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Izola Saver Terms & Conditions

 

  1. INTRODUCTION

These terms and conditions (hereinafter the “Terms and Conditions”) are applied to and govern the use of your Izola Saver Accounts (as defined in clause 2 below) and your Izola Saver + Accounts (as defined in clause 2 below). These Terms and Conditions, which may be amended as stipulated in clause 23, govern the relationship between Izola Bank p.l.c., whose registered office is at 53-58 East Street Valletta, Malta, company registration number C16343 and the client making use of the Izola Saver Accounts and/or the Izola Saver + Account (hereinafter referred to as the “Client” or “you”). 

These Terms and Conditions should be read in conjunction with the Izola Bank General Terms and Conditions. In the event of a conflict between the Izola Bank General Terms and Conditions and the Terms and Conditions, the Terms and Conditions shall prevail.

 

  1. DEFINITIONS

In these Terms and Conditions, unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

Account: means the Izola Saver Account or the Izola Saver+ Account, as the case may be.

Account Opening Form: means the form to be completed by the Client for the purposes of opening an Account with the Bank and accessible by the Client from the Website.

Bank, we or us: means Izola Bank plc, a public limited liability company with registration number C16343 and whose registered office is at 53-58 East Street Valletta, Malta. 

Business Day: means a day when the Bank is open for business in Malta.

Customer ID: means the eight digit number assigned uniquely to you for the purpose of enabling you to login in to your Izola Saver Account. The Customer ID is provided as soon as you have submitted the Account Opening Form. You will retain the same Customer ID if you open additional Izola Saver Accounts. If a joint account is opened, each Izola Saver Account holder will have his/her own unique Customer ID.

Eligible Institution: means a credit institution licensed to carry on the business of banking in Malta, Belgium or France.

EUR or €: means the lawful currency of any member state of the European Community that adopts or has adopted the euro (€) as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.

Initial Deposit: means a minimum amount of EUR 25.

Internet Banking: means the secure pages of our Website where you will have access to your Account/s. 

Izola Saver Account: means an online-only savings account with a variable rate of interest held by the Bank in the Client’s name in accordance with the Terms and Conditions.

Izola Saver+ Account: means an online–only fixed term deposit account held by the Bank in the Client’s name in accordance with the Terms and Conditions.

Izola Saver Helpdesk: means the support staff of the Bank who may be reached by telephone on Freephone number 8007 2211 (Malta), by chat through https://malta.izolasaver.com or by email on helpdesk@izolasaver.com. The Izola Saver Helpdesk is open Monday to Friday from 08:00 hrs to 17:00 hrs CET on Business Days.

Principal Account: means an existing bank account held in your name with an Eligible Institution established in Malta, Belgium or France, depending on your residency, and designated as your ‘Principal Account’. You will be asked to enter the IBAN number of this bank account in your Account Opening Form.     

Security Information: means the Customer ID and secret question/answer referred to in clause 5.

SEPA Direct Debit:  means the mandate form authorising the Bank to send a direct debit request to your Eligible Institution with which the Principal Account is held and requesting such Eligible Institution to debit your Principal Account and transfer funds to your Izola Saver Account.

Website:  means www.izolasaver.com or any other website that may be notified from time to time by the Bank to the Client.

 

  1. INFORMATION ON YOUR IZOLA SAVER ACCOUNT

 

3.1       Eligibility

  1. To be eligible to open an Izola Saver Account you must have a Principal Account opened with an Eligible Institution in your name in the case of an individual account or, in the case of a joint account, in the names of both joint account holders. If for any reason the Principal Account is closed, then we will immediately close your Izola Saver Account.
  1. The Izola Saver Account is available as an individual or joint account, provided that joint account holders are two natural persons. The Izola Saver Account is not available for companies and other bodies corporate, trusts or charities.
  1. Persons wishing to open an Izola Saver Account must be at least eighteen years old.
  1. Opening of your Izola Saver Account is subject to a minimum opening deposit equal to the Initial Deposit. You must leave a minimum balance equal to the Initial Deposit on your Izola Saver Account at all times. There is no upper limit on the balance you can hold in your Izola Saver Account.
  1. The Izola Saver Account is denominated in the euro currency (EUR) only.
  1. There is no limit as to how many Izola Saver Accounts you can open as long as each Izola Saver Account is linked to a unique Principal Account.

