Savings account (deposit) agreement

Luminor Bank AS, reg. No 11315936, address: Liivalaia 45, 10145, Tallinn, Estonia, registered with Estonian Commercial Register, represented within the Republic of Lithuania by Luminor Bank AS Lithuanian Branch, company code 304870069, address: Konstitucijos ave. 21A, 03601 Vilnius, Lithuania, (hereinafter referred to as the Bank) and the Client specified in item 7 hereof have entered into this Savings Account (Deposit) Agreement (hereinafter referred to as the Agreement). Hereby the Bank accepts from the Client the Savings Amount and pays the Interest for it under the conditions and procedure set forth in the Agreement, as well as provides the payment services specified in the Agreement.
 
1. DEFINITIONS
1.1. When capitalized, the definitions used in this Agreement have the meanings provided below, unless the context requires otherwise:
1.1.1. Savings Account means the Client’s account in which the Savings Amount is held and the number whereof is indicated in item 8 hereof. The payment transactions as indicated in the Agreement may be executed in the Savings Account.
1.1.2. Savings Amount means the funds (deposit) available in the Savings Account and disposed by the Client under the procedure laid down in the Agreement, while the Bank pays the Interest for the Savings Amount.
1.1.3. Interest means an annual interest rate expressed as a percentage of the Savings Amount and payable by the Bank for the Savings Amount under the procedure established in the Agreement. The Interest rate is made publicly available at all the customer service centres of the Bank in Lithuania and on the internet website luminor.lt.
1.1.4. Interest Account means any account opened by the Client with the Bank whereto the Interest is paid by the Bank. The Interest Account number is indicated in item 8 hereof.
1.2. Other definitions have the meanings assigned to them in the General Business Terms and the Payment Service Rules of the Bank.
 
2. INTEREST
2.1. Over the effective period of the Agreement, from the effective date of the Agreement to the day before the expiration date of the Agreement, the Bank pays to the Client the Interest which is calculated on the Savings Amount factually held in the Savings (Deposit) Account. The Interest is calculated on a basis of 360 days in a calendar year and 30 days in a calendar month.
2.2. The Interest is paid 1 day before the last day of the month on a monthly basis to the Interest Account.
2.3. Upon termination of the Agreement, the Interest for the Savings Amount is paid for the factual number of days until termination of the Agreement.
2.4. The Bank has the right to change the Interest rate. The Interest rate changes are made publicly available on the Bank’s internet website luminor.lt. It also possible to get familiar with them at all the customer service centres of the Bank in Lithuania. Unless otherwise indicated in the information notice, the Interest rate changes take effect on the day of their publication.
 
3. EXECUTION OF PAYMENT TRANSACTIONS
3.1. Under the Agreement the Bank provides only these payment services related to the Savings Account:
  -  credit transfer to the Savings Account in EUR;
  -  credit transfer to the Savings Account in USD – the fee set in the Bank’s pricelist is applicable;
  -  transfer of EUR funds available in the Savings Account to the Client’s payment accounts with the Bank – the fee set in the Bank’s pricelist is applicable;
  -  transfer of USD funds available in the Savings Account to the Client’s payment accounts with the Bank – the fee set in the Bank’s pricelist is applicable;
  -  review of the Savings Account information and execution of payment transactions indicated in this item on the internet bank.
  
4. DISBURSEMENT OF THE SAVINGS AMOUNT
4.1. Upon termination of the Agreement, on its termination day, the Bank transfers the Savings Amount and the Interest to the Client’s payment account with the Bank .
 
