General terms and Conditions for Agreements for Online Deposits
1. General considerations
1.1. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) (а) These General Terms and Conditions of Online Deposit Agreements (hereinafter referred to as General Terms and Conditions) regulate the terms and procedure subject to which the Bulgarian American Credit Bank AD (hereinafter referred to as The Bank) accepts money from individuals on Online Deposit in BGN, EUR and USD via the Bank’s web site https://deposit.bacb.bg and via the web-based application for remote banking and regulate the relations arising between natural persons using the service (Depositor) and the Bank.
(b) The Online Deposit parameters - minimum and maximum amount for opening an Online Deposit, interest rate, term and currency are specified in the Interest Rates Bulletin of the Bank.
(c) The Bank provides the service Online Deposit via the Bank’s website https://deposit.bacb.bg and via a web-based application for remote banking, allowing placing orders, management of products and services, sending documents and payment orders and instructions.
1.2. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) In the relations between the Bank and the Depositor, all declarations, documents and bank statements, exchanged between the parties, shall be treated as electronic documents signed with electronic signature by the relevant party, and such electronic documents shall be binding and shall have the force of valid original documents signed with autographic signature within the meaning of the Electronic Document and Electronic Trust Services Act.
1.3. The Depositor shall take all security measures to ensure the safety, privacy and protection against third party access to data enabling access to the Online Deposit. The Depositor shall use the Online Deposit only personally. If the Depositor permits or does not prevent third party access to data providing access to the Online Deposit, either intentionally or negligently, this shall be deemed willful misconduct and /or gross negligence of the Depositor under the Payment Services and Payment Systems Act.
1.4. (1) The Bank shall have right to block and restrict access to the Online Deposit at any time and at its discretion without notice in case of violation by the Depositor of these General Terms and Conditions, the applicable legislation, or for security reasons, and shall notify the Depositor after blocking the Online Deposit. Once the reasons for blocking cease to exist, the Bank shall unblock and restore access to the Online Deposit.
(2) The Depositor shall have the right to ask the Bank to block and restrict access to the Online Deposit at any time during the term of validity of the Online Deposit Agreement.
1.5. For using the service Online Deposit, the Depositor shall have to provide a valid electronic address - email and a valid mobile phone number operated by mobile services provider. All messages and documents sent by the Bank to the Depositor to the email address and mobile phone number, provided by the latter, shall be deemed to be received by the Depositor.
1.6. The Depositor shall notify the Bank in person at any Bank’s office of any change in their personal data and information, including changes to the provided email address and /or mobile phone number.
2. Opening an Online deposit
2.1. (Amended by decision of the MB of 28.06.2018 in force from 06.09.2018, and amended by decision of the MB of 23.08.2018, in force from 06.09.2018) The Bank shall open Online Deposits to Depositors, who have filed an application for opening an Online Deposit and meet and fulfill the following cumulative requirements:
(а) The depositor is an adult individual, a Bulgarian national or a citizen with permanent residence in Bulgaria;
(b) The Depositor is a new customer 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 one;
(c) The Depositor opens the Online Deposit on their own behalf and at their own expense. The Online Deposit cannot be opened in favor of a third person or by proxy, neither as a joint deposit on behalf of two or more persons;
(d) The Depositor has filed the application for Online Deposit via the Bank’s website https://deposit.bacb.bg, or via the Virtual Bank, has attached a scanned copy of a valid identity document (front and back) and a certificate for permanent residence (for foreign nationals), and in the application for Online Deposit has checked that he/she accepts /undersigns/ the present General terms and conditions;
(e) The Depositor shall replenish the deposit from their account with another bank in Bulgaria, in EU Member State, Iceland, Norway or Liechtenstein.
2.2. The Depositor shall send the application for Online Deposit to the Bank by entering a one-time unique code, which the Depositor shall receive by the Bank as an e-mail message or on their mobile phone.
2.3. Upon receipt of application for Online Deposit, an authorized bank employee shall verify the data received with the application. The Bank may refuse to open an Online Deposit in the following cases: (а) upon receiving an application with incomplete and/or false data; (b) the Depositor does not fulfill and does not meet the conditions set out in Art. 2.1. above; (c) other considerations of the Bank, without the need for the Bank to justify the reasons for refusal.
2.4. After processing the application for Online Deposit, The Bank shall open the Depositor a deposit account and shall send to the latter an electronic message to the e-mail specified in the application containing information of the deposit account number /IBAN/.
