These General Terms and Conditions contain twenty one sections. The main terms used in these Terms and Conditions are defined in section twenty below.
1.1 These Terms and Conditions, including any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff and other agreements, are the Legal Agreement between Satabank p.l.c., a credit institution existing under the laws of Malta, bearing registration number C66993 and having its registered office at Aragon Business Centre, Level 3 Dragonara Road, St Julians STJ 3140, Malta, licensed as a Credit Institution under the Banking Act of Malta (the "Law"), fully authorized to provide services in the following EEA member states: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom, under the prudential supervision of the Malta Financial Services Authority (MFSA – mfsa.com), email@example.com and the Client. A copy of the Public Register of MFSA of licensed Credit Institutions can be seen at: http://www.mfsa.com.mt/pages/licenceholders.aspx, under License Holders.
1.2 Use of the Services is subject to the Terms and Conditions. The Terms and Conditions will be effective from the date of acceptance by Client ("Effective Date"). By accepting the Terms and Conditions, Client agrees to use the Services in accordance with the requirements of the Terms and Conditions.
Client can accept the Terms and Conditions by:
(1) Signing the Terms and Conditions on a hard copy in office of Satabank or via e-mail; or
(2) If available for the Service, by clicking to Accept or Agree to the Terms and Conditions, where this option is made available to Client by Satabank on the website for the Service or via the Mobile Application for the Service. Clicking to Accept or Agree to the Terms and Conditions, where this option is made available to Client by Satabank on the website for the Service represents an advanced digital signature made by Client and therefore the electronic document of the Terms and Conditions is deemed as duly signed by Client, or
(3) Actually using any of the Services. In this case, Client agrees that Satabank will treat use of the Service by Client as acceptance of the Terms and Conditions from the moment of first use of Service.
1.3 The Services are described in Section Definitions below in these Terms and Conditions. Client may be required by Satabank to agree with a Special Agreement related to the type of account or Services of Satabank. There Terms and Conditions apply to E-money accounts and current accounts, as well as to the other type of accounts offered by Satabank.
1.4 Satabank may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which Satabank shall inform Client via the website for the Service or via the Client's online account or via e-mail. However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding these Terms and Conditions, as required by the Law, or narrowing the Services, Client will be given notice by an email sent to Client email address stated in the Account opening form.
1.5 Privacy: Protecting Client's privacy is very important to Satabank. Client must read Satabank Data Protection and Confidentiality Policy, part of these Legal Terms and Conditions, in order to better understand Satabank commitment to maintain Client's privacy, as well as Satabank use and disclosure of Client's information.
1.6 A copy of the Terms and Conditions will be provided to Client in a hard-copy or printable form during the sign-up process. A copy of the Terms and Conditions, as amended from time to time, is available to Client on the website for the Services and in the online account. Client may request to be provided with a copy of the Terms and Conditions, and a link to the Terms and Conditions will be sent to Client email address for printing.
1.7 The Terms and Conditions and all communication with Client will be in English language. Where Satabank has provided Client with a translation of the English-language version of the Terms and Conditions or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Terms and Conditions and communication will govern the relationship with Satabank. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.
2.1 To be eligible for the Services, Client must (i) be a resident of one of the countries acceptable to Satabank; and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) purposes, officially published and notified by Regulators or other black lists as per the Internal AML Rules of Satabank. In cases where the Client is an individual Satabank shall require the Client to prove that he/she is of legal age as specified by the applicable legislation by presenting a photo of ID document to Satabank's officers or via the online platform or mobile app for the Service. Copies of ID documents of users who are underage shall not be accepted by Satabank.
2.2 Types of accounts: Satabank offers different types of accounts, all in different currencies, supported by Satabank and designated with International Bank Account Number (IBAN), such as accounts for e-money, current accounts, term deposits and other types of accounts for individual and corporate customers. Satabank provides Personal or Business/Corporate accounts depending on whether the Client shall use the account for consumer or professional/business purposes. Satabank can offer accounts for other special purposes. Special purpose and regime accounts will be regulated by additional arrangements, in case where the Client wishes the Bank to monitor certain specific schemes of disposal, including reasons thereof and servicing the performance of transactions (real properties purchase/sale), whereby Satabank appears as a guarantor for payment of the amount upon proving the conclusion of the transaction, donation campaigns, etc. To open such account, the Client has to make a written request to Satabank and follow the procedure of Satabank for opening, maintenance and closing of such account. A Client may hold more than one account, in compliance with the general or specific limitations imposed by Satabank for security or regulatory purposes.
Important information on accounts for electronic money (e-money):
"Electronic Money" or "e-money" means monetary value issued by Satabank on receipt of funds, registered in electronic form in Satabank Register of e-money in Satabank IT System and indicated as a Balance, which represents a claim of Client against Satabank for redemption and is accepted as means of payment by persons other than Satabank.
E-money does not qualify as a deposit or an investment service in the sense of the Law, the Client is not protected by the Malta Depositor Compensation Scheme provided by the Compensation Schemes Management Committee in Malta. Client is not be entitled to interest on the balance of e-money or money collected by Satabank that is kept by Satabank under these Terms and Conditions;
2.3 Information about the transactional limits is available on the website of Satabank. For regulatory, risk and security reasons Satabank may impose or change the limits unilaterally and without the consent of Client, for which Satabank shall inform Client via the website for the Service or via the Client's online account or via e-mail, unless Satabank is not permitted by law to notify Client in certain cases. Satabank is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and Satabank shall not be liable in case of decline of request.
2.4 Identification and verification: Satabank allows the Client to enroll for the Services on a face-to-face principle in the offices of Satabank or via business introducers or Clients, or via online platform for the Service - https://www.sata.bank, or via mobile application When Client enrolls for the Service Satabank is legally obliged to identify and verify the identity of the Client in compliance with the applicable AML/FT laws, and Satabank's Internal AML/FT rules and procedures and the applicable rules of the Card Organizations.
2.4.1 For that purpose it is required that the Client must present to Satabank's officers or business introducers or to provide via online platform or via mobile app Client's identification details such as, but not exhaustively, names, address, date of birth, citizenship, TIN, registered mobile number or company name and registration number (in case of a Corporate Client) and other details as requested by the Service.
2.4.3 The Client agree that the video call is only a part of the verification and that in all different types of enrolment the Client's identity will be verified by Satabank via check in independent sources, such as PEP registers, Dow Jones or similar databases, registers of Card Organizations or other similar. Client agrees to be subject of such checks and will provide all assistance requested by Satabank in carrying out such checks. Satabank shall have full discretion in determining whether a Client is verified and continues to be in compliance with the anti-money-laundering/FT requirements. Satabank is entitled to decline, stop or terminate Service temporarily or in a permanent way in case of failure to complete the identification and verification process successfully in reasonable time or due to any other risk, security or regulatory reasons, for which Satabank shall not be held responsible.
2.4.4 Client understands and agrees that the payment service and functionalities, including the account and card/s, shall not be activated and fully available until successful completion of the identification and verification procedures under our Internal AML/FT rules and procedures.
Upon registration for the Service and during the term of these Terms and Conditions, Client must provide current, complete and accurate information for KYC purposes, as requested by Satabank and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without delay. Satabank reserves the right to request for any additional documents, personal details, originals or notarized copies of ID documents or other documents at any time as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as Satabank may require in this regard.
2.5 Upon registration for the Service, Client will be provided by Satabank with credentials – username and password, for Sata Direct, which is the online banking platform of Satabank. Client may activate the access to the online banking as per the instructions or procedures of Satabank.
2.6 Client declares that Client is registering for the Service on Client's behalf (individually or as a legal representative of an entity or organization) or, alternatively, on behalf of a third party, in which case the Client has to send to Satabank a notarized power of attorney or another legal document, acceptable to Satabank, authorizng the pesron on behlaf of the Client.
2.7 Joint Accounts: When an account is opened in the joint names of two or more Clients, unless agreed otherwise in writing, the account shall be held by them on a joint and several basis and there shall be both active and passive solidarity amongst them. Remittances to any of the account holders without specific reference to the joint account shall not be credited to the joint account except upon written instructions of the beneficiary. Remittances specifically made to the joint account will be credited to the account notwithstanding the fact that the named beneficiary is only one of the joint holders.
2.8.1 In the business relationship with the Client, Satabank relies on the representations made to it by the Client or by third parties at the request of the Client, in particular relating to:
(1) The identity of the Client,
(2) The business activities and financial assets and situation of the Client,
(3) The credentials of the Client
(4) The legal powers and authority of the Client and, in case of a legal entity, its authorized signatories, and
(5) The ownership and source of funds or assets of the Client entrusted to Satabank and on such other matters relevant to particular facilities as stated in specific agreements.
2.8.2 The Client shall comply with all applicable laws and regulations, including legislation on anti-money laundering and anti-terrorist financing and any orders issued by the relevant regulatory authorities in so far as the Bank's services are involved.
