1.1. Authorities Paybanco SIA (hereinafter referred to as Paybanco or the Company) shall rely upon the signatures and signing powers given to it in writing by the Account Holder (hereinafter referred to as the Client) and these shall be valid even where they differ from those recorded at the relevant commercial register or in any publication.
2. Claim or Complaint of the Client
2.1. Any Claim or Complaint in connection with the execution or non-execution of any Payment Order, Payment Transfer or Payment Transaction, or query of a Client’s Paybanco Account, Payment Order, Payment Transfer or Payment Transaction, or any other communication from Paybanco must be made immediately upon receipt of relevant advice and, in any case, within 30 (thirty) days after its delivery. Otherwise, the execution or non-execution of any Payment Order, Payment Transfer or Payment Transaction, or query of a Client’s Paybanco Account, Payment Order, Payment Transfer or Payment Transaction, or any other communication will be deemed to have been approved by the Client. If the Client's mail is retained at Paybanco on the Instructions of the Client, the Client must present this Claim within the period that would have been applied had the advice been remitted by postal service. The Client shall be liable for any damages or losses arising from a late Claim.
2.2. If you wish to Complain about any Service you have received, you can submit your complaint in writing via e-mail to [email protected].
3. Communications from Paybanco
3.1. Communications are deemed to have been validly given if sent to the last e-mail address, or in accordance with any other communications information (mobile phone number) provided by the Client at the time of registration on the website.
3.2. The date of correspondence is deemed to have been the date of dispatch.
3.3. If the Client's mail is retained at Paybanco on the Instructions of the Client, the correspondence is deemed to have been validly given to the Client on the date shown on the copy in possession of Paybanco.
3.4. In the absence of Client Instructions for the sending of correspondence, such correspondence shall be held by Paybanco. Paybanco shall be relieved from all liability for such a decision.
4. Risks Inherent in the Means of Communication with the Client
4.1. The Client shall bear alone all the risks inherent in their use of postal services and courier services, as well as the means of transmission, such as telephone, e-mail, facsimile or any other similar means of communication.
4.2. Save in the event of gross negligence by Paybanco, the Client shall not hold Paybanco responsible nor liable for any transmission errors, misunderstandings, delays, losses or damages that may result from the use of such communications.
4.3. Any written communication or correspondence from the Client sent by postal service shall clearly state that it is a confirmation of Instructions given previously by telephone, e-mail, facsimile or any other similar means of communication. Failure to include such a note of instruction that results in multiple executions of said instruction shall not be the responsibility or liability of Paybanco. This obligation also applies to Instructions notified to Paybanco by all other authorised Parties, such as the Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in cooperation with Paybanco under legal acts and/or activity documents of the legal person.
4.4. Should the Client expect that Paybanco act upon the Instructions given by the Client’s approved other authorised Parties transmitted by telephone, e-mail, facsimile or any other similar means of communication, the Client alone shall bear all risks and losses resulting from the method of transmission used, in particular transmission errors, misunderstandings, delays, interference with by third parties, network overload, or forgery, and releases Paybanco from any and all responsibility and liability when carrying out such Instructions, except in the case of gross negligence in accordance with the law.
4.5. Paybanco in its absolute discretion is entitled not to carry out any Instructions without the receipt of written Instructions sent by regular mail.
5. Verification of Signatures
5.1. Paybanco will verify the signature(s) of Client’s, as well as the Client’s Representative(s) by comparing the specimen signatures deposited with Paybanco. Paybanco is not obliged to ask for any other proof of identity but reserves the right to do so.
5.2. Paybanco will not accept any liability in a case where it fails to notice a falsification, forgery or other defects in a signature, authentication or legal capacity, except where gross negligence has been proved against it.
5.3. In the case of a numbered account, Paybanco is empowered to act alone on the account number or the agreed pseudonym, as the case may be, but reserves the right not to do so in case of doubt.
5.4. Paybanco will not assume any liability when it acts or refuses to act on a fraudulently used, or agreed code.
6. Legal Incapacity and Death
6.1. Paybanco accepts no liability for damages resulting from the death or legal incapacity of the Account Holder (Client) or their Representative(s) or their attorney(s) unless this has been notified to Paybanco in writing or published in an official public obituary in the same location as the Paybanco office of the Client.
7. Defective Execution of Orders
7.1. In the event of damages resulting from the non-execution or poor execution of any Payment Order, Payment Transfer or Payment Transaction, Paybanco can only be held liable for Loss of interest (Business Client Terms differ).
7.2. The Client explicitly undertakes to inform Paybanco in writing whenever delayed or incorrect execution of an order may create damages higher than the loss of interest.
8. Recommendations, Advice and Other Information
8.1. Paybanco shall not be liable for any damages arising from any advice, recommendation or other information given to the Client, except where gross negligence is proven against it.
8.2. Paybanco does not follow the development of any security which the Client has deposited with it, not even if such a security has been acquired by the Client based on a recommendation or advice or other information provided by Paybanco unless Paybanco has specifically agreed to do so through the execution of a Management Mandate form.
9. Right of Lien and Set-Off
9.1. Paybanco shall have a lien over any balance, security, Electronic Money or other items that it holds in custody for the account of the Client, either at its own premises or elsewhere, for its claims originating in the banking relationship and reserves the right to immediate set-off for all claims irrespective of type, currency, or time and place of performance.
9.2. However, the lien only becomes effective when Paybanco’s claim against the Client arises. The right shall be valid in addition to and without prejudice to any other specific or general security given to Paybanco and applies equally to credits and loans with or without guarantees or securities.
9.3. Paybanco has the discretion to determine whether the security held is sufficient to cover the Client’s indebtedness and in cases where it is not, Paybanco has the power to request additional cover or to reduce the advance. Where it cannot be done, all amounts owing to Paybanco shall become payable immediately.
9.4. In the event of a default by the Client, Paybanco is entitled at its own discretion to release the pledged assets with or without the agreement of the Client, regardless of any term contracts, as and when Paybanco sees fit, in any order.
9.4.1 Paybanco is entitled to release the pledge by way of formal proceedings or by private arrangements.
9.4.2 Paybanco is also entitled to acquire the charged assets either for itself or for its Client.
9.4.3 Paybanco can also cover open positions resulting from forward purchase or sales.
9.5. The Client expressly assigns and pledges all assets and securities that are not made out to the bearer or endorses in Instruction to Paybanco.
10. Current Accounts and Deposits
10.1. Interest, safe custody fees, commissions, charges and taxes shall be credited or debited to the Client’s Account monthly, quarterly, semi-annually or annually as Paybanco shall determine.
10.2. Paybanco reserves the right to modify its rates of commission, interest and fees and any time.
10.3. In the absence of any Claim within 30 (thirty) days, statements of accounts or other advice issued by Paybanco are deemed to have been approved, even if Paybanco has not received an acknowledgement signed by the Client. The express or tacit approval of the statement of an Account implies approval of all items contained therein, including any reservations or qualifications made by Paybanco.
10.4. If the Client places various Orders, the total of which exceeds the credit balance on the Account or any credit limit extended to the Client, Paybanco is authorised to decide which of the Orders shall be executed, irrespective of the date mentioned on the Order or of the date that Paybanco received the Order.
11. Assets in Foreign Currencies
11.1. Those assets of the Client that are denominated in a currency or currency unit other than the EUR are deposited in the same currency or currency unit with Paybanco’s correspondents abroad or outside the relevant currency area, in the name of Paybanoco, but for the Account of the Client and at the Client’s risk.
11.2. Paybanco denies any responsibility or liability in respect of taxes or other restrictions to which the assets may be subject whether by the authorities or the country of the currency or of the correspondent.
11.3. The obligations of Paybanco arising from accounts in foreign currencies or currency unit shall be discharged exclusively through the placing of a Payment Order, Payment Transfer or Payment Transaction at the Paybanco office where the Client holds their Account.
11.4. In the absence of express instructions from the Client, amounts that are received or paid for the credit or the debit of an Account in a currency other than that in which the Account is denominated may be converted by Paybanco, at its discretion, and credited or debited to the said account.
11.5. At its discretion, Paybanco may also open a new current Account for the Client in the respective currency.
12. Opening of Sub Accounts12.1. Paybanco reserves the right to open Sub Accounts/Sub Custody for the segregation of certain Client holdings or position makes this necessary.
13. Bills of Exchange13.1. Paybanco may debit the Client’s Account with Bills of Exchange, Cheques and other instruments previously credited or discounted, if they have not been paid. Until any resulting debt balance has been cleared, Paybanco shall retain such rights against any debtor for the value of the full payment of the Bill of Exchange, Cheque or other instruments, whether or not such claims arise under the law governing Bills of Exchange, Cheques or other instruments.
14. Recording of Telephone Conversations
14.1. The Client acknowledges that any telephone conversations with Paybanco may be recorded and the recording may be retained for a limited period of time.
14.1.1 The Client explicitly consents to such recording of any telephone conversations and the subsequent retention of such recordings.
14.2. The Client undertakes to inform any person that may conduct telephone conversations with Paybanco on their behalf that telephone conversations with Paybanco may be recorded.
15. Delegation of Tasks / Outsourcing
15.1. If it considers it appropriate or necessary, Paybanco is authorised to delegate, on a long term basis and in the framework and under the companies authorised by the applicable banking legislation and regulations, to member companies of the Group to which Paybanco belongs, in Latvia or abroad, the execution and provision of all or part of its back-office and administration activities (including, but not limited to, securities trading and administration, IT support and program development and operation, transaction accounting etc.)
15.2. Paybanco is also authorised to use the services of the third-party companies of its choice, to act as sub-agents or auxiliary providers. Currently, a third-party provider produces and dispatches Client statements. Paybanco will ensure through appropriate organisational and technical measures that the requirements arising from professional and banking secrecy are fully and completely fulfilled.
15.2.1. In this context, the Client expressly authorises Paybanco to inform orally or in writing or/to deliver documents to:
any officers of Paybanco SIA and,
any person/agent appointed by Paybanco in order to enable the Company to provide services to the Client or for their benefit for management purposes, to carry out regulatory checks, prevent fraud or money laundering, asses lending risk, recover debts, identify products and services which may be relevant to the Client and to develop and improve products and services offered to the Client.
16. Termination of Business Relationship
16.1. Paybanco has the right to terminate any relationship with the Client at any time. In particular, it may cancel credit lines granted, in which case any amounts outstanding become immediately due and payable unless a written agreement specifies otherwise.
17. Saturdays and Sundays as Holidays
17.1. In all relations with Paybanco, Saturdays and Sundays are considered to be a public holiday.
18. Applicability of Special Provisions and Regulations
18.1. In addition to these general Terms and Conditions, special conditions established by Paybanco govern certain provisions and services, such as the deposit of securities and other valuables for safe custody (custodianship), and the rental of safe deposit boxes, fiduciary transactions, the granting of credits, metal deposits and Accounts and so forth.
18.2. Transactions in securities and derivatives are subject to the local rules and regulations of any exchanges and the respective authorities.
18.3. If Paybanco purchases registered shares or participation certificates for the Account of the Client, the transfer of which is restricted, Paybanco cannot be held liable for the consequences of any refusal by the company or issuer to grant its consent to the transfer. 18.3.1. When the company or issuer requires the purchaser to apply for consent, Paybanco shall not be liable for the Client’s omission to do so.
18.4. The Uniform Customs and Practice for Documentary Credits is a set of rules on the issuance and use of letters of credit governed by the International Chamber of Commerce.
