GENERAL BUSINESS CONDITIONS FOR LEGAL ENTITIES AND ASSIMILATED CATEGORIES
1.1. The present General Business Conditions for legal entities and assimilated categories (identified in a simplified manner in this document as General Business Conditions) regulate the relationship between the Bank and each of its Clients, legal entities and assimilated categories, as well as of those assimilated to them, in Romania or abroad. The General Business Conditions are binding, both for the Clients as well as for the Bank, and have the value of a contract, being valid from the moment when the Client has signed the acknowledgment. The present General Business Conditions represent a part of any agreement/contract concluded between the Client and the Bank.
1.2. 'The Bank' is represented by OTP BANK ROMANIA SA, company administered in a dualist system, headquartered in Bucharest, 1st district, 66-68 Buzesti street, registered with the National Office of Trade Register under the number J40/10296/1995, EUID: ROONRC. J40/10296/1995, SRN (Sole registration number) 7926069, FIC (Fiscal identification code) RO7926069, registered with the Bank Register under the no. RB-PJR-40-028/1999, personal data operator’s registration 2689, subscribed and paid up share capital 1.509.252.960 RON, both by the central office, as well as by any of its territorial units.
1.3. 'Client', in the sense of the present General Business Conditions, represent any Romanian or foreign legal entity, assimilated category, carrying out economic activities - individual enterprises, family enterprises, individuals - Romanian citizens or another member of the European Union or of the European Economic Area that carries out independent activities, free practice, authorized and/or recognized on the territory of Romania under the conditions provided by the law, - identified by the headquarters, as well as by any of its territorial units (business office, agency, branch, representative office, etc.), account holder, any legal entity/assimilated category using or taking advantage of a service or product offered by the Bank, including in the pre-contract phase, or any person empowered/mandated to operate in the accounts of a Bank's Client, including the entities who in past used our bank services. (Note: according to Article 111, paragraph (2) from the Emergency Governmental Ordinance no. 99/2006, regarding the credit institutions and capital adequacy, approved with amendments and completions by the Law no. 227/2007: '(2) In the sense of the present chapter, a client of a credit institution is considered to be any person with whom the credit institution has negotiated a transaction, during the development of the activities foreseen under Article 18 and Article 20, even if the respective transaction was not finalized and any person taking advantage of the services of a credit institution, including the persons who took advantage in the past from the services of a credit institution)'.
1.4. 'Notification' in the sense of the present General Business Conditions, represents the manner of notifying the clients regarding the amendments in the Bank-Client relationship.
Range of Application
1.5. The current General Business Conditions represent the general frame within the Bank-Client relationship and will be applied to any type of contract, to be completed, according to the case, with the provisions specific for each product or service type, by the contracts concluded between the Bank and the Client.
These Business Requirements are general and are not exhaustive, they can be completed with uniform international practices and with the ones regarding various types of operations, where they exist and the Bank decides to follow them.
1.6. The bank is entitled to unilaterally modify the present General Business Conditions, in the cases required by the technical, economical or legal circumstances. Any amendment of the General Business Conditions is immediately notified to the Client by posting them at the Bank's offices, respectively by publication on the web site: http://www.otpbank.ro/, coming into effect beginning with the 6th work day from the date of their display.
In case within a period of 5(five) work days from displaying the present Requirements, the Client does not submit an objection to the Bank in writing, it is assumed that the respective modifications have been accepted by the Client.
1.7. Any derogation from applying the current General Business Conditions to the Client must be expressly agreed upon in writing, between the Bank and the respective Client.
2. Opening and Administrating Accounts
Account Opening - the supply of a product / service is conditioned by the opening and existence of a Current Account at the Bank
2.1. The bank opens capital, current accounts in lei and/or foreign currency, according to the products and services approved internally by its territorial units and deposits by its territorial units and/or alternative channels at the express request of the Clients (person/persons dully/conventionally representing the Client), by filling in the Bank's standard forms, based on the documents requested by the Bank.
2.2. The bank shall not open and shall not operate anonymous accounts, for which the owner's identity is not known, adequately brought out and shall not open accounts under fake names.
2.3. The Client is bound to submit to the Bank all requested documents, certifying its legal status, according to the legislation in effect, internal bank regulations, including the norms regarding the knowledge on the clients, preventing and fighting against money laundering and financing terrorist attacks, currency regulation, etc., as well as any other supporting documents requested by the Bank. The Client will be represented by persons authorized to validly employ him. The client may appoint authorized persons to operate on the account within the legal and statutory limits.
2.4. The Bank reserves the right, in exceptional circumstances, to accept the opening of the first account of a Client without being submitted all the required documents.
In such situations, the Client is obliged that within 30 calendar days to submit complete documentation.
If the documents are not obtained within 60 calendar days from the account opening, the Bank can decide the terminations of business relationship. In this situation, the current account could be inactive, the outstanding amounts will remain to the client disposal, within the legal limitation period
2.5. Documents required to open an account with OTP Bank Romania SA must be submitted in original / duplicate / notarized copy / super legalized copy /apostille/translated, if necessary, as required by the bank.
2.6. The Client empowers the Bank with withheld the taxes pertaining to the obtained profit, following any transaction of buying back the fund units, according to the legislation in effect. Also, the client empowers the Bank to render any operation necessary for the payment of the retained taxes.
2.7. The Client empowers the Bank to retain the tax pertaining to any transaction that is subject to the source tax retention regime, according to the legislation in effect. Also, the client empowers the Bank to render any operation necessary for the payment of the retained taxes.
2.8. The Bank may refuse to open accounts or render operations ordered by the clients, if the Client:
a) does not comply with the legislation in effect;
b) supplies false, incomplete, erroneous or insufficient information;
c) generates suspicions regarding the truthfulness of the stated issues or the supplied documents;
d) may represent a risk for the Bank image;
e) refuses totally or partially supply information under the form requested by the bank, according to its internal regulations.
The accounts can be accessed by any territorial unit or electronic channels, based on the contracts signed between the Client and the Bank.
2.9. In order to comply with the FATCA and CRS legislation, if the personal data or the operations performed are within the FATCA and CRS criteria, the Client authorizes the Bank to transmit this information to the US tax authorities (IRS), respectively to NAFA (National Agency for Fiscal Administration).
FATCA - The Foreign Account Tax Compliance Act is a legislative package issued and can be consulted at http://www.treasury.gov/resource promulgated on March 18, 2010 and entered into force on July 1, 2014, through which taxpayers of the United States of America (USA), including those living or operating outside the USA, are required to report direct or indirect holdings of financial assets outside the US. The same reporting requirement is provided for credit institutions, which hold assets on behalf of US taxpayers.
CRS - (Common Reporting Standard) financial between countries. The Global Standard for the exchange of financial information and the multilateral agreement for the automatic exchange of information were initiated by the OECD (Economic Organization for Cooperation and Development of the European Commission). Romania provides the legal framework by transposing the European provisions in Law no. 207/2015 regarding the Fiscal Procedural Code that came into force on January 1, 2016.
2.10. The following persons may freely dispose of the amounts in the opened accounts (current accounts, deposit accounts, etc.), with the compliance of the legislation in effect:
a) the legal, or according to the case, the conventional representatives/conventionally mandated by legal representatives, until the written cancellation of the representation rights, based on the Clients articles of association;
b) other persons, under the special conditions foreseen by the legislation in effect.
2.11. In case there is a dispute regarding the mandate assignment, limits or revocation of the persons authorized to render operations in the Client's account, the Bank is entitled to block their access to the Client's account until solving the dispute, based on a conclusive evidence received by the Bank in this respect, by accepting present General Business Conditions.