2.8.3 In the event that any representation appears to the Bank to be incomplete or incorrect, then the Bank shall be entitled to suspend all and any instructions of the Client and unless satisfactory information and/or evidence is brought to the attention of the Bank within a reasonable time, the Bank shall be entitled to terminate its relationship with the Client in terms thereof.
2.9 The Card/s, linked to the account, is issued and/or activated after a valid and correct application or registration by Client made online or directly to Satabank, approval by Satabank and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by Satabank. The Card is issued in the currency requested by Client and supported by Satabank. The Card is sent to the address of Client or collected personally by Client from the office of Satabank or one of its Agents, Distributors or sub-contractors. The Card may be used only by the cardholder and only after its activation, as instructed by Satabank.
3.1 Client can receive a transfer from a payment account to Client's account provided by Satabank. Satabank is not responsible for and does not control when Satabank will receive the funds from Client's payment services provider and whether the payment services provider of Client or correspondent banks will charge Client fees for the transfer and will transfer the full amount to Satabank. Client will be notified through information in the online account in the balance and transaction history on the amount of the transfer and date of credit operation.
3.2 In order to receive an inward transfer the client must provide correctly to the payer the following mandatory information: name, address and account number and/or IBAN, or the respective replacing information if allowed by Satabank. The absence of the mandatory information might result in the postponing or rejection of the inward transfer for which Satabank shall not be responsible.
In cases of inward transfers with wrong or missing data in the payment order (e.g. discrepancy between the name and IBAN of the Account Holder, missing IBAN or name of the Account Holder, IBAN written in a wrong way, etc.), Satabank is entiteled not to credit the amount and return the amount and/or make investigations and correcting actions necessary for correct payment order, for which fees specified in the Tariff of charges of Satabank may be applied.
3.3 Client agrees that Satabank may for regulatory reasons impose different limitations on amounts transferred, or special requirements, or not accept bank transfers from certain banks, upon discretion of Satabank.
3.4 The credit value date for the payee's account (Client's account) and the amount of the inward payments shall be available no later than the Business Day on which the amount of the transfer is credited to Satabank.
4.1 Internal transfers: Client may transfer money to Client's accounts or third parties accounts within the system of Satabank. In order to make an internal transfer, Client must state the correct IBAN or account number and beneficiary's details and submit a correct payment order via the Service.
4.2 SEPA transfers: Client can make via the Service outward money transfers from Client's account/s in EUR to any bank account in EUR in SEPA country. Satabank will perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer Client must provide full and correct names of beneficiary, correct beneficiary IBAN in EUR in SEPA country and BIC of PSP of beneficiary (bank of recipient), available in the online page of Client. In any event, in case of any outward operation which may be considered to be an EU cross-border payment made in EUR currency, Satabank shall transfer the amount into the account of the beneficiary’s payment service provider no later than the end of the working day on which the order was placed.
4.2.1 SEPA Instant Credit Transfer: SEPA Instant Credit Transfers are credit transfers made in EUR currency, using SEPA. The maximum amount of such transfers is 15,000 EUR per transaction.
4.3 International Transfers: Client can make via the Service outward money transfers from Client's account/s to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. Satabank will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN and Bank Identifier Code (BIC) for Payment Service Provider (PSP) of beneficiary or other number of beneficiary account and SWIFT code of PSP of beneficiary, and other data, as requested by the Service in the online account of Client.
4.4 Domestic transfer: For some countries, Satabank may support domestic transfers. Client has to check the Tariff and the online account for availability of domestic transfers. To make a correct payment order for domestic transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN in domestic currency and BIC for PSP of beneficiary in the country, where domestic transfer is available via the Service, or other data, as requested by the Service in the online account of Client.
4.5 SEPA Direct debit (SDD): The terms and conditions for SDD are detailed in Schedules to this Legal Agreement, which are inseparable part of this Agreement.
5.1 Instructions to, communications and statements with Satabank are given in writing. Satabank will act on verbal instructions only if such instructions are confirmed in writing. Instructions may be placed via the online banking of Satabank, unless otherwise allowed by Satabank.
5.2 Transmission of Instructions – Facsimile, Telex, E-mail or Other Electronic Means
It is at the Bank's discretion, whether to act upon any instructions received by electronic mail or other electronic means from the Client from time to time, notwithstanding that the Client may have given authorization to the Bank to do so.
When the paytment order is submited via the online banking of Satabank, the payment order shall be considered as authorized by the Client and irrevocable after Confirmation and entry of a valid one-time passowrd (OTP). In some cases, as described below, the payment order will be authorized and irrevocable only after confirmation via the online banking and there will be no need of entry of OTP for each payment order.
The Bank shall not be liable for any adversarial effects arising out of the use of such means of communications and must be kept fully indemnified against all claims, damages, charges and expenses which the Bank may incur directly or indirectly in compliance with these instructions or any incorrect or improper authorizations received by the Bank through use of these electronic means of communication.
5.3 Satabank shall execute the authorized payment order of Client, provided that Client has enough balance in the debited account to cover the amount of the transfer and the applicable fees. Satabank may refuse to execute a specific transaction if there is not enough balance in the respective account, or Satabank reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Terms and Conditions or any law or regulation.
Furthermore, Satabank shall not be under any obligation to process any Payment Order in any of the following cases:
(1) the balance in the debited account is not sufficient to cover the amount of the order plus related costs and expenses;
(2) there exists a garnishee or other court order in relation to Client's funds;
(3) there exists reasonable suspicion about the source or use of funds in terms of the applicable legislation enacted to prevent money laundering and terrorism financing;
(4) there exist other similar and comparable circumstances;
(5) instructions lack the necessary mandatory information as per EC Regulation on transfers of funds, as may come into effect from time to time;
(6) instructions are not clear or are incomplete.
5.4 Stabank may, but is not obliged to, process an order even if it results in any account being overdrawn and the mere fact than an account will thereby be overdrawn shall not imply any obligation on the part of Satabank to advise the Client before processing it, as the Client is expected to know the effects of his own instructions.
5.5 Deadline for performance of correct payment orders for outward money transfers:
(1) Deadline for performance of Internal money transfer – within the same day as of the date of placement of correct payment order;
(2) Deadline for performance for SEPA transfers: Satabank shall debit the account of Client and shall execute the order after receipt of confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders for SEPA credit transfers received by 12:00 pm in a Business Day. Payment Orders for SEPA transfers, received by Satabank after 12:00 pm or in a day, which is not Business Day for Satabank, shall be executed by Satabank at the latest by the end of the next Business Day, following the Business Day in which the Payment Order is received by Satabank. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Usually SEPA credit transfers will be received by the payee within deadline of maximum 2 (two) Business Days.
(3) Deadline for performance of International Transfers: Satabank shall debit the balance of Client in the respective currency and shall execute the order after receipt of confirmed Payment Order at the latest by the end of the next Business Day for Payment Orders for International money transfers received by 12:00 pm in a Business Day. Payment orders for International money transfers, received by Satabank after 12:00 pm or in a day, which is not Business Day for Satabank, shall be executed by Satabank at the latest by the end of the next Business Day, following the Business Day in which the payment order is received by Satabank. The receipt of money by the payee (recipient) depends on the correspondent banks and the agreement between the PSP of payee and the payee. Client agrees that Satabank is not responsible for the receipt of the money by the payee and that Satabank may set other deadlines for performance for International money transfers (non SEPA transfers), which shall be notified to Client on the website for the Service or in the online account.
(4) Deadline for performance of Domestic transfers (if available): Satabank shall debit the balance of Client in the respective domestic currency and shall execute the order after receipt of confirmed Payment Order at the latest by the end of the next Business Day for payment orders for Domestic transfers received by 12:00 pm in a Business Day. Payment orders for Domestic transfers, received by Satabank after 12:00 pm or in a day, which is not Business Day for Satabank, shall be executed by Satabank at the latest by the end of the next Business Day, following the Business Day in which the payment order is received by Satabank. The receipt of money by the payee (recipient) depends on the PSP of payee. Client agrees that Satabank may set other deadlines for performance for Domestic money transfers, which shall be notified to Client on the website for the Service or in the online account.
(5) Deadline for performance of payments under Standing orders: Satabank shall debit the bank account specified by the Standing order on the due date for execution specified in the Standing order. The above rules for deadlines apply accordingly.
(6) Deadline for cross-border payments inside the territory of the EU: in case of any payment transfer which may be considered to be a cross-border payment taking place inside the territory of the EU, the amount of the payment transaction will be credited to the payee’s payment service provider’s account by the end of the following business day.
