Municipal Bank AD, in its capacity as Payment Services Provider (the Bank), opens and maintains Current Accounts in nationaland foreign currency to local and foreign individuals (not including Sole Proprietors) and to resident “Groups of individuals without BULSTAT registration”, acting as users of payment services on the basis of a Framework Current Account to Individuals Contract and General Terms and Conditions of the Contract. The individual in whose name the account has been opened is the deposit titular (depositor).
A current account is meant for keeping funds, payable at sight and/or for executing separate or series of payment operations related to the usage of concrete payment services.
Through the Current Account the Bank shall against consideration provide the account holder the possibility to use payment services pursuant to the Law on Payment Services and Payment Systems, namely:
- Depositing cash at the Current Account;
- Withdrawing cash from the Current Account;
- Execution of payment transactions, including transfer of funds at the holder’s current account with the Bank or with another payment services provider, like:
- Direct debit execution;
- Credit transfer execution, including mass payment orders.
Through the Current Account, the Bank accepts and executes payments at the order of the account holder:
- Up to the amount of the available balance at the account; or
- Up to the amount of an overdraft preliminarily agreed upon in a separate contract with the Bank.
Documents needed for opening:
- ID;
- Sample request filed for opening a bank account to individuals.
Additional documents are requested from a “Group of individuals without BULSTAT registration” and from self-insured.
Minimum initial amount for opening: equal to the minimum available balance required by the Bank for this type of deposit as provided under the Bulletin of the Interest Rates Applied by Municipal Bank AD for Transactions With Retail clients – Appendix 1 to the Tariff of Municipal Bank AD for the interest rates, fees and commissions for retail clients (the Tariff).
Opening the account: the account holder shall place cash and/or transfer from an account with the Bank an amount not less than the minimum balance required for opening.
Disposal of the account: at any branch of the Bank. Only “Groups of individuals without BULSTAT registration” and special charity current account holders are required to dispose of the funds at their accounts at the branch , where the account are maintained.
The right to dispose of the account is vested in the account titular, him/her legal representative or persons duly authorised by him/her.
The account holder may monthly receive information on each change in the available balance at the Account with the Bank making this information available in the form of account statement and other documents, provided by it as chosen by the account holder:
- On paper – at the branch maintaining the Account – in person, via an individual authorised by the account holder, or its legal representative;
- Electronically, via Internet Banking.
Interest on the account balances is accrued and paid at the end of the year or upon closing the account, unless otherwise agreed, on the basis of a year of 360/360 days.
The account may be closed:
- At the titular's request - upon receiving a sample Request for Current Account Closure by him/her filed with the Bank;
- At the Bank's request - at a 60 day prior written notice to the titular. The Framework Contract is terminated and the Account is closed at the sole discretion of the Bank, including if the account balance is below the minimum for available account balance specified for more than 3 consecutive months, and in case the account balance is zero for more than 3 consecutive months regarding the accounts without requirement for minimum available account balance and bank payment card accounts;
- Ex officio by the bank upon expiry of the specified term – if such a clause is available in the Framework Contract;
- Upon a default by any party to execute its obligations – after a 30-days’ written notice to the defaulting party.
The account holder owes fees and commissions for opening, maintaining, execution of paymenttransactions under, and closing the account, as well as for account information regarding a transaction or a series of transactions (account statements), and other information on movements at the account and available balance as per the Tariff of the Bank, and other expenses stipulated in the Framework Contract or the General Terms and Conditions thereto.
The amounts at the Current Accounts with Municipal Bank AD are secured by the Deposit Insurance Fund, at the statutory levels.