 

3.2       Interest

  1. The interest rate on your Izola Saver Account is variable so it can be changed at any time at the Bank’s discretion. The applicable interest rate on your Izola Saver Account is available from the Website. We will notify you of any change in the interest rate on the Izola Saver Account by sending you an email and by posting a notification on the Website. 
  1. Interest is calculated on a 360 day basis on the daily outstanding balance on your Izola Saver Account at the end of the day and is credited annually to your Izola Saver account on 31 December or on day when the Account is closed.
  1. Interest will be paid gross (without tax being deducted) or net (with tax being deducted) depending on your selection in the Account Opening Form. You need to be resident in Malta for tax purposes in order to be able to receive interest net of tax. 
  1. If withholding tax is not deducted on interest payments, the Bank will inform the Commissioner of Inland Revenue of the amount of interest paid to you in accordance with the Income Tax Act (Cap. 123 of the laws of Malta) or the European Union Savings Directive (Council Directive 2003/48/EC of 3 June 2003).
  1. The Bank offers banking services in three countries: Malta, Belgium and France. We set our interest rates depending on market conditions prevailing in each of these countries. The interest rate applicable to your Izola Saver Account will depend on your country of residence.  

 

3.3       Statements

You will receive an annual paper statement of account after each year end which will list all transactions into or out of the Account for the preceding 12 month period. You are obliged to review this statement carefully and inform us immediately of any inaccuracies. We will promptly investigate and rectify any mistakes which may have occurred. If you do not contact us with any objection within 60 days from dispatch to you of the statement, we will assume that you have accepted the contents of this statement.

 

3.4       Fees and Charges

There are no fees or charges for opening or maintaining an Izola Saver Account.

 

  1. OPENING AN IZOLA SAVER ACCOUNT
  1. To open an Izola Saver Account you must complete, print and return the signed Account Opening Form to the Bank together with a photocopy of the identity card of each account holder and a recent proof of address which was issued within the last six months. This can be a utility bill such as a water & electricity /or gas bill or perhaps a bank statement which clearly indicates your permanent residential address and is in your name. The proof of address may be submitted to Izola Bank by e-mail as long as it is clearly legible.
  1. You must also make an Initial Deposit which must be made from the Principal Account. 
  1. The Izola Saver Account opening process will only be finalised once all account opening checks have been completed by us and the Initial Deposit is received. If we cannot successfully carry out these checks within 30 days of receipt of your application to open the Izola Saver Account, we may reject your application to open an Izola Saver Account and return your Initial Deposit to the Principal Account.   
  1. Once all account opening checks are completed to our satisfaction, the process leading to the activation of your Izola Saver Account will be commenced in accordance with clause 5 below.

 

  1. ACTIVATION OF YOUR IZOLA SAVER ACCOUNT
  1. Once your Izola Saver account is opened by us, you will receive an email on your email address specified by you in the Account Opening Form which contains an activation link to a first-time login screen. When you click on the emailed link, an activation code is generated immediately and sent to you via SMS / e-mail. The page that you are directed to requires two inputs: (i) the Customer ID number (this would have been sent to you separately when you filled in and submitted the Account Opening Form); and (ii) the activation code which you will receive by SMS / e-mail.
  1. You then input your Customer ID number and activation code. If these are correct, you are asked to provide a password of your choice and to confirm it. This password must be at least 6 to 10 alphanumeric characters in length, and contain at least one uppercase letter, one lowercase letter, one number and one symbol eg: Abc!23.
  1. You are then asked to provide a ‘secret answer’ to a question that you select. The system displays a successful password creation message. You are then presented with the normal login page. On this page you will enter your Customer ID (this would have been sent to you separately when you filled in and submitted the Account Opening Form) and the password which you have just created. You will then be able to log in for the first time.
  1. Once you access Internet Banking by entering your Customer ID and password you acknowledge and agree that all transactions you enter and confirm cannot be cancelled or revoked. 

 

  1.       PAYMENTS INTO AND OUT OF YOUR IZOLA SAVER ACCOUNT

 

6.1       Incoming Payments

  1. The Bank will only accept a deposit of funds into the Izola Saver Account by a transfer from the Principal Account. Any funds received by the Bank for the credit of an Izola Saver Account which are not originating from the linked Principal Account will be immediately returned to the originating account. We will always advise you of rejected funds. No cash or cheque deposits are accepted. 
  1. Incoming funds will be credited to the Account on the day of receipt. Funds received after 14:00 CET will be credited to the account on the next business day.
  1. At our discretion we may refuse to accept a payment received for the credit of your Izola Saver Account in which case we will reject the relevant deposit and return the funds to the originating Principal Account. We will advise you of all such rejections. 
  1. You can use the Website itself to transfer funds into your Izola Saver Account by using a SEPA direct debit. During the online application process (or even later, once you have opened your Izola Saver Account), you can sign a SEPA direct debit mandate authorising the Bank to send a direct debit request to your bank to debit your Principal Account and transfer funds to your Izola Saver Account.
  1. Once your SEPA direct debit is set up you need only to enter the amount you wish to transfer from your Principal Account and confirm the transaction. The Bank will send a direct debit request for you to your bank to transfer those funds to your Izola Saver Account. There is no charge for this transfer. 
  1. If you use this method of transferring funds to your Izola Saver Account, you must allow nine weeks to elapse before you can transfer these funds out of your Izola Saver Account for whatever reason. This is due to SEPA (Single European Payment Area) direct debit terms and conditions.