2.5. Within 15 calendar days of receipt of the notification under the preceding article, the Depositor shall fund the deposit account of their Online Deposit by ordering a bank transfer from their own account opened with a bank in Bulgaria, in EU member state, Iceland, Norway or Liechtenstein. The Bank shall credit the deposit account with a value date coinciding with the date of receiving the cash transfer and that value date shall be considered the starting date from which the term of the Online Deposit shall be running. In the event that the deposit account is not funded within the deadline and under the terms of this Article, the Bank shall automatically close the deposit account. In case the amount transferred by the Depositor in the deposit account is different from the amount of the deposit specified by the Depositor in the application for opening an Online Deposit, the Bank shall open the Online Deposit with amount equal to the amount transferred, if it is within the limits of the minimum and maximum amount for opening an Online Deposit referred to in the Interest Rates Bulletin of the Bank. For transfers that are not ordered from the Depositor's own account with another bank in Bulgaria, EU Member State, Iceland, Norway or Liechtenstein, and/ or when the amount transferred is below the minimum required or above the maximum allowable amount for Online Deposit, the Bank shall return the funds transferred to the originator’s account from which they were ordered. Fees and commissions due shall be deducted from the amount transferred; in case of currency transfer, the same is executed with a standard value date.
2.6. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) When the Online Deposit is funded with the cash transferred, the Bank shall send to the electronic address for correspondence of the Depositor a confirmation of the opened Online Deposit and shall grant the Depositor access to the web-based application for remote banking for: (1) remote and online management and disposal only of the opened Online Deposit and (2) sending applications for opening new Online Deposits.
2.7. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) In the event that the Depositor wants to use the web-based application for remote banking for opening and disposal of other accounts with the Bank (other than the Online Deposit) and / or other payment services and payment transactions, the Depositor shall register as a user on the web-based application for remote banking by signing and submitting the documents required for the relevant services at the counters (in a Bank’s office).
2.8. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) When the Online Deposit is funded with the amount transferred, at the end of the day the Bank shall generate an Online Deposit Agreement signed with an electronic certificate of the Bank and stored in the digital archive of the Depositor on the web-based application for remote banking. The Bank and the Depositor agree that the Online Deposit Agreement is concluded and is binding on both parties from the value date of funding of the Online Deposit account.
2.9. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) With the initial application for Online Deposit submitted via the site https://deposit.bacb.bg, the Depositor may request the opening of only one Online Deposit and subsequently may open new Online Deposits by applying for their opening via the web-based application for remote banking using the access rights granted in accordance with Art. 2.6 above.
3. Interest rate provisions
3.1. The amount put on the Online Deposit bears interest at a rate determined and announced in the Interest Rates Bulletin of the Bank, valid at the date of filing the application with the Bank, although at the date of conclusion of the agreement within the meaning of Art. 2.8, the interest rate may be different. The interest rate is fixed and is not subject to change within the term of the deposit, regardless of the changes in the interest rates on Online Deposit in the Interest Rate Bulletin of the Bank. The interest rate on the Online Deposit is calculated based on 30 interest accrual days per month and 360 days per year.
3.2. The interest on the Online Deposit shall be payable on the date of maturity and shall be accrued on the principal. The Online Deposit shall be remunerated on the maturity date or on the date of its early termination. Interest shall be capitalized to the Online Deposit principal and then the Bank shall deduct automatically the withholding tax due under the Bulgarian law.
3.3. Upon early termination of the Online Deposit, in case of transactions on dates other than the maturity date (withdrawal, deposit) or in other cases of breach of the deposit conditions, the Bank shall accumulate on the deposit an interest rate equal to the interest rate on payment accounts in the respective currency for the actual number of days.
3.4. The Bank reserves the right to change the interest rates applicable to Online Deposits by decision of the competent authority of the Bank. The Bank shall announce the new interest rates on Online Deposits and their date of entry into force at a prominent place in the Bank’s offices and on its website www.bacb.bg.
4. Online Deposit maturity. Transactions with Online Deposit. Renegotiation for transforming it into another type of deposit. Closure. Early termination.
4.1. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) In the event that the Depositor has not submitted to the Bank an order or instruction for termination or change of the Online Deposit by the maturity date, the Bank shall automatically renew the deposit as Standard Deposit for the term and in the currency of the original deposit by applying the interest rate for the relevant type of Standard deposit valid at the renewal date. The conditions for disposal of the renewed deposit are the same as the conditions for disposal of the Online Deposit. The depositor can receive full rights to dispose of the renewed deposit, and unlimited access rights to the web-based application for remote banking only after due identification in person at any Bank’s office.
