Frequently Asked Questions

1. Who is eligible for an Online Deposit?

   Every Bulgarian citizen or a foreign citizen with a permanent residence permit who is of legal age can open an Online Deposit account with Bulgarian American Credit Bank /BACB/.

   The condition is that you currently do not have an active current or other account with Bulgarian-American Credit Bank AD or have had only Online Deposit(s) at the time of registration and submission of the request to open a new Online Deposit through this website.

   The deposit account cannot be opened on behalf of a third party or by a proxy with power of attorney. Joint Online Deposit accounts (in the name of more than one person) are not permitted as well.

2. How to open an Online Deposit?

   Review the options and choose the specifications of the deposit you would like to open. Fill in the application form and attach a photo (front and back) of your Identification document. You then have to agree with the General Terms and Conditions, the Contract and the Declaration of BACB for the Online Deposit, and accept the processing of your personal data by the Bank. The Online deposit request is confirmed when you fill in code which you will receive on your mobile device as a text message.

   Once the request is processed, you will receive the IBAN number of your new deposit via email.

   You have to fund the deposit within 15 calendar days of receiving conformation of your IBAN. The deposit can only be funded from an account in your name, opened in another bank in Bulgaria or in an EU country, Iceland, Norway or Lichtenstein. You can fund the Deposit with several different transfers, but they must be with the same value date.

   Once the deposit is funded, you will receive a registration link for BACB Online – the online banking platform of BACB . When you register in BACB Online, you will be able to monitor and manage your deposit online as well as open new online deposits.

3. How long does it take to open an Online Deposit?

   Filling in the request for the Online deposit takes no more than 10 minutes.

4. How many Online Deposit accounts can I open?

   You can only open one Online Deposit through the website. The minimum deposit balance is 1 000 currency units, and the maximum is 500 000 currency units (BGN, EUR, USD). Subsequent online deposit requests can be made through BACB's online banking platform - BACB Online.

5. Can I fund my Online deposit with bank transfers from two different accounts?

   You can fund your Online Deposit with more than one transfer from one or more accounts opened in you name within the same day. At the end of the day, BACB generates an Online Deposit Agreement with amount equal to the balance of the deposit account, if that balance is within the stipulated minimum and maximum limits.

6. What is BACB Online?

   BACB Online is Bulgarian American Credit Bank’s online banking platform that allows you to manage and monitor your funds 24 x 7, seven days in the week, in a protected environment.

7. Where can I see my Online deposit Contract?

   The contract for your Online deposit is available in your account in BACB Online. You can access it by clicking on the “Requests” button (the three dots in the right corner of the deposit account), and then click on “Contract”.

8. What are the benefits of registering in BACB Online?

   After the registration, you can open new Online deposits without limitation as long as the product is offered by BACB.

   You can manage your Online Deposits remotely by using BACB Online.

   If you visit an office of the Bank and open accounts with the Bank, other than the Online Deposit/s, and you want to monitor and manage them online, you need to submit a Request for full access to BACB Online.

9. Can I open an Online Deposit account at one of your branches?

   No. Online deposits are only requested and opened remotely - initially via the Bank's website and then via BACB Online.

   Operations with Online Deposits can also be preformed at an office of BACB after proper identification. However, this means that you will lose the right to open further online deposits.

10. Is it obligatory to have a Bulgarian phone number?

    No, it is not obligatory. Your mobile number should be from a network operator, included in the list attached here here.

11. How can I renegotiate the Online Deposit?

    You can request a renegotiation of the Online Deposit (transformation into another type and/or term) by visiting one of the Bank's offices in person (after identification). However, this means you will lose your right to open new online deposits again.

12. How and when can I close my Online Deposit?

    The Online Deposit can be closed before it’s maturity date in which case interest shall be charged at BACB’s rate for current accounts in the respective currency. The interest shall be charged for the actual number of days the deposit has been active. The interest is calculated on a 30/360 basis, i.e. every month equals 30 days, and every year equals 360 days.

    You can close your Online Deposit in two ways:

    • By submitting an Online Deposit Closure Request through BACB Online. In this case, the deposit is closed by transferring the principal and accrued interest) to the account from which the deposit was originally funded. If clarification is required (in case of transfers received from different sourcing accounts and/or verification by the Bank whether the sourcing account is still active), you will receive further communication from the Bank requesting additional informationn. Deposit closure requests received by 3 p.m. will be processed the same business day and those received after 3 p.m. will be processed the next business day.
    • By visiting an office of the Bank. By doing so, however, you will lose your right to open subsequent online deposits.

13. What happens to my Online deposit upon it’s maturity date?

    On maturity the Online Deposit is automatically transformed into a standard deposit with the same term and currency.

    You can request transformation of the Online Deposit into another type or close it and withdraw your funds. For more information, please read “How can I renegotiate/close my Online Deposit?”

14. Can I withdraw or add funds from/to my Online Deposit during its term?

    Any bank transaction with the Online Deposit during its term will be considered violation of the terms and conditions and interest shall be charged at BACB’s rate for current accounts in the respective currency. The interest shall be charged for the actual number of days the Online deposit has been active.

15. What happens if I don’t fund my Online deposit within 15 days of receiving it’s IBAN or the funding is not from my own bank account?

    If you do not fund your online deposit within 15 calendar days from the date of receipt of conformation of its IBAN, or in the event that the deposit is funded from an account that is not in your name, BACB will automatically close it.

    In the event that the funds ordered by you are received after the Bank has automatically closed the Online Deposit, BACB will reverse the transfer and the costs of the remittance will be deducted from the amount of the transfer.

16. What happens when I close an Online deposit that has been funded by more than one account?

    The Bank transfers the funds to the sourcing account from which the initial funding of the Online Deposit was made, unless the parties have reached a different agreement

17. What happens if I don’t meet the requirements for opening an Online deposit?

    In thatcase, BACB  will rejectthe  submitted request for opening an Online Deposit and shall notify you accordingly.