Bank is entitled to suspend for unlimited period, any instructions received from the client (for ex: crediting/debiting accounts, any previous instructions signed within contract frame with the Bank, etc) in case that the Bank is having act by any information way, about appearance of disputes/conflicts/misunderstandings between shareholders/administrators/empowered persons of our Client, until the bank is receiving satisfactory documents and substance proves. The Bank can decide to terminate contractual reports between parts.
In case that one of enumerated situations appears, Client exonerates the Bank by any responsibility for direct or indirect losses of the Client and/or any third party, derived from appearance of this situation.
2.12. Bank provides Customer with a unique identification code for the correct initiation or execution of a payment order. By the unique identification code, the acceptance of this document means the IBAN code for the current (payment) bank account. The payment order represents any instruction given by the payer or the beneficiary of the payment to its payment service provider requesting the execution of a payment operation
2.13. In case the Bank:
a) cannot identify the client and verifies its identity based on documents, and, according to the case on information obtained from reliable independent sources;
b) cannot identify, if necessary, the real beneficiary;
c) does not obtain information regarding the purpose and nature of the business relationship
it is bound, according to the case, to block debiting and/or crediting accounts, not to perform the transaction, not to commence the business relationship, or to end the business relationship and to immediately notify the National Office for Preventing and Fighting Against Money Laundry.
2.14. The Client states that it did not hold a current account opened at OTP Bank Romania SA (or Robank SA/Millennium). On the contrary, the Client states that it did not hold nor issued payment instruments (check/promissory note/bill of exchange) on the concerned account.
If the Bank, after the verifications performed at resuming the business relationship with the Client (at opening the current account on the same client code), ascertains that the applicant has held debt instruments from OTP Bank Romania SA (or Robank SA/Millennium) that have been introduced in seattelment system(declared refused, payed or canceled/lost/distroied/stolen, according to existing regulations and laws, applyable to ceques, bills of exchange and promissory notes, or returned to the Bank, the Bank shall not consider the client’s application to resume the business relationship, only after a carefully analyze provided by bussiness line where the client belong and with approval of Risk Administration Department. If the check files / promissory notes / bills are received on the accounts on which the respective instruments were issued, the Client grants, through the General Business Conditions, an express mandate to the Bank to reopen the account identified in the respective payment instrument, In case the check sheets / promissory notes / bills are received on the accounts on which the respective instruments were issued, the Client grants, through the General Business Conditions, an express mandate to the Bank to reopen the account identified in the respective payment instrument, the Client assuming full responsibility for establishing the necessary funds for its payment, as well as for any consequences that may derive from the payment or refusal of the instrument, according to the specific regulations in force, as the case.
2.15. If, following to the verifications made at the restart of the business relationship with the Client (at the re-opening of the current account on the same client code previously allocated to the client), it is found that the Client had due fees and/or commissions which had been registered in the Bank’s expenses, the business relationship shall restart only if the Client pays these fees and/or commissions.
Amendments of the Identification Data
2.16. The Client is bound to notify the Bank in writing and within a term of maximum 5 working days, any amendment occurred in its status, in its own identification data and/or the one of their proxies/legal representatives (eg: suspension of activity, merger, dissolution, division, modification of shareholders / associates / founding members, modification of identification data, etc.) so that, on the operation performance date, they are registered in the Bank's data base.
The Client is bound to submit the documents pertaining to the occurred amendments. Otherwise, the Client will undertake all consequences related to the fact that the Bank is unaware of these amendments. The bank is not liable for the rendered operations causing damage to the account owner, due to the above mentioned reason.
The communication sent to the Bank will be considered as received by it, when it is proven with the Bank's stamp, affixed on the copy of the Client's notification, or, according to the case, by the receipt confirmation, signed by the Bank.
In case that Bank knowledge by any way and sources (for ex: RECOM, other registers, etc.) any changes regarding the structure of shareholders/ stockholders/ administrators/empowered persons of the client and/or limitation of its mandates, Bank is entitled to suspend for unlimited period, processing and execution of operation, until receiving clarifying documents.
2.17. The Bank may query the database from the National Trade Register Office / other registers on its own initiative, in the following situations:
• In case of periodic checks carried out by the Bank regarding the Client's situation, of his representatives;
• If there are any suspicions (of any kind) regarding the activity of the Client and he has not brought in 2 weeks the Up to date certificate Certificate / documents regarding the updating of the data requested by the Bank.
2.18. The Client expresses his agreement that any commission, costs derived from the verifications carried out by the Bank on the data provided by him, including for querying the Database from the National Office of the Trade Register / other registers to be supported and collected from his account or, as it is highlighted in the Fee (Brochure) of taxes and commissions valid at the date of the operation.
2.19. In case two or more entities, clients of the Bank, merge, in the Bank system the code of the absorbing entity will be kept, and the IBAN codes of the absorbed entity will not be taken over by the absorbing entity. In case of dividing an entity, client of the Bank, will be allocated new client codes for each entity resulting from the division.
The client declares that he have been informed that no operations can be carried out (eg payments and incoming) on the accounts of the absorbed entities or of the divided ones, after registering their removal at the National Trade Register Office / other Registries, according to the legal provisions in force. The Customer assumes full responsibility for the operations initiated after the date of registration of the cancellation, the Bank being exempted from any responsability for the direct or indirect damages that the Customer or a third party may suffer.
2.20. In case of suspending the activity of a client of the Bank (eg commercial company, assimilated categories, etc.), proven by presenting the registration documents at the National Office of the Trade Register / other registers, depending on the client's request, the current account can be kept open or it can be closed.
In case the client chose to keep the current account open and after a period of time, he attests with documents that he has resumed his activity, then the Bank will treat this situation as a new opening of current account, the client having the obligation to present the necessary documents when opening an account.
Banking Operations Regarding the Current Account
2.21. The bank performs in the accounts opened for its Clients, operations ordered by their representatives, in writing or by other means agreed upon between the Bank and the Client, within the limit of the accounts available amount and in compliance with the Romanian legislation in effect, respectively of the regulations and international banking customary procedures.
2.22. The Client is bound to carry out operations in strict compliance with the legal provisions and the provisions of the specific contracts and with the mentioning of the correct and complete information necessary for performing the operations. The Bank acts in accordance with national and international laws and regulations on restrictions/sanctions (commercial, financial, fund transfer)/embargoes against certain countries, entities and individuals, and on restrictions on export of products and technologies with potential for civilian and military applications ("dual-use goods") and similar others. The Bank expressly reserves the right to postpone/refuse/cancel any Client's transaction made through accounts opened with the Bank in the case of non-compliance with these regulations, or if the Client carries out a transaction considered by the Bank to involve "risky" countries/entities or about which there is a suspicion that the individuals/entities/countries involved would be included on international lists of sanctions or embargoes. The Bank shall not be responsible to any party for direct/indirect, material/moral, loss or delay suffered by the Client or third parties resulting in any way from the non-repayment of Client’s transactions through the accounts opened with the Bank in the aforementioned cases.
2.23. The Client shall comply with the bank's work days and schedule, as displayed at the bank's offices or on the bank's website.
“Working banking day” - any day of the week, except Saturday, Sunday and any national and / or legal holiday, in which credit institutions from Romania are open to the public and perform banking activities, as well as any other days considered workers of the corresponding banks / payment systems with external settlement in the case of payment operations that are performed through them.
Regarding the payment operations, "Working banking day" means any day of the week in which the Bank can execute them, according to the cut off time for each type of instruction.
Authorization of operations. Reception. Cancel.
2.24. The internal and external settlement documents of the Clients are considered as entered in the Bank, if sent or submitted and registered at the counters, during the business hours or by the payment instruments with remote access, based on specific contracts. The business hours are displayed in a visible location at the territorial units and/or bank website.
