1 General terms
The General Terms are available on the General Provisions that
together with this document govern the business relationship between the
Customer and Ferratum Bank plc.
Please refer to the definitions on the General Provisions that
together with this document govern the business relationship between the
Customer and Ferratum Bank plc.
3 The Ferratum Current Account
3.1 The Ferratum Current Account is an online account into which you can deposit funds from other banks, as well as transfer money to your own accounts with Ferratum Bank or to other banks.
3.2 You may have up to fifteen (15) Ferratum Current Accounts and Savings Accounts together at any time.
3.3 The Bank retains the right to limit the amount of funds you can hold in your Ferratum Current Account, as well as the maximum amount of funds that can be transferred out of your Accounts on a daily basis, in which case you will be notified accordingly by the Bank
3.4 The Ferratum Current Account can be denominated in EUR, SEK, GBP, PLN, DKK, NOK, CHF, and a number of currencies, as periodically published by the Bank in the updated List of Price, and upon the successful conclusion of the customer onboarding process three Ferratum Current Accounts will automatically be opened by the Bank in your name, each of which will be denominated in a different currency.
3.5 The Ferratum Current Accounts do not yield any interest.
4. The Ferratum Savings Account
4.1 The Ferratum Savings Account is an online account which the Bank can
open in your name after that the Ferratum Current Account opening process
has been successfully completed.
4.2 A Ferratum Savings Accounts will enable you to transfer money to your
own accounts with Ferratum Bank or to other banks, while deposits to this
Account can also be made from other Accounts and other banks.
4.3 You may have up to fifteen (15) Ferratum Current Accounts and Savings
Accounts together at any time.
4.4 The Bank retains the right to limit the amount of funds you can hold in
your Ferratum Current Account, as well as the maximum amount of funds that
can be transferred out of your Accounts on a daily basis, in which case you
will be notified accordingly by the Bank
4.5 The Ferratum Savings Account can be denominated in EUR, SEK, GBP, PLN, DKK, NOK, CHF, and a number of currencies, as periodically published by the Bank in the updated List of Price.
4.6 Ferratum Savings Account will yield interest at a rate that will be determined by the Bank from time to time. The applicable rates can be obtained from the Bank’s Website, your Online Account or from the Bank’s Customer Support Centre.
4.7 Once funds have been deposited in your Ferratum Savings Account, these can only be withdrawn immediatedy, subject to Bank’s approval.
4.8 Saving goal is a Savings Account on which the Customer can manage his/her savings. The saving goal will enable the Customer to transfer money to his/her own accounts with Ferratum Bank.
Customer can deposit money to saving goal only from his/her own Ferratum Bank’s Accounts.
5. Eligible Account Holders
5.1 The Accounts are available as individual accounts for natural persons.
The Account holder is the named owner of the Account but not the individual
with a power-of-attorney over the account. The Accounts are not available
for trusts, companies and other bodies corporate or charities.
5.2 An applicant becomes an Account holder once the Bank activates the
applicant’s first Account (see clause 6).
5.3 If you are related to/or closely associated with/or yourself are a
politically exposed person, who fulfils a prominent public function, you
are required to declare this on the Online Application prior to the
activation of the Account.
5.4 The Bank will only open Accounts in the name of its customers who are
acting on their own behalf. You accordingly understand that the Accounts
can only be used for transactions that you conduct in your own name and on
your own behalf, and that you concurrently bind yourself not to use the
accounts for the benefit of another person. Entrusting access or use of the
Accounts to a third party is prohibited, and will lead to the termination
of the business relationship with the Bank.
5.5 Applicants for business will only be accepted as customers by the Bank if they are nationals or domiciled in any one of the Member States of the European Union listed on Ferratum Bank’s Website, and are in possession of a valid identification document issued and officially recognised within the European Union.
6 Security and Access
6.1 The Bank will not request any of your Security Details, except as
explained in the Frequently Asked Questions. If you forget any of your
Security Details, or become aware or suspect that another person has gained
knowledge of one or more of your Security Details, you are advised to
immediately call the Bank’s Customer Support Centre and follow the
instructions contained in the Frequently Asked Questions.
6.2 It is your responsibility to ensure that Security Details relating to
your Online Account are kept safe. In particular, you must:
• in the event that you have lost any of your Security Details or if you
are aware or believe that someone else knows any of your Security Details,
has used your accounts or has stolen them, you should inform the Bank
immediately by calling the Bank’s Customer Support Centre;
• review the available transaction summaries and inform the Bank about any
unauthorised transactions immediately;
• not allow anyone else to use your Accounts; and
• adhere to any security warnings or advice the Bank provides you with,
including any security announcements on the Website and/or Online Account.
6.3 The Bank will do its utmost to prevent any unauthorised access to your
Online Account and to make sure it is secure, including taking reasonable
steps to protect the secrecy of your Security Details. The Bank reserves
the right to immediately discontinue the use of your Security Details to
access your Online Account, make withdrawals out of your Account or
otherwise carry out any other transactions:
• if the Bank has reason to believe that the Online Account is not, or may
not be, secure;
• if the Bank has reason to believe that there could be unauthorised or
fraudulent use of the Online Account, or
• if you have informed the Bank about any unauthorised or fraudulent use of
the Online Account.