19. Banking Secrecy
19.1. The governing bodies, employees and authorised agents of Paybanco are subject to a duty of confidentiality (i.e. Banking Secrecy), with respect to the financial and personal affairs of the Client and the Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in the conduct of the professional activities. However, the Client, as the beneficiary of the Banking Secrecy agreement, nevertheless releases Paybanco of its obligation of confidentiality insofar as, but not limited to, it is necessary to safeguard the legitimate interests of Paybanco, including in particular cases where legal proceedings are initiated by the Client against Paybanco, or Paybanco needs to secure its own entitlement when releasing securities provided by the Client or by third parties.
19.2. Furthermore, the Client acknowledges that exemptions from Banking Secrecy are provided for under the Law of International Banking Units, which means that Banking Secrecy is not absolute. Banking Secrecy may be waived by order of judicial authorities, even against the will of the Account Holder (Client). All other legal or regulatory obligations imposed on Paybanco (including but not limited to any stock exchange regulations) to disclose information are also expressly reserved.
20. Special Risks in Securities Trading
20.1. Paybanco believes that the Client is aware of “Special Risks in Securities Trading”. If requested by the Client, Paybanco can provide information about the increased risks associated with certain forms of transactions.
21. Retrocessions and Commissions
21.1. In managing the Client’s assets, in particular in placing and executing Payment Orders, Payment Transfers or Payment Transactions, or queries of a Client’s Paybanco Account, Payment Order, Payment Transfer or Payment Transaction for that purpose, Paybanco may receive directly or indirectly, rebates, commissions or other fees from third parties.
21.1.1 The retrocessions may vary depending on the time and the relevant third party.
1.1.2. The Client expressly agrees that Paybanco may keep such retrocessions.
21.2. The Client is entitled to request at any time from Paybanco the details regarding the retrocessions related to their business relationship with Paybanco.
21.2.1. The Client also acknowledges and agrees that Paybanco may receive, in its name, commissions related to the purchase of certain securities, such as shares in investment funds, for the Client’s account.
21.2.2. The Client further acknowledges and agrees that Paybanco may pay commissions to third parties who represent the Client or who manage the Client's assets held with Paybanco.
22. Interruption of Contact (Dormant Accounts)
22.1. To prevent any interruption of contact with Paybanco, the Client undertakes to inform the latter without delta of any change in their personal circumstances that might lead to such interruption (such as a change of address) and to take the necessary measures (such as appointing a proxy or trusted agent) enabling contact to be restored in necessary.
22.2. Failing any contact with the Client during a 10 (ten) year period, Paybanco is entitled, in the interests of the Client or of their heirs, to carry out any and all necessary searches which may be necessary to restore contact, at the Client's expense and in compliance with Banking Secrecy.
23. Cross-Border Wire Transfers
23.1. In the case of Cross Border Wire Transfers, Paybanco has the obligation to state the name, account number and address of the Client who instructs Paybanco to execute the transfer, or the name and identification number of the Account Holder in accordance with the requirements of the receiving bank.
23.1.1. To this end, the Client relieves Paybanco of its obligation of discretion and respect of Banking Secrecy.
24. Card Solutions
24.1. Should the Client decide to order a credit card, a debit card, or other card solution, they acknowledge and agree that Paybanco is obliged to transmit to the issuing company, which may be located outside Latvia, their identity and details.
24.2. By using a card, the Client is also aware that third parties might know of the existence of the Client’s relationship with Paybanco.
25. Records
5.1. Paybanco shall retain the records relating to the Client’s Account(s) and Security Account(s) for the statutory period of 10 (ten) years commencing on the last day of the calendar year in which the relevant document was drawn up.
5.2. As the case may be, the Client must require from Paybanco any documents pertaining to the records before the 10 (ten) year period expires, the Client shall bear all the costs in relation to the search performed and the photocopying of documents.
26.Open / Sealed Custody
26.1. The Client mat deposit in Open Custody with Paybanco securities, precious metals and bullion, and investments that are not securitised.
26.1.1 The Client may deposit in Sealed Custody with Paybanco valuables, documents and other items.
26.1.2. Paybanco may refuse to accept items into its custody without stating a reason.
26.2. Items held with third parties: The items delivered shall be held in custody by Paybanco exercising the same diligence that it would exercise in respect of its own assets.
26.2.1. The Client hereby authorises Paybanco to deposit those items elsewhere than at its own premises at the risk and charge of the Client.
26.3. Period of custody: Custody shall be for an indemnity period. The Client shall be entitled to request delivery from custody. Such delivery may only be effected during the normal business hours of Paybanco in the case of items stored off-premises, such delivery times that are customary shall apply.
26.3.1. Paybanco may request the withdrawal of items held in custody at any time.
26.3.2. The Client agrees to meet the transportation costs arising from the withdrawal of any item from custody.
26.4. Statements of Securities: Paybanco will issue periodically a list of securities and other objects held in open deposit in the form of a statement. This statement shall be deemed as correct and approved unless written objection is received by Paybanco within 30 (thirty) days from the date of dispatch.
26.4.1. The statement can also include other assets (such as options, etc.) which are not subject to the General Custody Account Regulations.
26.5. Transport Insurance: Paybanco may arrange transport insurance cover for the Client's items at the Client’s expense.
26.6. Custody Account Commission: The Custody Account Commission shall be calculated at Paybanco’s current rate for the service. The Custody Account charge is intended to remunerate Paybanco for custody and its associated accounting.
26.6.1. For management expenses, exceptional work and expenses, applicable taxes and any expenses applied by third party custodians appointed by Paybanco in respect of items stored off-premises, Paybanco shall be entitled to debit the Client’s Account separately.
26.6.2. Paybanco reserves the right to alter its Custody Account commission rates at any time.
26.7. Foreign Exchange: The Client is aware that due to certain local rules and regulation applicable to transactions done through foreign exchange, Paybanco may be obliged to notify this foreign exchange or supervisory authority about the Client's identity and transaction details.
27. Special Provisions of Open Custody
27.1. Assets located in Latvia: Securities and other assets lying in Open Custody may be transferred by Paybanco in whole or part into collective custody either with Paybanco itself or with a third-party bank or with a depository.
27.1.1. The Client shall hold ownership rights in common in the tal stick of collective custody maintained by Paybanco in proportion to the amount of the items deposited by the Client.
27.1.2. At delivery from collective custody, the Client shall not be entitled to select specific numbers, pieces or strikes.
27.1.3. Such assets shall be held in the name of Paybanco, but for the account, risk and charge of the Client.
27.1.4. Paybanco is authorised to act similarly with respect to the deposit of precious metals of the same weight and quality.
27.1.5. At delivery of such items from collective custody, the Client shall not be entitled to specific mint year or strikes.
27.1.6. If securities stored by categories are drawn by lots, Paybanco shall distribute the drawn titles among its Account Holders; for the second draw, Paybanco shall choose a method that ensures equal distribution and consideration for all its Account Holders as in the first drawing method.
27.2. Assets located abroad: Securities and other assets traded chiefly abroad and/or listed on overseas exchanges shall be stored there as a rule. Unless otherwise agreed, assets held abroad shall be stored, accounted and managed by a correspondent, depository or central collective agency of Paybanco’s choosing. Such assets shall be held in the name of the Company, but for the account, risk and charge of the Client.
27.3. Securities Services: Paybanco, without specific Instructions from the Client, shall perform usual securities services such as the collection of dividends, interest payments and the repayment of principal, the monitoring of drawing by lots, notices of termination, conversion, rights, and the amortisation of securities, the obtaining of fresh coupon sheets and the exchange of files.
27.3.1. Paybanco shall rely on the customary information media available to it, but shall not be liable for any damages that may arise from such reliance.
27.3.2. Unless otherwise agreed, it shall be the responsibility of the Client to take all other measures to obtain and preserve the rights accruing in the assets held by the Client, in particular, to issue Instructions for the handling of conversions, the exercise, the purchase or sale of subscription rights and the exercise of conversion rights. If Instructions from the Client are not received in time, Paybanco shall be authorised, but not obliged, to act at its discretion (including to debit the Account Holder’s account, for instance when exercising subscription rights).
27.4. Paybanco acting for its own account: The Client's Payment Orders, Payment Transfers or Payment Transactions, which include an instruction to buy or sell assets having a market or stock market price, shall authorise Paybanco to buy or sell for its own account.
27.5. Voting rights: Paybanco shall exercise voting rights attached to safe custody assets only on the strength of a written Power of Attorney.
28. Special Provisions on Sealed Custody
28.1. Deposit by the Client: Only valuable objects, jewels or documents may be placed in Sealed Custody with Paybanco. They must be placed in sealed envelopes or wrappings and must be clearly labelled with the name and full address of the depositor, as well as a full declaration of their value.
28.2. Contents: Items deposited under seal may not include goods that are perishable, hazardous, inflammable, breakable or otherwise unsuitable for storage at Paybanco premises or that of a third party.
28.2.1. The Client shall be liable for any damages arising from the nonobservance of the foregoing provisions.
28.2.2. Paybanco is entitled at any time to request that the Client furnish proof the items under Sealed Custody.
28.3. Liability: Paybanco shall not be liable for sealed items unless gross negligence is proved against it as the cause of any Loss. Paybanco’s liability shall be limited to the value declared.
28.3.1. On delivery of items up from Sealed Custody, the Client shall be responsible for checking that the seal is intact.
28.3.2. Paybanco shall be released from all and any liability upon delivery of an item up from Sealed Custody.
29. Conditions Concerning Metals in Account
29.1. The Client shall be entitled to the delivery of a quantity of precious metal corresponding to the balance of their gold, silver, platinum or palladium account. The Client may withdraw the quantity of the precious metal corresponding to the balance of the precious metal in their metal account in accordance with the legal provisions in force at the office of Paybanco administering the account (place of performance) provided that nothing is agreed to the contrary. By taking delivery, the Client acquires title to the said precious metal.
29.1.1. Upon request, Paybanco shall deliver the precious metal to any other place provided that such delivery is practicable and in accordance with the prevailing legal provisions at the other location. The Client shall be liable for any costs and expenses and bear the risk arising from delivery to a location other than the customary place of performance.
29.1.2. In case of transfer restrictions, war or warlike events, force majeure, or similar occurrences, Paybanco retains the right to make delivery of the precious metal, at the expense and risk of the Client, to a location and in such a manner as it deems to be practicable and suitable under the circumstances.
29.1.3. Unless the credit balance indicates a number of fungible units (e.g. 1kg bars), Paybanco is entitled to make delivery with bars of any size, however, having at least the minimum fineness in accordance with customary market practice, and thereupon to charge the additional fabrication costs prevailing at the time of delivery.
30. Governing Law and Jurisdiction
30.1. All legal relations between the Client and Paybanco shall be governed by the laws of Latvia. The place of execution and the exclusive place of jurisdiction for any form of proceeding, and the place for debt collection proceedings for Account Holders (Clients) domiciled abroad shall be the place where Paybanco determines the head office of the Paybanco office where the Client’s Account is held is located.
30.1.1. Paybanco retains the right to file an action in the country of domicile of the Client before any other competent court; in such a case, Latvian law shall remain applicable.
31. Modification to the General Conditions / General Account Regulations
31.1. In case of discrepancies between these Terms and Conditions / General Account Regulations or other Agreements, Annexes or Supplement Clauses etc. shall prevail, unless otherwise specified. Paybanco reserves the right to modify the Terms and Conditions and
all related Agreements at any time. Such amendments shall be communicated to the Client with by way of circular letter or other appropriate means.