“Program of work with the public” represents the period from the working day in which the Bank allows the access of the legal / contracted representative of the Client within its territorial units for the purpose of banking operations, according to the specific cut-off time for each type of operation, as communicated to the Customer by display or other means.
2.25. In order to comply with the Client's instruction, the payment operation must be authorized before its execution, respectively the Client has expressed his consent for the execution of the respective payment operation.
The consent consists in:
a) for paper-based operations - the holographic signature of the legal / conventional / authorized representatives of the Client in accordance with the Signature Specimen Chart deposited in the Bank.
b) for the operations initiated through payment instruments with remote access, according to the provisions from the specific contracts.
2.26. The Customer cannot revoke a Payment Order after it has been received by the Bank.
2.27. The bank guarantees the correct execution of the operations in lei and/or foreign currency, in due time, according to the Client's instructions, if:
a) the documents submitted to the Bank are readable, completed in an appropriate manner and signed by the authorized representatives, according to the legislation in force and the Bank's regulations;
b) The Bank has all the information necessary to perform the operations and the Bank is not bound to verify the authenticity of such information;
c) the Client has sufficient funds in the account for rendering the payments and for the pertaining fees;
d) there is no interdiction to render payments from the account, following the receipt by the Bank of an enforceable title or other similar situation;
e) the Client has no overdue debts to the Bank;
f) the operation is compliant with the legislation in effect, as well as with the bank regulations in effect;
g) the Client submits to the Bank, upon its request, the supporting documents of the requested transactions;
h) there are no aspects connected with the provisions of points 2.8., 2.11. and/or 2.16;
i) the Bank has no solid reasons to doubt the authenticity/compliance of the payment instruments regarding their content or the Client's signature.
2.28. The Bank may refuse to operate the instructions submitted by the Client without being responsible in any circumstances for any damages the Client would suffer if:
a) The Bank has suspicions regarding the Client or the operation requested by it, in accordance with the provisions of knowing your customer and preventing and combating money laundering and terrorism financing legislation, as well as in case of non-compliance with the above-mentioned legislation;
b) Operations ordered by the Client are subject to restrictions/sanctions imposed by applicable national or international regulations.
c) The Customer does not provide to the Bank, at its request, whenever it deems necessary, any documents and/or statements to justify the operations performed by the Bank and/or to determine the real situation of the Client
2.29. In case of foreign currency collections, the Client gives to the Bank an express mandate to credit client’s account in the currency of the account mentioned in the collection message received as well as to perform automatic foreign-exchange using the Bank’s standard exchange rate, if the received currency is different than the currency of the account indicated in the received collection message and if the client does not have the account opened in the received currency.
2.30. The exchange rate is accessible at the headquarters of the territorial units of the Bank or directly on its website and is permanently updated according to the offer of buying and selling the currency of the Bank.
2.31. In case of foreign currency payments, for which the Client doesn’t have an account opened in the currency that the Client wishes to transfer, the Client gives to the Bank an express mandate to process the payments by debiting the current account indicated by the Client in the payment instruction, including the automatic foreign-exchange using the Bank’s standard exchange rate. These payments will be commissioned depending of the transferred currency, according to the standard taxes and commissions rates for foreign currency payments.
The date of the currency at which the Client's account is debited will not be prior to the moment in which the amount that is the object of the payment transaction is debited from the account.
2.32. In case of RON collections received through electronic national payments systems, the Client gives to the Bank an express mandate to credit the Client’s current account in the currency instructed in the collection message. If the Client doesn’t have current account opened in the currency instructed in the received collection message or the account indicated in the message is not correct, the Bank shall return the funds.
2.33. The Bank will receive/accept payment orders and debt payment instruments (check, promissory note, bills of exchange) for operation during the current day, until the hours stated at the Bank's offices. The Client is bound to submit to the bank the debt payment instruments in the purpose of their settlement, within the legal terms foreseen by the legal provisions in effect, so that it will allow the bank to submit them for payment during the time period necessary for cashing them. The bank is not liable for the non observance by the Client of the above mentioned terms.
The client has the obligation to know the legal provisions and the regulations applicable to the payment order.
2.34. The moment of receiving of a payment order represents the moment in which, after receiving the payment instructions and, following the checks by the Bank of the conditions provided by these General Business Conditions related to the processing method, the payment order transmitted directly by the Client can be executed by the Bank.
2.35. The Bank reserves the right to issue payment instruments (check/promissory note/bill of exchange) for the eligible legal entites according to its own standards, and also to refuse issuing these instruments, without justification, if the repeated infringement of the legal and/or contractual obligations of the Client regarding the the utilization of these payment instruments would result from the preliminary analysis made by the Bank.
2.36. The Client also states that he was notified and he knows the fact that the Client is bound to assure the necessary funds for the integral payment of the debt payment instruments (promissory notes and bills of exchange) which are due at a date equal to the presentation date, less than the presentation date or at sight (in blank) and are presented for payment in the purpose of their settlement through the SENT electronic payment system, but no later than the next banking day from their presentation date, until maximum 13.00 o’clock.
In case the debt payment instruments (promissory notes and bills of exchange) are due during the day that follows the day when they were presented for payment, the Client is bound to assure the necessary funds for their integral payment, latest at the due date mentioned into the debt payment instrument (or during the first banking day, if the due date is a non-working day), but until maximum 15.00 o’clock.
Not keeping these obligations by the Client, until the dates and cut-off times expressly stated previously, entitles the Bank to process the debt payment instruments and to register a partial or total payment refusal, if the case, and to send immediately the respective payment refusal to SENT, further registering it to the Payment Incidents Register Office in accordance with the Regulation no.1/2012 issued by the National Bank of Romania, even if, subsequent to the cut-off times mentioned previously, the Client will present the necessary funds, graduating Bank of any liability for any eventual consequence and/or any direct or indirect prejudice claimed by the Client and/or third party for the generated situation.
The Client also states he was notified that for the debt payment instruments (promissory notes and bills of exchange) which are due at a date equal to the presentation date, less than the presentation date or at sight (in blank), the Bank will perform the payment from the payer client’s current account only during the banking day that follows the presentation date for payment (where the presentation date for payment represents the date when the debt payment instruments (promissory notes and bills of exchange) are received in SENT by the Bank), or will register the partial or total payment refusal, if the case, after the expiring of the cut-off time indicated for the assurance of the funds by the Client, as above mentioned, while in the case of the debt payment instruments (promissory notes and bills of exchange) which are due during the day that follows the day when they were presented for payment, the Bank will perform the payment from the payer client’s current account during the due date mentioned into the debt payment instrument (or during the first banking day, if the due date is a non-working day), or will register the partial or total payment refusal, if the case, after the expiring of the cut-off time indicated for the assurance of the funds by the Client, as above mentioned.
The Bank reserves the right to return to the payment modality existing before the entry into force of the General Business Conditions for Legal Entities - edition August 2013, respectively to the debit of the payer client’s current account during the presentation date for payment as regards the promissory notes and bills of exchange which are due at sight (in blank) or at a date equal to the presentation date or less than the presentation date, without any prior notification of the clients and without any motivation of the action undertaken by the Bank in relation with the clients.
* SENT (Electronic System with Net settlement administered by TRANSFOND SA) is intended for the interbank clearing of payments with small credit transfer payment orders (under 50,000 RON): SEPA or non-SEPA type during several sessions daily compensation as well as clearing of direct debit instructions and debit payment instructions (check, promissory note, bill of exchange).
Credit transfer interbank payments - transfer of funds between accounts, where the beneficiary's account is opened at a credit institution other than the Bank or at the State Treasury.
