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Changes effective from Monday 6th June 2016
Effective from Monday 6th June 2016, we wish to advise existing personal customers of changes to the Personal Banking Terms and Conditions affecting the following products and services:
• Current Account
• Savings and Deposit Accounts
• Credit Card
• Online and Mobile Banking
We also wish to advise existing customers of changes to the KBC Personal Loans Terms and Conditions effective 6th June 2016.
Full details of these changes are outlined below.
If you do not wish to accept the updated terms and conditions, you are entitled to close your account. If you do not ask us to close your account, you will be deemed to have accepted the changes from 6th June 2016.
In relation to existing fixed-term Deposit Accounts which mature after 6th June 2016, if you do not wish to accept the new terms and conditions, you are entitled to remain on the existing terms and conditions until the maturity date. After the maturity date if your account rolls over, you will be deemed to have accepted that these terms and conditions will apply. In the case of Personal Loans, if you do not wish to accept the updated terms and conditions, you are entitled to repay the outstanding loan and close your account without penalty.
Changes to the Personal Banking Terms and Conditions
From 6th June 2016, the following amendments to the Personal Banking Terms & Conditions will become effective:
|Clause Number||Clause Title||What has changed|
|Definitions and Interpretation||Definitions and Interpretation||Definition of FATCA was updated and a new definition CSR was inserted to take account of the implementation of the Common Reporting Standard.
New Definition of Notice Deposit Account Included.
|Clause 5||Identification||Amended to incorporate the coming into operation of the Common Reporting Standard which requires banks to disclose certain information to tax authorities.
Also updated to take account of increased functionality of our digital service allowing customers to update certain personal details through the digital service.
|Clause 8||Joint Accounts||Updated to reflect that the maximum number of joint account holders in respect of a current account is two.|
|Clauses 12||Closure of an Account||Amended to permit the closure of an account at any time before the customer starts to operate it.|
|Clause 15||Taxation||Amended to incorporate the coming into operation of the Common Reporting Standard which requires banks to disclose certain information to tax authorities.|
|Clause 17||Set-Off||Clarification of the banks right of set-off and when it can be exercised.|
|Clause 18||Amendments and Variations||Amended to permit the future notification of amendments and variations to terms and conditions through the personal e-documents folder available on the customer’s digital service.|
|Clause 29||Data Protection||Updated to permit data to be used for making credit decisions using automated decisioning.|
|Clause 31.4||Complaints||Addition of new clause advising of EU wide online dispute resolution platform.|
(i) Clause 75
(i) Availability of Deposit Accounts
|Amended to reflect change in policy regarding residency status of current account and deposit account holders.|
|Clause 48.3||Extra Current Account||Amended to reflect the change of name of the Flex Current Account to the Extra Current Account.|
|(i) Clause 56.11
(ii) Clause 95.6
|(i) Cardholder not present transactions
(ii) KBC MasterPass Wallet
|Clauses updated to provide that in relation to debit and or credit cards issued by other financial institutions which may be in the MasterPass Wallet KBC has no liability in respect of these cards.|
|(i) Clause 78.5.4
(ii) Clause 79.4.4
(iii) Clause 80.7
(iv) Clause 85.13
|(i) Lodgements - Notice Deposit Accounts
(ii) Interest - Notice Deposit Accounts
(iii) Withdrawals- Notice Deposit Account
(iv) KBCI 35 Day Notice Account
|Inclusion of Terms & Conditions for Notice Accounts.|
|(i) Clause 80.4.3
(ii) Clause 80.6.3
|(i) Demand Accounts
(ii) Regular Saver Accounts
|New clause outlining process and account eligibility for making withdrawals using our digital services.|
|(i) Clause 85.11
(ii) Clause 85.12
|(i) Extra Regular Saver
(ii) Extra 12mth Fixed Rate account
|Amended to reflect the change of name of the Flex Regular Saver and the Flex 12mth Fixed Rate Account to the Extra Regular Saver Account and the Extra 12mth Fixed Rate Account.
|Clause 98.6||Interest||Amended to permit the future notification of amendments and variations to the interest rate through the personal e-documents folder available on the customer’s digital service.|
Changes to the Personal Loans Terms and Conditions
From 6th June 2016, the following amendments to the Personal Loans Terms & Conditions will become effective:
|Clause Number||Clause Title||What has changed|
|Definitions and Interpretations||Definitions and Interpretation||Definition of account and account holder inserted as these terms are now used in the Terms and Conditions.
Changes to Maturity Date definition to take account of the ability to make a repayment on any date in the month.
|Clause 2||Standard Conditions||Amendment to sub clause 2.2 which now states that clause 5 has precedence over the Credit Agreement.|
|Clause 5||Repayment||Changes to advise repayment methods; first repayment date and how a change on this date may impact the period of the agreement; how the total cost of credit is calculated; collection of repayment on a non-business day and collection if the repayment is due on the 29th, 30th and 31st of a month and there is no such date.|
|Clause 7||Interest||Amendment to sub clause 7.2 which states the basis of interest accrual.|
|Inclusion of sub clause 7.4 outlining the discounted rate conditions and the impact of non-compliance with these conditions.|
|Clause 8||Late Payment Interest||The clause is amended to clarify that late payment interest is payable in addition to the interest payable under clause 7.|
|Clause 14||Payments by Direct Debit||Clause title amended to ‘Method of Payment’.|
|Clause 17||Termination||Insertion of sub clause 17.3 allowing the Lender to withdraw the loan prior to drawdown.|
|Clause 21||Data Protection||Clause updated to align with the Bank’s standard Data Protection Clause and reflecting the purposes for which we can process data including in particular permitting date to be used for making credit decisions using automated decisioning.|
|Clause 25||Set-Off||Clarification of right of set-off and when the Bank can exercise it.|
||Amended to take account of EU Regulation 524/2013 regarding dispute resolution for online services.
|Credit Referencing & Searching
Telephone Recording & Electronic Communications
|Clauses amended to align with the Bank’s updated standard for these clauses. The amendments to these clauses are minor in nature.|