VersobankNewsNews archive2014Changes from February 2014

Changes from February 2014


Dear Customers,

Following the Regulation (EU) No. 260/2012 of the European Parlament and of the Council of 14 March 2012 (the end-date regulation of SEPA i.e single euro payment area), in force from 1 February 2014, the General Terms and Conditions of the Settlement Contract and the Conditions for Making Payment Transactions of Versobank AS will also be changed from the same date.

The domestic payments will be settled through all-European payment systems starting from 1 February 2014, which will make the payment traffic between Estonian banks a bit slower than currently. Normal domestic payment to another Estonian bank received till 1 p.m. will be forwarded on the same settlement date. Normal domestic payments received after 1 p.m. will be forwarded on the following settlement date. Domestic express payments will be introduced to enable faster money transfer. Express payments forwarded till 5 p.m. will reach another Estonian bank on the same settlement date.

The usage of international account number IBAN will become mandatory.

The changes in the price list from 1 February 2014 include:

  • execution times of payment orders,
  • fees for domestic and EUR foreign express payments,
  • domestic express payment will be added,
  • fees for additional services of payments,
  • penalty interest rate of loans,
  • fees related with securities.

Changes to the General Conditions of the Contract for Financial Transactions and Posting of Collaterals will become effective from 2 February 2014, following the changes in legislation (including directly applicable Regulation (EU) No. 648/2012 of the European Parlament and of the Council of 4 July 2012 (EMIR - European Market Infrastructure Regulation, applicable to the OTC derivatives).

New conditions and changes in the price list will become effective on all agreements valid at the date of change entering into force. Please examine the new conditions and price list on our bank’s web-page or in our bank office Pärnu mnt 12, Tallinn. You do not need to take any additional steps if you agree with the changes. In case you do not agree to the changes, you may terminate the corresponding agreement(s) before the changes enter into force. Unless you inform us of the wish to terminate agreement, we shall consider that you have accepted the changes and the new conditions and price list will be applied to your agreement(s) from the dates mentioned above.

Please do not hesitate to contact the bank in case of additional questions.