2.37. Bank accept Payment Order form and payements system, used according to national and international conventions and laws.
2.38. In consideration of the above, the Bank will honor the payment orders of the Client as far as there is the necessary availability and the account from which the payment was ordered is not available through a court decision, definitive enforceable title, an act of unavailability issued by the competent authorities or criminal investigation bodies in accordance with the legal provisions in force at the time of unavailability as well as insofar as the Client has not breached the commitments made to the Bank, and the orders would not cause any harm to the Bank.
2.39. The Bank reserves the right to choose the sole use of the banking channel, the electronic system, as well as the format of the payment order which it will follow in executing the Client's orders.
2.40. The bank is not bound to verify the identification attributes of the beneficiary, specified by the client within its order.
2.41. The bank will notify the Client in case a payment order is not operated by the correspondent/beneficiary bank or in case one of its instructions were not received/accepted. In this case, upon the Client's request, the Bank will investigate and notify the Client regarding the investigation results.
2.42. If the refusal of execution of the Bank is objectively justified, respectively at least one of the conditions of article 2.26 above is not fulfilled, the payment order is considered not to have been received.
2.43. The Bank will ensure that, after receiving the payment order, the amount of the payment transaction is credited to the beneficiary's bank account at the latest by the end of the next business day.
2.44. The Client and the Bank agree that the deadline for any other cross-border payment operations performed on EU territory or in the EEA in the national currencies of the EU and EEA countries is a maximum of 4 working days from the moment of receiving the payment order.
2.45. The Bank makes available to the Client / credits its current account with the funds collected immediately after the Bank has received the funds. The currency date of the crediting of the Client's account may not be subsequent to the business day in which the amount subject to the payment transaction is credited to the Bank's account.
2.46. “Currency date” - the reference date used by the Bank to calculate the interest on the funds debited or credited to / from the Client's account.
2.47. Foreign currency payments in favor of customers of other banks, regardless of the banking channel (counter, OTPdirekt) can be instructed with the options:
OUR - the commissions and charges of both the Bank and the corresponding banks are supported by the initiator.
BEN - the commissions and charges of both the Bank and the corresponding banks are supported by the beneficiary.
SHA - the commissions and charges of the Bank are supported by the initiator, and those of the correspondent / beneficiary banks by the beneficiary, where appropriate.
2.48. In the case of the currency payments instructed in any currency with the OUR option, the Client commit to insure in the account opened with the Bank the necessary funds to make the payment, commissions of the Bank and the commissions of the corresponding banks, authorizing the Bank to debit the account with their value, on the payment date.
2.49. Currency payments made in any currency, in favor of customers of banks from countries outside the EEA (European Economic Area), Switzerland, Monaco, United Kingdom can be instructed with the option OUR, BEN or SHA;
2.50. Payments made in any currency (including RON national payments) to banks in Romania or located in EEA countries, Switzerland, Monaco, United Kingdom are only instructed with the SHA option.
2.51. In case of large amount payments, the Bank will render the payment of its Clients, according to the legislation in effect. Any amendment of the legislation regarding the transfer system of the high value funds and of any regulations applicable to these transfers, will determine the implicit pertaining modification of the present General Business Conditions.
2.52. The Client is bound that in case of identifying an operation that does not belong to it, to immediately notify the Bank. If the Bank discovers that credit operations were performed in a Client's accounts, they will be annulled by rectifying (reversal) the respective operation, without being necessary the client’s approval. In case of an error of the Bank, registered on the Client’s account, the Client expressly authorizes the Bank to correct, at its own initiative, the amounts registered with errors and perform any operation in this regard, considering its prior agreement expressed by acknowledging present General Business Conditions.
2.53. The Client's use of any undue amounts, credited by error by the Bank in his current accounts as well as his refusal to return these amounts involve the civil and / or criminal liability of the Client, who will be held liable both for returning the amounts used improperly and for payment of the respective amounts and full coverage of the damage caused to the Bank or to other clients.
Operations performed without the client's consent:
2.54. The Bank is authorized to operate in the Client's current account, without his prior agreement, in the following circumstances:
a) performing payments for which there are already engagements assumed by the Client towards the bank;
b) final settlement of the checks, promissory notes and other debt instruments;
c) rectifying (reverse) canceling erroneous operations, including the possible pertaining interests;
d) rendering payments within the enforced execution, according to the law, including creating accounts for meeting legal obligations related to the enforcement procedures,the bank being authorized/mandated to perform the foreign exchange in order to make available the necessary funds for the execution of such payments related to the enforcement procedures, at the currency rate quoted by the Bank, inclusively to sign the sale/purchase orders lei/foreign currency and/or foreign currency/foreign currency.
e) recovering any amounts owed by the Client to the Bank or to a third bank, occurred following the execution by the Bank of the instructions given by the Client, collection of commissions and fees for the payment of the services provided by the Bank;
f) blocking the accounts in case of enforced execution by garnishment or precautionary, executing operation garnishee attachment ordered by the competent legal authorities, as well as in other cases expressly foreseen by the law;
g) taking any measures regarding other necessary operations in situations such as those mentioned in the above point, as well as in any other situations provided by the applicable regulations, including taking any other measures that it considers appropriate for the prevention / control / removing the reputational risk to which the Bank could be exposed as a result of banking operations performed in connection with the Client's account (s), as well as to ensure the fulfillment of the Bank's obligations regarding the prevention and combating of fraud, money laundering, financing of terrorist acts , of any other facts provided by the criminal law, as well as of the Bank's obligations regarding the provision of services to persons who may be subject to economic sanctions, when the Bank has suspicions of fraud or has suspicions about the purpose or nature of the transaction or when there are disputes / unclears / any kind of problems regarding the origin of the funds or at the quality of the Client as their beneficiary. These measures may include, but are not limited to, the restriction of the Client's account (s), the refund to the payer of the funds that credited the Client's account (s) as a result of fraud / errors / operations in relation to which there are suspicions / disputes / unclears / any kind of problems regarding the origin of the funds, the investigation and non-processing of the payments ordered / made in and from the account (s) of the Client, the investigation of the source of their funds / beneficiary, investigations in order to determine if a certain person is subject to sanctions, notification of the judicial bodies or of any other competent institutions / bodies / authorities. Taking such measures by the Bank may lead to the delay and / or refusal to execute and / or to stop the execution of payment instructions or to collect the amounts and, respectively, to settle the transactions in/from the account (s) of the Client and / or, as the case may be, the Bank's refusal to make the funds available to the Client (including the Bank's refusal to comply with the Client's request for cash withdrawal of certain amounts of money from his account (s)). In order to cover the expenses caused to the Bank by taking any of the above mentioned measures, the Client agrees to pay to the Bank the commission for additional operations provided in the list of “Taxes and Commissions” in force at that date. The Bank shall not be held liable for any measure / operation taken / performed in accordance with the provisions of this clause nor will it compensate the Client for any damage in connection with such measures / operations. The Client declares that this clause represents his express agreement / consent and irrevocably for the Bank to do so.
h) other situations compliant with the legislation in effect and with the current General Business Conditions.
2.55. Based on the business relationship with the Client, the bank is empowered to receive money for the Client and/or in its account. The received amounts will be credited in the Client's account, except for the case when contrary or incomplete instructions are received.
2.56. Should the information regarding the issuer/beneficiary of a payment/cashing be incomplete, the Bank will take the adequate measures for obtaining all information, according to the legislation regarding the standards of knowledge on the Clients and, according to the case for returning the funds to the source receiving them.
2.57. In the relationships with the Client, the Bank is the only one directing the operations proposed by it through adequate payment systems or through its network of correspondent banks.