5. OTHER PROVISIONS
5.1. Information on deposit coverage and the cases in which deposits are not covered or the payout limits apply to them is provided in Annex 1 to this Agreement.
5.2. The Client must have or open a payment account with the Bank in the same currency in which the Savings Account is opened.
5.3. In addition to the provisions stipulated in the Agreement, the relations between the Parties under the Agreement or any other agreements between the Bank and the Client regarding the provision of banking services to the Client are also governed by the General Business Terms and the Payment Service Rules of the Bank which make an integral part of agreements. The Client confirms that he has read and agrees to accept the General Business Terms and the Payment Service Rules of the Bank and has received a copy thereof. The General Business Terms and the Payment Service Rules of the Bank, with any further amendments and supplements thereto, are made publicly available on the Bank’s website luminor.lt. By visiting any of the Bank branches the Client has the right to obtain a printed copy of the Payment Service Rules and/or the General Business Terms of the Bank.
5.4. The service fees are debited by the Bank from the Client’s payment account(s) on the transaction day in the national currency or other currency based on the exchange rate set by the Bank.
5.5. The Bank informs the Client in advance about the new interest rates and service fees and charges applied thereby under the procedure set out in the Payment Service Rules.
5.6. The Parties are entitled to amend  or supplement the terms and conditions hereof only by written agreement with the exception of the cases provided for herein or the Payment Service Rules.
5.7. The Bank is entitled to change the Agreement, the Payment Service Rules or the Pricelist. The Bank informs the Client about any change of the Agreement, the Payment Service Rules or the Pricelist following the procedure set out in the Payment Service Rules not later than 60 calendar days prior to the effective date of such changes. Publicly available information is regarded to be an appropriate (written) way of providing information to the Client on unilateral change of the Agreement and/or the Payment Service Rules, and/or the Pricelist. It is deemed that the Client agrees with these changes provided that before the effective date of such changes he has not notified the Bank that he disagrees with them. If this is the case, the Client is entitled, immediately and without any commission fee being applied thereto, to terminate the Agreement before the start day for applying those changes.
5.8. The Agreement becomes effective from the signature day hereof. The Agreement is executed in two equally legally binding copies.

PRIVACY NOTICE

The Client acknowledges that the implementation of this service involves personal data processing by the Bank and the processors involved in providing the requested service(s).

When signing this document, the Client acknowledges being informed about the general terms and conditions of personal data processing provided in Luminor’s Privacy Policy and Luminor’s Data Retention Policy which can be found at: luminor.lt/en/privacy-policy and of the purposes and legal basis of the processing as well as any processors, recipients of personal data and the exercise of data subject rights as well as relevant terms and definitions. Luminor’s Data Retention Policy will specify the period for which the Client’s personal data will be stored.

The controller of personal data processed under this document is Luminor Bank AS, company code 11315936, address Liivalaia 45, Tallinn, 10145 Estonia, represented by Luminor Bank AS Lithuanian branch, company code 304870069, address: Konstitucijos ave. 21A, 03601 Vilnius, Lithuania.

Upon request by email [email protected], Bank’s Data Protection Officer, will provide additional information about the processing of personal data under this Agreement and assist you with the exercise of your rights.

In case this document is signed by the representative of the Client, the representative acknowledges, that Bank process his personal data according to Luminor’s Privacy Policy and Luminor’s Data Retention Policy which can be found at: luminor.lt/en/privacy-policy.

DEPOSITOR INFORMATION SHEET

Deposits held at Luminor Bank AS Lithuanian branch are covered by “Tagatisfond” (the Estonian Guarantee Fund)
Payout limit up to EUR 100,000 per depositor per credit institution1
If you have more deposits at the same credit institution all your deposits held at the same credit institution are added up and the total is subject to the limit of EUR 100,0001  
If you have a joint account with other person(s) the limit of EUR 100,000 applies to each depositor2
Reimbursement period in case of credit institution’s failure to meet its obligations 7working days3
(to be updated if a different period becomes valid)
Currency of reimbursement Euro
Contact Tagatisfond (Estonian Guarantee Fund) Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: [email protected]
More information tf.ee
Acknowledgement of information receipt by the Depositor  
 