5.6 Client may submit Standing orders for money transfers via Client's online account or in the office of Satabank as it is provided and within the limits allowed by the Service. Client has to specify the frequency, amount of the payments, account to be debited, beneficiary's payment details (names, account number/IBAN and other as requested by the Service) start date and validity of the Standing order. The validity can be up to a specified date, reached number of payments or until cancelation. Client understands and agrees that OTP (one-time passcodes) may be requested by the Service upon seting up of the Standing order and not after upon execution of the future transfers from the Standing order, which will be executed automatically without need of entry of OTP.
5.7 Upon seting up the Standing order Client is able to see the applicable fees of Satabank in the Tariff. However, Satabank can amend the Tariff as allowed by these Terms and Conditions and the law, and this will not suspend or terminate the Standing order authomatically and the new fees will apply for the Standing order as of the moment of their entry into force. The funds in the account to be debited for execution of the Standing order have to be sufficient to cover the amount to be transferred and the applicable fees of Satabank. In case the funds in the account to be debited for execution of the Standing order are not enough to cover the amount of the transfer and/or the applicable fees, Satabank shall make up to three attempts within the following business days to execute the Standing order in case that this chosen by the Client in the online banking upon saving the intructions for Standing order/s. Satabank shall not execute a specific transaction if there is not enough funds in the Client's account, for which Satabank shall not be liable for whatsover damages or compensations.
5.8 Client is entitled to cancel a Standing order before the expiry has come into effect via Client's online account with entry of valid OTP and as provided by the Service or in the office of Satabank. Client understands and agrees that all payments executed by Satabank according to the Standing order until the date of the withdrawal or expiry date are irrevocable and correctly executed by Satabank and Satabank shall not be liable for unauthorized transactions.
5.9 Client acknowledges and agrees that a Payment Order, including from a Standing order, has been executed correctly by Satabank, even if Client has submitted a Payment Order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to Satabank, as a result of which Client has to cover the charges for the return, reversal or cancellation of incorrect payment order.
5.10 Client is entitled to set up via Client online account with Satabank tamplates for trusted beneficiaries. Payment orders to trusted beneficiaries will be considered as authorized by the Client and irrevocable only with confirmation from the Client via the online account and without need of entry of OTP for each payment order to such trusted benefiaciaries. To set up a template for trusted beneficiary the Client must log-in the online account with the credentials and enter a valid OTP, with which the Client agrees with the creation of the template for trsuted beneficiaries and that all subsequent payment orders to such trsuted beneficiary will not require entry of OTP. Client may delete or edit a trusted beneficiary template via the online account of the Client.
5.11 Client understands and agrees that the creation of standing orders or payment orders to trusted beneficiaries does not preclude the righst and obligations of Satabank under the anti-money laundering, anti-terorist laws and other regulations, as well as the discretion of Satabank to impose limits or not perform certain payment orders for security or regulatory purposes.
6.1 Where Satabank refuses to execute a Payment Order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by other relevant European Union (EU) or national legislation. Satabank shall provide or make available the notification to Client via email or via the online account at the earliest opportunity and no later than the deadlines set out in the Deadlines section of the present Agreement. Satabank may charge a fee for providing additional information for such a notification if the refusal is objectively justified.
6.2 In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by Satabank in accordance to EU legislation and national legislation. Client, or a person explicitly authorized by Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to Satabank via email, without undue delay and within 30 (thirty) days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation in the interest of Consumer. This term shall not release Client from Client obligation to notify Satabank immediately and without delay in case of loss, theft, misappropriation or unauthorised use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or Satabank to limit the risks and damages. Client who is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction.
6.3 Satabank will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by EU and applicable national law. In case of incorrect Payment Order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, Satabank may assist the Client to submit a new and correct Payment Order if Satabank has not executed the incorrect Payment Order, for which Satabank may charge the Client a fee. In case Satabank has executed the incorrect Payment Order as per the Terms and Conditions and the law, the Client can to make a request for reversal via email to Satabank and Satabank will initiate a reversal procedure, for which Satabank will charge Client with the respective fee. Satabank cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client's account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of Satabank.
6.4 In case of unauthorized transaction Satabank shall conduct a procedure for proving authentic and correct execution of payment transaction and if this procedure is completed in favor of Client, Satabank shall reverse the operation and return the amount to Client' account, less the applicable fee in the Tariff, within the deadline provided in the law.
6.5 Client agrees that Satabank may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures have expired or in other cases according to the applicable laws, in which cases Satabank shall not owe reversal or compensation to Client.
6.6 When Client receives a payment, Client is liable to Satabank for the full amount of the payment plus any fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to Satabank an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the Tariff and other charges related to the Reversal, Chargeback or Claim. Satabank may debit Client's account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice.
6.7 Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or partial amount, than the following rules shall apply:
(1) Reversal or refund of full amount of transaction – the amount of the transaction is refunded in the original type of currency; or
(2) Partial reversal or refund of amount of transaction – the amount subject to reversal or refund is refunded in the currency of the transaction; or
(3) If payment has been made with Card via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded in the currency of Card; or
(4) If payment has been made with e-money via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded to Funding instrument if possible, or if not possible is refunded in Client's account in the currency of the transaction.
7.1 If Satabank has issued Card to Client, Client or authorized cardholder may make payment orders and transactions with the Card, linked to Client's account and on account of e-money held by Client. The Card must be activated as instructed by Satabank. Card must be signed by Client. The payment transaction may be payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by Satabank in Tariff or on Satabank website for the Service.
7.2 The payment order executed with Card will be received by Satabank in electronic form. The Client's consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device.
7.3 Card, which has been personalized with the names of a cardholder, must be used only by the cardholder to whom the Card is issued. Card, which has not been personalized with names of cardholder, may be used by Client or third parties, to whom Client provides or makes available the Card for which Client is fully responsible. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to e-money in Client's account, unless otherwise agreed with Client.
7.4 The spending limits with Cards are set out in the Tariff. To minimize the risk from losses and/or unauthorized transactions with Card, Client must set even more strict limits on Cards, as the Service allows via the online account and manage the security of the Card, as allowed by the Service, via the online account, Mobile App or SMS commands, available in the online account. Requests for blocking and unblocking of Cards may be made by the Client of the account (main cardholder) or by the cardholder of Card, personalized with names of such cardholder (cardholder of additional Card).
8.1 Satabank reserves the right to keep any documents or other information relating to Client or the Services offered to the Client in an electronic format. Satabank may provide electronic copies to Client to satisfy any request for original copies of the said documents. Satabank shall be entitled to destroy all records, correspondence and other documents that may have relating to Client upon satisfying any record keeping obligations which Satabank may have in terms of any applicable legislation.
8.2 Client's account statements, history of transactions and accounts details will be available within the Client's online banking account. If Client wishes to receive paper statements, Client will need to advise the Bank in writing via the Client's e-mail stated in the Account opening form or via secure message and Satabank will send Client's paper statements for each account once a year or on ad hoc principle against a fee.
9.1 Satabank has provided to Client personalized security features which comply with the principles of strong customer authentication for using all payment instruments, included in the Service, such as, but not limited to, username and unique password for the online banking and online account, OTP (one-time passcodes) received via SMS or generated via special Mobile applications for access to online account and making a payment order and others, which are necessary tools for preserving the security of the payment instruments of Client. Satabank will make sure that the personalised security features of the payment instruments are not accessible to parties other than the Client or user entitled to use the payment instrument and conform to all Regulatory Technical Standards, without prejudice to the obligations on Client.
9.2 Client is able to control the security of the payment instruments, by enabling or disabling them for certain transactions, such as Internet transactions, ATM cash withdrawal or other, receipt of SMS or email after each transaction with Card, and imposing limits, which are more stringent than Satabank's default spending limits via the Service (online account, Mobile App or SMS commands via registered mobile number or in other available ways). Client agrees to use these security control mechanisms available via the Service in order to minimize the risks of unauthorized access to Client's account and unauthorized transactions. Client must use the functionalities of the Service for disabling cards for Internet transactions and cash withdrawals only with one click or with SMS and enabling such Internet transactions or cash withdrawals only when Client wishes to make such transactions.
9.3 Client agrees to use the Client's credentials, such as username and password and other personalized security features for Client's payment instruments only in accordance with these Terms and Conditions and with the law. Client must not provide and must not allow disclosure of the personalized security features to a third party even where the payment instrument is protected with OTP, because even in this case the payment instrument can be comprised and result in unauthorized transactions, for which Client is fully liable. Client must not disclose the credentials for access to a Business/Corporate account (username and password), because they may be identical with the credentials for access to Client personal online banking account and there is a risk of unauthorized transactions. The breach of this obligation is breach of Client's obligation for protection of personalized security characteristics of payment instrument and Client will be fully liable for unauthorized transactions as a result of Client's breach of this obligation.