6.4 If any of the Bank’s services accessible from your Online Account are
blocked, you may call the Bank’s Customer Support Centre or utilise the
message centre to request that the blocked service be enabled for use
6.5 You are urged to call the Bank’s Customer Support Centre or contact the
Bank through the message centre immediately should you encounter any of the
• if you are experiencing problems whilst using the Bank’s Website or
Ferratum Mobile App;
• if you notice any technical incident or other fault related to the way in
which you access your Online Account which might put the security of the
Bank’s services at risk; or
• if you notice any irregularities with any third party payment procedures
on other websites or elsewhere, which may lead to your Online Account being
used or accessed by someone without your authority.
7. Account Opening
7.1 To open an Account, you must complete the Online Application, as well
as read and accept these terms and conditions.
7.2 The Account opening process will only be completed once all account
opening checks have been satisfactorily carried out by. In some cases, such
as where suspicions have arisen on the identity of the applicant, the Bank
may reject your application to open the Account. In these circumstances,
you will not be treated as having opened an Account.
7.3 Once the Account opening process is successfully completed, the Account
shall be activated.
7.4 The Bank reserves the right to share your data with competent
authorities, so as to meet the Bank’s reporting obligations (for instance
to report tax information of EU residents).
7.5 You shall inform the Bank immediately, by sending the Bank a message
through your Online Account or calling the Ferratum Customer Support
Centre, should there be any changes to your personal details submitted in
your Account Opening Form.
8. Payments into your Account
8.1 Upon the successful completion of the account opening process you will
receive a confirmation message from us, following which the first transfer
of funds can be made to your Accounts.
9 Confirming transactions on your Accounts
9.1 Upon receipt from you of instructions to carry out a transaction, you
will receive a message on your Online Account.
9.2 Where, due to exceptional circumstances, access to the Bank’s Website
or the Ferratum Mobile App is suspended, the Bank may require alternative
means of satisfactory identification for it to be able to execute your
9.3 The Bank will not provide you with a separate written confirmation when
you receive funds in your Account. These amounts will appear on your Online
10 Transaction Summary
10.1 A transactions summary showing details for transactions made
(including withdrawals, deposits, incoming and outgoing payments, interest
paid and other account activity as may be applicable) on your open
Account(s) is available to you at any time from your online Account. This
will show transactions as they have been processed and will be stored on
the Bank’s systems.
11 Statements and Transaction Data
11.1 The Bank will provide a monthly statement of Account/s through the
transaction history available through your Online Account. You accept to
receive the monthly statement and any other statements electronically
through your Online account.
11.2 If you would like the Bank to send you a copy of an ad hoc Statement,
you can call the Bank’s Customer Support Centre. Ad hoc Statements are
subject to the charge specified in the table of fees, available from the
11.3 For the purpose of your Statements and Transactions Summaries, a day
runs from 8am to 3pm CET and instructions received later than 3pm CET shall
be deemed to have been received the following day.
11.4 You are required to examine all the Statements of your Ferratum
Accounts, notes and other Statements immediately upon receipt. In case of
any inaccuracy or incompleteness, you are obliged to notify the Bank
immediately and in any case by not later than one (1) month from receipt of
such Bank documents. In all such cases, following verification, the Bank
shall rectify the mistakes. If the Bank does not receive any objections
within one (1) month of receipt, or deemed receipt of the relevant
documents, then you shall be deemed to have accepted the contents of such
12 Fees and charges
12.1 The fees and charges applicable to the Accounts, the Ferratum Card and
any other Bank products and services are those specified in the table of
fees, as issued by the Bank from time to time, and which is available from
the Bank’s website or through the Ferratum Mobile App. The table of fees
can also be obtained by you on demand through the Bank’s Customer Support
13 The Ferratum Card
13.1 The Ferratum Card shall be issued by the Bank upon the successful
completion of the on-boarding process.
13.2 You must sign the Card immediately upon receipt. The Card may only be
used by you, and you must take great care of it. You must not interfere
with any magnetic stripe or integrated circuit (chip) in the Card.
Furthermore you are not to disclose the Card number except when properly
using the Card and you are to comply with any other instructions which the
Bank may issue regarding the safekeeping of the Card and its number.
13.3 The Card remains the property of the Bank and must be returned on
13.4 You may only use the Card during the validity period shown and for
amounts which will not cause the Account limit to be exceeded. The Card
must not be used if cancelled or suspended by us.
13.5 You may only use the Card to pay for goods or services, or to obtain
cash advances, or for any other purpose that the Bank allows from time to
time. The Card must not be used for any illegal purposes. Use of the Card
i) accompanied by the Cardholder signing a sales voucher or order form
showing the Card number
(amongst other things); or ii) accompanied by the Cardholder entering the
PIN (Personal Identification Number) on the EPOS
(Electronic Point of Sale) terminal or PIN Pad to confirm and authorise a
transaction; or iii) through a cash or other machine, sometimes using a
iv) sometimes carried out over the telephone quoting the card number and
other details; or
v) through the internet or other electronic media (including interactive
television) quoting the card number and other details. The Bank strongly
recommends the use of ‘secure payment’ sites and software when using your
Card details over the Internet.