2.58. The Client is bound to know the legal provisions and the regulations applicable to the check, bill of exchange and promissory note and to take all the legal steps that it is entrusted in his charge to cancel the respective title. The client is bound to communicate to the bank, the lost, stolen, destroyed or annulled checks, bills of exchange and promissory notes, according to the legislation in effect, this not absolving him of legal obligation of cancelling the instrument by addressing a request for cancellation to the competent court.
The Client has the obligation to use with caution the debit instruments (checks, promissory notes, bills of exchange), as the consequences of improper use can cause payment refusals which can seriously affect the Client’s business relationships with partners and in some cases it comes to the enrolling of the Client with the Payment Incidents Register (CIP). Check is intended for prompt presentation, the bank pays the designated sum to the holder in the same day as presented, in case of check refusal for a legally issued check, the ban for issuing check is 1 year. In order to develop a healthy business relationship with his business partners, the Client may request information from the CIP database, based on a consultation request addressed to the Bank.
2.59. The bank is not liable for the damages incurred by the Client following the settlement forms and instruments ordered by it, non-compliant or incomplete instructions rendered by the settlement instruments, the decision amendment subsequently to submitting the documents to the territorial units of the Bank or other interventions from the initiative of the account holder/mandates/its proxies. The bank may refuse to execute the incomplete instructions of the Client, written with a pencil or including cuts, erased sections, overwriting or corrections of any kind and/or those who do not follow the format or specific legal provisions.
2.60. The Client binds to comply with the Bank's instructions and to show good faith in the relationship with it, in order not to affect the interests and cause damage to third parties.
2.61. Any withdrawal of cash may be made by the Client from its accounts opened with the Bank, at any time during the program hours with the public, at any of the Bank's counters, within the limit of the availability registered in the account and only after identifying the authorized person and confirming the signature samples by the branch / agency of the Bank to which the Client appeared, within the limits and with respect to the conditions and subject to the presentation of documents required by the legal norms in force at the date of withdrawal. Any release of amounts greater than the limits displayed at the Bank's counters will be announced to the Bank by the Customer 24 hours in advance.
2.62. The Client undertakes to know and respect the legislation in force regarding cash operations and to provide immediately to the Bank, at the Bank’s punctual request, the requested supporting documents of the transactions,.
2.63. For both cash withdrawals exceeding EUR 5,001 or equivalent in RON, and for any amount requested in a slow currency (USD, HUF, CHF, GBP), prior appointment is required from the Client at least one working day (1 day) from 09:00 to 16:00 at the territorial unit from where the withdrawal shall be made, or through Contact Center between 08:30 and 16:00. In the case of non-execution of the prior appointment according to the contract specifications, the withdrawal could be made only if the territorial unit from which the withdrawal is made has a cash surplus in the cashier at least equal to the unscheduled amount - this means that the cash withdrawal of the unscheduled amount will not affect the cash activity of the territorial unit on that day - in which case the Client will pay a withdrawal fee for the unscheduled payment as evidenced in the Tariff (Brochure) of fees and commissions valid at the time of the transaction, which is added to the standard cash withdrawal commission as evidenced in the Tariff (Brochure) of fees and commissions valid at the time of the transaction and applies per client/day.
2.64. The Client has the obligation to check at the Bank's counters the amounts withdrawn. Any subsequent claim for possible differences will not be considered.
2.65. Any banknote or coin counterfeit presented at the Bank's counters will be retained on the basis of minutes and handed over to the police, according to the legislation in force.
2.66. At any time and without prior notification, the bank may debit any account opened by the Client at the Bank, with the balance owed to the Bank or a part of it, no matter the currency in which the debt is expressed, in the purpose of liquidating any debts or payment obligations of the Client towards the Bank, as well as towards various creditors of the Client, considering the guarnishee quality of the Bank, according to law. The Client grants the bank a power of attorney to sign in its name and for it the sale/purchase orders for lei/foreign currency and/or foreign currency/foreign currency, to be executed at the currency rate quoted by the Bank, for creating the necessary funds for the settlement of the debt payment instruments, arrived for payment and for recovering the debts owed to the bank or the receivables due to other creditors of the Client (in case of the enforcement procedures based on garnishments or precautionary garnishee attachments, in case of the operations effected by the authorized jurisdictional bodies or in other cases provided by law), as well as any other payment required in order to achieve this mandate. The client empowers the bank that in the name and for the account to sing the payment orders to transfer amounts from any account of the client to assure necessary availability to settle the received payment orders.
2.67. The Client acknowledges the Bank is a direct participant through the automatic clearing system (SENT) and an indirect participant (through OTP BANK NYRT, Hungary) in the SEPA * Credit Transfer system and it joint the interbank direct debit SEPA* in local currency and participates to the Automated Clearing House (SENT), both as a Paying Institution and Collecting Institution. The Client, in its quality of payer, also acknowledges and is bound to conclude and sign with the Bank the SEPA Direct Debit Terms and Conditions, as integrant part and annex to the SEPA DIRECT DEBIT Mandate, before the validation of a SEPA DIRECT DEBIT Mandate by the Bank, if the Client chooses to conclude such a mandate, irrespective of the way this mandate was issued (a) at the Paying Institution where the Client has opened an account or (b) directly to the Creditor (the payment beneficiary). The Bank is entitled not to validate the Mandate if the Client doesn’t sign the SEPA DIRECT DEBIT Terms and Conditions made available by the Bank.
*SEPA (Single Euro Payments Area) represents the geographical area in which non cash EUR payments are made through SEPA standardized payment instruments: SEPA Credit Transfer (SCT), SEPA Direct Debit (SDD), card payments-SEPA Cards.
2.68. Transactions in the Client accounts will be reflected in the statements, which form part of the contracts between the Bank and the Client, being a valid proof in any judicial or other proceedings between the Bank and the Customer.
2.69. Statements may be issued as follows:
- At the request of the Customer to the Bank;
- Correspondence via e-mail only at the written request of the Customer to the Bank;
- by OTP Direkt service.
2.70. The Client is obliged to check the contents of his statements immediately after receipt. If, within maximum 30 calendar days from the statement date/account closing, this content is not contested, then it will be deemed accepted by the Client and shall be final and binding upon the Customer, unless it contains a clear error, as evidenced by having written certain date. Contesting Account is sent by registered mail to the Bank within 30 days of the statement date/closing the account.
2.71. If the matter referred to the Bank on an error in one of the documents delivered to the Client, the Bank will rectify even after expiry of 30 days referred to in section 2.69.
Customer shall inform the Bank as soon as he is aware of the existence of undue payments from the account. The Client is not entitled to withdraw them, transfer or dispose in any way of these amounts
If customers use all or part of the amount due, it is obliged to immediately reimburse Bank the amount and indemnify the Bank from any loss suffered as a result of such use.
2.72. Bank will not be responsible for any deficiencies and/or errors that may occur in the transmission of the statements of account, in case the statement was sent to the Client by any channel of communication, including electronic.
2.73. The Bank issues account statements/other documents/addresses/duplicates, at the Client request, during the business relationship with Clients, with proper application of taxes and commissions related to the data/documents provided. The issuing of account statements/other documents/addresses/duplicates could be also made after the termination of the business relationship with the Client, effective closing of Client accounts, if the Bank has documents/information according to the request, in which case the Client must provide supporting documents such as, but no limited to: documents providing its existence/functionality and/or its legal status (certificate issued by the National Office of Trade Registry/other registers, decisions/court decisions, aso), documents that certify the competence to request and receive such documents/information (article of incorporation, decisions regarding the empowered/entitled persons, power of attorneys, aso), identity cards for the empowered/entitled persons, with proper application of taxes and commissions related to the data/documents provided .