31.1.1. In the absence of objection by the Client within a period of 30 (thirty) days, the modifications shall be deemed to have been approved.
31.1.2. The Client confirms by signing below that they have read every document in this contract and that they have completed them to the best of their knowledge, and that they expressly agree to be bound by the provisions of these Terms and Conditions.
31.1.3. The Client(s) further confirm(s) that a copy of Paybanco’s Terms and Conditions, which apply to Accounts and to the Client (s) relationship with Paybanco, have been read and understood, and acknowledge that they might change from time to time and it is the responsibility of the Client(s) to stay up to date with relevant changes.
Additional Terms and Conditions General Introduction
In this Agreement, ‘You’, ‘Your’, ‘Client’ and ‘Account Holder’ may mean any customer operating, and account or accounts with Paybanco SIA, and include (where applicable) any person(s) you authorise to give instruction on your account (s). ‘Paybanco’, ‘Bank’, ‘We’, ‘us’ and ‘our’, mean Paybanco SIA. This Agreement explains our obligations to your and your obligations to us and applies to all the accounts you have with us and the services we provide in connection with your account(s) and includes the terms applicable to telephone and computer banking.
1.1. Contacting each other: We may contact you by post, telephone and computer (which in this agreement includes the Internet, any form of electronic message made by any type of electronic device) using the latest address, telephone number or e-mail address you provided to us. It is your responsibility to ensure that we have your current contact details at all times. We can charge you our tracing costs if you do not do so. You can contact us at the appropriate address and telephone number we give you, or by emailing our customer support staff.
1.1.2. We may record or monitor telephone calls between you and us so that we can be confirmed of your Instructions and make sure that we are meeting our customer service standards.
1.2. Giving us Instructions: You can give us Instructions either in writing or by telephone or by email or by computer (using our Internet banking services having been issued with a User ID and Password), or unless otherwise informed or suggested by us as to a specific way for a particular account or service. Generally, the Bank does not change, alter or hold any instruction that is already been given by the account holder via any of the above-mentioned modes of correspondence, except under such circumstances where the request is not processed. An additional charge may be applied for such changes.
1.3. Payments in and out of your account: If we receive Instructions and credits for an account before the relevant cut-off time in any working day. We will process them on the same day or on the date specified in your Instructions.
1.3.1. Instructions and credits received after the cut-off time or for a non-working day will be processed on the next working day. The cut-off time is the latest time each day that we can make payments or transfers from an account.
1.3.2. The bank must receive a declaration each time a credit is made into the account specifying and confirming that the funds are of clean, clear and of non-criminal origin. The said Instructions are applied in compliance with the laws of the Bank of Latvia (Latvijas Banka), governed under the Financial and Capital Market Commission concerning the prevention of money laundering LAW and its subsequent notifications and updates. We reserve the rights to certify and identify the purpose of the transfer and its nature of origin prior to credit or debit from the account if needed and at the same time, Paybanco has the right to freeze or suspend any account number under any suspicion.
1.3.3. NO THIRD PARTY PAYMENTS ARE ALLOWED. PAYBANCO WILL NOT AFFECT ANY IRRELEVANT INTERNATIONAL IN / OUTBOUND WIRE TRANSFERS. PAYBANCO HAS THE RIGHT TO DELAY, CANCEL, POSTPONE, HOLD OR TO ASK FOR ANY RELEVANT DOCUMENTATION RELATED TO ANT SUSPICIOUS TRANSFER AT ANY TIME.
1.4. Statements: We will provide statements showing all amounts added to or deducted from your account since the previous statement. You must check your statement carefully and inform us of anything which appears to be inaccurate or not made in accordance with your Instructions within 5 (five) banking days of your last transaction. We will correct any entries we made in error to your account as soon as possible after you inform us about such legitimate errors, or if we notice them. Paybanco is not responsible if such errors are not notified within 7 (seven) days from the date of entry on the statement.
1.5. Using information about you: We will store and process your information on computers and in any other way necessary. By ‘your information’, we mean personal and financial information obtained from your or from a third party/ies, such as joint account holders, credit reference agencies (who may search the electoral register), fraud prevention agencies or other organisations when you apply for an account or any product or service which you or they give us at any other time.
1.5.1. We and other Paybanco SIA companies will use your information to manage your account(s), give you statements and provide our services for assessment and analysis (including credit and/or behaviour scoring, marketing and product analysis), and to develop and improve our services to you and other customers and protect our interests; however, keeping all the information under complete confidentiality and privacy, as per our Privacy Policy.
1.6. Special conditions relating to banking by computer: We will take reasonable care to ensure the security of and prevent unauthorised access to our online banking services. You must ensure that your computer and Internet services comply with the standards that we inform you of from time to time. You must follow the procedure and instruction in the User Guidance that you give from time to time and not attempt to change any software provided by us and not copy or allow any third party to use or copy any software, ID, codes or passwords provided by Paybanco to you, without our consent.
1.6.1. The records we maintain of any Instructions you give us online will be final evidence of your Instructions and of the time they are given, except where there is an obvious mistake.
1.6.2. Your Login information, such as your User Name and Password or PIN are solely your responsibility and any transaction made via our website or Internet banking services shall be solely under your responsibility and Paybanco is not responsible or liable for any transaction that is made using your Login information via Internet banking.
1.7. Changing the terms of the agreement: We may change the Terms and Conditions (including charges and fees), and introduce new or remove existing services from the Paybanco website from time to time. Said changes may or may not be posted on our website. Changes will normally be caused by market conditions and the cost of providing services to you, legal requirements or regulations or other conditions affecting us or you.
1.8. Closing your account: You can close your account by informing us in writing with advance notice of at least 22 (twenty-two) days. During this time, your minimum account balance of €25,000.00 must be maintained. (In the case of joint accounts, the authorised signatories have to inform the bank jointly).
1.8.1. We can end our banking relationship with you by informing you in writing. We will give you between 1 (one) and 30 (thirty) days notice.
1.8.2. We can also give you a new account number and/or transfer your account to another account.
1.8.3. Any benefit or services we provide in relation to particular accounts will end as soon as your account(s) is closed.
1.8.4. We may take action to close your account immediately in exceptional circumstances such as:
if we reasonably believe that you are not eligible for an account, or; you have given us any false information at any time, or; you or someone else has used the account illegally, or; its is inappropriate for a person authorised to give Instructions on your account to operate it, or; you have been in serious or persistent breach of this agreement or any additional conditions which apply to the account.
1.8.5. We may choose not to close your account until you have returned any cards issued and/or dues, as well as any online banking software we have provided.
1.8.6. We may keep a minimum of 10% of your deposits or balances as ‘reserves’ for a period of 180 (one hundred and eighty) days to safeguard Paybanco from any unanticipated charges or chargebacks or for any unforeseen query or reasons.
1.8.7. You must repay any money owed to Paybanco, including the amount of any card transactions or other payment Instructions you have made, which have not been taken out of your Account, and refrain from using any banking services or facilities without our consent.
General
2.1. These Terms and Conditions, as well as these Additional Terms and Conditions, shall apply in relation to all Accounts(s) and Services currently requested or applied for by the Client and all Accounts which may be subsequently opened to established by or for the Client and to other Services which have been or may be utilized by the Client from time to time.
2.2. These Terms and Conditions shall continue to apply notwithstanding any previous or subsequent agreement between Paybanco and the Client with respect to any Account, matter or relationship covered by these Terms and Conditions unless the contrary is expressly stated in any such Agreement and in the event of any conflict or inconsistency between any of the provision of these Terms and Conditions and the provisions of any such subsequent agreement, such conflict or inconsistency shall, in the absence of any express Agreement to the contrary, be resolved in such a manner as would maximise Paybanco’s rights and options with respect to any matter or issue to which the inconsistency or conflict relates.
2.3. Any contracts or Agreements between Paybanco and the Client may be formed by electronic means and neither the Client nor Paybanco may challenge the validity of Agreements made in this manner.
2.4. Paybanco may engage or appoint any Person(s) to carry out any Instruction or functions or duties of the Bank to the Client, or to exercise any authority granted to the Bank by the Client and the Bank shall not be liable to the Client for any Loss suffered or incurred by the Client as a result of any act or omission of such Person(s).
2.5. Paybanco shall be entitled to record any communications between the Bank and the Client or the Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in cooperation with Paybanco under legal acts and/or activity documents of the legal person – using any recording apparatus, without notice or prior warning to the Client.
2.5.1. Any such recording may be used as evidence in proceedings or disputes involving the Bank.
2.5.2. Paybanco may record and shall keep records of the Client’s electronic, telephone or other written communications for as long as the Bank considers appropriate.
2.5.3. Communications sent by means of Internet Banking, which is accessed by the Client using the User ID and Password and/or PIN (s) shall be treated as satisfying any legal requirement that a communication should be in writing. Each party waives the right to challenge any such communication on the basis that it was prepared, sent or received in electronic form.
2.6. Paybanco may decline to open any Account which is the subject of any Account Application Form notwithstanding that the Client may have complied with any and all requirements of Paybanco for account opening.
2.7. All transactions effected or made by the Client on any day after the times stipulated by the Paybanco as the latest time by which transactions in that day should be effected or made shall be treated as transactions effected or made for the next banking day.
2.8. Paybanco may rely and act upon any instruction to open, maintain, and/or close any Account or with respect to the operation of any Account or the transfer or funds into or out of the Account provided that the Bank shall not have an obligation to act on any Instructions unless Paybanco has agreed to do so.
2.9. Paybanco is irrevocably authorised by the Client to accept and act upon the Client’s Instructions given to Paybanco or which appear to Paybanco to have been given by use of the Bank’s Internet banking services on the website or by telephone or facsimile, including debits and credits to any of the Client’s Accounts.
2.9.1 Paybanco will accept Instructions only when accompanies by the Client’s User ID and Password/PIN(s) and/or any other security devices or procedures or protocols Paybanco might require, entered along with such other information as required in accordance without security procedures, and the Client shall be bound by such Instructions.
2.9.2. The Client is also bound by any transactions that the Client carries out by means of Paybanco’s online payment facility. If in exceptional circumstances, the Client sends Paybanco Instructions by letter or facsimile, the Client agrees to indemnify Paybanco against all Loss in relation to acting on such Instructions and the Client irrevocably authorises the Bank to debit any Account in respect to all amounts chargeable to the Client as a result of Paybanco receiving and acting upon such letter or facsimile.
2.9.3. Paybanco shall not be required to verify or check that Instructions given to the Bank by the Client have been given and remain in force in respect of debits, credits or any other Instructions.
2.9.4. The Client agrees to be liable for all monies due and liabilities arising from Instructions given.
2.10. Paybanco shall be entitled to verify and be satisfied with respect to the identity of the Person(s) purporting to give any instruction or the source and origin of any instruction and the Bank may defer relying or acting upon any instruction unless and until Paybanco is satisfied as to the matters on which the Bank sought verification regardless of whether Paybanco is under any obligation to act upon or carry out that instruction.
2.11. In the event that the Bank decides to act on any instruction or is otherwise under an obligation to act upon or carry out any instruction, the Bank shall be allowed such an amount of time to act and implement any instruction as may be reasonable having regard for the system and operations of Paybanco and the other circumstances then prevailing and shall not be liable for any Loss arising from any delay on the part of Paybanco on acting on any instruction.