13.6 Your signature on the sales voucher or other order or authorisation
form showing your Card number, the quoting of your Card number and/or other
details over the telephone or internet or the inputting of your PIN
signifies your consent to execute a transaction.
13.7 A transaction cannot be revoked by yourself once you have given your
consent as mentioned above.
13.8 It will remain your sole responsibility to ensure that your renewed
Card is in your possession prior to the expiry date of your Card. You must
give the Bank at least 30 days’ notice prior to expiry date of the Card if
you do not wish to renew your Card. If no such notification is received,
the Bank will have automatically have the right to issue a new Card.
14 Selecting and safeguarding your PIN
You will select your PIN during the customer on-boarding process with the
Bank. This PIN must be kept secret. This means that you must not disclose
it to anyone else including the police and/or Bank personnel or record it
in any way which allows another person to discover it. You are to comply
with any other instructions, which the Bank may issue regarding the
safekeeping of the PIN.
15 Loss of card or unauthorised use of Card
15.1 The Cardholder must take all the reasonable precautions to prevent the
loss, theft or fraudulent use of the Card and the PIN being disclosed to
any person. The Cardholder must read statements carefully when they become
available online or through the Ferratum Mobile App. The Cardholder must
notify the Bank immediately upon discovery, or even a suspicion of the
unauthorised use of the Card or that the Card has been lost, stolen,
misappropriated or that it may be misused or the Cardholder suspects or
there is any reason for the Cardholder to suspect that the PIN has become
known to another person. The Cardholder’s notification to the Bank of any
unauthorised transactions should not reach the Bank later than 13 months
after the discovery of such transactions.
15.2 Subject to clause 15.1 above and the provisions of this clause, the
Bank will generally investigate the unauthorised transactions and, if the
Bank is reasonably satisfied that the transaction was not authorised by you
and that you are not liable, the Bank will pay back to the Primary Account
the amounts of the unauthorised transactions (including any interest or
charges you paid as a result of the transaction, as well as any interest which the Bank would have paid you on that amount) over the amount of Euro 5 . Thereafter, the Bank will not have any further liability to you. You will bear the losses relating to any unauthorised payment transactions, up to a maximum of EUR 50, resulting from the use of a lost or stolen payment instrument or from the misappropriation of a payment instrument. You will however be unlimitedly responsible for any and all transactions carried out with your Card or your PIN prior to notification in terms of this clause, if you have:
• not used your Card in accordance with these General Terms and Conditions,
in particular, if you do not take all reasonable steps to keep safe your
Card and the PIN;
• not notified the Bank immediately on becoming aware of:
▪ the loss, theft, misappropriation or unauthorised use of the Card; or
▪ the recording on your Account/s of any unauthorised transactions; or
▪ any error or other irregularity in the maintaining of your Account/s by
▪ having any suspicions that the PIN is known by any unauthorised third
• recorded the PIN in any easily recognisable form, in particular on the
Card or on any item which you keep or carry with the Card;
• acted in any other way with gross negligence or fraudulently
15.3 After notification to us, you will not be liable for any transactions
carried out with your lost, stolen or misappropriated Card. This does not
however apply where you have acted fraudulently.
15.4 Notification should be made to the Bank through the message centre
available on your Online Account or by calling on +35620341533, which
number is available on a 24 hour basis. The Bank will then take the
necessary steps to stop the use of the Card.
15.5 The Bank will require information and your assistance to help it to
recover the Card or identify fraud. You are therefore to co-operate with
the Bank and with the police in the Bank’s efforts to recover the Card and
to investigate any unauthorised transactions you report on your Account. If
you are asked to report such transactions to the police, this must be done
as soon as possible.
15.6 Should you retrieve the Card after you have reported it lost or
stolen, you must not use it.
15.7 If you need a replacement Card you should request the Bank to issue a
replacement of the Card. A fee may apply for the replacement of a Card as
per the Table of Fees. You can change the PIN at any time through the card
services on your Online Account.
15.8 Depending on the country in which you are located the Bank also offers
an Emergency Card Replacement service, at a cost as per the Table of Fees.
If you require the use of this service, you are to contact the Bank’s
16 Funds and use of Cards
16.1 The Bank will charge to the Primary Account the amounts of all
transactions made with the Card in EUR, while any transactions made in
other selected currencies shall be charged to the associated Ferratum
Current Accounts in the corresponding currencies. Transactions in
currencies other than the above shall be charged to the Primary Account.
The Bank will also charge to your account any amount charged by another
bank for the use of their cash withdrawal or payment systems and all other
amounts you owe the Bank from time to time under these General Terms and
Conditions or any other terms in relation to the use of the Card or the
Accounts, and, subject to clause 15 above, even if you have not authorised
16.2 The Cardholder is to ensure that enough funds are available in the
Primary Account and the other associated Ferratum Current Accounts to meet
all transactions made with the Card.
