OREANDA-NEWS. April 27, 2010. In connection with the enforcement of the Payment Institutions and E-money Institutions Act on the 22nd of January 2010 the stipulations of the Law of Obligations Act regulating the current account agreement were amended. In view of the above mentioned facts, Sampo Pank has amended the standard terms and conditions of payment services agreements, and the price list of the bank. These amendments will take effect as of 22 May 2010, reported the press-centre of Sampo Pank.

Major amendments made to the terms and conditions of Sampo Pank’s payment services agreements and changes in providing payment services

1. As of 22.05.2010 the following amended standard terms and conditions of Sampo Pank’s payment services agreements will take effect:

The terms and conditions of the current account agreement;

Sampo Pank’s price list. In addition to service fees the amended price list will include the following information: interest rates, interest calculation principles, business days of payment services and deadlines of execution of payments

The terms and conditions of agreements concluded for the use and servicing of bank cards;

The terms and conditions of Direct Debit service agreements;

The terms and conditions of e-banking agreements;

The terms and conditions of international payments.

2. Major changes in providing payment services:

In the current account agreement, the terms and conditions regulating the liability of the bank and the customer have been brought in line with the Payment Institutions and E-money Institutions Act and deriving from the Act the following new terms have been introduced:

payment service provider, payment transaction, payment order, payment instrument, business day, value date, unique identifier.

The deadline for notifying the customer of amendments made to the standard terms and conditions of payment services agreements and the terms and conditions of the price list concerning payment services will be 2 (two) months instead of 1 (one) month. The bank shall inform the customer of the above amendments on the bank’s website, in the outlets of the bank, by sending a personal message to the customer’s online bank mailbox or by e-mail/mail, if the customer has not concluded the teleservices agreement with the bank.

Under the terms and conditions of the current account agreement the bank shall be entitled to execute payments in accordance with the customer’s unique identifier which is the customer’s account number in Sampo Pank and which complies with the domestic or IBAN standard. The Bank shall not be liable for the non-execution or incorrect execution of the payment transaction, if the payee’s unique identifier presented by the payer is incorrect or is not in conformity with the payee’s name presented.

An international payment in the currency of an EEA state, the payee and the payer’s payment service providers (the payer’s bank, the payee’s bank) of which are located in the EEA and the payment does not involve currency exchange, may be initiated only using the service fee type “Shared”. As international payments initiated under the above mentioned conditions cannot be initiated using the service fee type “Payment in full” any more, the payee has to be aware that he/she will be charged service fee for an incoming international payment.

There is another requirement set on payments within the EEA: If the payment has been initiated in the currency of an EEA state and the type of service fee is “Shared”, none of the payment service providers (the payer’s bank, the payee’s bank or the payment intermediary) shall be allowed to deduct any charges from the amount transferred within the EEA, i.e. that the full amount indicated on the payer’s payment order must be received in the payee’s account.

As for card payments, the account statement on card payments made abroad and/or in foreign currency must also contain currency conversion information.

In addition to the principles of extraordinary cancellation of payment services agreements, the bank shall be entitled to cancel ordinarily a payment service agreement concluded with the customer for an unspecified term, notifying the customer at least 2 (two) months in advance, provided the parties have agreed on the right to use ordinary cancellation.

Customers can familiarize themselves with the amended terms and conditions of Sampo Pank’s payment services agreements and the amended price list of the bank, effective as of 22.05.2010, in Sampo Pank’s outlets.

The amended terms and conditions of Sampo Pank’s payment services agreements and the amended price list of the bank will take effect on the 22nd of May 2010.
All Sampo Pank’s customers who disagree with the amended terms and conditions, are entitled to cancel the agreements concluded with Sampo Pank applying to Sampo Pank’s outlets no later than on the 21st of May 2010. If the customer has not informed Sampo Pank of his/her wish to cancel the agreement(s) concluded with Sampo Pank, the customer is deemed to have agreed with the amended terms and conditions.