2.12. Where any instruction is ambiguous or inconsistent with any other Instructions, Paybanco shall be entitled to rely and act upon any Instruction in accordance with any reasonable interpretation thereof which any Paybanco employee believes in good faith to be the correct interpretation or refuse to act until all persons (s) constituting the Client issues a fresh Instruction in such form and manner required by Paybanco.
2.13. Paybanco reserves the right to reject hard copies of forms or material printed from the website. Paybanco agrees to be bound only by the provisions as they appear on the website and will not be bound by any amendment made to these by the Client.
2.14. Paybanco shall not be liable to the Client for:
any Loss incurred by the Client arising from or due to the breakdown of equipment, delta in transmission or wrong interpretation of any Institution through any equipment system, including any equipment or system owned and/or operated by or for Paybanco, or; any breach the Paybanco obligation to the Client caused by or arising from any of the foregoing events.
2.15. In order to protect the Client, Paybanco will not act on any Instructions via public e-mail as this is a communication channel which is not controlled by the Bank. As such, there are no guarantees:
the e-mail will be delivered within a reasonable timer at all; that the e-mail comes from the purported sender; the e-mail has not been intercepted by a third party; that the contents of the e-mail are unaltered from the time of transmission.
For these reasons, Paybanco will not transmit to the Client and the Client should not transmit to Paybanco by public e-mail information of a sensitive, personal or confidential nature. If the Client does so, the Client bears the risks as described above. The Client's use of public e-mail for such information will be treated by Paybanoc as the Client’s acceptance of the associated risks.
2.15.1. Paybanco shall in no circumstances be liable for any Loss or damage arising from the Client’s use of public e-mail.
2.16. The Client is entirely responsible for ensuring that their User ID, Password and PIN(s) are kept confidential and not used by anyone else for any fraudulent purpose.
2.16.1. The Client should not under any circumstances write their User ID, Password and PIN(s) down in a manner that allows them to be understood by someone else, and should not use any of them for another purpose or disclose them to anyone else under any circumstances.
2.16.2. If the Client knows or suspects that their User ID, Password and PIN(s) has been learned by someone else, the Client MUST contact Paybanco immediately. The Client will be liable for any unauthorized transactions made on their Account(s), and any relevant fees and charges, until such time as the Client has given notice to Paybanco and Paybanco has had a reasonable opportunity to act on such notice.
2.17. The Client shall pay all Paybanco fees, commissions and other charges at such rates and in such a manner as Paybanco may impose with respect to:
any Account or the maintenance of any Account, or; any period during which the balance on any Account remains below the Minimum Account Balance, or; any Account with any balance in favour of the Client which has remained dormant for such a period as Paybanco may determine or has been closed or terminated, or; the availability and/or provision of any Service to the Client, or; the execution or implementation of any instruction, or; any payment, withdrawal, advance, purchase or other transaction obtained or effected by or for the Account of the Client, or; such other matter as Paybanco may determine.
All of Paybanco’s fees, Commissions and other charges can be changed without prior notice to the Client.
2.18. Paybanco shall be entitled to charge interest on any sum or payment due to Paybanco from the Client at such a rate and calculate in such a manner as Paybanco may impose any to debit any Account in respect to the interest charged.
2.19. The Client shall reimburse Paybanco for any and all disbursements, costs and/or other expenses incurred by Paybanco in connection with:
the execution or implementation of any instruction, or; the provision of Services for or in respect of any Account or the Client.
In the case the Client does not reimburse the same within 48 (forty-eight) hours, Paybanco has all the rights to automatically deduct the same.
2.20. The operation of all Account, the execution of all Instructions and the provision of all Services shall be subject at all times to the applicable laws and regulations. Paybanco may take or refrain from taking any action whatsoever, and the Client shall do all things required by Paybanco in order to procure or ensure compliance with applicable laws and regulations.
2.21. Paybanco will not mail or otherwise send statements, confirmations or any advice to the Client in respect of any Account; all Client Account information shall be available only on the Paybanco website.
2.22. The Client shall promptly examine and verify all Account information identified to its Accounts on the Paybanco website and shall give the Bank written notice of any inaccuracy, error or omission in any such Account information within the period prescribed by Paybanco or in the absence of any period prescribed by Paybanco, within 3 (three) days after the date when the Client received or is deemed to have received such Account information.
2.22.1. All Account information shall as against the Client be deemed to be true, accurate and correct as regards all transaction, matters and amounts stated therein save for such inaccuracy, error or omission stated in the notice of the Client given to the Bank within the period prescribed herein.
2.23. The Client, as well as the Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in cooperation with Paybanco under legal acts and/or activity documents of the legal person – shall promptly notify the Bank by such means as Paybanco deems acceptable of any change or variation in their personal particulars (including change of address), their signature or that of the Client’s Representative(s), and Paybanco shall be entitled to assume that there have been in change or variation until Paybanco has received notice thereof given in accordance with Clause 2.23.
Representations, Warranties and Undertakings
3.1. The Client hereby represents warrants and undertakes that:
3.1.1. The Client has full capacity and authority to accept and agree to the terms and conditions of these Terms and Conditions, to open, maintain and/or continue to maintain Account(s) from time to time opened and/or maintained and/or continued to be maintained with Paybanco, and to give Paybanco any Instructions that may be given from time to time.
3.1.2. All authorisations, consents, licenses or approvals required to accept and agree to these Terms and Conditions, to open, maintain and/or continue to maintain all Account(s) from time to opened and/or maintained an/or continued to be maintained with Paybanco and to give Paybanaco any Instructions that have been obtained and will be maintained in full force and effect.
3.1.3. Except for any security or encumbrance created in favour of the Bank, no Person(s) other than the Client has or will have or acquire any beneficial or other interest or security or other rights over any Account and/or over any cash or assets held by the Bank for the Client without the prior consent of Paybanco.
3.1.4. In respect to the opening and maintenance of the Accounts and in respect to all funds which may be deposited into the Account (s) from time to time, the Client has complied with and will continue to comply with all applicable laws relating to money laundering and proceeds of crime.
3.1.5. The Client acknowledges that Paybanco is subject to certain “Know Your Customer” (KYC) obligation in regard to the detection and prevention of money laundering, and the Client undertakes in connection therewith to fully cooperate with Paybanco and to provide all information requested by Paybanco from time to time in regard to the Client and the Account(s) in order to enable and assist Paybanco in discharging its obligations under applicable laws and regulations and banking practices in any jurisdiction where the Bank conducts business, including but not limited to, copies of such information and documents concerning its business and financial position as Paybanco may request.
3.2.The representations, warranties and undertakings in Clause 3.1 shall be deemed repeated whenever any Instruction is given to Paybanco, any Account of the Client is established or opened and any cash asset or instrument is deposited or received by Paybanco for the Client.
Currency Conversion
4.1. Paybanco may;
convert any amount in any Account standing to the credit of the Client or any amount due from the Bank to the Client to any other currency for the purposes of carrying out any Instructions of the Client crediting any Account, assessing the Client’s liability of the Client to Pay Blanco or enforcing the Bank’s rights under these General Terms and Conditions or under any Account (including to effect any set-off or consolidation by Paybanco of Accounts), or; Convert the balance in any Account or any part thereof (and if the Bank so chooses, together with the interest accrued on the amount so converted) into any other currency selected by Paybanco at the time such balance or part thereof becomes due tabs payable by Paybanco and to repay the same in sich other currency in full and complete discharge of the Bank’s obligations with respect thereto, or; Convert any sum received by Paybanco (whether for credit into any Account or in payment of any sum due to the Bank) in any currency into the currency of the Account or the currency in which payment is to be made, as the case may be.
4.2. Without limiting Clause 4.1., Paybanco may also take the following actions when receiving incoming funds, the funds for credit to the Client’s Account;
4.2.1. If the beneficiary Account is specified for the incoming funds, the incoming funds (if not already in the Account Currency) will be converted to the Account Currency of the specified Account and credited to such Account at Paybanco’s currency exchange rate.
4.2.2. If no beneficiary Account is specified and the Client has an Account in the currency of the incoming funds, the funds will be credited in the Account Currency of such an Account.
4.2.3. If no beneficiary Account is specified and the Client does not have an Account in the currency of the incoming funds, the Client Account will be opened in the currency of the incoming funds and the funds will be credited to such an Account.
4.3. The conversion by Paybanco of any sum into any currency pursuant to any provision of Clauses 4.1. And 4.2. shall be effected at the rate of exchange quoted by Paybanco at the relevant time.
Taxes
5.1. All tax charges or liabilities the Client may incur in any jurisdiction are the Client’s sole responsibility. Paybanco shall not advise the Client or be responsible for such liabilities in any circumstances. In the event of the bank being required to make a deduction or withholding on any sums payable by Paybanco to the Client, by the revenue authorities of any jurisdiction, Paybanco will have no liability to the Client in respect of any Loss suffered by the Client as a result of csuch deduction or withholding.
5.1.1. In the event of the revenue authorities of any jurisdiction requiring Paybanco to make the payments in respect of tax as a result of the Client’s failure to pay such tax, the Client agrees to Indemnify and reimburse Paybanco and give authority to the Bank to make the payments from its Account(s) in respect of any such payments.
Miscellaneous
6.1. All notices, demands and communications by Paybanco to the Client may be sent or dispatched by Paybanco to the Client by means of the Bank’s website, hand delivery, post. E-mail, facsimile, or any other means deemed appropriate by Paybanco to the e-mail or other address or facsimile number of the Client last known to Paybanco.
6.1.1. Any such notice, demand or communication so dispatched by Paybanco to the client shall be deemed to have been received by the Client:
In the case of dispatch by Paybanco’s website, e-mail, or facsimile communications or other electronic communications, immediately upon transmission by the Bank; In the case where it was delivered or left at the address of the Client, on the date it was so delivered or left at that address; And in the case of dispatch by post; To any address outside Latvia, 7 (seven) days after it was posted by Paybanco.
6.2. Where the address provided to the bank as the mailing address of the Client in relation to any Account differs from the address provided to Paybanco as the mailing address of the Client in relation to any other Account or Account(s), Clause 6.1. shall apply in relation to any of those addresses as may be selected by Paybanco from time to time and notwithstanding that the address to which any notice, demand or communication of the Bank in relation to any Account is addressed and dispatched is not the address provided by the Client for that Account.
6.3. These Terms and Conditions shall be binding on Paybanco and the Client and their respective successors in title and assigns and shall continue to be binding on the Client notwithstanding;
any change in the name or constitution of Paybanco SIA, or; the consolidation or amalgamation of Paybanco into or with any other entity, and in such event such entity shall thereupon substitute for Paybanco in relation to these Terms and Conditions, all Accounts and Services, made available at the time by Paybanco to the Client and these Terms and Conditions shall continue in force as between the Client and such entity.
6.4. The Client may not assign, charge or create any encumbrance or interest on or over the Clients rights under these Terms and Conditions or over any Account or any balance or any Account in favour any Person(s) other than Paybanco without the express written consent of Paybanco and Paybanco shall not be required to recognise the rights or interest of any Person(s) to any Account other than the Client.
6.5. Paybanco may assign any or all of its rights under these Terms and Conditions or under any Account or Service to any Person(s) or entity Paybanco deems fit.
6.6. Paybanco may at any time amend, vary or supplement any terms or conditions of these Terms and Conditions and any of the terms and conditions relating to any Account or any Service of Paybanco.