9.4 If Client is using the Service in a business capacity or as a Client of Business/Corporate account, Client agrees that:
(1) all employees, agents, representatives and others having access to Client Credentials or personalized security characteristics of payment instrument/s of Client, will be considered as properly authorised to use Client account and/or make any payment orders via all payment instruments and perform all actions to which Client is entitled and will legally bind the Client, business, partnership or other legal entity concerned;
(2) Client or a person explicitly authorized by Client has the right to authorize users of Business account of Client and/or payment instruments related to it, whose rights for ordering Payment transactions, reversal, receiving of information, authorizing or removal of other users and other rights are defined by Satabank on the website of the Service or in the online account and can be additionally individualized by Client or a person explicitly authorized by Client according to the functionalities of the Service;
(3) each Payment Order from authorized user will be considered as approved by Client and irrevocable according to the rules on Receipt of Payment Order and Irrevocability above. In case Client wishes to limit rights for access to the Business account of certain authorized users, the legal representative of Client or a person explicitly authorized by Client according to Satabank requirements, can perform this operation via the online account or send to Satabank a request dully signed by Client via the Client's registered e-mail.
9.5 Client acknowledges and agrees that all Cards linked to Client's account are providing access to the e-money in Client's account and Client shall be liable for all transactions and charges arising of the use of Cards, associated with Client's account.
9.6 If Client believes that Client's account, including online banking account or other payment instruments have been used in an unauthorised manner or in case of unauthorized transactions, Client has to contact Satabank without undue delay. Client agrees to notify Satabank via the Contact Center or via "Contact us" on Satabank website for the Service or via the Client's e-mail stated in the Account opening form, immediately and without delay in case of loss, theft, misappropriation or unauthorised use of credentials and/or personalized security features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow Satabank to do it and limit the risks of unauthorized transactions and damages. Client also agrees to notify Satabank without undue delay and in the same manner of any other breach of security regarding the Service of which Client has knowledge.
9.7 Satabank may suspend the use of the Service in part of wholly, including block account/s, where it suspects that their security may have been compromised or that unauthorised or fraudulent use has taken place. Satabank will inform Client in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. Satabank will provide the Service or replacement credentials or personalized security characteristics to Client, as soon as practicable after the reasons for the suspension cease to exist and on condition that Client has performed all obligations towards Satabank.
9.8 In case Client wishes to use an alternative method for two-factor authentication and receipt of one-time password, as may be required by the Service, Client has to select this option from Client's online account. Transactions, operations and activities confirmed with the one-time password, generated via each of the available two-factor authentication methods, supported for the Service, will be considered as valid and binding on the Client.
9.9 Satabank may at Satabank discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. Satabank may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service.
10.1 Satabank is authorized to store and process Client's data, including personal data in terms of the Data Protection Act, 2001 of the Laws of Malta (and any amendment thereof), to the extent that this is necessary for the appropriate conduct of the business relations and conforms to the applicable statutory provisions. Satabank only records information which serves to fulfil his duties and do this solely within the scope of the service provided to Client. In this respect Client authorizes the Bank to collect, process and store data relating to Client from other banks and other professionals. For information about Satabank data protection Policy, Client has to read the Data Protection and Confidentiality Policy of Satabank, available on the website for the Service or upon siging of these Terms and Conditions. Client may request that an electronic copy of Satabank Data Protection and Confidentiality Policy is sent to Client in PDF form by contacting Satabank through the "Contact us" on the website for the Service.
10.2 Bank Secrecy: Satabank is bound, in accordance with the laws of Malta, to observe secrecy and confidentiality with regards to all information which Client discloses to the Bank about the Client ("Secret Information"). However, Satabank is authorized and required by the laws of Malta or international laws to disclose Secret Information in so far as the declaration of such Secret Information is:
(1) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automaticaly with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on a ad hoc principle upon request or order of any competent authorities;
(2) required in terms of an order of a Court of law investigating a criminal offence (including money laundering or terrorism financing) or a breach of duty;
(3) required for any proceedings by the Bank against the Client for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to Client in connection with which the secret information has been obtained by the Bank;
(4) otherwise permitted by the Client including when Client require the Bank to provide a reference or a status report to a third party or by any applicable law.
10.3 In accordance with the provisions of Maltese Law, by accepting these Terms and Conditions, the Client consents to disclose information about Client, acquired during the course of the relationship in the circumstances specified hereunder:
(1) to any of the Bank's professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of the Bank's rights against the Client, or to any person who may otherwise enter into contractual relations with the Bank in relation to the business relationship with the Client;
(2) when the information is required to be disclosed or is requested in the course of a due diligence exercise;
(3) when the information is required in the normal course of business with institutions or other persons who are normally bound by similar obligations of secrecy.
10.4 Client Identity Verification for Anti-Money-Laundering Requirements and Fraud detection:
(1) Client acknowledges that Satabank is offering and continues to offer the Services to Client on the condition that Client satisfies all due diligence and identity checks that Satabank may conduct, and that Client complies with Satabank and regulatory anti-money-laundering requirements. Identity checks may include credit checks, anti-money- laundering checks required by relevant legislation or regulatory requirements. Client will provide all assistance requested by Satabank in carrying out such checks and determining compliance with anti-money-laundering requirements, including the provision of such additional registration or identity verification information as Satabank may require at any time.
(2) Client consents to Satabank sharing with and obtaining from third parties, both inside and outside the European Economic Area, and to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation, for the purpose of Satabank conducting applicable due diligence and identity checks, and Client agrees that such third parties may retain the information shared in this way.
(3) Non-satisfaction of the conditions in this clause, including that Client provides information requested by Satabank to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of the Client's use of the Service and/or also termination of these Terms and Conditions without prior notice to Client.
11.1 Client may only use the Service in bona fide and in accordance with the functionalities of the Service as defined in these Terms and Conditions. Client agrees to use the Service only as permitted by:
(1) These Terms and Conditions;
(2) Characteristics, settings and limits of the Service, including setting of limits and options by Client as allowed by the Service, as published and updated by Satabank from time to time on Satabank website for the Service or in User Interface for the Service; and
(3) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.
11.2 It is strictly forbidden to use the Service in violation of the present Terms and Conditions, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following:
(1) Breach of these Terms and Conditions (including, without limitation, providing false identifying data, such as false names, e-mail address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by Satabank in another way); or
(2) Breach or risk of breach by Client or by Satabank of any law, statute, contract, or regulation applicable (for example, those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where Satabank cannot verify the identity or other data about Client according to regulatory or Internal requirements of Satabank, consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or
(3) Abuse by him of the reversal or chargeback process initiated by Client's bank; or
(4) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Satabank, Branch or Agent of Satabank; or
(5) Initiation of transactions that may be considered to be cash advances or assisting in cash advances from Merchants or to facilitate the purchase of cash equivalents (travellers' cheques or money orders, etc.); or
(6) Infringement of Satabank or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or
(7) Use the Service in connection with any other underlying illegal transaction;
(8) Use of the Service for any sale of purchase of goods and/or services, which are not acceptable to Satabank as determined on Satabank website for the Service or instructed in writing by Satabank.
11.3 Client may not use the Service and/or may not accept the Terms and Conditions and Satabank may temporarily stop or terminate the Service or Terms and Conditions immediately and without prior notice to Client, if:
(1) Client is not of legal age to form a binding contract with Satabank and operate the payment instrument or funding instrument for use with the Service; or
(2) Client is a person barred from receiving the Service under the applicable laws or Regulations of Card Organizations or other Organizations or rules or policies of Satabank;
(3) Client has not been dully identified or verified by Satabank, upon single discretion of Satabank; or
(4) Other important reasons, upon discretion of Satabank, such as risk and compliance.
11.4 Satabank shall be entitled to notify Client at any time on non-acceptance to the Service via e-mail. The decision for the refusal is strictly in Satabank's discretion and Satabank shall not be liable for whatsoever compensations.
11.5 Client authorizes Satabank to obtain a credit report and/or to otherwise make credit or other background enquiries from time to time, as Satabank may deem appropriate, to evaluate Client registration for or continued use of the Service.
11.6 Client agrees not to access (or attempt to access) any of the Service by any means other than through the User interface of the Service and Card that are provided by Satabank for the Service, unless Client have been specifically allowed to do so in a separate agreement with Satabank. Client acknowledges that this restriction will apply to use of the Service by any automated means.
11.7 Client agrees that Client will not engage in any activity that interferes with or disrupts the Service (or the servers and networks which are connected to the Service).
11.8 Client agrees that Client will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.
11.9 Client agrees that Client is fully responsible for (and that Satabank has no responsibility to Client or to any third party for) any breach of Client obligations under the present Terms and Conditions and for the consequences (including any loss or damage which Satabank may suffer) of any such breach.
