Municipal Bank AD, in its capacity as a Payment Service Provider (the Bank), opens and maintains a payment account for basic transactions in BGN of local and foreign individuals, in their capacity as users of payment services within the meaning of the Payment Services and Payment Systems Act (PSPSA), on the basis of a Framework Agreement for a payment account of individuals for basic transactions and General Terms and Conditions of Municipal Bank AD to the framework agreement for a current account of individuals. The person in whose name the account has been opened is its holder (depositor).
The payment account for basic transactions (PABT) is intended for keeping funds in BGN, payable at sight and / or for execution of individual or a series of payment transactions related to the use of specific payment services, upon submission of a statement under Art. 119, para. 5 of PSPSA.
Through the payment account for basic transactions and against remuneration the bank provides the account holder with the opportunity to use payment services in accordance with PSPSA, as follows:
- depositing cash in a payment account for basic transactions;
- cash withdrawal from a payment account for basic transactions;
- execution of payment transactions, including the transfer of funds to a payment account for the basic transactions of the account holder with the bank or another payment service provider, such as:
- execution of direct debits;
- execution of credit transfers, including orders for periodic transfers.
Through the payment account for basic transactions the bank accepts and makes payments based on the order of the holder up to the amount of the funds available on the account.
Documents required for opening the account:
- ID document;
- a request submitted for opening a bank account of an individual based on the form.
An individual may hold only one payment account for basic transactions opened with Municipal Bank AD.
A payment account for basic transactions is not opened in the name of a self-insured person and a "Group of citizens without a BULSTAT registration".
Required minimum initial amount for opening: equal to the minimum balance required by the bank for this type of account, specified in the Bulletin for interest accrued by Municipal Bank AD on transactions with individuals - Appendix No. 1 to the Tariff of Municipal Bank AD for interest, fees and commissions applicable to individuals (Tariff).
Account opening: the account holder shall deposit cash and / or transfer from an account at the bank, an amount equal to the minimum balance for its opening.
Account disposal: performed in all branches of the bank.
The account holder, his legal representative or persons authorized based on the applicable procedure shall have the right to dispose of the account.
The holder is entitled to receive periodic reporting information as follows:
1. monthly, in the form of an account statement and other documents - in case of any change in the balance on the account, regarding individual or a series of payment transactions and other information on the movement and balance on the account;
2. annually, in the form of a statement of fees - on all fees / commissions accrued for services used during the relevant period and, where applicable, information on the loan interest rate on the PABT and the total amount of accrued interest for the relevant period for services related to the account.
The Bank shall provide the holder with the information under items 1 and 2 free of charge and in a manner chosen by the holder:
- on paper - in a branch that keeps the account - personally, through a person authorized by the holder or his legal representative;
- electronically by using the Internet Banking service.
The account holder receives interest on the amounts kept on the account, which is accrued and paid at the end of the year or upon closing of the account, on an annual basis of 360/360 days.
The account is closed:
- based on an order of the account holder - upon receipt of a Request for closing a bank account submitted by him to the bank according to the bank’s form;
- at the request of the bank – after the expiration of a 60-day written notice addressed to the account holder, only where at least one of the following conditions is met:
- no payment transaction has been performed on the account for more than 24 consecutive months;
- the holder is no longer legally resident of the European Union;
- the holder violates the terms of the framework agreement.
- at the request of the bank - immediately, only where any of the following conditions is met:
- the account holder has intentionally used the account for illegal purposes;
- the account holder has provided incorrect information in order to open the account, in case the provision of the correct information would have led to the bank’s refusal to open it;
- the account, payments made thereon and payment transactions ordered by the account holder are related to: actions and results prohibited by law; money laundering; terrorist financing; fundraising on a gambling basis; virtual currencies and / or committing forms of fraud and abuse of the Bank's trust and / or endangering its reputation; persons, goods or jurisdictions subject to restrictive measures, sanctions or embargoes imposed by the UN Security Council, the EU, the Office of Foreign Assets Control of the US Department of Treasury (OFAC) and other national and international crime prevention institutions.
For opening, servicing, performing payment transactions on the account and for closing the account, the account holder owes the bank fees and commissions according to the current Tariff of the bank, as well as other costs specified in the framework agreement or the General Terms and Conditions.
Municipal Bank AD provides the users with information on the purpose of the payment account for basic transactions and the fees charged by the bank for the services on the account, in the form of an Information Brochure on a payment account for basic transactions , which is provided on paper, available at any time on the bank's premises to which customers have access.
The use of other products and services offered by the bank to individuals is not a mandatory condition for the access to a payment account for basic transactions.
The amounts on the current accounts opened in Municipal Bank AD are guaranteed by the Bank Deposit Guarantee Fund, in the amounts, under the terms and based on the procedure provided for in the Bank Deposit Guarantee Act (Information bulletin with basic information on deposit protection).