16.3 Under no circumstances is the Cardholder authorised to overdraw the
16.4 In addition, notwithstanding the above, the Bank shall have the right
to refuse authorisation for any Card transaction for any valid reason,
including if there are not enough funds in the Primary or any other
associated Ferratum Current Accounts to meet such transaction (and the Bank
is not obliged to consider whether any funds are available in any other
Account/s held by the Cardholder), if the transaction is in breach of any
of these Terms and Conditions, or if the Card or the Account has been or is
likely to be abused or if there is any other valid reason for doing so.
16.5 Where a merchant has sought authorisation from the Bank, the amount
authorised will reduce the balance available on the Primary Account.
16.6 If you use your Card for a cash withdrawal or to make a payment in a
currency other than the Currency of the Primary Account or the associated
Ferratum Current Accounts, the amounts will be converted into the Currency
of the Primary Account at the rates of exchange applicable at the time the
transactions are cleared by MasterCard and all charges are for the
Cardholder. The latest available exchange rates are available on the Bank’s
website or accessible through your Online Account. Exchange rates provided
on the Website or accessible through the Ferratum Mobile App are only made
available for indicative purposes, as these change constantly throughout
the day. You should be aware that in some circumstances exchange rates can
change drastically over a few minutes.
16.7 Cash withdrawals effected by means of the Card at any other bank or
ATM network may be subject to a fee, as per the other bank’s specific
tariff of charges. Ferratum Bank has no control or discretion over charges
or fees imposed by other banks or ATM network operators.
16.8 If the Cardholder would like to be able to give the Bank instructions
regarding the Accounts over the telephone the Bank will ask the Cardholder
a number of questions based on information known to the Bank about the
Cardholder and/or the Cardholder’s transactions on the Accounts before
accepting the Cardholder’s instructions. The Bank may ask other questions
to enable it to identify the Cardholder.
16.9 In the event that the Cardholder does not affect payment as agreed, or
if the Cardholder is in default, or in the event of any transaction being
in breach of these Terms and Conditions, the Bank may, by giving the
Cardholder prior notice, debit any account held by the Cardholder with the
Bank, with all or part of any amount due, interest and charges. This shall
be without prejudice to the Bank’s right to terminate the Agreement as
referred to below.
16.10 As a fraud prevention measure and/or if your Account has been opened
recently or in the event that circumstances arise which in the Bank’s
opinion cause or may cause a breach by you of these General Terms and
Conditions, the daily transaction and/or cash withdrawal limits may be
changed by the Bank as it is deemed appropriate in the circumstances.
Information about these limits may be obtained from the Bank’s website,
your Online Account, or the Bank’s Customer Support Centre.
17 Responsibility for checking statements and transaction data
17.1 You are responsible for checking statements, transaction data and the
information on individual Card transactions.
17.2 You are to contact the Bank immediately if you consider that a
transaction on your Account is unauthorised or in any manner incorrect.
18 Communication and payment instructions
18.1 You can provide the Bank with specific instructions or obtain
information about your Profile and/or Account through the Bank’s Website,
Ferratum Mobile App or by calling the Bank’s Customer Support Centre. You
are at all times requested to follow the instructions provided in the
Frequently Asked Questions when communicating with the Bank.
18.2 You agree that as long as the Bank is provided with the information
specified in the Frequently Asked Questions the Bank can (without getting
further confirmation from you) release confidential information the Bank
holds about you, and about your Account. In such cases the Bank shall not
be held responsible should an unauthorised person give the Bank the
18.3 An instruction to the Bank as per above is irrevocable and cannot be
cancelled or revoked.
18.4 The Bank may refuse to carry out an outgoing payment instruction or/and an incoming payment instruction. Before the Bank acts on a payment instruction, it may also require further confirmation from you or take additional steps to verify that you authorised it. For example, the Bank may ask you to provide more information to verify your identity. The Bank may refuse or delay carrying out an outgoing payment instruction or/and an incoming payment instruction if in certain instances including but without limitation where:
• there are not enough funds in your Account to make a withdrawal or
transfer of funds;
• the Bank is bound to comply with legal/regulatory requirements;
• the payment instruction is not clear or if you have given the Bank
insufficient details to carry out the payment instruction;
• the Bank believes that the payment instruction may have been given by you
or someone using any of your Security Details in order to obtain funds or
any other service illegally or fraudulently; or
• making the payment would mean you exceed any daily or other limit or
restriction on the payments that can be made into or out of your Account;
• the Bank believes or suspects instances of fraud, money laundering or funding of terrorism or any other situation giving rise to compliance concerns.
18.4.1 In order to assess the background of the incoming payment before the Bank decides on a rejection, blocking or credit of the payment, the Bank reserves the right to obtain additional information and documentation as well as corrected or supplemental payment instructions from the customer and from the ordering financial institution. Ferratum Bank shall not be liable to the client for any resulting delays in the credit or rejection. In the event of a rejection, Ferratum Bank is entitled to inform all parties involved in the transaction of the reason why the payment was not credited.