3. Grating loans and constituting guarantees
3.1. The bank may grant loans to its Clients that fulfill the provisions determined by the bank in the purpose of granting the loans, by opening separate accounts for each category of loans. The Clients are bound to use the loans granted by the Bank only for the destinations determined by the concluded loan contracts.
3.2. The annual interest rate practiced for the loans granted to the Clients may by fix or fluctuating, according to the clauses of the loan contracts.
3.3. The Client is bound that, according to the conventions, agreements and contracts concluded with the Bank, to incorporate appropriate guarantees in the purpose of guaranteeing the fulfillment of its duties to the Bank. Should a guarantee incorporated in the Bank's favor become inadequate, the Client is bound to replace or supplement such a warranty, upon the bank's request.
3.4. The Client will render or allow the execution of any documents and deeds, reasonably requested by the Bank in the purpose of executing the Bank's rights.
3.5. In case the Client does not fulfill any of its duties in due term, according to the contract, the Bank is entitled to unilaterally declare all and any of the Clients debts to the bank, as being immediately due (anticipated maturity date) and to notify this action to the Client, according to the provisions of the specific concluded contracts. The bank will be entitled to capitalize any of its rights, based on the contracts, agreements and conventions signed with the Client as well as on the present General Business Conditions. This right of the Bank is irrevocable and is extended on the entire period of the business relationship between the Bank and the Client, even after the termination of this relationship, in case the client does not fulfill its duties towards the Bank, according to the legislation in effect.
3.6. To assure the publicity and bank enforceable rights against third parties, the Client bears the taxes and all the expenses related to legal registration, modifying, cancelation or any other operations related to publicity in public registers of the guarantees stipulated in credit contract and/or to fulfill other formality imposed by the low or assessed by the Bank regarding secured obligations, credit contract and/or ancillary agreement. In this respect the Client empower the Bank, unconditional and irrevocably, to effect, at any time during the credit contract period of life, on his expense, all necessary steps register, modify, cancelation or any other operations related to publicity in public registers of the guarantees stipulated in credit contract, including but not limited to choice of authorized provider RNPM, pay the taxes and any other expenses related. The Bank is empowered unconditional and irrevocably to debit the current account in the same currency as the credit or any other accounts or currency held by the Client at the Bank, to the level of total outstanding amount, to carry out any necessary action, including foreign-exchange, at any time during credit contract life time. Exerting the given empowerment according to current article is an express faculty but not an obligation of the Bank.
4. Interests, Commissions, Fees and Taxes
4.1. The bank charges commissions, taxes, fees and interests to its Clients for operations, services, banking products, according to the standard Fees (Brochure) taxes and commissions in effect (displayed in any Bank office or on the Internet under: http://www.otpbank.ro/), or according to the provisions of the contracts/agreements/conventions/offers concluded regarding the perception of differential commissions/taxes/fees. The collection of the due receivables is made by seniority.
4.2. The Bank may unilaterally modify the level of the interests, taxes, charges and/or commissions specified in the conventions, agreements and contracts signed with the Client, if the internal and international regulations, or according to the case, the market evolution, determine their modification.
The bank reserves the right to modify the deposit interests and current accounts, the calculation formula of the interests, commissions, taxes and other costs at any moment with no prior notification. All other modifications will be notified by displaying them at the Bank's offices and on the Bank's website www.otpbank.ro.
The interest paid to the non-resident Client is diminished by the percentage related to the tax on interest income, according to the legislation in force.
4.3. In case of differentiated commissions applied by the Bank in relation to the Client in a monthly subscription form, the Bank may change it or give it up at any time, according to its policy, without pre-notice, being relieved of any liability for direct/indirect damages that the Client and/or a third party could claim/suffer from these causes. Any change or waiver shall be brought by the Bank to the Client's knowledge by any of the notification methods provided in these General Business Conditions.
4.4. The Client authorizes the Bank to debit its account with the amounts representing the commissions, fees and taxes owed to the Bank for the offered services/products or any other costs (such as: taxes, postal fees, periodic verifications performed as regards the client’s status, its identification dates and the identification dates of the legal/conventional representatives, etc.) with no prior notification nor formality.
4.5. The Client irrevocably and unconditionally authorizes the Bank to retain from the current account, without notice, any amount representing commissions, taxes, interest, capital rates, other costs due to the Bank based on commitments made by the Client to the Bank, regardless of the currency in which it is expressed duty. In order to recover the amounts owed by the Client, if the agreement from which the commitment originates is not provided otherwise, the Bank is irrevocably authorized to perform any foreign exchange operations of the amounts from the Client's accounts, using its own exchange rates.
4.6. The Bank reserves the right to charge an interest at the applicable rate for an unauthorized overdraft on the amounts representing commissions, fees and taxes owed to the Bank by the Client, for which, upon their due date, there is no available amount covering the Client's current account. When the Client does not comply with the terms of an overdraft approved by the Bank, the Bank will also charge the interest pertaining for an unauthorized overdraft. The provisions of these conditions/measures are applied only if the specific contracts expressly mentioned there other ways of computing and/or values for these commissions, fees and charges owed to the Bank by the Client, otherwise shall apply those mentioned in special contracts concluded.
4.7. For the current accounts the Bank grants bonus interests calculated based on the interest rates in effect, displayed at its offices. The account holder agrees with the interest rate determined by the Bank, according to the financial-banking market and to the manner in which the Bank applies an interest rate.
5. Signing the documents
5.1. The documents submitted to the Bank must compulsory bear the Client's signatures, legal representatives / conventional in complete agreement with the signature specimens in the Bank, under the form agreed by those (by Bank).
5.2. The bank verifies the identity of the persons empowered/mandating to render operations in its Client's accounts.
5.3. Any power of attorney/mandate for representation and/or any order received by the Bank from the Client, as well as any subsequent amendments will be considered valid of receipt / their operation in the system, until they are revoked in writing.
5.4. In case of electronic transactions or other types of transactions, that do not require the physical presence of the legal, conventional representatives, the Bank will accept modalities of signatures and / or authorizations that are described in the contracts of the Bank's products through which the transaction is performed.
6.1. The Client states that it agrees for the supplied identification data to be processed in the data base of the Bank.
The information supplied by the Client have the purpose of rendering bank operations, according to the Client's instructions and legislation in effect. The Client states that it agrees for the identification data regarding the payments rendered by SWIFTnet FIN to be transferred to the operation center in the USA and for the American authorities to have access to them in the purpose of preventing money laundering and preventing acts of terrorism.
Any amendment of the regulations applicable to the above paragraph will determine the implicit adequate modification of it.
6.2. The Client will keep the confidentiality on all transactions entrusted and/or developed by the Bank. The noncompliance with these provisions, as well as the bad faith will be considered as default of the Client, bounding to cover the damages caused to the Bank.
6.3. The bank will keep the confidentiality of the information regarding the Clients' accounts, operations ordered by them without their prior agreement, services rendered and contracts with customers and will not disclose them only in cases expressly mentioned by the legal provisions in force on the date of application / use this information.
Whenever necessary the Bank is authorized by the Client to request/supply information to/from the Payment Incidents Register Office, Banking Risk Register Office, Credit Office or similar institutions after case, regarding its activity.
7.1. Any occurred amendment (including, but without limitation to the introduction of penalties, taxes, fees or other new costs) in the Bank-Client relationship, is considered as acknowledged by the Client by publication at the territorial units and web site www.otpbank.ro, in the situation in which the clauses of the specific contracts concluded with the Client do not state provisions contrary to the General Business Conditions.