6.6.1. Any such amendment, variation or supplement shall be made a part of Paybanco’s Terms and Conditions provided on the Paybanco website.
6.6.2. As of any date and utilization of the website by the Client, any Account or any Service after such date shall constitute the Client’s acceptance and agreement to be bound by such amendment, variation or supplement.
6.7. Any Agreement and these Terms and Conditions are governed by and shall be in accordance with the laws of The Republic of Latvia.
6.7.1. The Client and Paybanco agree that the Courts of Latvia are a proper forum for any court proceedings in connection with any Agreement and any general Terms and Conditions or any special terms and conditions or anything arising there from and the client submits to the jurisdiction of the Courts of Latvia.
6.7.2. Paybanco and the Client agree that nothing herein shall preclude the right to bring proceedings in any other court of competent jurisdiction as Paybanco may elect and that legal proceedings in any one or more jurisdictions shall not prejudice legal proceedings in any other jurisdiction.
6.8. If any of the terms and conditions of these General Terms and Conditions is or becomes illegal, invalid or unenforceable, the same shall not affect the legality, validity or enforceability of any other term or condition.
6.9. No failure to exercise or enforce and no delay in exercising or enforcing on the part of Paybanco of its rights under any of these Terms and Conditions shall operate as a waiver thereof nor shall it in any way prejudice or affect the right of Paybanco afterwards to act strictly in accordance with the powers conferred on Paybanco under these Terms and Conditions.
6.10. These Terms and Conditions may, at Paybanco’s sole discretion, be translated into a language other than English.
6.10.1. The Client agrees that such translation shall only be for their convenience and the English-language text shall prevail in the event of any ambiguity, discrepancy or omission as between the English text and any translated text.
6.11. Any reference herein or in applicable law to anything which shall or may be written or in writing, shall be satisfied by an electronic record of the information contained in the electronic record is accessible and is capable of retention for subsequent reference.
Current and Fixed Deposit Accounts and Other Services General
1.1. No payments or withdrawals will be executed from a Current Account or Fixed Deposit Account except in one of the following ways;
a transfer between Accounts within the Internet Banking System in accordance with a Fund Transfer Request Form; an Instruction to Paybanco by means of the Internet Banking System where payment is to a Person(s) nominated in a Fund Transfer Request Form; an Instruction to Paybanco signed in accordance with the Account Application Form; or otherwise to the satisfaction of Paybanco.
Payments made as a result of Instructions given in any one of the manners described above shall be binding on the Client.
1.2. Paybanco may in its sole discretion refuse to authorise a payment Instruction or withdrawal request given by the Client where the effect of debiting the payment Instruction or withdrawal request to the account would result in the balance of the Account falling below the Minimum Account Balance and/or the Account going into an overdraft.
Current, fixed, Deposit, Trading and Facility Accounts
No payments or withdrawals will be executed from Account (Type C), and/or any Account opened for the purpose of obtaining facilities against financial instruments and/or for the purpose of availing trade finance instruments and financial guarantees from Paybanco. Any deposits, inflow or funds held under such Accounts are not refundable or transferable and are only to be used as bank fee and charges accounts against such Services.
Paybanco Policies, Practices and Procedures
2.1. The operation of any Account and the utilisation or provision of any Service of Paybanco shall at times be subject to Paybanco’s policies, practices and procedures in force at any times and Paybanco shall not be required to take any action, effect any transaction or permit any Account to wb operated or any Service to be utilised or provided except in accordance with such policies, practices and procedures.
Joint Accounts and Services
3.1. Accounts may be held in sole or joint names. Where the Account is held in joint names each party to the Account is jointly and severally liable for all liabilities incurred in the Account, including, without limitation, for any use of any User ID, Password, PIN(s) or other Client identifying information and in connection with any Funds Transfer Request duly signed or initiated by anyone of the joint Account holders.
3.2. At all times Paybanco may rely upon and carry out Instructions of any of the joint Account holders, and Paybanco shall be entitled to treat any Instruction or agreement of one Account holder as the Instruction agreement of all joint Account holders.
3.3. In the event of the death of any one of such Person (s) constituting the Client with respect to any joint Account, the doctrine of survivorship shall apply to that Account and the Account or Service shall be terminated upon Paybanco’s receipt of Notice of Death.
3.3.1. Paybanco shall be authorised to dispose of the balance of the Account or Service as the Property of or to the order of the survivor, whose receipt shall be full and sufficient discharge of Paybanco - which shall be free of all suits, claims and demands whatsoever - against Paybanco by the heirs, executors or administrators of the deceased.
3.3.2. Paybanco shall not be imputed with notice of proportion of ownership, nor shall it be under any obligation to enquire about the same.
Corporate and Other Business Accounts
4.1. Paybanco may also establish Business Accounts with Clients which are corporations, partnerships, trusts, and other incorporated or unincorporated juridical entities.
4.2. At all times, Paybanco may rely upon and carry out Instructions of each of those Person(s) authorised or identified by the Client to give Instructions in respect of an Account, and Paybanco shall be entitled to treat any Instruction or Agreement of any such Person(s) as the Instruction or Agreement of the Client.
Current Accounts
5.1. Payments or withdrawals from a Current Account shall be made in accordance with a Funds Transfer Request Form sent by the Client to Paybanco and are effected on demand. The payment method chosen by the Client may affect the value date of that payment.
5.2. Payments or withdrawals from a Current Account may also be made by Paybanco in accordance with other provisions hereof, to settle any obligation of the Client to Paybanco.
5.3. If the Client has a Card, it will be suspended if the balance on the Account falls below the Minimum Balance required by Paybanco for the use of such a Card or below the Minimum Account Balance.
Fixed Deposit Accounts
6.1. The amount, currency, time period and the rate of interest are agreed on before the date of deposit and remain fixed or the agreed period.
6.2. Fixed deposits may not be withdrawn prior to the maturity thereof without the consent of Paybanco. In the event that Paybanco permits any withdrawal before Account maturity, such withdrawal shall be effected subject to such terms as Paybanco may impose at its sole discretion, including any early termination fee and the pro-ration or reduction on interest otherwise payable thereon.
6.3. A fixed deposit shall be renewed for a similar period on its maturity date at the prevailing interest rate quoted by Paybanco with respect to such period at the date of renewal (together with the interest accrued thereon, if Paybanco so chooses) or on such other terms as Paybanco may otherwise determine unless prior written Instruction to the contrary shall have been given to Paybanco at the outset or not later than the time prescribed by the Bank.
6.4.Payments or withdrawals from a Fixed Deposit Account may also be made by Paybanco, in accordance with other provisions hereof, to settle any obligations of the Client to Paybanco.
Overdraft and Other Credit Services
7.1. The Client shall not be entitled to overdraw in any Account except:
to the extent of the limit of any Loan Limited granted by Paybanco on that Account, or; with the express prior written consent of Paybanco.
7.2. Paybanco may at its sole discretion, grant credit services on any Account or permit and Account to be overdrawn subject to such terms and conditions as Paybanco may impose. Without limiting the foregoing, the provisions of Annex A - Rights, Liabilities, Default and Termination, hereof shall apply in the care of any credit or overdraft service granted to or utilized by the Client.
7.3. Any credit or overdraft service on any Account may, unless otherwise expressly agreed in writing by Paybanco, be reviewed, revised or terminated at any time.
7.3.1. From time to time, Paybanco may demand the balance due to the Bank on the Account, which shall be immediately repayable by the Client on termination thereof or on-demand by Paybanco at any time.
7.4. In the absence of any agreement between Paybanco and the Client to the contrary, Paybanco shall be entitled to charge interest on any credit service or overdraft on any Account at such a rate and periodic basis and calculated and compounded in such as manner as Paybanco may deem appropriate and top debit the Account in respect of the interest charged.
7.5. Paybanco may condition the granting of any credit or overdraft service to the Client, requiring that the Client sign a form of instrument, such as a Pledge or Mortgage as Paybanco requires.
User ID, Password and PIN(s)
8.1. The Client agrees:
not to permit any other person(s) to have access to or knowledge of any User ID, Password or PIN(s); not to disclose to any person (s) any User ID, Password or PIN(s); to memorise the User ID, Password or PIN(s) and not to record or retain the User ID, Password or PIN(s) in any form and shall destroy the document-mail, electronic file or other communication by which the User ID, Password or PIN(s) is provided by Paybanco to the Client, and; to immediately after the Client has reason to believe that any person (s) may have acquired knowledge of the User ID, Password or PIN (s), notify Paybanco in writing thereof.
8.2. ANY INSTRUCTION MADE THROUGH THE WEBSITE ACCOMPANIED BY THE USER ID, PASSWORD OR PIN(s) BEFORE WRITTEN NOTICE OF THE DISCLOSURE OF UNAUTHORISED USE THEREOF HAS BEEN GIVEN TO PAYBANCO BY THE CLIENT (IN REASONABLE TIME IN ADVANCE OF SUCH INSTRUCTION FOR THE BANK TO TAKE APPROPRIATE ACTION TO PREVENT SUCH INSTRUCTION FROM BEING ACTED UPON) SHALL BE CONCLUSIVELY DEEMED TO HAVE BEEN SUBMITTED BY THE CLIENT AND THE CLIENT WAIVES ANY RIGHT IT MAY OTHERWISE HAVE TO CHALLENGE ANY SUCH MATTER.
Exclusion of Responsibilities and Liabilities
9.1 Paybanco makes no representation or warranty and assumes no obligation or liability regarding the availability or operation of any Account, the website or any telephone, ATM, Card, computer or other telecommunication system or terminal (whether provided, operated or maintained by Paybanco or otherwise) and shall not be liable for any Loss incurred or arising from any one or more of the following, howsoever caused:
the interruption of any Instruction or of the Services; the corruption or loss of any data (whether stored equipment) or system or Instruction or in the course of transmission thereof through the telephone, an ATM, the Internet, any computer or any electronic or telecommunications system, including but not limited to any such corruption or loss resulting from what is commonly called the computer “viruses”; any errors generated in the transmission of data or Instruction through any equipment to accept, recognise or process any Card, User ID, Password or PIN(s) or Instruction; the failure of any person(s) to accept or honour any Card or Instruction; any defect, breakdown, failure or maintenance of any computer or other electronic or telecommunications systems or terminal or equipment used (including ATMs) whether by the Bank or any other Person(s) in the provision or operation of the website, and; any inaccuracy or incompleteness in any information obtained from the use of any Card or the website or provided as part of any on the Internet Banking System, and/or for any breach of Paybanco’s obligations to the Client caused by or arising from any of the foregoing events.
Annexe 1 Right to Debit Account
Paybanco may at any time debit any Account for any sum from owed or reimbursable amounts by the Client to Paybanco without first requesting payment thereof from the Client. Paybanco may block, hold, debit or charge on full, any amount it may deem rightfully deductible for any type of damage or Loss; infrastructural, reputational, damage in any printed form, from the Client, whether the said damage or Loss is caused directly or indirectly, intentionally or unintentionally, by the Client and/or their first or indirect associate, unless and until the damages are completely paid and/or recovered.
General Indemnity
2.1. The Client shall indemnify and hold Paybanco harmless from and against any and all Loss suffered or incurred by Paybanco as a result of any of the following;
any failure by the Client to comply with any of these Terms and Conditions; Paybanco acting in accordance with the Client's Instructions or in any manner permitted under these Terms and Conditions; any change in any applicable laws; any act or thing is done or caused to be done by Paybanco in connection with or referable to these Terms and Conditions or any Account, and; any breach of the Client of any of the representations, warranties or undertakings set forth herein.
