Frequently Asked Questions

1. Who is eligible for an Online Deposit?

   Every Bulgarian citizen of legal age or permanent resident of Bulgaria can open an Online Deposit account with Bulgarian American Credit Bank /BACB/.

   This service is available to new clients of the Bank who has no and has never had any accounts with the Bank or had only online deposits at the time of registration and filing the initial application for opening new Online Deposit.

   The deposit account cannot be opened on behalf of a third party or based on authorization. Joint Online Deposit accounts are not permitted.

2. How to open an Online Deposit?

   Review the terms and choose what kind of 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 confirm your agreement with the General Terms and Conditions, Contract and Declaration of BACB for the Online Deposit and accept the verification and processing of your personal data. The application is confirmed by entering the code which you will receive on your mobile device.

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

   You have 15 days after receiving the notification to replenish your new deposit account. The deposit can be only replenished from own account with a bank in Bulgaria, in EU Country, Iceland, Norway or Lichtenstein.

   Once the deposit is funded, you will receive via email a registration link for the Virtual Bank (Online banking) of BACB. With the Virtual Bank you will be able to monitor and manage your deposit online as well as open new deposits.

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

   Filling in the application and registering the deposit takes no more than 10 minutes.

4. How many Online Deposit accounts can I open?

   You can open only one Online Deposit through this website. The minimum deposit balance is 1 000 currency units, and the maximum is 500 000 currency units (BGN, EUR, USD).

5. Can I replenish my Online Deposit with bank transfers from two different accounts?

   It is possible to replenish your Online Deposit account through more than one transfer per day. At the end of the day, BACB generates an Online Deposit Agreement with amount equal to the balance of the deposit account if it is within the minimum and maximum limits.

6. What is the Virtual Bank of BACB?

   The Virtual Bank is the platform for online banking which allows you to manage your funds 24 x 7 in a protected environment.

7. Where can I retrieve my Online Deposit Contract?

   The Online Deposit Contract is stored in your “Digital Safe” located in the Virtual Bank.

8. What are the benefits of registering for the Virtual Bank?

   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 via the Virtual Bank.

   If you open accounts with the Bank, other than the Online Deposit, and you want to monitor and manage them online, you need to submit a Request for full access to the Virtual Bank at one of our branches.

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

   No, an Online Deposit account is offered only to new clients of the Bank who register initially through this website. Subsequent deposits can be opened through the Virtual Bank.

   In addition to online accessibility, after identification you will be able to manage you deposits at our counters in the BACB branches.

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

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

11. How can I renegotiate the Online Deposit?

    You can opt for renegotiation of the Online Deposit (transforming it into another type of deposit and/or term) in two ways:

    By submitting renegotiation instruction to BACB through the Virtual Bank. Requests for renegotiation received before 15:00 are processed within the same working day. Requests received after 15:00 - on the following working day.

    By requesting renegotiation of the Online Deposit at one of our branches (after identification).

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

    You can close your Online Deposit in two ways:

    By submitting a closing request through the Virtual Bank. In this case, the deposit is closed and the principal and interest accrued (tax deducted) are transferred to your account used for replenishing the deposit. Closing requests received before 15:00 are processed within the same working day. Requests received after 15:00 are processed the following working day. 

    By visiting one of our branches (after identification). 

    The Online Deposit can be closed before maturity date in which case it accrues interest at the rate of BACB for current accounts in the respective currency. The interest accrual is for the number of days the deposit has been with the Bank. The interest is calculated on a 30/360 basis i.e. every month equals 30 days, and every year is counted as 360 days.

13. How and when will the tax on my Online Deposit be withheld?

    BACB automatically withholds the tax due on the interest and transfers it to the National Revenue Agency.

14. What happens with my Online Deposit on maturity?

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

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

15. 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 the deposit will accrue interest at the rate of BACB for current accounts in the respective currency. The interest accrual is for the number of days the deposit has been with the Bank.

16. What happens if I don’t replenish my Online Deposit within 15 days of receiving its IBAN or the funding is not from my own bank account?

    If your Online Deposit account is not replenished within 15 days of receiving its IBAN or the funding is not coming from your own bank account, BACB will close the deposit account.

    In case funds are received after the closing of the deposit, BACB will automatically transfer the funds back, deducting the cost of the transfer.

17. What happens when I close an Online Deposit which is replenished by more than one account?

    The Bank transfers the balance to the account from which the initial funding of the Online Deposit was made.

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

    In this case, BACB shall turn down your Request for opening an Online Deposit and shall notify you accordingly.