7.2. Any notification of the Bank is considered as validly sent by mail, e-mail, fax, SMS, OTPdirekt when sent to the last address/phone number/e-mail notified by the Client to the Bank. The postal expedition is considered as fulfilled if the Bank enters the possession of a confirmation of any nature, which have the signature of the Client representative, or by the existence of the summary of receipts with the post stamp.
7.3. Any communication / notification remitted to the Bank by any person shall be effective and enforceable against the Bank only from the moment of receiving by the Bank, respectively, on the date specified on the receipt of the registered letter or the date of actual receipt by the Bank, certified by signature of the person authorized by the Bank receiving such documents and gave the registration number if mailed notifications, based on a registered letter with acknowledgment of receipt. The notifications to the Bank by fax will be confirmed by sending an original letter. Bank is absolved of any responsibility in case of unpaid/not registering faxed communication unconfirmed by letter in original. When transmitting communication/notification by the Client after the deadline for conducting operations, the Bank will consider receipt and register as being made the next working day and will decide the execution/non-execution thereof in the day of receipt/registration.
7.4. Only during the exceptional situations and under the terms provided by the third paragraph of the point 11.3. from the present General Business Conditions, the extended electronic signature and the electronic correspondence (e-mail), between the parties of a credit facility agreement or other contract concluded with the Bank, are accepted.
8. Terminating the business relationship
8.1. The business relationships can be terminated in the following circumstances:
8.1.1. By agreement between the Bank and the Client, with immediate effect, concluded in writing;
8.1.2. In an unilateral manner, from the Client's or its empowered, trustees, proxies’ initiative and on its request in maximum 30 calendar days from the intent of denunciation; the existent funds will be transferred into another account mentioned by the client or will be withdrawn in cash, upon the client's request and according to the legislation in effect;
8.1.3. In an unilateral manner, from the Bank's initiative, based on a notification sent to the Client through any notification method provided at point. 7.2. from the present General Business Conditions, in 15 calendar days, correlated to terms from the ongoing contracts and services, from the intent of denunciation, with no other formalities and without the intervention of a trial court, in situations such as:
a) The Client cannot be identified according to the provisions of the legislation according to the standards of client knowledge. In case after opening an account, there are problems connected with the verification of the beneficiary's identity and/or with the funds' origin, which cannot be solved, the Bank will consider the opportunity to close business relationship/ to block the accounts, in compliance with all instituted obligations regarding the prevention and sanctioning of money laundering;
b) The Bank has information/suspicions about how are used the existing accounts and their amounts by the Client, which may have as a result the exposure of the bank to money laundering/terrorism financing risk and reputational risk;
c) Clients refuses to provide identification data to update data and information or provides false, contradictory information or information that cannot be verified in public registers, official website of authorities, etc;
d) There is negative information regarding links with idividuals or legal entities involved in criminal activities (for example: drug trafficking, terrorism, organized crime, human trafficking or active in the pornographic industry).
8.1.4. In an unilateral manner, from the Bank's initiative, without any notification communicated to the Client or any other formality and without the intervention of a trial court, if:
a) there are no account operations registered in the last 12 calendar months, except for the taxes, commissions and interests;
b) after the verifications performed by the Bank, it concluded that the Client is cancelled from the National Office of Trade Registry/other registers.
The measure from point a) is not applicable to the Clients which own products/services ,debit instruments issued by the Bank and have balance greater than 0 in current accounts and no account operations in the last 12 calendar months, except for the taxes, commissions and interests; the Bank shall notify these Clients according to provisions of the article 7.2 from General Business Conditions with at least 15 calendar days previous of the date of closing the contract, the notification term being correlated with the terms mentioned into the specific contracts efferent to the ongoing products and services.
8.2. The judicial relation derived from opening the account can cease from the Client's initiative, by its representatives, of its proxies and heirs, as the case, or its associates/shareholders based on the documents proving their quality and ability to dispose of the account.
8.3. Upon closing the current account, the Client is bound to provide the necessary amounts for paying all commissions and taxes, any other amounts owed to the Bank before the effective account closure, as well as closing all the ongoing products and services. Deshonoring this obligation from the Client’s part, entitles the Bank not to process the current request of closing the current account, the Bank being relieved of any direct/collateral prejudice claimed by the Client and/or third party for the un-processing of the respective request.
8.4. Upon submitting the request for closing the account at the quarters of the territorial unit, the Client states that there are no issued checks/promissory notes/bills of exchange signed by its legal/conventional representatives and there are no such checks/promissory notes/bills of exchange issued to be included in the bank’s circuit by their beneficiaries, knowing the fact that the criminal law punishes false statements, the Client being bound to return to the Bank all checks/promissory notes/bills of exchange unused or incorrectly filled in before the effective account closure. Otherwise, the Client is the sole responsible for any prejudice deriving from their use after the effective account (s) closing, the Bank being relieved of any liability for the direct/collateral prejudices that the Client and/or a third party may claim/suffer from these causes.
If the Client requests closure of certain accounts and if, after closing those accounts are received for payment checks/promissory notes/bills of exchange on those accounts and, meanwhile, the business relationship with the Bank is not terminated (by closing all the accounts held by the Client with the Bank) the Client, through the General Business Conditions, gives to the Bank an express mandate to reopen the Bank account identified in the respective payment instrument, taking full responsibility for ensuring the funds needed for its payment and of any consequences that might arise from the refusal of the instrument, according to the regulations in force, if necessary.
8.5. The Client must return the card within 30 days before the effective date of the closing of accounts and close all contracts with the Bank.
8.6. In the case of closing the accounts and the business relationship from Bank’s initiative, the credit payable amount from the Client accounts will remain at his disposal within legal limitation period of time, after the recovery of the amounts owed to the Bank. During this period, the balances of the closed accounts will be kept by the Bank in non-interest-bearing accounts.
8.7. The Bank reserves the right of blocking the Client’s accounts, regardless of the used channel (counter, cards, OTPdirekt, Call Center) if there are no account operations in the last 12 calendar months, except for the taxes, commissions and interests and/or if the Client is erased.
8.8. The Bank is relieved of any liability for the prejudices the Client or a third party may incur as a consequence of closing/blocking its accounts /suspending the operations on its accounts by the Bank.
9. Litigations. Applicable Law
9.1. The relationships between the Bank and the Client are governed by the Romanian legislation. The bank is entitled to impose to the client the observance of the internal legislation in the matter, including of the compulsory norms issued by the National Bank of Romania, in its quality of Central Bank, the international rules and practice norms regarding any difference in their application, even if the client claims damage or losses from their application. The client cannot claim the reason of not being aware of these norms and practices to the Bank.
9.2. The possible litigations derived from the conclusion, execution, termination or, according to the case, interpretation of the contract between the bank and client will be solved amicably. If such a resolution is impossible, the trial courts will have the sole competence for solving these litigations, according to the procedure norms in effect.
9.3. All cost the Bank may have to undertake in case it is involved in a litigation with the client, or client with a third party, according to the case, following the non-fulfillment of the instructions received from the client, will be recovered from the client, according with the legislation in effect.
10.1. The Bank shall be responsible for:
a) Deficiencies in execution of orders placed by the Customer, to the extent that these deficiencies are found to be the fault of the Bank, and are produced in limited RMS Client lost. The Bank shall notify / communicate the client without delay, any error found in connection with operations in accounts;
b) Provide general information on the period, the terms and conditions of banking services provided. Except for other written agreements on the provision of information to customers, the Bank will communicate / give the client only the information mentioned in these General Business Conditions.