11.10 Client acknowledges and agrees that in order to meet all obligations after the Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations and other documents related to their execution, as well as all European and national legislation in the field, Satabank may establish general practices and limits concerning the use of the Service without prior notice to Client, including, without limitation, individual or aggregate transaction limits on the value or turnover, transaction or other limits on the value, type or number of funding transactions or Payment transactions during any specified time period(s). Satabank shall notify Client for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by aforementioned Anti-money laundering Act and the Act on prevention of financing of terrorism.
11.11 Client must not place into any of Client's accounts any funds or assets belonging to third parties without the prior written consent of the Bank. If Client's wishes to do so, Client must advise the Bank, in advance, of any such funds/assets which are to be remitted to the Bank or received by it in Client's name or account. Without prejudice to the right of the Bank to refuse to receive such funds or assets, in the case provided for by this clause, Client is obliged to advise the Bank of the full details of the beneficial owner of the funds or assets and to supply the Bank with all evidence as to the identity of the beneficial owner and the reason(s) for such deposit, together with documentary evidence of the underlying transaction, if applicable, as the Bank may require.
11.12 Satabank may refuse to execute any funding, crediting of account following inward transfer, outward transfer or any payment transaction, Payment Order or other use of the Service if Satabank has reasonable grounds to suspect fraud, or a breach of the applicable Terms and Conditions by Client, or a violation of law, regulation of Card Organization or other Organization, or for risk or compliance reasons. Transactions may also be delayed due to Satabank's compliance with its obligations under applicable anti-money-laundering legislation, including if Satabank suspects that the transaction involves fraud or illegal or non-acceptable activities. In the event that Satabank refuses to execute a Funding or Payment transaction or Payment Order, Client will be notified, unless it is unlawful for Satabank to do so or would compromise reasonable security measures. For risk or compliance purposes Satabank might require additional information or additional documents and/or gather such additional information and/or documents necessary for performing of the operation, prior or after the operation. Satabank may reject performing of a payment operation for risk, risk of reputaional damages or compliance reasons, for which Satabank shall not be responsible.
11.13 Client acknowledges and agrees that if Satabank disables access to the account/s or to any payment instrument by stopping the use of Client Identifying Credentials, or specific accounts, Client may be prevented from accessing the Service, Client's account details or any files or other content which are contained in Client's account or connected to Client account/s or payment instruments.
11.14 Satabank is not liable for declined payment transactions or lack of Service, due to lack of enough balance in the account or linked funding instrument/s, lack of Internet, or problems with hardware or software of Client, or exceeding the limits set by Client as allowed by the Service, or the general limits, determined by Satabank, or any other reason beyond the reasonable control of the Satabank.
11.15 Non-satisfaction of the conditions in these Terms and Conditions and/or Satabank Acceptance Policy, may result in immediate suspension of the Client's use of the Service, blocking of funds in Client's account, right of Satabank to withhold funds in Client's account for satisfaction of damages incurred by Satabank, because of Client breach, claim by Satabank against Client, initiation of procedures before competent regulatory bodies or Card Organizations, and also termination of these Terms and Conditions without prior notice to Client.
12.1 In the absence of a written agreement providing otherwise, the amount of interest, fees and charges for the Services shall be those given in the Tariff of Charges. In case of services which are not listed therein, Satabank shall charge rates/amount of interest, fees and charges according to Satabank sole discretion. If Client does not agree with the bank charges, commissions or fees, Client has the right to terminate the Service as provided hereunder in Section 14 "Termination of the Business Relationship".
12.2 Where Satabank has incurred expenses upon Client's instructions, such as legal and notarial fees, court fees, maintenance costs, insurance fees, and so on, these expenses will be borne by the Client. Client agrees that the Bank is authorized to debit the Client's Account directly without having to obtain his/her consent each time a direct debit is made.
12.3 Tariff may be changed by Satabank unilaterally with 2 (two)-month notice to Client. Updates in Tariff will be indicated in the office of Satabank, on the website for the Service or via the online account, and the Client will be duly notified in accordance to the Terms and Conditions. Satabank may charge fee for transfers, if it is stated in the Tariff.
12.4 Currency conversion: If a transaction involves a currency conversion, it will be completed at a foreign exchange rate determined by Satabank. Satabank may charge a foreign exchange fee expressed as a certain percentage above the exchange rate if such fee is stated in the Tariff. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which Satabank obtains foreign currency). The exchange rate may be updated daily by Satabank and can be viewed on the website for the Service or in the online account. The applicable exchange rate and the "Currency Converter" tool can be accessed through the online account of the Service and used to see what foreign exchange rates plus foreign exchange fee apply for a certain transaction, involving currency exchange.
12.5 Where a currency conversion is offered by Satabank at the point of sale Client will be shown the foreign exchange rate that will be applied to the transaction before authorising the payment transaction on the website of Satabank for the Service. By proceeding with authorisation of the payment transaction Client is agreeing to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by Satabank, Client chooses to authorise the payment transaction on the basis of the Merchant's exchange rate and charges, Satabank has no liability to Client for that currency conversion. Where Client payment for e-money is funded by a Debit or Credit Card and involves a currency conversion, by entering into these Terms and Conditions Client consents to and authorises Satabank to convert the currency in place of Client Credit or Debit card issuer.
12.6 In case of an inward transfer in a currency different from the currency of the account, Satabank shall credit the account, converting the received amount into the currency of the account in accordance with the exchange rates "buy"/ "sell" for the relevant currency and the currency of the account. If Satabank does not quote the respective currency Satabank has the right to reject the transfer. Satabank exchange rates are defined in accordance with the relevant trade market scales of the currencies, so rates are subject of adjustment depending on the changes in the market conditions. Satabank shall apply the exchange rate in force in the day of crediting the account, which may be different from the one announced at Satabank premises or on the web site: www.sata.bank for the date of the operation. The exact exchange rate applied shall be indicated in the statement of account.
12.7 In case where the balance in Client's account in certain currency is not enough to cover the amount of a certain transaction or debit operation Satabank shall be entitled not to execute the transaction or to debit another account of the Client in other currency. Client agrees and authorizes Satabank to debit the necessary amount from available balance in Client's account held in other currency, applying the foreign exchange rate of Satabank for the date of the conversion, notified on Satabank website for the Service. The priority order for conversion of currencies in Client's account is given after System's default order or may be set by Client in which case Satabank is obliged to keep the manually determined order.
12.8 Payment transactions with Card, made in a currency other than the currency of the issued Card, will be converted by Satabank applying foreign exchange fee expressed as a certain percentage above the effective foreign exchange rate of the respective Card Organization for day in which the payment transaction has been executed, cleared or settled with the Card Organization. Foreign exchange fee is shown in the tariff and retained by Satabank. All fees shall be charged to Client in the currency of the issued Card.
12.9 Satabank shall not be liable for any adverse effects arising as a result in fluctuations in currencies in the event that it retains funds in one currency and does not convert them to another or, conversely, if it converts currency into the business relationship currency from the currency in which they were received by it.
12.10 In case where Client's account has been blocked by Satabank for compliance or security reasons, or under order by a regulator, and this situation has not been rectified within a period of 2 (two) years from date of blocking, we shall be entitled to charge a Non-compliant fee in the amount of 15 EUR per month from any outstanding balance until rectification of the non-compliance or depletion of the funds in the account, in which last case we have the right to Terminate the Agreement and close the account.
13.1.1 Notwithstaning the conditions under 13.2. Client who has acted as a Consumer shall be liable for all losses incurred in respect of unauthorised transactions, as a result of use of lost or stolen payment instrument or from its misappropriation, before it is reported for up to a maximum of 50 (fifty) EUR unless the Client was able to detect the loss, theft or misappropriation of the payment instrument before the payment was made or the loss was caused by acts or lack of action of an employee, agent or branch of Satabank. Client who has not acted as a Consumer shall be liable without limitation for all losses incurred in respect of unauthorised or incorrect transactions, as a result of use of lost or stolen payment instrument or incorrect payment orders. The above Client's liability cap of 50 EUR maximum arising from unauthorized transactions shall likewise apply in the event of transactions made through a third-party payment service provider.
However, the Client shall be liable for all losses arising from unauthorized payments if such losses were incurre due to fraudulent acts or to a breach of the obligations set out herein, whether eliberate or due to gross negligence.
13.1.2 However, Client shall be fully liable for all losses incurred in respect of unauthorised transactions and/or all damages, notwithstanding the amount of the losses or damages, if Client has acted fraudulently or has, with intent or gross negligence, failed to comply with the present Terms and Conditions or law, including Client's obligations to preserve the security of Client Identifying Credentials, providing access to Client's account or other payment instruments.
13.2.1 In the event of unauthorized transaction is made within the scope of this agreement, Satabank shall immediately refund the amount involved in said unauthorized transaction to the Client and, in any event, no later than by the end on the next working day following that on which the operation was noticed or reported. However, if there are reasonable grounds for suspecting the unauthorised payments are the result of the Customer's fraudulent conduct and such misgivings have been reported to the regulator, the Bank shall be entitled to conduct an enquiry before returning the amount paid.