18.5 Unless the law states otherwise, the Bank will inform you as soon as
possible in the event of a refusal or delay in carrying out a payment
instruction. The Bank will inform you of the reasons for its refusal or
delay to make the payment and it shall inform you of any actions you may
take to correct any factual errors which led to the Bank’s refusal or
delay. The Bank will contact you through direct communication on the
message centre in your Online Account.
18.6 The Bank may at its discretion agree to accept instructions given by a
person who is your attorney (legal authority to act for you). In such cases
the Bank will require specific documentation to ensure that such attorney
is properly identified and to ensure he/she has been properly authorised.
18.7 On a day to day basis you will normally be able to access your
Profile/Accounts by means of your Online Account. However, routine
maintenance, excessive demand or traffic on the systems and any other
circumstances may slow, hinder or suspend online access.
18.8 The Bank cannot accept payment instructions or requests for
information about your Profile/Account by post or by e-mail.
18.9 You shall be adequately notified should the Bank’s contact details
18.10 The Bank will contact you through direct communication on the message
centre in your Online Account and/or mailing address. If your contact
details change, you are required to immediately update them through the
Bank’s Website or Ferratum Mobile App, or inform the Customer Support
Centre. Such notice will only be effective as from that time that the Bank
will have received it and verified the authenticity of the notice. Any
notice sent by the Bank to you through the message centre or mailing
address you communicated to the Bank will be binding on you. If you do not
inform the Bank about a change in your mailing address and, as a result,
mail is returned to us, the Bank may restrict access to the Online Account
until the Bank receives satisfactory proof of your new mailing address.
19 Transfer of funds between own accounts held at the Bank
19.1 Transfer of funds between own Accounts
Payment instructions will be processed in real time and interest at the
rate applicable to the relative Account (whether debit or credit) will be
calculated as from the same day.
Future dated payment instructions will be processed on the day stipulated
by you and interest at the rate applicable to the relative Account (whether
debit or credit) will be calculated as from the same day.
In addition to the interest rate, the foreign exchange rate applicable on
that day will apply.
20 Transfer of funds to third parties
20.1 Payment in any currency of the EEA to a third party account with the
Bank or to any account held with a bank in the EEA
20.1.1 Destination account held with the Bank:
Unless otherwise agreed:
a) payment instructions will be processed real time and interest at the
rate applicable to the relative Account (whether debit or credit) will be
calculated as from the same day;
b) future dated payment instructions will be processed on the day
stipulated by you and interest at the rate applicable to the relative
Account (whether debit or credit) will be calculated as from the same day.
In addition to the interest rate, the foreign exchange rate applicable on
that day will apply.
20.1.2 Destination account held with another EEA bank: Unless otherwise
a) Payment instructions received before Cut-off Time will be debited to
your Account real time and interest at the rate applicable to the relative
Account (debit) will be calculated as from the same day. The payment
instructions will be transmitted on the same day. In addition to the
interest rate, the foreign exchange rate applicable on that day will apply.
b) Payment instructions received after Cut-off Time or on a day which is
not a Business Day will be debited to your Account real time and interest
at the rate applicable to the relative Account (debit) will be calculated
as from the same day. The payment instructions will be transmitted to the
receiving bank on the next Business Day.
c) Future dated payment instructions will be debited to your Account on the
day stipulated by you and interest at the rate applicable to the relative
Account (debit) will be calculated as from the same day; Provided that if
such day is not a Business Day, whilst the said payment instructions will
be debited to your Account and interest at the rate applicable to the
relative Account (debit) will be calculated as from the day stipulated by
you, the payment instructions will also be transmitted to the receiving
bank on the next Business Day.
In addition to the interest rate, the foreign exchange rate applicable on
that day will apply.
You can ask the Bank for details of the period the payment will take to
arrive. The Bank will not be able to guarantee exactly when the payment
will be received by the receiving bank. This will depend on the banking
practice of that country, as well as the receiving bank’s processes.
The Bank cannot guarantee same day value payments for outgoing transfers to
third party accounts. Although the Bank endeavours to effect same day value
payment, this may vary depending on the currency in question.
In all cases, the Bank’s responsibility for the payment transaction ends
when the payment instruction is transmitted to the receiving bank.
20.1.3 Conditions applicable to destination accounts held with the Bank and
destination accounts held with other EEA banks
It shall be your responsibility to verify whether the payment transaction
is subject to any charge by third party banks, as applicable, and if
necessary to provide for same.
If the payment instructions are not applied and are returned to the Bank,
we will credit the returned funds, less the Bank’s charges, if applicable,
to the account which had been debited.
20.2 Payments in any currency of the EEA to an account held with a bank
outside the EEA
20.2.1 Payment instructions received before the Cut-Off Time will be
debited to your Account real time and interest at the rate applicable to
the relative Account (debit) will be calculated as from the same day. The
payment instructions will be transmitted to the receiving bank on the same
20.2.2 Payment instructions received after the Cut-Off Time or on a day
which is not a Business Day will be debited to your Account real time and
interest at the rate applicable to the relative Account (debit) will be
calculated as from the same day. The payment instructions will be
transmitted to the receiving bank on the next Business Day.