10.2. The Bank shall not be responsible for:
a) loss, damage or partial checks, promissory notes, bills, payment orders, which were not the fault of the Bank's fault or loss that may result from instructions executed on the basis of untrue or incomplete data provided by the Client;
b) Consequences of delays and/or loss of messages, letters or documents of any kind, including payment instruments, i.e. the losses caused by mistakes in the documentation, which occurred due to the fault of the Bank;
c) Losses arising from disruption of its operations due to force majeure/unforeseeable circumstances (external events) absolutely unpredictable, absolutely invincible and inevitable which cannot be predicted nor prevented by the bank, exemption from liability for the part/parts we rely, respecting the obligation to notify, and remission of force majeure certificate issued as provided by law);
d) Form, accuracy, falsity or validity, reliability, correct or complete filling of documents, except where separate agreements such responsibility is expressly assumed in writing by the Bank;
e) For delay in performance of services caused by the Customer's submission of documents in another language than Romanian and without certified translation with or without apostille or, if applicable, legalization, the Customer is obliged to make his own expense.
f) The effects and consequences arising from the termination of its activity, as a result of fortuitous events or force majeure (including but not limited to loss of communication lines or equipment Bank, breaded power outages, natural disasters, international conflicts, measures taken any government/local authority or international, etc.);
g) Losses caused to the Client by application of laws and regulations, including rules relating to the banking business, foreign exchange regime, KYC, measures against money laundering and terrorist financing, the application of international sanctions blocking of funds etc.
h) For commissions held by the correspondent / beneficiary banks in the case of transfers of funds instructed by the Client (regardless of the banking channel) with the option of SHA in non-EU currencies to banks located in the countries from European Union (EU) / European Economic Area (EEA), Switzerland, Monaco, or instructed with SHA or BEN options in any currency to banks located in non-EU / EEA countries.
10.3. The Client shall be liable/will indemnify the Bank if the behavior or inappropriate conduct its business caused prejudice (including image) to the Bank.
11. Special Conditions
11.1. Omission, in whole or in part, of the Bank, and any delay on the part of the Bank to exercise any rights arising under a customer contract or benefit of any remedies under these agreements will not prevent the bank from its exercise this right and shall not be deemed a waiver thereof and in no event shall the Bank tacitly presumed consent or waiver of debt rescheduling debt, unless this ending in a written document. Giving up the Bank to perform any conditions precedent stipulated in contracts with customers will be not considered as representing waiver from the Bank to the requirement as the conditions are met subsequently.
11.2. The invalidity of one or more provisions of these General Business Conditions shall not entail invalidation of the remaining provisions contained therein, as agreed between the Bank and the Customer.
The present General Business Conditions complete the provisions of all conventions, agreements, contracts and offers concluded between the Bank and the Client. In case the provisions of the present General Business Conditions have a divergent interest or contradict the provisions expressly foreseen in the specific conventions, agreements or contracts, concluded between the Bank and the Client, their provisions shall prevail. Also, if legislative changes are required to be implemented by the bank, they will prevail over the provisions expressly stipulated in the specific conventions, agreements or contracts, concluded between the Bank and the Client.
11.3 The present General Business Conditions complete the provisions of all conventions, agreements, contracts and offers concluded between the Bank and the Client. In case the provisions of the present General Business Conditions have a divergent interest or contradict the provisions expressly foreseen in the specific conventions, agreements or contracts, concluded between the Bank and the Client, their provisions shall prevail. Also, if legislative changes are required to be implemented by the bank, they will prevail over the provisions expressly stipulated in the specific conventions, agreements or contracts, concluded between the Bank and the Client. The client authorizes the Bank, by the present General Business Conditions, to compensate any amount owed to the Bank with the funds made available in any current account and/or deposit, no matter the currency in which they are available.
The client is bound to cover the debt from its own sources, including the penalty interest pertaining to the unauthorized overdraft. In case the client's account do not contain sufficient available amounts for covering any amounts due to the Bank, the Bank is entitled to render any of the operations representing, but without any limitation to rendering currency exchange, transfers between the client's accounts, debiting/crediting any amounts from/in any of the client's accounts, to cover the owed amounts. If the Bank still does not recover the amounts owed by the client, it is entitled to recover the owed amounts according to the legal provisions on the subject.
By way of exception from the second sentence of the first paragraph of this point 11.3, exclusively during a case of force majeure, fortuitous case or of a completely exceptional situation (state of emergency), in which the freedom of movement of persons, the freedom of meetings and/or access to communication channels are temporarily restricted, the Bank may decide, unilaterally, to modify the conventions, agreements and/or contracts concluded between the Bank, Customer, co-debtors and guarantors (non-limiting example: suspension of payment of loan repayment rates, suspension of payment of interest on contracted loans, suspension of payment of other amounts due to the Bank, extension of the duration of deposit accounts, extension of the validity of loans and/or of credit agreements due, to), in which situation the decision will prevail. The bank regarding the modification of the conditions for making available to the Client the banking products and services. This clause, together with the Bank's decision, takes place as an additional document to the convention, agreement and/or contract, concluded between the Bank, Client and other natural or legal persons (guarantors, co-debtors, declarers, etc.), being considered an integral part of the convention, agreement or contract. Based on this clause and the decision of the Bank, the convention, the agreement and/or the contract is considered to have been modified accordingly.
11.4. The Client cannot oppose the provisions of the contracts concluded with third parties to the Bank.
11.5. The Client agrees that, according with the legal provisions, the Bank can render any verification, can request and obtain any information regarding the client from any competent institution, public register, archive, electronic data base or entitled third party, holding such information and authorizes the Bank to compensate the expenses incurred for these verifications from available funds in any current account and/or deposit, regardless of the currency they are available in.
11.6. For the solution of disputes, the Client has the right to address the National Agency for Fiscal Administration, the National Bank of Romania, respectively the competent entity for the solution of disputes, according to the provisions of Law no. 192/2006 regarding the mediation and organization of the profession of mediator, with subsequent modifications and completions.
11.7.The Bank respects the privacy of the personal data processed in the context of its banking services and undertakes to protect it in strict accordance with the applicable legal provisions. In this respect, the Bank holds, in accordance with the law, the quality of personal data controller and processes personal data in accordance with Regulation (EU) 2016/679 and other applicable legal provisions on the protection of individuals with regard to the processing of personal data and the free movement of such data. The conditions under which the Bank processes personal data (goals, rights of the data subject, data recipients, etc.) that are applicable depending on the products and services chosen are available in the Privacy Notice, attached to the documentation for the chosen product. Also, complete specific information related to the processing and protection of personal data by OTP Bank Romania SA, in general, are available on the Bank's website www.otpbank.ro, section Confidentiality
11.8The Client states that he was notified that the amounts existent in the accounts opened with the Bank are/are not warranted by the Deposit Guarantee Banking Fund, within the limits and according to the legislation inforce. The Bank is a participant to the Deposit Guarantee Banking Fund, as deposit guarantee scheme, established through OG no 39/1996 regarding the incorporation and operation of the Deposit Guarantee Fund within the Banking System, republished, with the subsequent amendments and completions, officially recognized in Romania.
The guaranteed cap amount is determined for the equivalent in lei of 100.000 Euro, according to Article 61 (3) of the Law no. 311/2015 regarding guarantee scheme and Deposit Guarantee Fund.
11.9. The present General Business Conditions (edition April 2020) will be posted/published starting with April 10th, 2020 and will enter into force starting with April 21st 2020.
We mention that the provisions of point 2.32 from the present document are in force since August 23rd 2013.
At the date when the present General Business Conditions come into effect, all the previous editions of the General Business Conditions are cancelled.
The Clients will be notified regarding the amendment of the General Business Conditions by displaying them in the offices of the territorial units and by publishing them on the website: http://www.otpbank.ro/.