About Introduction of Requirements of the Payment Services Law (EU Payment Services Directive)

On June 1, 2010 requirements of the Payment Services Law are introduced to the activity of the AS „Akciju komercbanka „Baltikums"". By Payment Services Law requirements of EU Payment Services Directive are introduced to the national laws of the Republic of Latvia. Accordingly on June 1, 2010 amendments to the Bank's General Terms of Business, Conditions of Opening and Maintenance of the Current Account and Terms and Conditions of the Agreement on Opening of a Payment Card Account, Issue and Servicing of a Payment Card come into force.

The essence of amendments:

1) The Bank shall be obliged to give the customer a 2 months notice on changes of the terms of agreements (by placing the information on Bank's website and in premises of the Bank);

2) The Bank shall be obliged to give the customer a 2 months notice on termination of the agreement (Current account agreement and payment card agreement include the list of cases where the Bank shall be entitled to terminate the contract upon its own initiative);

3) The bank shall be entitled to terminate the agreement (upon 2 months notice) also when the customer for more than 12 months has not effected transactions on the account regardless of the balance of the account;

4) Stricter regulations of Bank's liability for incorrect and unauthorized payments (loss/theft of Internet Bank passwords, loss/theft of Digipass, loss/theft of the payment card or its data) shall apply to cases where both the paying and the receiving bank are located in European Union or EEC and the currency of the particular payment is EUR or national currency of EEC Member state. Especially it will concern servicing of the customers that can be considered customers under the customer rights regulations;

5) The General Terms of Business and the Pricelist will no longer be considered as parts of the agreement. Nevertheless under the agreement the customer will be bound by them;

6) New part regarding the payments effected on the account of the payment card (payments not connected with the usage of the card) is included in the Payment card agreement. Provisions of this part are identical to those of the current account agreement;

7) Number of formal and editorial amendments pursuant to the requirements of the Payment Services Law is introduced.

You can also obtain detailed information on the General Terms of Business, Conditions of Opening and Maintenance of the Current Account and Terms and Conditions of the Agreement on Opening of a Payment Card Account, Issue and Servicing of a Payment Card by contacting your private bankers.