In addition to the interest rate, the foreign exchange rate applicable on
that day will apply.
The Bank’s responsibility for the payment transaction ends when the payment
instruction is transmitted to the receiving bank.
If the payment is in Euro (EUR), the payment will reach the other bank no
later than one (1) Business Day after the Bank received your payment
instruction. For payments in other EEA currencies, the payment will reach
the other bank no later than four (4) Business Days after the Bank received
your payment instruction.
You can ask the Bank for details of the time the payment will take to
arrive. However, the Bank will not be able to guarantee exactly when the
payment will be received by the receiving bank. This will depend on the
banking practice of that country, as well as the receiving bank’s
In addition, it shall be your responsibility to verify whether the payment
transaction is subject to any charge by the beneficiary banks, as
applicable, and if necessary, to provide for same.
If the payment instructions are not applied and are returned to us, the
Bank will credit the returned funds, less the Bank’s charges, if
applicable, to the account which had been debited.
20.3 SEPA Payments
The Bank will participate to the SEPA payments scheme indirectly through
its EUR correspondent, Deutsche Bank AG, Frankfurt am Main, Germany.
A SEPA Scheme is a set of rules, practices and standards to achieve
interoperability for the provision and operation of a SEPA payment
instrument agreed at interbank level.
The Bank will execute, through its informatics systems, the SEPA credit
transfers only by sending / receiving XML files related to outgoing /
incoming transactions, rejected transactions and returned transactions,
having as its basis the provisions stipulated in the Directive on Payments
Service (Directive 2007/64/EC) and the ISO 20022 standard.
21 Changes to these terms and conditions
21.1 The Bank reserves the right to amend these terms in full or in part at
any time for any reason at the Bank’s sole discretion (including any fees
and charges). For example, typically (but not exclusively), we may make
changes for security, legal, regulatory or market reasons or changes in
internationally accepted banking practice. The Bank will endeavour to
update you with any amendments to these terms and to inform you in advance.
The said updates will, in the absence of exceptional circumstances, be
provided by the Bank at least two months before date of entry into force of
such amendments, unless the changes are required due to a change in
relevant legislation or regulations and we are prevented from giving you
two months’ notice. In those circumstances, we will give you as much prior
notice as possible.
Unless you terminate your relationship with the Bank prior to the coming
into force of the amendments to these terms, you are deemed to have
accepted such amended terms which shall become binding upon you.
21.2 The Bank will notify you of a change in any of these terms by posting
it in the “Latest Updates” section on the Bank’s Website and through direct
communication on the message centre on your Online Account.
22 Interest and changes to interest rates on your Accounts
22.1 The interest rate on the Ferratum Savings Account is variable. The
Bank will work out the interest due to you each day on the total balance in
your Ferratum Savings Account at the end of the day. The Bank will then add
the interest to your Ferratum Savings Account on the last Business Day of
22.2 The Bank will pay gross interest (interest without tax being deducted) on the Ferratum Savings and Ferratum Fixed Term Deposit Accounts. If your tax residency circumstances change, please inform the Bank immediately by calling the Ferratum Customer Support Centre or through the message centre on your Online Account.
22.3 You can view the applicable interest rate daily from the Bank’s
22.4 Changes in the interest rates or exchange rates may be applied
immediately and without prior notice provided that the changes are based on
changes of the reference interest or exchange rates. The Bank shall inform
you of any change in the interest rate at the earliest convenience.
23 Closing your Accounts
23.1 You may request to have your Accounts closed at any time, subject to a
thirty (30) day notice period, by contacting the Bank’s Customer Support
Centre or by sending the Bank a message through your Online Account. In
satisfying your closure request the Bank will transfer any balance and
interest (after deducting any fees or charges that may be due) to an
account of your choice.
23.2 Unless and until you exercise your right to close all your Accounts
under 23.1, you shall be subject to these terms and conditions.
23.3 The Bank reserves to the right to close any/all of your Accounts by
giving you at least sixty days’ (60) notice in writing (sent through the
communication centre or by post).
23.4 The Bank reserves the right to close your Accounts immediately should
certain circumstances be deemed by the Bank to have become exceptional.
Examples of these circumstances would be if:
• the Bank reasonably believes that you are no longer eligible to hold the
• the Bank reasonably believes your conduct, relating to any one or more of
the Accounts, is untenable;
• you have not met the Bank’s conditions relating to verification of your
• the Bank reasonably suspects that you or someone else are using the
account illegally or fraudulently;
• you have at any point in time provided the Bank with false information;
• you have refused or ignored to provide specific information requested, or
failed to complete and send to the Bank specific confirmations or
• you are in breach of any of these terms and conditions or of any other of
the Bank’s terms and conditions that apply to your business relationship or
transactions with the Bank; or
• the Bank is expressly requested by relevant competent authorities to
close your Accounts or a category of accounts including your Accounts.
23.5 Closure of your Accounts, will not affect any legal rights or
obligations which may already have arisen or which may arise pending the
duration of the Bank’s relationship.