13.2.2 In the event that an unauthorized payment is made through a third-party payment service provider approved by a payment initiation service, Satabank shall immediately refund the amount involved in said unauthorized transaction no later than by the end on the next working day. If applicable, the status of the debited account shall be restored to the state it would have been had the unauthorized transaction not been made, nothwistanding any rights of recourse to which we may be entitled against the payment service provider.
13.3 Client shall be entitled to redress losses (excluding fees or interest in case of Clients who are not Consumers) incurred by Client in respect of unauthorised or incorrect transactions made after Client has informed Satabank for the unauthorized or incorrect transaction and Satabank has been able to block the Account and/or Card or other payment instrument without undue delay in the day when the Client's account was debited or within 7 (seven) days afterwards, and in case where Client is Consumer, no later than any longer period after the debit date, as provided in applicable legislation in the interest of consumer. Satabank will, on Client request, make efforts to trace the transaction and notify Client of the outcome. Where Client is entitled to redress, Satabank will refund the amount of the unauthorised transactions, less applicable fees as per Tariff, by crediting Client's account.
13.4.1 Client agrees to indemnify, defend and hold harmless Satabank, from and against any losses or negative balance on Account or Cards, resulting from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, "Claim" or "Claims") which Satabank may at any time during the term of these Terms and Conditions or within 5 (five) years after its termination incur, sustain or become subject as a result of any Claim and: (a) connected to the Client’s or his employees, agents or sub-contractors, or third parties using the Service; or (b) arising out of the Client’s or his employees, agents or sub-contractors, or end customers or third parties using the Service, willful acts or omissions, gross negligence, or other similar wrongdoings or claims, or fraud, charge back, including, but not limited to amounts and fees debited or charged by Card Organizations for charge back, initiated by Client or third parties, offline transactions, recurring transactions, currency conversions, pre-authorization, manual operations, stand-in process, system malfunction, or other unlawful use; or (c) arising from Client’s or his employees, agents or sub-contractors, or end customers or third parties using the Service, failure to comply with any law or regulation including but not limited to AML, data protection laws and other rules and regulations. Client agrees that Satabank is authorized to satisfy immediately as they become due any obligations of Client by debiting or withdrawing directly funds from the Client’s account , or from Security provided by Client (if Security is provided), or any outstanding sums owed by Satabank to Client, including by debiting or charging the Funding instrument of Client. Satabank shall inform Client on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.
13.4.2 In case of outstanding obligations of Client towards Bank, Client agrees explicitly and irrevocably and authorizes the Bank to debit the amount of such obligations from Client's account/s with the Bank without prior notice in order to satisfy such obligations on Client's behalf. The information on the debit transaction value and date will be shown in the online account of Client.
13.5 Satabank shall have the right, in terms of the Set-Off and Netting on Insolvency Act (Chapter 459 of the Laws of Malta) which may be amended from time to time, to set-off all and any amount(s) due by Client to the Bank, against any amount due by the Bank to Client under any agreement with Satabank (which for the purposes of this clause shall constitute one agreement). If the obligations are in different currencies, Satabank may convert either obligation at a market rate of exchange in its usual course of business for the purposes of the set-off. If either obligation is unliquidated or unascertained, Satabank shall estimate the value of such obligation in a commercially reasonable manner and in good faith.
13.6 In case of delay for payment of amounts due to Satabank, Client shall owe a penalty for delay in the amount of the statutory interest according to the European Central Bank rate for each day of delay from the date of delay until payment of the full amount.
13.7 Right of Retention: Unless otherwise agreed between the parties in writing, according to Maltese law Satabank may exercise a right of retention over all Client's monies in Client's account/s with the Bank until all outstanding fees, costs, charges, expenses and liabilities due to Satabank have been paid in full.
13.8 Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes , which by law are obligations of Client, is Client's responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws.
13.9 Notwithstanding adopting any measures, it may deem fit, Satabank shall be released of liability in the event that a card is not accepted by a retailer or bank that has undertaken to sell goods or render services paid for by card, or in the event of incidents of a technical or operational nature that affects ATMs or POS terminals. Satabank will likewise be held harmless from any incidents and liabilities that may arise from transactions conducted between Satabank and the cardholder.
14.1 Client acknowledges and agrees that Satabank may stop providing the Service to Client, as provided in the present Terms and Conditions. Client may stop using the Service at any time, without need to inform Satabank when Client stops using the Service. The Terms and Conditions will continue to apply until terminated either by Client or Satabank, as set out below.
14.2 If Client wants to terminate legal Terms and Conditions with Satabank, Client may do so immediately and without charge for termination at any time by:
(1) Notifying Satabank, in accordance with clauses for communication by Client to Satabank below; and
(2) Closing Client's account for the Service, including withdrawing or redeeming the available balance; and
(3) Return of Card to Satabank.
14.3 In case of any risk of damages for Satabank, resulting from reversals, chargebacks, claims, fees, fines, penalties, Client's non-compliance with AML/FT or other regulations and other similar liabilities arising from Client‘s use of the Service, Satabank may hold the Client's funds for up to 180 (one hundred and eighty) days even after Termination of Terms and Conditions or shorter or longer period, as required by the law, including laws in favor of the consumer. Client will remain liable for all obligations arising under these Terms and Conditions even after Termination of Terms and Conditions and/or closing of account.
14.4 Satabank may, at any time close account or accounts of Client, or terminate the Terms and Conditions with Client, without notice if:
(1) Client has breached any material provision of the Terms and Conditions or law or Regulations of Card Organizations or other Organizations (or have acted in a manner which clearly shows that Client does not intend to or is unable to comply with the material provisions of the Terms and Conditions ), including, but not limited to:
(2) Satabank is required to do so by law or Regulations of Card Organizations or other Organizations (for example, where the provision of the Service to Client becomes non-compliant with the Regulations).
14.5 Unless a shorter period is provided in these Terms and Conditions, as permitted by law, Satabank may, at any time, terminate the Terms and Conditions by giving Client 2 (two) months' notice.
14.6 When these Terms and Conditions comes to an end, all of the legal rights, obligations and liabilities that Client and Satabank have benefited from, or which have accrued over time whilst the Terms and Conditions has been in force, or which are expressed to continue indefinitely, will be unaffected by this cessation, and the provisions of clause 20.5 will continue to apply to such rights, obligations and liabilities indefinitely.
14.7 Death and Change in Legal Status:
14.7.1 Individuals: Satabank will assume that the relationship between the Bank and the Client persists until the Bank is notified in writing about the death of the Client. The Bank must be notified by who is legally vested with the rights and obligations to act on behalf of Client's affairs and will take instructions from him/her/them. Such person may be the heir, legatee, administrator, executor or otherwise. The Bank shall be entitled to receive to its satisfaction such evidence, at Client's cost, as may be required by the Bank to establish the proper entitlement and authority of the person claiming to be in charge of acting on behalf of Client's affairs and the Bank shall not be bound to act upon such instructions until such time as the Bank is satisfied of such authority.
14.7.2 Legal Entities: In the event that Client is placed into liquidation, bankruptcy or administration or any other analogous process wherein a liquidator, curator or trustee or similar officer is appointed and in whom legal authority and representation is vested, to the exclusion of the persons Client may have nominated in the Bank Mandate, the Bank shall be entitled to receive to its satisfaction such evidence, at Client's cost, as the Bank may require to establish the proper entitlement and authority of the person claiming power to give the Bank instructions and the Bank shall not be bound to act upon such instructions until such time as the Bank is satisfied of such authority. In case where the legal entity or organization is dissolved, the succssessor of the assets in the account has to provide to the bank a legal document, proving that he is the succssessor of the assets in the account and he/she is entitled to dispose of these assets. The Bank may have additional requirements for identification and verification of a succssessor of the assets in the account or other documents prior to providing access to the account or afterwards.
15.1 Satabank, its Agents/Distributors or sub-contractors make no express warranties or representations with respect to the provision of the Service. In particular, Satabank, its Agents/Distributors or sub-contractors do not warrant to Client that:
(1) Client use of the Service will meet Client requirements or expectations;
(2) Client use of the Service will be uninterrupted, timely, secure or free from error; and
(3) Any information obtained by Client as a result of use of the Service will be accurate or reliable.
15.2 No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the Service, except to the extent that they are expressly set out in the present Terms and Conditions.
15.3 The Bank shall not be liable for:
(1) Any shortcomings or losses arising as a result of force majeure and;
(2) Any shortcoming or losses arising from the acts or omissions of any third party whose services of the Bank use for the performance, in full or in part, of its obligations towards the Client. In such cases the Bank shall not be liable for any loss or damage unless it has not exercised diligence in:
15.4 Nothing in the Terms and Conditions will affect those mandatory statutory rights to which Client is entitled as a consumer and that Client cannot contractually agree to alter or waive.