Notes:
1 If a deposit is not reimbursed because a credit institution is unable to meet its financial obligations, depositors will be repaid by the Estonian Guarantee Fund. This repayment covers at maximum EUR 100,000 per depositor per credit institution. In order to determine the coverage level, all deposits at the same credit institution are added up. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, he or she will only be repaid EUR 100,000.
In some cases deposits are protected above EUR 100,000 (in case the depositor’s account, not earlier than 6 months before the day of an insured event, has been credited in relation to sale of a residential property owned by the depositor; sums received by the depositor in respect of a legacy or by operation of law; sums received by the depositor as the beneficiary of a life insurance benefit or analogous benefit payable on death; sums received by the depositor as compensation in the cases provided by law in respect of other person’s death in the course of performing work or official duties or analogous benefits; benefits or compensations for damage caused by violent crimes). 
More information can be obtained at the website: tf.ee
2 If you have a joint account with other person(s), the limit of EUR 100,000 applies to each deposit co-owner separately.
3 Payment of insurance compensations.
The Estonian Guarantee Fund (Tagatisfond) is responsible for the deposit insurance system (Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: [email protected], website: tf.ee). It will repay your deposits (up to EUR 100,000) not later than 7 working days from the date the inaccessibility of deposits has occurred on.
If no insurance compensation is paid to you within these deadlines, you should contact the Estonian Guarantee Fund. More information can be obtained at tf.ee.
 
Other important information
In principle, all retail depositors and businesses are covered by the Estonian Guarantee Fund.
Exceptions for certain deposits are stated on the website of the Estonian Guarantee Fund tf.ee. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are covered, the credit institution shall also confirm this on the statement of account. 
 
Additional information:

  • Funds available in the account held at the Bank (hereinafter – the Funds) are covered by the Estonian Guarantee Fund. Information about the cases where the Funds are not covered and where the payout limits are applicable is published at luminor.lt. A free printed copy of the terms and conditions for covering the Funds is available at any outlet of the Bank.
  • Deposits held at the Bank are covered by the Estonian Guarantee Fund . Information about the cases where deposits are not covered and where the payout limits are applicable is made available at luminor.lt. A free printed copy of the terms and conditions for deposit coverage is available at any outlet of the Bank.

The object of deposit insurance coverage shall not be:

Deposits deposited as at the date on which deposits become unavailable by the Estonian state or foreign state or the following  Estonian or foreign persons shall not be secured or compensated:
 1. deposits of local authority;
 2. deposits of another credit institution;
 3. deposits of insurance undertaking or reinsurance undertaking;
 4. deposits of management company or investment fund;
 5. deposits of investment firm;
 6. deposits of e-money institution;
 7. deposits of payment institution;
 8. deposits of creditor or credit intermediary;
 9. deposits of another financial institution not specified in clauses 4–8 above, including a financial holding company, a mixed financial holding company and an asset management company specified in point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.06.2013, p. 1–337), excluding insurance holding companies and mixed-activity insurance holding companies for the purposes of the Insurance Activities Act of Republic of Estonia.

Claims arising from the following shall not be secured or compensated:
1. capital instruments recorded under the own funds of a credit institution pursuant to point (118) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
2. debt securities, acknowledgements of obligation and promissory notes issued by a credit institution.

The restrictions to payment of deposit insurance compensation:

1. Insurance compensations are not paid for deposits, funds, money, securities, and liabilities that are not the object of the deposit insurance coverage (as mentioned in this form above).
2. in addition to the above, also the following deposits shall not be compensated:
2.1. deposits the owner of which has liabilities that have fallen due to the same credit institution, to the extent of such liabilities;
2.2. deposits the owner of which cannot be identified by the credit institution.
3. Deposits confiscated on the basis of a judgment of conviction in a court case concerning money laundering or terrorist financing shall not be secured. If the disposal of the deposit has been restricted by the precept of the Estonian Financial Intelligence Unit or the deposit has been seized in criminal proceedings of a case concerning money laundering or terrorist financing, the compensation for the deposit shall be suspended until the precept has been revoked or the court judgment has entered into force.
4. Deposits belonging to persons subject to international sanctions as at the day of compensation for the deposit are not compensated, unless otherwise decided pursuant to subsection 21 of § 41 of the Guarantee Fund Act of the Republic of Estonia. A person in which a qualifying holding is held by or which is controlled by a person subject to an international sanction is also deemed to be a person subject to an international sanction.
 
The payment of deposits insurance compensation shall be deferred (delayed):

In cases provided for in the Guarantee Fund Act of the Republic of Estonia (read more at tf.ee) the payment of insurance compensation for deposits may be deferred (delayed), for example, in cases of insufficient information to evidence the right to insurance compensation for the deposit, or in the case of an ongoing court dispute about the deposit, or if the depositor’s right to dispose of the deposit is restricted.