Right to Withhold and Set-Off
3.1. For so long as any sum is due or owed by the Client to Paybanco, Paybanco may at any time withhold payment or transfer of any money, securities or another thing of value standing to the credit of the Client on any Account until the Client shall have paid in full the sum due or owed to Paybanco.
3.2. Paybanco may at its discretion without notice to the Client combine and/or consolidate any Account with another Account and/or apply and set-off any sums due to or standing to the credit of the Client against all sum or other liabilities of the Client now or at any time hereafter due, owing or incurred by the Client to Paybanco.
General Pledge and Negative Pledge
4.1. All properties, instruments, mutual funds shares, securities and other assets of the Client in the possession or control of Paybanco shall be subject to a first right of Pledge in favour of Paybanco in respect of all sums or other liabilities of the Client now or at any time hereafter due, owing or incurred by the Client to Paybanco on any Account or otherwise in any manner whatsoever, in any currency, whether actual or contingent, joint or several, and Paybanco may apply the proceeds thereof in settlement of those sums and liabilities.
4.1.1. The Client hereby Pledges to the bank all Accounts (and all sums which may be deposited in the Accounts from time to time) in order to secure Paybanco the prompt payment and satisfaction in full of all obligations of the Client to Paybanco and Paybanco hereby accepts such Pledge.
4.2. Except those rights created in favour of Paybanco herein, the Client shall not create or allow to exist any security, encumbrance, lien, right if set-off or other right or restriction in favour of any Person(s) over any Account or Service without Paybanco’s express authorisation.
.2.1. Paybanco shall not be required to recognise any Person (s) other than the Bank and the Client as having any interest in any Account.
General Exclusion
5.1. As long as Paybanco acts on good faith, it shall not be liable to the Client in any respect for any Loss suffered by the Client.
5.2. Without prejudice to the generality of the foregoing, Paybanco shall not be liable to the Client for any indirect or consequential Loss, or for the punitive damages, whether arising from any breach of Paybanco’s obligations to the Client, acting other than in good faith or otherwise.
5.3. Paybanco accepts no liability for the Client’s inability to contact Paybanco or any consequence thereof. Paybanco shall not be liable to the Client for any indirect, special, incidental or consequential Loss or damage which may arise in respect of the Client's use of the Internet Banking System, or any component of it.
5.3.1. Paybanco shall not be liable for any indirect, or special, incidental or consequential Loss, or any Loss of or damage to the Client’s goodwill, profits or anticipated savings or those of any third party.
Relationship of Paybanco with the Client
6.1. Unless otherwise expressly agreed by Paybanco in writing, Paybanco does not assume any advisory, fiduciary or similar or other duties to the Client. Paybanco assumes, and relies on the assumption, that the Client has taken the necessary independent legal, tax, financial and other advice in relation to any Account or Service or transaction between the Bank and the Client or effected by Paybanco pursuant to an Instruction.
Default
7.1. Default
shall be deemed to occur in the event that:
The Client or the Client’s Representative – the executive manager of the Client, or the Client’s other representative, who is authorised to represent the Client in cooperation with Paybanco under legal acts and/or activity documents of the legal Person(s): has failed to comply with or observe any of their obligations hereunder or under any Account or Service; dies, becomes insane, becomes bankrupt or insolvent, commits an act of bankruptcy, or has an action to place them in bankruptcy commenced against them; has any insolvency or bankruptcy action or proceeding against them or pending in any jurisdiction; makes any compromise arrangement with their creditors; notified the Bank of changes to the Client's address, financial condition or other information previously furnished to the Bank, which indicated changes are unacceptable to the bank for any reason, or;
any action is taken by any creditors to the Client to recover, realise, or enforce any security over any assets of the Client, or; Paybanco in good faith is of the opinion that it should take action in order to preserve its rights or interests with respect to any Account or any Service granted to the Client.
Termination and Other Rights
8.1. Without prejudice to any other right of Paybanco under these Terms and Conditions or any other Agreement with the Client or otherwise by law, Paybanco may at any time after the occurrence of a Default, do any one or more of the following without notice;
immediately suspend or terminate any or all Accounts, Services or transactions entered or effected with or for the Account of the Client or Paybanco’s relationship with the Client and/or all Services;
accelerate any and all liabilities (whether actual or contingent or perspective at the time) of the Client to Paybanco so that they shall become immediately due or payable;
liquidate and realise and cash, securities, and other property of the Client in the possession or control of the Bank;
suspend, terminate, assign or dispose of any or all contracts, transactions or instruments to which the Client is entitled or is a party (including any Card, any open positions on any securities, contracts or instruments established between the Client and Paybanco or by Paybanco on behalf of the Client) at prevailing market rates, or at prices regarded by Paybanco in good faith as the best prices at the time;
apply any amounts of whatsoever nature standing to the credit of the Client against any amounts which the Client owes to Paybanco (of whatsoever nature and howsoever arising including any contingent amounts), or generally to exercise the Bank’s right of set-off against the Client. 8.2. Notwithstanding the Client’s bankruptcy, death, insolvency, or incapacity or receipt by Paybanco of written notice of termination from the Client, all payments made by the Bank by debiting an Account will be valid and binding upon the Client if made prior to receipt by Paybanco of written notice of such bankruptcy, death, insolvency, or incapacity, or in the case of termination, by telephone, prior to such communication of termination. Any such termination shall be without prejudice to the accrued rights of Paybanco and the Client’s obligations and liabilities to Paybanco as of the date of termination.
Force Majeure
9.1. Paybanco shall not be liable to the Client for any Loss or delay caused by or arising from:
any event the occurrences of which is beyond the reasonable control of Paybanco, including fire, earthquake, flood, lightning, riots, strikes, lockouts, government action, war, disruption of electrical or power supplies;
any breakdown, disruption or failure of any telecommunications, computer or other electronic equipment or system (whether operated or maintained by the Bank or otherwise), including the inability or failure of any such equipment or system to accept and/or recognise and/or properly and accurately store, process and/or transmit dates or data incorporating or replying on dates, or the processing, storage and/or transmission of any accurate data or data by virtue of such inability or failure of any such equipment or system, or; caused by or arising from any breach of Paybanco’s obligations to the Client caused by or arising from any of the events set out in Clause 9.1 and the subclauses above.
General Information
These Terms and Conditions are governed by the laws applicable to the banking laws of Latvia, as determined by The Bank of Latvia (Latvijas Banka). Any banking Terms and Conditions implied by law also apply to Our relationship with You. Your Feedback
We are always pleased to hear from you. If you would like to let us know more about how we can help you please contact us:
Paybanco SIA Dzelzceļa iela 32, Jūrmala, LV-2008
+4402033559608
[email protected] Important
Please scan any/all required documents and send electronically by e-mail: [email protected]
Please send any/all original documents via courier (DHL prefered) to our head office address:
Paybanco SIA Dzelzceļa iela 32, Jūrmala, LV-2008
According to the Regulation (EU) 2016/679 of the European
Parliament and of the Council of 27 April 2016 on the protection
of natural persons with regard to the processing of personal
data and on the free movement of such data, and repealing
Directive 95/46/EC (General Data Protection Regulation),
The European Data Protection Regulation was made applicable
as of May 25th, 2018 in all member states to harmonize
data privacy laws across Europe.
Your personal data controller
is the Paybanco SIA network. Contact details of Paybanco are available at www.Paybanco.com.
For contact details of the data protection officer authorised by Paybanco: [email protected].
Personal data collected by Paybanco are processed in accordance
with the Personal Data Processing Law (the “DPL”) entered into
force in Latvia on 5 July 2018, the General Data Protection
Regulation and other legal acts. All employees, agents and
employees of the agents of Paybanco who have access to personal
data must keep it safe and confidential, even after termination
of employment or contractual relationship.
For the purpose of processing personal data, Paybanco may
engage data processors and/or, at its sole discretion, hire
third parties to perform certain functions on behalf of Paybanco.
In such cases, Paybanco shall take necessary measures to ensure
that such data is processed by any third-party personal data
processors in accordance with Paybanco instructions and
applicable legislation.
3.1. Paybanco shall also require any such personal
data processors to implement appropriate measures
for the security of personal data.
In such cases, Paybanco shall ensure that such persons will be
subject to the non-disclosure obligation and will
not be able to use this information for any other purpose,
except to the extent necessary to perform the functions
assigned to them.
This Privacy Policy is a Supplement to the general
Terms and Conditions, which together come into force
after you register on the website. This Privacy Policy
provides for basic rules for collecting, storing,
processing and retention of your personal data and
other information relating to you, as well as the scope
of processed personal data, the purposes, sources, recipients
and other important aspects of data processing in using the
services of Paybanco as a payment services provider.
It is therefore recommended to analyze the provisions of
this Privacy Policy in detail prior to using Paybanco services.
Paybanco respects the individual’s right to privacy and
makes all reasonable efforts to ensure the security and
confidentiality of personal data and other information processed on this website.
You can visit this website not providing any information
about yourself, however, if you want to open a Paybanco Account
and/or use other payment services offered by Paybanco, you will be
required to provide personal data indicated in the system and to carry
out established identification procedures.
By visiting this website and/or using information contained therein,
and/or the services, you acknowledge and confirm that you have
read this Privacy Policy, understand it and agree with it.
7.1. Paybanco reserves the right, at its sole discretion to alter the provisions of this Privacy Policy, therefore, when visiting this website, you have a responsibility to ensure that you are familiar with the latest version of the Privacy Policy that applies to you at the time you are visiting the website.
Purposes of Processing, Data Providers, Terms and Recipients
The main purpose for which Paybanco collects your personal data
is to provide Paybanco payment services to Clients who send and receive payments.
As a payment service provider, Paybanco is bound by law to establish and verify
your identity prior to entering into financial services transactions with you,
also, at the time of the provision of the services, to request further information,
as well as assess and store this information for the retention period set out by legislation.
8.1. Taking this into account, you must provide correct and complete information.
Further, Paybanco specifies the data and purpose of which these data are collected.
Client’s identification, provision of payment services (Account Creation, Payment Order, Payment Transfer or Payment Transaction, or query of a Client’s Paybanco Account, Payment Order, Payment Transfer or Payment Transaction, or any other communication from Paybanco), or implementation of other legal obligations of the payment service provider.
9.1. Personal data is processed for this purpose in compliance with legal requirements related to:
9.1.1. establishing and verification of the Client’s identity;
9.1.2. conclusion and execution of agreements with the Client or in order to take steps at the request of the Client;
9.1.3. execution of transfers of funds and transmission of the necessary information together with a transfer in accordance with legislation;
9.1.4. implementation of the “Know Your Client” principles;
9.1.5. continuous and periodic monitoring;
9.1.6. risk assessment;
9.1.7. updating Clients’ data in order to ensure their accuracy;
9.1.8. prevention of possible money laundering and terrorist financing, prevention of fraud, detection, investigation and informing of such activity, determination of politically exposed persons or financial sanctions imposed on the Client;
9.1.9. ensuring proper risk and organisation management.
9.2. For this purpose, the following personal data may be processed:
name
surname
personal identification number
address
date of birth
data from an identity document and a copy of the document
photo
direct video transmission (direct video broadcast) recording
citizenship
e-mail address
phone number
payment account number
IP address
current activity
current public function
as well as any other data required by the Law on
Prevention of Money Laundering and Terrorist Financing.