16.1 Nothing in the Terms and Conditions will exclude or limit Satabank's liability for losses which may not be lawfully excluded or limited by these Terms and Conditions or by applicable law.
16.2 Subject to clause 16.1 above, Satabank, its Agents/Distributors or sub-contractors or Licensees, will not be liable to Client for:
(1) Any indirect or consequential losses which may be incurred by Client. This will include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by Client;
(2) Any loss or damage which may be incurred by Client as a result of:
(3) Any compensation for fees or interest paid or levied on Clients who are not Consumers, as a result of non-performance or incorrect performance of a payment transaction;
(4) Unavailability of the premises of the Bank.
17.1 Client agrees that Satabank may make changes to the Terms and Conditions from time to time. Satabank shall give Client 2 (two) months' notice of changes in the Terms and Conditions, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by e-mail sent to Client e-mail address and/or by notifying Client in the online account or the website of the Service before their proposed date of entry into force.
17.2 Client understands and agrees that Client will be deemed to have accepted the changes unless Client notifies Satabank to the contrary by notice, as provided in clause 18.5 below, prior to the date on which the changes are to come into effect, in which case the Terms and Conditions will terminate without charge for termination immediately before the effective date of the changes.
17.3 Nothing in this Section 17 will limit:
(1) Satabank's right to update and revise its policies from time to time or to add new features to the Service from time to time without prior notice, which may be accepted by Client by using the new feature. Such revisions may take place using a method chosen at Satabank's discretion, and such method may include e-mail communication or publication on a Satabank website for the Service; and
(2) The parties' right to vary the terms of this Section 17, where the variation is not prohibited by law and both parties agree to it.
18.1 All information will be made available or provided to Client in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English.
18.2 For each transaction conducted through the Service, the Satabank shall provide the Client with information about the execution deadline, the related fees to which the Client shall be subject and, if applicable, a breakdown of the fees, provided such information is requested prior to execution. Once the fees have been debited from the Client’s account, Satabank shall provide to the Client the following information: (i) a reference number that enables the Client to identify each payment and, if applicable, information about the beneficiary; (ii) the amount involved in each payment; (iii) the amount of any fees charged and, if applicable, the corresponding breakdown; and (iv) the date of debit or receipt of a payment order.
The Client shall be entitled to request that the information in the above paragraph be provided or made accessible regularly, at least once a month, free of charge, provided the Client is allowed to store this information and reproduce it without changes.
18.3 Statements, notices and other communications to Client may be made by mail, e-mail, postings on the Satabank’s website for the Service or other reasonable means.
18.4 Satabank may communicate with Client regarding the Service by means of electronic communications, including (a) sending e-mail to Client e-mail address or (b) posting notices or communications on Satabank's website for the Service. Client agrees that Satabank may send electronic communications to Client in relation to any matter relating to Client use of the Service, including the Terms and Conditions (and revisions or amendments to the Terms and Conditions ), notices or disclosures regarding the Service and payment authorisations. Particular communications will be handled as follows:
(1) The Terms and Conditions will be provided to Client at the sign-up in a printable form;
(2) Changes to these Terms and Conditions after the sign-up will be provided in an e-mail sent to Client e-mail address and/or on the website for the Service or the online account;
(3) Except where these Terms and Conditions provides otherwise, a notice to terminate these Terms and Conditions will be provided in an e-mail sent to Client e-mail address;
(4) Information about balance or transactions or statements will be made available in Client's account accessible online via Internet or in the online account in transaction history;
(5) Information about a suspension of the Service will be made available in Client's account accessible online via Internet or in the online account; and
(6) Information about the rejection of transactions will be made available in Client's account accessible online via Internet or in the online account in transaction history.
18.5 Client should maintain copies of electronic communications by printing a paper copy or saving an electronic copy, and information that is provided to Client in an electronic format is provided under the assumption that Client will be able to print or save such information.
18.6 Any notice sent to Satabank under these Terms and Conditions should be sent by registered post to Satabank's address of registered office, stated above in the Terms and Conditions, except that:
(1) Notification of loss, theft, unauthorized use or security breach must be made immediately to the Contact Center of Satabank, on numbers notified to Client by Satabank or has to be sent, as soon as possible, through "Contact us" on Satabank's website for the Service or via the Client's e-mail stated in the Account opening form;
(2) Notification by Client that Client does not agree to the amendment of the Terms and Conditions and wishes to terminate the Terms and Conditions prior to entry into force of the amendments should be sent through "Contact us" on the website for the Service or via the Client's e-mail stated in the Account opening form from the Client or a person explicitly authorized by the Client.
(3) Claims by Customers for refunds of unauthorized transactions have to be sent with clear explanation of the claim, reasons in Customers oppinion why the transaction is unauthorized and a request for refund, through "Contact us" on Satabank's website for the Service or via the Client's e-mail stated in the Account opening form. Satabank reserves the right not to honour requests for refunds of unauthorized transactions made via the chat channel of communication, if available.
19.1 Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by Satabank should, in the first instance, be referred to Satabank in writing to the Complaints Officer, Satabank p.l.c. Aragon House – Business Centre, Dragonara Road, St. Julian's STJ 3140 or via e-mail on firstname.lastname@example.org. The Client has to clearly state the reasons for complaint. Satabank shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. The Bank will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Bank also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and the Client will be informed accordingly of the investigation's outcome. If the Client is still dissatisfied with the outcome of the Bank's investigation, he/she may direct his/her complaint to the Consumer Complaints Manager at the MFSA by writing to the Consumer Complaints Manager, Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta, or by calling free phone at 8007 4924, or +356 21441155, or via e-mail at email@example.com.
20.1 Unless otherwise expressly stated in the Terms and Conditions or Tariff, all amounts stated in the Terms and Conditions are denominated in EURO (EUR).
20.2 Sometimes Agents, Distributors or Sub-contractors of Satabank may provide all or part of the Service to Client on behalf of Satabank. Client acknowledges and agrees that Satabank has the right to use Agents, Distributors and sub-contractors to provide the Service to Client.
20.3 The Terms and Conditions, including Data Protection and Confidentiality Policy, Tariff and if applicable other appendices, constitutes the whole legal agreement between Client and Satabank and governs Client use of the Service (but excludes any services which Satabank may provide to Client under a separate written agreement) and completely replaces any prior agreements between Client and Satabank in relation to the Service.
20.4 Client agrees that if Satabank does not exercise or enforce any legal right or remedy which is contained in the Terms and Conditions (or which Satabank has the benefit of under any applicable law), this will not constitute a waiver of Satabank's rights and that those rights or remedies will still be available to Satabank.
20.5 If any court of law having the jurisdiction to decide on a matter relating to the Terms and Conditions rules that any provision of the Terms and Conditions is invalid in respect of a certain Client or Client, who is a Consumer, then that provision will be removed from the Terms and Conditions with this Client without affecting the rest of the Terms and Conditions. The remaining provisions of the Terms and Conditions will continue to be valid and enforceable.
20.6 Client may not assign Client rights under the Terms and Conditions or otherwise sub-contract or transfer any of Client rights or obligations under the Terms and Conditions without the prior written consent of Satabank.
20.7 Satabank may transfer its rights and obligations under the Terms and Conditions to third party, which is licensed as Electronic money institution giving to Client at least two-month notice previous the date of the transfer per e-mail. In case of such transfer and if Client disagrees with it Satabank shall provide the Client the possibility to terminate the Terms and Conditions free of taxes, penalties or other.
20.8 Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from Satabank IT systems, such as the platform of Satabank for accounts, the online account of Client, the website of Satabank for the Service, Card System of Satabank or BIN Sponsor, Issuer or Acquirer, Register of E-money of Satabank or other software systems or platforms used by Satabank in the capacity of regulated E-Money Institution or its Agents/Distributors or sub-contractors, in their capacity of authorized Agents/Distributors or sub-contractors of Satabank, licensed to use software or platforms of Satabank.
20.9 "Satabank", "Satabank Card", "Sata Direct", www.sata.bank, and all related URLs, logos, marks or designs, software, interfaces or other related to the Services, including logos and marks of Card Organizations are protected by copyright, trademark registration or Patent or other intellectual property right of Satabank or third party Licensor. Client may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without Satabank's prior written explicit consent to do so in a separate Terms and Conditions.
20.10 The Terms and Conditions and Client relationship with Satabank under the Terms and Conditions will be governed in all cases by Maltese law.
(1) Jurisdiction of competent Court between parties when Client is not a consumer: Both Parties agree to submit to the exclusive jurisdiction of the competent Court in the City of Valetta, Malta to resolve any dispute arising between them. Nevertheless the Client agrees that Satabank will still be allowed, upon Satabank's discretion, to bring a claim or apply for injunctive remedies (or an equivalent type of urgent legal relief) in any jurisdiction.