23.6 You may not terminate your Ferratum Fixed Term Deposit before maturity. Furthermore, whilst having an active Ferratum Fixed Term Deposit, you may not request to close the first Current Account that was opened with the Bank at your request.
24 Death of Customer
24.1 In the event of death, the Bank shall take instructions from the
person who is legally vested with the rights and obligations appertaining
to the Account or assets which the Bank holds in your name. Such person may
be the heir, legatee, administrator, executor or otherwise.
24.2 In the event of death, all payments made from your Account will be
valid and binding on you and your estate if they were made before the Bank
received adequate and sufficient written notice of your death.
25 Dormant Accounts
25.1 Dormant Accounts are those accounts which have been inactive for at
least one and a half calendar years. For security purposes, once inactive
for one and a half years, extra validations may be required next time you
withdraw from or deposit into the Account to ensure the authenticity of the
26.1 In the event that the Bank decides not to enforce any of the Bank’s
obligations under these terms and conditions against you, this shall not be
deemed to act as a waiver of any of the Bank’s rights.
26.2 Other costs may apply to your Account.
26.3 The Bank reserves the right to request additional information, at any
point in time, should this be deemed necessary.
26.4 Unless it is specified within these terms and conditions, no other
person has any rights under these terms and conditions other than you and
26.5 If anything which is outside the Bank’s control (such as technical
failures, power cuts or industrial action) prevents it from providing you
with any of the account services referred to in these conditions, the Bank
will do its best to solve the problem as quickly as it can. You agree that
the Bank is not liable, either directly or indirectly, for any interruption
of service until the service is restored.
26.6 To be able to utilise the Bank’s services you need to have a PC,
laptop or other similar device with the latest internet browser and/or a
smart phone running on either iOS or Android.
In these terms and conditions, unless the context otherwise requires:
• any reference to the singular shall include the plural and vice versa,
the use of the masculine pronoun shall include the feminine, the use of the
neutral pronoun shall include the masculine or the feminine as the case may
be and any reference to any Statute, Law or Regulation having the force of
Law or any section thereof includes reference to any modification thereto
or reenactment of such Statute, Law or Regulation having the force of Law
for the time being in force.
• a person shall include any physical person, firm, company corporation or
any other body or association of persons, whether such body or association
is corporate or unincorporated, or any two or more of the foregoing.
• The headings are used and inserted for convenience only and shall be
ignored in the interpretation of these terms and conditions.
• The nullity, invalidity, absence of binding force or un-enforceability of
any of the stipulations of these terms and conditions does not entail the
nullity, invalidity, absence of binding force or un-enforceability of the
other stipulations, which shall retain their full effect.
26.8 Use of location data
• Certain services use information about your physical location sent from
your mobile device, such as GPS signals. If you use these services, you
consent to us, our partners and licensees, and Google accessing,
monitoring, transmitting, collecting, maintaining, disclosing, processing
and using your location data to enable us and Google to provide the
relevant functionality in accordance with the terms and conditions, and
be asked to consent to the use of location services when you download the
Ferratum Banking App or, for iOS devices, the first time you use the
Ferratum ATM finder tool. You may withdraw this consent at any time by
turning off the location services settings on your mobile device.
• Access to Google Maps/Google Earth APIs through the Mobile Banking App is
subject to the separate Google terms and conditions available at
26.9 Force Majeure
26.9.1 The Bank’s obligations in terms of these General Terms and
Conditions shall be suspended for such period during which the Bank is
prevented from complying with said obligations due to Force Majeure,
provided that it has:
(a) notified the other Party of the existence of such Force Majeure,
(d) does everything in its/his/her power to comply with the obligations in
terms of the Credit Agreement notwithstanding the existence of Force
(c) fulfils its obligations once the Force Majeure event has ceased to
exist, within the time specified by the other Party.
26.9.2 For the avoidance of doubt, Force Majeure shall only suspend the
Bank’s obligation in so far as it is impossible for it to perform the same
and shall in no case excuse such the Bank from the obligation to perform
other obligations in terms of the applicable Terms and Conditions. Force
Majeure is understood to mean an event that is unpredictable and beyond the
Bank’s control, e.g. strike, legislative restriction imposed by the
government or an EU authority, sabotage, uprising, natural disasters or
similar circumstances causing impossibility in fulfilling the obligations
arising from the applicable Terms and Conditions.
26.10 Access to Terms and Conditions
These General Terms and Conditions are available at any time from the
Bank’s website and will also be sent to you via e-mail upon completion of
the account opening process.
26.11 Personal data processing
26.11.1 You acknowledge that the Bank shall process your personal data for
the purposes set out in these
General Terms and Conditions and any other applicable specific term and
conditions in accordance with
the Data Protection Act (Cap 440 of the Laws of Malta) and in terms of
complying with legal obligations to which the Bank is subject. You
additionally acknowledge that the Bank shall process your personal data:
• for the purpose of evaluating requests for the provision of its services;
• to issue Statements and provide the Bank’s products and services to you;
• for the purpose of providing the services you requested;
• for internal assessment and analysis, including for the purpose of
developing and improving the Bank’s services;
• for direct marketing, such as informing you by phone, through the message
centre, or other means about the Bank’s products and services and for
• for the detection and prevention of fraud, any other criminal activity
(including money laundering and terrorism financing); and
• if and when the Bank is required to do so under the Data Protection Act
(Cap 440 of the Laws of Malta) or other legislation applicable to the Bank.