4.2. Disposal of funds on Online Deposit on a date other than the maturity date shall be deemed to be a breach of the deposit conditions, and in such case Art. 3.3 above shall apply.
4.3. On the maturity date, the Depositor may: (1) give written instructions to renegotiate transformation of the Online Deposit into deposit of another type and / or for another period or (2) give written instructions for closing the Online Deposit.
4.4. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) The Depositor can renegotiate the Online Deposit, perform transactions and close the Online Deposit at the Bank counters after due identification and laying a Specimen of the signature of the Depositor and signing the required declarations and documents.
4.5. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) Upon closing an online of deposit via the web-based application for remote banking, if the Depositor is not a registered user of remote banking channel pursuant to Article 2.7. above, the Bank shall transfer the balance of the deposit account to the same account of the depositor, from which the transfer for initial funding of the Online Deposit was made. Where the Depositor is registered user of remote banking channel pursuant to Article 2.7, upon closing the Online Deposit the Bank shall comply with the instructions of the Depositor.
4.6. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) In the event that the closure of an Online Deposit involves transfer of funds to another bank, the fees and commissions for the transfer shall be deducted from the amount to be transferred and if the transfer is in foreign currency, it shall be executed with a standard value date. The Online Deposit can be closed on a date other than the maturity date, which shall be considered a breach of the deposit conditions, and in such case Art. 3.3 above shall apply.
4.7. Requests to renegotiate an Online Deposit into deposit of another type or for closure thereof, received by the Bank on a business day before 15:00 hours shall be handled within the same day, and all the rest - on the next business day.
4.8. If the maturity date of the Online Deposit is not a business day, the Depositor may dispose of the funds on the first subsequent working day.
5. Fees and commissions
5.1. All fees and commissions of the Bank relating to the opening, funding, cash transactions, withdrawals and other transactions with Online Deposit shall be determined in the effective Fees and Commissions Tariff of the Bank applicable to natural persons.
6. Deposit guarantees
6.1. The payment of cash on deposits with the Bank is guaranteed by the Bulgarian Deposit Insurance Fund /BDIF/ in accordance with the provisions of the Bank Deposit Guarantee Act /BDGA/. BDIF guarantees deposits in the Bank of Bulgarian and foreign individuals and legal entities in BGN and foreign currency to the amount and under the conditions specified below and stipulated in BDGA.
6.2. BDIF guarantees full repayment of deposit amounts of a person (natural or legal) with the Bank up to BGN 196 000 (one hundred and ninety-six thousand) regardless of the number and size of the deposits, and this amount includes interest accrued to the date of the decision of the Bulgarian National Bank /BNB/ for withdrawal of the Bank’s banking license or other act referred to in Art. 6.3 (1) below.
The following deposits are guaranteed up to BGN 250 000 (two hundred and fifty thousand) for a period of three months from the moment of crediting the amount to an account of the depositor or from the moment at which the depositor has obtained the right to dispose of the amount of the deposit: (а) deposits of individuals arising from transactions with real estates for residential purposes; (b) deposits of individuals arising from amounts paid in connection with entry into or dissolution of marriage, termination of a labor or employment relationship, disability or death; (c) deposits arising from insurance or social insurance payments or from payment of compensation for damages from crimes or reversed sentence. The deposits under the preceding sentence are not included in the calculation of the total amount of the liability of the Bank to a depositor within three months from the moment of crediting the amount to an account of the depositor or from the moment at which the depositor has obtained the right to dispose of the amount of the deposit.
6.3. (1) BDIF shall repay liabilities of the Bank to its depositors up to the coverage level in the event of: (а) a resolution of BNB on revoking the Bank’s operation license; or (b) a resolution of BNB on establishing unavailability of deposits and upon its discretion that for the time being the Bank seems unable to repay deposits and that the Bank will not be able to do so in the short term; or (c) an act enforced by a judicial authority which precludes depositors to claim receivables against the Bank.
(2) Guaranteed amounts on deposits shall be paid from BDIF in national currency - BGN. In the event of deposit in foreign currency, the depositor shall be paid the equivalent of the guaranteed amount of the deposit at the exchange rate of BNB on the initial day of payment of the deposit guarantee. Not later than two business days prior to the commencement of repayment of the reimbursable sums, BDIF shall announce in at least two central dailies and on its website /www.dif.bg/ the initial day, on which depositors in the bank may receive payments from the BDIF, as well as the bank or banks that will make these payments.