(2) Jurisdiction of competent Court between parties when Client has the capacity of consumer: Claims against defendants with the capacity of consumer shall be submitted to the competent Court as per Client's domicile.
The following defined terms are used in these General Terms and Conditions:
"Account" means all current and future accounts opened by the Bank in the name of its Customers and includes all monies or balances thereof, deposited therein, all accrued and accruing interest and all related rights.
"E-money account" means the e-money account that Satabank provides to the Client under these General Terms and Conditions and the Special terms for e-money. Depending on identification, verification or legal status the Bank may provide different e-money accounts such as Sata e-money Account, Sata e-money Prestige Account, Sata e-money Prestige Corporate, Sata Business e-money Account and Sata Corporate e-money Account.
"Bank" or "Satabank" means Satabank p.l.c., a credit institution existing under the laws of Malta, bearing registration number C66993 and having its registered office at Aragon Business Centre, Level 3 Dragonara Road, St Julians STJ 3140, Malta, together with its successors in title and assigns, and in so far as these General Terms and Conditions stipulate the giving of notices or information or other communications from the Client to the Bank.
"Balance" means any electronic money (e-money) in any currency, supported by Satabank that Client has in the Client's account/s for e-money.
"BIN Sponsor" or "Issuer" or "Acquirer" means a company different from Satabank, Principal Member of the Card Organizations, MasterCard, VISA, JCB and other, licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Satabank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.
"Business account" means an account used primarily for business purposes and not for personal, family, or household purposes.
"Business Day" means Mondays to Fridays excluding public and bank holidays in Malta, and on which day the Bank is open for business.
"Business Hours" means 08:00 hours to 16:00 hours Central European Time or as may be otherwise determined by the Bank from time to time.
"Card" and "Additional card" means "Satabank Card", or "Satabank Virtual Card", issued as part of the Service, when available, collectively called "Card" means a payment instrument with the logos of Satabank and one of the Card Organizations, providing possibility for the cardholder to submit payment orders for payment on POS and in Internet, or ATM transactions, such as cash withdrawal or balance check. The Card is linked to the account of Client for e-money. Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics, and is with or without cardholder names embossed. "Additional card" means a card, which is linked to the account of Client for e-money, that may be without Client names, or with Client names or with the names of members of the family or close associates of Client. Cardholders of additional cards, different from Client, do not have account for e-money and use the electronic money of Client.
"Client" or "User" means a natural or legal person or other type of entity, that registers for the Service as Client or actually uses the Service as Client. A natural person can also have a Business account, such he/she is not using primarily for personal needs.
"Corporate customer" or "Corporate Client" means a client that is a legal entity established under the laws of a certain jurisdiction. Corporate cusomers are eligeable for current accounts and e-money accounts.
"Client e-mail address" means the e-mail address provided by Client in the Account opening form or later amended by Client via the Service, which Satabank will use for communication with Client.
"Client mobile phone number" means the mobile phone number provided by Client in the Account opening form or later amended by Client via the Service, which Satabank will use for sending OTP to Client and for communication with Client.
"Currencies, supported by Satabank" means various currencies, supported by Satabank for the Service, in which Satabank issues electronic money, notified on the website of Satabank for the Service.
"Consumer" means a natural person, who uses the Service for personal needs, different from his/her business, commercial or professional needs or activities. Consumer-related protections shall also apply to Clients which are micro-enterprises and are protected as Consumers under the payment services legislation of their domicile. Any other natural or legal person, using the Service mainly for business, professional, commercial or other purposes, different from personal, family or households needs, is not a consumer, and some parts of these Terms and Conditions do not apply to persons who are not consumers or are dealt with differently.
"Disputes" means any disagreements, complaints, litigation, arrangements and/or other such disputes between Satabank and Client arising from these Terms and Conditions or in relation to the use of Service, or any applicable law.
"General Terms and Conditions" or "Terms and Conditions" shall mean these General Terms and Conditions of Business as the same may from time to time be amended.
"International Transfer" or "SHA, BEN or OUR" means an international outbound money transfer ordered by Client from Client's account to any bank account of a payee, executed via SWIFT system (international communications platform, products and services that allow banks and financial institutions to connect and exchange financial information securely and reliably, www.swift.com, to which Satabank is a member. "SHA, BEN or OUR" are codes of SWIFT rules, meaning that:
(1) in case Client selects code SHA (shared) Client pays Satabank`s charges and the beneficiary bears the charges of all the other banks (the intermediary bank, beneficiary bank, etc.). The beneficiary will receive the remaining balance;
(2) in case Client selects code BEN (beneficiary) beneficiary bears all charges of the banks engaged in the transfer of the payment. All charges as Satabank fee and those of the intermediary bank, beneficiary bank, etc. will be deducted from the transfer amount and the beneficiary will receive the remaining balance; or
(3) in case Client selects code OUR (our) Client bears all charges of the payment, which includes Satabank's fee, as well as all the other banks' fees (intermediary bank, beneficiary bank, etc.). The beneficiary receives the complete payment.
"Mass transfer" or "Mass payment" is part of the Service, available to Business accounts, which enables Client to submit payment orders for mass payments (multiple money transfers to various payees) via the Service;
"Non-payment transaction" means operation for check of balance, history of transactions, statements, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;
"Online account" or "Online banking" or also referred to as "Sata Direct", is a personalized payment instruments via which Client can provide instructions to Satabank for payment orders. It is a personalized online page, provided by Satabank to a Client, who successfully registers for the Service, which can be accessed by Client with Client's Identifying credentials and is used for making payment transactions online, as allowed by the Service;
"Payment Order" means all instructions validly made from the Payer or the Payee to Satabank, ordering execution of payment transaction;
"Payment transaction" means the transactions for money transfer or any other payment transactions with payment instrument available for the Service;
"Payer" means a Client that submits or on behalf of whom is submitted the payment order;
"Payee" means a Client that is a recipient of the amount of the payment transaction;
"Personalized security features" or "Identifying Credentials" means all personalized security characteristics of all payment instruments, such as the username and password, OTP (one time password), security codes and all other unique and/or identifying information that Satabank provides to Client to access Client's account and payment instruments and use the Service under these Terms and Conditions;
"Recurring Payment" means a payment under an arrangement where Client provides authorization to Satabank for a third party to collect a series of payments from the Card of Client or to execute transfers from Client's Account according to a Standing order;
"SEPA Transfer" and "SEPA Countries" means an outbound money transfer from Client's account and balance in EUR to any bank account in EUR in SEPA country, complaint with the EU Regulations of SEPA credit transfers. SEPA countries are all countries in EEA and other countries, including Switzerland, Lichtenstein, Iceland and others, officially listed by European Payment Council at http://www.europeanpaymentscouncil.eu/index.cfm/knowledge-bank/epc-documents/epc-list-of-sepa-scheme-countries/;
"Service" refers to any payment instruments and Account and/or any other service Satabank may provide to Client from time to time, including but not limited to accounts for e-money, such as Sata e-money account or Sata e-money Prestige account, current accounts for corporate customers or accounts for Term Deposits, in multiple currencies, supported by Satabank, identified with IBANs and all payment transactions, such as money transfers or others, which can be performed via the accounts, inlcuindg via the online banking;
"Standing order" means a payment order that Client gives to Satabank to perform a set of recurring money transfers or a payment with future date with defined amount, currency, beneficiary, start date and expiry date.
"Trusted beneficiary/ies" means payee/s (beneficiary/ies), which have been approved by the Client, following a procedure in the online banking and entry of OTP by the Client, to receive payments from the Client's account with Satabank only with confirmation from the Client via the online account and without need of entry of OTP for each payment order to such trusted benefiaciaries;
"Website for the Service" means the website of Satabank www.sata.bank or other website of Satabank, as indicated to Client, and all related URLs, provided by Satabank, accessed by Client via Internet, which is the interface used by Satabank for Registration of Client for the Service, concluding this General Terms and Conditions, providing information to Client prior to entry into Terms and Conditions and other important information for the Service and notifications, updated exchange currency rates of Satabank, login to Client online account for the Service and other important marketing, financial, legal and security information for the Service.
Satabank is a bank established under the Laws of Malta with Registration Number: C66993
Satabank is licensed to issue e-money, provide current and deposit accounts as well in the following EEA member states: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom.
Registered office and head office is situated at ‘Aragon Business Centre', Dragonara Road, St Julians STJ 3140, Malta.
Telephone Number: +356 2247 7900
24/7 Call center: +356 2247 7999
Update as of 13th of December 2017: art. 4.2, art. 5.5 (6), art. 6.1, art. 9.1, art. 12.10, art. 13.1.1, art. 13.1.2, art. 13.2.1, art. 13.2.2, art. 13.4.1, art. 13.4.2, art. 13.9, art. 18.2, art. 18.6 (3), art. 21