26.11.2 You have the right to request the Bank to provide you with
information about the personal data held about you and to request its
correction or erasure, where necessary. You shall inform the Bank
immediately if there has been any change to the data provided to it. You
can also inform the Bank at no cost if you do not wish to receive any
direct marketing from it.
26.11.3 You consent to the processing by, and release of information
obtained by the Bank to, its employees and Ferratum Group Companies (as
defined in the Companies Act, Cap. 386 of the Laws of Malta), as well as
its business associates or agents, including third parties contracted by
the Bank for the furtherance of its products (including but not limited to,
the issue of credit, debit and/or payment Cards, processing of Statements
and the handling of bulk mail). Personal data in relation to transactions
effected via SWIFT, if any, may be required to be disclosed to the United
States authorities or any other authorities as required, in order to comply
with legal requirements applicable in the United States or in any other
country for the prevention of crime. Personal data may also need to be
disclosed if and when required under the Data Protection Act (Cap 440 of
the Laws of Malta) or any other legislation applicable to the Bank or when
required by any competent authority.
26.11.4 Without prejudice to the generality of the above clauses, you
consent to the transfer of your information between the Bank and entities
which process information on credit history of persons, and to place
information on the debt registers/databases containing credit histories of
debtors. You also consent to the transfer of your information by the Bank
to persons for the purpose of collecting overdue amounts.
26.11.5 You understand that it is necessary for the Bank to record all
voice telephone conversations for the performance of the Bank’s obligations
and in order to protect the Bank’s and your legitimate interests.
26.11.6 You may be invited to access or log into your personal internet
bank account with other third party banks while on the Bank’s Website. You
understand that by accessing/logging in to your personal internet bank
account from/through the Website, you are giving the Bank access to all the
data contained on such bank account/s and hereby explicitly authorises the
Bank to process such data within the meaning of the Data Protection Act.
26.12.1 Any complaints you may have are to be sent via mail or the Online
Account message centre and addressed to:
The Complaints Office
Ferratum Bank p.l.c., Tagliaferro Business Centre, Level 6, 14 High Street,
Sliema SLM 1551, Malta.
26.12.2 The Bank will try to resolve your complaint on the phone or as soon
as is reasonably possible. In the case we notice that the matter will
require more attention to be resolved, we will take your details and
arrange for your complaint to be fully investigated and addressed as soon
26.12.3 When the Bank receives your complaint you will receive an
acknowledgement within five Business Days.
26.12.4 If you are not satisfied, you may direct your complaint to the
Consumer Complaints Manager at the Malta Financial Services Authority by
The Consumer Complaints Manager
Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta
or via e-mail firstname.lastname@example.org
Or else, you may refer the matter in writing to the Office of the Arbiter
for Financial Services, as per the contact details provided below:
The Office of the Arbiter for Financial Services, First Floor, Pjazza San
Kalcidonuju, Floriana FRN 1530, Malta.
Further information may be obtained through the official website:
Freephone (local calls): 8007 2366 and Telephone: 2124 9245.
26.13 Right of Withdrawal
26.13.1 You have a right to withdraw from these terms and conditions within
14 days of the date of acceptance thereof (or receipt of these terms and
conditions, if you have chosen to receive these by email or mail, whichever
26.13.2 The right of withdrawal must be exercised through your Online
Account, and must at least include a statement showing an explicit intent
to withdraw from these terms and conditions, an undertaking to repay any
fees, charges or other sums due to the Bank, as well as an undertaking to
return to the Bank any Card or Cards issued by the Bank without undue delay
and no later than thirty (30) running days after exercising your right of
26.13.3 If at the time of withdrawal, the Bank has issued in your favour
any Card or Cards, these are to be returned immediately and by not later
than 30 calendar days from the date of withdrawal. Cards are to be returned
to the Bank by courier or registered mail to the attention of the Head of
Operations at the Bank’s address shown in clause 26.14.
26.13.4 Any fees, charges or other sums due to the Bank shall be settled
without undue delay after withdrawal, but not later than 30 calendar days
following the dispatch of the withdrawal notice. This clause shall survive
the termination of the terms and conditions.
26.14 About Ferratum Bank p.l.c.
Ferratum Bank p.l.c. is a public limited company, registered under the laws
of Malta with number C56251, with its registered address at Tagliaferro
Business Centre, Level 6, 14 High Street, Sliema SLM 1551, Malta.
Ferratum Bank p.l.c. is licensed as a credit institution by the Malta
Financial Services Authority, Notabile Road, BKR 3000, Attard, Malta
Details on how the Bank is regulated by the Malta Financial Services
Authority are available upon request.
Version 2.0 effective from 01.01.2018
To customers onboarded before 01.01.2018 this version applies from 01.03.2018