come into force.
5.7. In case of death of a private client, the Bank closes the Account after settlement of all payments made on the basis of documents confirming rights for inheritance which are specified by the law.
5.8. Closed Account cannot be reopened.