New Law on Payment Services and Payment Systems

Dear Customers,
We would like to inform you that as from 01 November 2009 the new Law on payment services and payment systems came into force, as well as the new Ordinance № 3 of the Bulgarian National Bank on the procedures for implementing payment transactions and the use of payment instruments. These regulations govern the implementation of European Payment Services Directive principles within the Bulgarian legislation. They regulate the relationship between payment service users and payment service providers throughout the EU by defining the rights, obligations and responsibilities of the parties. In this regard, starting from 01 November 2009 CIBANK introduced new GENERAL TERMS AND CONDITIONS FOR PAYMENT SERVICES FOR PRIVATE INDIVIDUALS /consumers under LPSPS/ and new FRAMEWORK CONTRACT FOR PAYMENT SERVICES FOR PRIVATE INDIVIDUALS. These documents define the type of mandatory information related to payment services which the Bank will provide to its customers, rules for charging and collecting fees, commissions and applicable interest rates on current accounts and time of execution of payment transactions, thus to ensure efficiency, transparency and security of the payment services provided. As part of the Bank's payment products were also developed new General Terms and Conditions for issuing and servicing of bank cards for individuals and legal entities which are published in the section for each card product on the site of the Bank.

The new General Terms and Conditions also regulate the provision of payment services to customers who have relations with the Bank prior to 01 November 2009. In case that client does not notify the Bank in writing of his/her disagreement with these terms and conditions within two months period from the entry into force, the Bank will assume that the client has accepted them and bound them. In case of disagreement with the General Terms and Conditions, customers may unilaterally terminate their contractual relationship with the Bank, governing the provision of payment services.

With respect to persons who are not consumers under LPSPS, in providing payment services the Bank will not apply Chapter III of LPSPS and art. 49 para 1, art. 51 para 1, Articles 56, 58, 59, 62, 68, 69 and Art. 70 para. 1 of Chapter IV of LPSPS.