9.3. These personal data are collected and processed on the basis of a legal obligation imposed on the payment service provider, i.e. the Law on Payment Services and Electronic Money and the Law On the Prevention of Money Laundering and Terrorism Financing, as well as the Republic of Latvia’s Law On the Financial and Capital Market Commission, and are required in order to open an account and/or provide a payment service.
9.4. Data retention period: 8 (eight) years after the termination of the business relationship with the Client. The retention period may be extended for a period not exceeding 2 (two) years, provided there is a reasoned request from a competent authority. Such data retention period is required by the Republic of Latvia law as stipulated in paragraph 9.3.
9.5. Data providers: the data subject, credit and other financial institutions and their branches, the Latvian Enterprise Register, databases for checking the data of personal documents (databases of expired documents and other international databases), authority check registers (registers of notarised authority and other databases), the register of Incapacitated and Disabled Persons, the population register, companies consolidated debtor files, companies maintaining registers of international sanctions, as well as other persons.
9.6. Groups of data recipients: supervisory authorities, credit, financial, payment and/or electronic money institutions, pre-trial investigation institutions, the State Revenue Service of the Republic of Latvia, payment service agents of Paybanco (if the operation is carried out using their services), beneficiaries of transaction funds receiving the information in payment statements together with the funds of the transaction, debt collection and recovery agencies, companies processing consolidated debtor files, lawyers, bailiffs, auditors, other entities having a legitimate interest, other entities under an agreement with Paybanco, only provided you have given your separate consent for that.
9.7. Data may be provided to third countries (outside of the European Union or the European Economic Area) only in the case your payment transfer is carried out to a third country, or a partner (correspondent) from a third country is engaged in the payment execution.
Debt Management
PURPOSE: Debt management.
10.1. Personal data under this purpose is processed for the management of collecting debts, submitting claims, demands, lawsuits and other documents, to provide documents for debt collection.
10.2. For this purpose, the following personal data may be processed:
name
surname
personal identification number
address
date of birth
data from an identity document
e-mail address
phone number
payment account number
IP address
payment account statements.
10.3. Data retention period: the due date for the debt is 10 (ten) years from the day the debt is incurred, and after the opening of legal proceedings, the time limit is extended until the debt is repaid and for 24 (twenty-four) months after the repayment. The data retention period is based on the limitation periods for proceedings set out by The Civil Code of Latvia (Latvijas Republikas Civillikums).
10.4. Data providers: the data subject, credit, financial, payment and/or electronic money institutions, enterprise registers, the population register, companies processing consolidated debtor files, as well as other persons.
10.5. Groups of data recipients: companies processing consolidated debtor files, credit, financial, payment and/or electronic money institutions, lawyers, bailiffs, courts, pre-trial investigation institutions, the State Revenue Service of the Republic of Latvia, debt collection and recovery agencies, other entities having a legitimate interest.
10.6. The data may be provided to third countries (outside of the European Union or the European Economic Area), when the circumstances of the debt are related to the third country.
10.7. If you are in debt to Paybanco and you are postponing the performance of your obligations for more than 30 (thirty) days, Paybanco has the right to provide the information on your identity, contact details and credit history, i.e. financial and property liabilities and information on their execution, debts and its payment to companies managing debtors’ databases (such as the Latvian Insolvency Register), as well as to debt collection companies. You can access your credit history by contacting the credit bureau directly.
Relationships
PURPOSE: To support and administer relations with Clients, prevent disputes and collect evidence (recording phone conversations), correspondence of business relations with the Client.
11.1. Personal data are processed for this purpose in order to:
11.1.1. protect interests of the Client and/or Paybanco;
11.1.2. prevent disputes, provide evidence of business communication with the Client (recordings of conversations, correspondence);
11.1.3. perform quality assessment and ensure the quality of services provided by Paybanco;
11.1.4. when it is necessary for the execution of the agreement, in order to take steps at the request of the Client or in implementing a legal obligation.
11.2. For this purpose, the following personal data may be processed:
name
surname
address
date of birth
e-mail address
phone number
IP address
payment account statements
phone conversation recordings
correspondence with the Client.
11.3. Data retention period: 5 (five) years after the termination of the business relationship with the Client. The retention period may be extended for a period not exceeding 2 (two) years, provided there is a reasoned request from a competent authority. Such data retention period is required by the Law on Prevention of Money Laundering and Terrorist Financing.
11.4. Data providers: the data subject.
11.5. Data recipients: supervisory authorities, companies processing consolidated debtor files, lawyers, bailiffs, courts, pre-trial investigation institutions, debt collection and recovery agencies, other entities having a legitimate interest, other entities under an agreement with Paybanco, only provided you have given your separate consent for that.
1.6. The data are not provided to third countries outside of the European Union or the European Economic Area.
Assessment
PURPOSE: Credit rating assessment, credit risk management, and automated decision making.
12.1. The personal data for this purpose are processed to assess the creditworthiness of Clients, to manage the credit risk, and to meet the requirements related to operational risk management and capital adequacy, so that Paybanco can offer to provide funding.
12.2. The following personal data may be processed for this purpose:
name
surname
address
date of birth
e-mail address
telephone number
payment account number
IP address
payment account statements
Client’s balance on the account
financial liabilities
credit and payment history
income
education
workplace
current work position
work experience
available assets
and data on relatives.
12.3. Data retention period: 10 (ten) years after the termination of the business relationship with the Client.
12.4. Data Providers: the data subject, credit and other financial institutions and their branches, law enforcement agencies, other registers and state institutions, companies processing consolidated debtor files, natural persons who provide data about spouses, children, and other persons related by kinship or affinity, co-debtors, guarantors, collateral providers, etc., legal entities when the Client is a representative, employee, contractor, shareholder, participant, owner, etc. of these legal entities, and partners or other legal entities who Paybanco employs for service provision.
12.5. Data recipients: credit, financial, payment and/or electronic money institutions or service providers assisting in the assessment of creditworthiness, and companies processing consolidated debtor files.
12.6. The data are not provided to countries outside the European Union or the European Economic Area.
12.7. In order to conclude or offer to enter into a funding agreement with you, the Client, and to provide you with services, Paybanco will, in certain cases, apply decisions based on the automated processing of your personal data. In this case, the system checks your creditworthiness with a set algorithm and assesses whether the service can be provided. If the automated decision is negative, it may be changed by the Client providing more data. Paybanco takes all the necessary measures to protect your rights, freedoms, and legitimate interests. You have the right to demand human intervention, express your opinion, and challenge an automated decision. You have the right to oppose an automated decision by contacting Paybanco directly.
Service
Informing the Client about services. Personal data for this purpose is processed so that the Client can be informed about the services provided by Paybanco, their prices, specifics, changes in Terms and Conditions concluded with the Client, for sending messages relating to the provided Paybanco services.
14.1. The following personal data may be processed for this purpose:
email address
phone number
14.2. The data subject confirms that they are aware that such messages are necessary for the execution of the General Payment Service Agreement and/or its supplements concluded with the Client, and they are not considered to be direct marketing messages.
14.3. Data retention period: 24 (twenty-four) months after the termination of the business relationship with the Client.
14.4. Data providers: the data subject.
14.5. Data recipients: the data for this purpose are not provided to other persons.
Marketing
irect marketing. For this purpose, personal data are processed in order to provide the Client with offers on the services provided by Paybanco.
15.1. The following personal data may be processed for this purpose:
email address
phone number
15.2. With this document you confirm that you are aware that the aforementioned data may be processed for the purpose of direct marketing and that you have the right to disagree and to object to the use of your personal data for this purpose at any time by informing Paybanco in writing via email to [email protected]. The message must contain the full name and email address of the personal data subject.
15.3. Data retention period: 24 (twenty-four) months after the termination of the business relationship with the Client or until the day the Client objects to the data processing for this purpose.
15.4. Data providers: the data subject.
15.5. Data recipients: The data for this purpose may be transmitted to search or social networking systems (the possibility of object data processing is ensured by the websites of these systems). The data shall not be provided to other persons.
Analysis
All of your personal data collected for the aforementioned purposes, except for the name, surname, personal identification number, the number of your ID document and the exact residence place, may be processed for the purpose of statistical analysis. For this purpose, personal data shall be processed in such a way that, by including them in the scope of statistical analysis, it is not possible to identify the data subjects concerned. The collection of your personal data for the purpose of statistical analysis is based on the legitimate interest to analyze, improve and develop the conducted activity.
16.1 I (the Client) am aware that I have the right to disagree and object to my personal data processing for such purpose at any time and in any form by informing Paybanco. However, Paybanco may continue to process the data for statistical purposes if it proves that the data is processed for compelling legitimate reasons beyond the interests, rights and freedoms of the data subject or for the establishment, exercise or defence of legal claims.
Personal data collected for the purposes specified in this Privacy Policy shall not be processed in any way incompatible with these legitimate purposes or legal requirements. All the aforementioned personal information constituting personal data shall not be transferred to any third parties without your consent, except when it is required by applicable law or for the purpose of the provision of services (e.g. necessary information is transmitted together with your payment). I agree that my data referred to above will be provided and received through a software tool used by Paybanco or its authorised representative thereof, also by other means and third persons with whom Paybanco has entered into personal data processing agreements in accordance with laws and regulations.
Profiling
Profiling carried out by Paybanco involves processing of personal data by automated means for the purposes of legislation relating to risk management and continuous and periodic monitoring of transactions to prevent fraud; such ongoing profiling is based on legitimate interests of Paybanco, the performance of a legal obligation and the execution of the agreement.
For the purpose of direct marketing and statistical analysis, profiling may be carried out by using Piwik, Google, Facebook and other analytics tools.
Processing the Personal Data of MinorsA minor under 14 (fourteen) years old, seeking to use the payment services of Paybanco, shall provide the written consent from their representative (father or mother or legal guardian) with regard to their personal data processing.
Cookie PolicyPaybanco doesn't store personal cookies on this site.
The Right of Access, Rectification, Erasure of your Personal Data and to Restrict Data Processing
You have the following rights:
28.1. THE RIGHT OF ACCESS TO DATA: to obtain information as to whether or not Paybanco processes your personal data, and, where that is the case, access to the personal data processed by Paybanco and to receive information on what personal data and from which sources are collected, the purposes of the processing, the recipients to whom the personal data have been or may be provided; to obtain from Paybanco a copy of the personal data undergoing processing in accordance with the applicable law. Upon the receipt of your written request, Paybanco, within the time limit laid down in the legislation, shall provide the requested data in writing, or specify the reason of refusal. Once in a calendar year, data may be provided free of charge, but in other cases, a remuneration may be set at a level not exceeding the cost of the data provision.