(3) Payments shall be made via one or more banks designated by the Management Board of BDIF and shall commence not later than 7 business days from the date of the BNB decision to revoke the license of the relevant bank or of the issuance of a another act under par. (1) above. The deadline for repayment of the guaranteed amounts may be extended in accordance with the provisions of Art. 20, para. 6 and para. 7, BDGA.
6.4. (1) (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) Deposits with the Bank up to the coverage level shall not be paid to: (а) other banks when they are made on their behalf and for their own account; (b) financial institutions under Art. 3 of the Credit Institutions Act /CIA/; (c) insurers and reinsurers under Art. 12 of the Insurance Code /IC/; (d) pension insurance companies and funds for mandatory and voluntary pension insurance; (e) investment intermediaries; (f) collective investment schemes, national investment funds, alternative investment funds and special investment purpose companies; (g) budget organizations under § 1, item 5 of the Additional Provisions of the Public Finance Act; (h) the Investor Compensation Fund, the BDIF and the Guarantee Fund under Art. 518, IC.
(2) No guarantee shall be provided on deposits arising from or connected with transactions or actions constituting money laundering or financing of terrorism within the meaning of Art. 2 of the Measures against Money Laundering Act (MAMLA) and within the meaning of the Measures against Financing of Terrorism Act, established by an effective verdict.
(3) Deposits whose holder has not been identified pursuant to Art. 3, MAMLA as of the date of the Bank’s license revocation, shall not be repaid.
(4) BDIF does not guarantee repayment of deposits to persons who have acquired rights to a deposit as result of performed disposals of the deposit during the term of effect of the measures under Art. 116, para 2, item 2 and item 3, CIA, and after the date of the Bank’s license revocation.
6.5. In case of joint deposit, when establishing total amount of a depositor’s deposits in the Bank, the share of each person shall be taken into account. If the deposit agreement does not provide otherwise, it shall be assumed that the shares of the depositors are equal.
6.6. In case of deposit agreement in favor of a third person, the person in whose favor the deposit has been made (the beneficiary) shall be entitled to receive payment from the fund, unless the deposit agreement provides otherwise. In the event of more than one beneficiary, the rules for joint deposit shall apply.
6.7. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) Before opening a deposit, the Bank shall provide to depositors Information Bulletin for Depositors.
The Bank shall provide the applicable text of the Information Bulletin for Depositors in both the Bulgarian and the English language, on paper at the Bank counters, on the Bank’s website (www.bacb.bg) in a format that enables its storage and reproduction.
7. PERSONAL DATA PROTECTION (new by Decision of the MB of 17.05.2018, in force from 25.05.2018)
7.2. By signing the agreement and these General Terms and Conditions, the Depositor declares that: a) he/she has been notified of the protection of personal data in the Bulgarian-American Credit Bank AD, including with the provided access to the Privacy Notice at www.bacb.bg and in the offices of BACB AD; b) voluntarily submits his/her personal data for the conclusion of the agreement under these General Terms and Conditions, the execution or performance of the rights and obligations under the Agreement and the General Terms and Conditions and with a view to the full payment / collection of all receivables of the Bank;
8. Other provisions
8.1. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) The payment transactions from/to a deposit account of the Online Deposit are not subject to a framework agreement within the meaning of the PSPSA. They shall be subject to the provisions of the Prior information on single payment transactions available on the Bank's website (www.bacb.bg) and in the offices of the Bank.
8.2. These General Terms and Conditions of the Bank for Online Deposit Agreements are drawn up and adopted by the Management Board in the Bulgarian language. For the convenience of depositors, the Bank shall provide translation into the English language. In case of discrepancy between the Bulgarian and the English texts, the Bulgarian version shall prevail.
8.3. (Amended by decision of the MB of 28.06.2018, in force from 06.09.2018) The Interest Rates Bulletin and the Fees and Commissions Tariff of the Bank are an integral part of these General Terms and Conditions and are available to the depositors at the Bank's customer service offices or on the Bank’s website (www.bacb.bg). The Bank may amend and supplement these General Terms and Conditions at any time and the amendments shall enter into force on the date specified in the decision of the competent body of the Bank. The Bank shall notify Depositors of changes in the General Terms and Conditions by announcing them at a prominent place at the customer service offices and on the Bank’s website (www.bacb.bg).
8.4. These General Terms and Conditions are adopted by decision of the Management Board of 21.10.2016, amended by decision of the MB of 25.05.2017 and are in force from 30.08.2017, amended by decision of the MB of 17.05.2018, in force from 25.05.2018, amended by decision of the MB of 28.06.2018, in force from 06.09.2018, amended by decision of the MB of 23.08.2018, in force from 06.09.2018.