28.2. THE RIGHT OF RECTIFICATION: if your data processed by Paybanco is incorrect, incomplete or inaccurate, you can address Paybanco in writing for rectification of the incorrect or inaccurate data or to have the incomplete personal data completed by providing a relevant request;
28.3. THE RIGHT TO BE FORGOTTEN: to request the termination of the data processing (erase the data), in the case the data subject withdraws consent on which the processing is based, or the personal data are no longer necessary in relation to the purposes for which they were collected, or the personal data have been unlawfully processed, or the personal data have to be erased for compliance with a legal obligation. A written notice of objection to personal data processing shall be submitted to Paybanco personally, by post or via electronic means of communication. If your objection has legal grounds, Paybanco, after examining the request, shall terminate any actions of processing of your personal data, with the exception of cases provided for by law. It should be noted that the right to require the immediate erasure of your personal data may be limited or not possible due to the obligation of Paybanco as a payment service provider to store data about the Clients’ identification, payment transactions, concluded agreements, etc. for the period laid down in legislation;
28.4. THE RIGHT TO RESTRICTION OF PROCESSING: to request to restrict the processing of personal data, when the accuracy of the personal data is contested by the data subject, for a period enabling the controller to verify the accuracy of the personal data; the processing is unlawful and the data subject opposes the erasure of the personal data and requests the restriction of their use instead; the controller no longer needs the personal data for the purposes of the processing, but they are required by the data subject for the establishment, exercise or defence of legal claims. A data subject who has obtained restriction of processing shall be informed by the data controller before the restriction of processing is lifted;
28.5. THE RIGHT TO OBJECT: the right to object to the processing of your personal data for direct marketing purposes;
28.6. to address the supervisory authority with a claim regarding the processing of your personal data, if you believe that the personal data are processed in violation of your rights and legitimate interests stipulated by applicable legislation;
28.7. to contact the data controller and/or the data protection officer for the purpose of exercising your rights;
28.8. other statutory rights.
You can send your request for access, rectification or objection to data processing via email to: [email protected]. The person submitting the request must clearly indicate their full name and add a copy of their personal identification document or sign the request electronically.
Third-party WebsitesPaybanco is not responsible for the protection of the Client’s privacy on websites of third parties, even if such websites are accessed by the Client through links provided on this website. Paybanco recommends Clients learn the privacy policies of each website that they access through the site which does not belong to Paybanco.
The Use of LogosThe Client, using the services of Paybanco for business objectives and professional interests, agrees that its name and/or logo may be used by Paybanco for direct marketing purposes (e.g. by indicating that the Client is using the services provided by Paybanco).
Ensuring Information SecurityPaybanco aims to ensure the highest level of security for all information obtained from the Client and public data files. In order to protect this information from unauthorised access, use, copying, accidental or unlawful erasure, alteration, or disclosure, as well as from any other unauthorised form of processing, Paybanco uses appropriate legal, administrative, technical and physical security measures.
Final ProvisionsThese Privacy Policy provisions are subject to the law of the Republic of Latvia. All disputes regarding the provisions of the Privacy Policy shall be settled by negotiation and, in case of failure to resolve an issue by negotiation, the dispute shall be taken to courts of the Republic of Latvia. The term “this website” used in the present provisions is a reference to www.paybanco.com with registration VAT ID LV40003242671 Paybanco SIA, at registered business address Dzelzceļa iela 32, Jūrmala, LV-2008, phone +4402033559608, which manage and provide your information to third parties (financial institutions, telecommunication agencies, insurance, electricity and utility service providers, trading companies, etc.) for legitimate interests and objectives: to assess your creditworthiness and manage debts. Credit history data are usually stored 10 (ten) years after the fulfilment of obligations).
General Conditions / Account Regulations.
any payment instrument the website allows to link to the Paybanco
account and make and, in separate cases, also accept payment
transfers with the help of this Payment Instrument.
a physical point of provision of services or sale/purchase of goods,
where the Client can pay with the help of the Payment Instrument.
This Supplement is applied to a Paybanco Account Holder (Client) who wishes to perform payment operations via Payment Instruments linked to the Paybanco Account. When using this service, all the general Terms and Conditions, as well as any additional conditions stipulated in this Supplement Clause, are applied to the Merchant. Terms in this Supplement are used in the meaning indicated in the General Terms and Conditions. A Client with a Paybanco Account has the choice to link Payment Instruments indicated on the website with the Paybanco Account and use them as Payment Instruments. In order to use a specific Payment Instrument, the Client is required to link the instrument indicated on the website with their Paybanco Account according to the given instructions. The terms of use of each specific Payment Instrument, rules of payment operations, terms and limits of writing off, and instructions of linking Payment Instruments to the Paybanco Account are provided on request. When the transaction which has been paid for using a Payment Instrument is completed, Paybanco reserves the amount of payment funds in the Client's Paybanco Account. The funds are written off upon the receipt of a request from the merchant or service provider. After linking any of the instruments indicated on the website with the Paybanco Account, these instruments become Payment Instruments, and must be protected by the Client exactly in the same way as bank cards, money, and other valuable documents.
7.1
The Client is not permitted to give Payment Instruments or Passwords to third persons. 7.2. The Client is not permitted to create conditions for other persons to use the Payment Instrument or find out the Passwords.
7.3
The Client who does not ensure the aforementioned assumes full responsibility for payment operations carried out with the Payment Instrument and in their Paybanco Account. The Client assumes full responsibility for the security of Payment Instruments and the Passwords of the relevant Payment Instruments.
The Client assumes full responsibility for the fact that the linked Payment Instrument belongs to the Client.
If the Client loses the Payment Instrument or believes/becomes aware that the Passwords of their Payment Instrument are known by other
persons, they are required to immediately log in to their Account and delete the linkage of the Payment Instrument to their Paybanco Account.
9.1
If there is no possibility to do this, the Client is obliged to contact Paybanco so that the Paybanco Account can be protected and the Client linkage to the instrument would be blocked.
If the Client believes that the Payment Instrument has been stolen and/or the Password of the Payment Instrument has been found out by other persons, but fails to inform Paybanco and the respective law enforcement authority thereof, it is considered that the Client has lost the Payment Instrument or illegal transactions have been carried out on their Paybanco Account due to the Client’s gross negligence.
If the Client (payer) is a user (a natural person who, operating under the Terms and Conditions and its supplements, pursues aims which are not related to their business or professional activity), the Client bears all the losses that have arisen due to unauthorised payment operations for the amount of up to the equivalent of €150 (one hundred and fifty euros), if these loses have been incurred due to:
11.1
usage of a lost or stolen Payment Instrument;
11.2
illegal acquisition of a Payment Instrument if the Client has not protected personalised security features;
11.3
if the Client (payer) is not a user and/or the payment operation is carried out in the currency of a member country to a foreign country or in the currency of a foreign country. The Client bears all the losses incurred due to the reasons provided above.
The Client bears all and any losses that have appeared due to unauthorised payment operations, if the payer has incurred them due to the failure to act honestly, due to their gross negligence, due to the failure to fulfil one or several obligations outlined in this Supplement Clause or the General Terms and Conditions, protect the Payment Instrument or its Passwords and/or use the Payment Instrument according to these conditions, and those provided on request, and also in cases, when unauthorised operations have been performed using Passwords.
If the Client has passed the Payment Instrument to third persons or third persons have acquired the Payment Instrument due to the Client's negligence, the Client, in all cases, is fully responsible and assumes responsibility for operations carried out using the Payment Instrument.
Paybanco
the provider of the Escrow Account service, an agent for a trade deal between the Buyer and the Seller.
Seller
a natural or a legal person wishing to sell goods or services and using the Escrow Account service to complete the trade deal.
Buyer
a natural or a legal person wishing to buy goods or services and using the Escrow Account service to complete the trade deal.
Party (parties) of the trade deal
participant(s) in the trade deal: Paybanco, Seller, Buyer collectively or separately.
Escrow Asset
goods, services, or object for transfer of ownership of which a mutual trade deal between the Buyer and the Seller is concluded and the Escrow Account of Paybanco is used.
Content of Escrow ServicePaybanco provides the Escrow Account service to the Buyer and the Seller under the conditions and according to the procedure provided for in the Agreements of the Escrow Account Service (hereinafter referred to as the Agreement).
Parties intending to use the Paybanco Escrow Account service must
become Paybanco clients.
Paybanco reserves the right not to provide the escrow service at its own
discretion and is not obliged to provide justification to the Buyer and/or
the Seller for doing so.
The Buyer undertakes to transfer the escrow amount to the Escrow Account after signing the Agreement.
The escrow amount transferred by the Buyer is held by Paybanco on a separate joint Escrow Account which is visible to all Parties to the Agreement during its validity period until the funds are released to the Seller or returned to the Buyer according to the procedure set out in the Agreement.
The Seller transfers the escrow asset to the Buyer (or the third party – agent, logistics company, etc.) and provides documents supporting the fact of delivery of the asset.
The Buyer confirms that they have received and accepted the escrow asset.
Paybanco transfers the escrow amount to the Seller.
The Buyer and the Seller can terminate the Agreement upon mutual agreement and by submitting to Paybanco a joint application for the return of funds. When terminating the agreement, the Parties must settle for contractual obligations actually performed before its termination.
2.1. In such a case, Paybanco has the right to retain half of the service fee.
Paybanco does not have the right to make any deductions from the escrow amount, except when it is explicitly stated in the Agreement or an Instruction to deduct funds or otherwise restrict monetary funds is received from a public authority.
Paybanco does not calculate or pay interest for funds on the Escrow Account.
Escrow Account Service Fees
A service fee set by Paybanco is paid for the escrow service. Service prices are available on acceptance of the Agreement.
4.1. If the conditions of the Agreement provide that the Buyer pays all or part of the fees for the escrow service, the Buyer when transferring the escrow amount also includes the amount(s) of the escrow agreement fee(s).
4.2. If the conditions of the Agreement provide that the Seller pays all or part of the fees, Paybanco, before transferring the escrow fee to the Seller, deducts the amount(s) of the escrow service fee (s).
4.3. If during the performance of the Agreement the Buyer and (or) the Seller decide(s) to amend the conditions of the Agreement, an amendment fee of the Agreement may be charged.
4.4. If for reasons beyond Paybanco’s control the Seller does not transfer the escrow asset to the Buyer or does not provide supporting documents or a trade deal between the Buyer and the Seller fails due to other reasons, this does not constitute a basis for exemption of the Buyer and/or the Seller from the obligation to pay the Escrow Account service fee.
Data Protection
The Buyer and the Seller know that Paybanco processes Personal data of the representatives of the Buyer and the Seller to provide the Escrow Account service and perform other obligations under the Agreement. The Parties guarantee the security of personal data when performing the Agreement.
5.1. The Client’s Personal data is used to the extent required for the implementation of the Agreement. The data cannot be disclosed to third parties without the consent of the data subjects, except for cases provided for in laws or the Agreement.
5.2. Periods of Personal data retention and issues of protection are regulated in Supplement Clause 1 - Privacy Policy to the Paybanco Terms and Conditions with which the Buyer and the Seller are familiar, have familiarised their representatives with, and which they undertake to observe.
Paybanco's Experience as a Transaction Agent
Paybanco is a known and experienced financial institution, as well as a
leader in payment services provider in Europe.
The institution endeavours
to ensure safe and smooth management of both simple and more complex
trade cases.
Paybanco is a licensed Electronic Money institution in Latvia, with
the right to execute the activity related to the issuance of
e-money and provision of payment services in the European Union.
The institution licence was issued by The Bank of Latvia
(Latvijas Banka). The institution is periodically inspected and
audited by the central bank. The central bank ensures transparent
and impeccable activity and monitoring of financial indicators.
7.1. Monetary funds held in Paybanco accounts are protected according to the Republic of Latvia Law on Electronic Money Institutions stating that client funds are:
held in special bank accounts intended for holding client funds; not used for company purposes, not loaned or invested; not object of recovery of debts of the electronic money institution.
© Paybanco Paybanco SIA is an Electronic Money Institution supervised by the Central Bank of Latvia, Registration No. 40003242671, VAT ID LV40003242671. License to Issue Electronic Money issued on 28/10/2011. EBA License Here. Copyright © 2020 Paybanco Ltd. All rights reserved.
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