 

6.2       Outbound Payments

  1. You can make a withdrawal from your Izola Saver Account only by transferring funds back to the Principal Account. 
  1. You can withdraw all the funds available on your Account except for the minimum amount equal to the Initial Deposit.
  1. We will effect all your payment transfer instructions by SEPA Credit Transfer (SCT). You should allow up to one business day for the funds to be credited to your Principal Account. 
  1. If you enter your transfer instruction on Internet Banking after 14:00 CET on a business day, or on a day which is not a business day, then the transfer will be effected on the following business day. 
  1. At our discretion we may refuse to accept a payment transfer request. We will advise you of all such refusals. 

 

  1.      INFORMATION ON YOUR IZOLA SAVER+ ACCOUNT

7.1       Eligibility

  1. An Izola Saver+ Account is a term deposit account which you may open online through Internet Banking once you have already opened your Izola Saver Account. You may open Izola Saver+ Account for periods from a minimum of 1 up to 5, 7 and 10 years. For Izola Saver+ Account term deposits opened for a minimum of 1 to a maximum of 5 years’ duration you can choose to have interest paid quarterly, six monthly or annually.
  1. A minimum amount of EUR 500 is required to open an Izola Saver+ Account.    
  1. Once you have opened an Izola Saver+ Account you may not terminate such term deposit prior to its agreed maturity. The principal amount will be available only on the maturity of the term deposit. 

 

7.2       Interest

  1. Interest is calculated on a 360 day basis and is paid into the Izola Saver Account you selected as the source account when you opened the Izola Saver+ Account.
  1. The interest rate on your Izola Saver+ Account is fixed for the period you selected when opening your term deposit. The Bank may however change the interest rates for Izola Saver+ Accounts at its discretion. We shall advise you of all changes in term deposit interest rates by email or by posting these changes on the Website. Any change in rates will not affect any existing Izola Saver+ Accounts but will affect any new Izola Saver+ Accounts which may be opened after the change in interest rate is made known to you as aforesaid.
  1. The Bank offers banking services in three countries: Malta, Belgium and France. We set our interest rates depending on market conditions prevailing in each of these countries. The interest rate applicable to your Izola Saver+ Account/s will depend on your country of residence.  
  1. Interest will be paid gross (without tax being deducted) or net (with tax being deducted) depending on your selection in the Account Opening Form when you opened the related Izola Saver Account. You need to be resident in Malta for tax purposes in order to be able to receive interest net of tax. 
  1. If withholding tax is not deducted on interest payments, the Bank will inform the Commissioner of Inland Revenue of the amount of interest paid to you in accordance with the Income Tax Act (Cap. 123 of the laws of Malta) or the European Union Savings Directive (Council Directive 2003/48/EC of 3 June 2003).

 

7.3       Statements

We will not issue any confirmations on the opening of Izola Saver+ Accounts. You can view your Izola Saver+ Accounts on the “Account Overview” screen through Internet Banking. All accounting entries in relation to your Izola Saver+ Account can be seen in the “Recent Transactions” screen or on the annual statement provided for the Izola Saver Account you selected as the source account when you opened the Izola Saver+ Account. 

 

7.4       Fees and Charges

There are no fees or charges for opening or maintaining an Izola Saver+ Account.

 

  1. OPENING AN IZOLA SAVER+ ACCOUNT
  1. You have to log on to Internet Banking and click on the tab “Create Term Deposit” to open the page “Create Term Deposit Account”. You will need to select the Izola Saver Account from which the funds will be transferred to create the term deposit, enter the amount of your deposit, select the duration, and select (if applicable) when you to want to receive your interest (quarterly, six monthly or on an annual basis).
  1. Once you have confirmed the transaction, the Izola Saver+ Account will be immediately opened. You can view the Izola Saver+ Account details in the “Account Overview” section of Internet Banking. The EUR 25 initial deposit on the Izola Saver account will be blocked and cannot be used. This fee will only be returned if the account is closed.

 

  1. PAYMENTS INTO AND OUT OF YOUR IZOLA SAVER+ ACCOUNT
  1. As mentioned in clause 7.1, a minimum amount of EUR 500 is required to open an Izola Saver+ Account. No further payments into the relevant Izola Saver+ Account may be made once the Izola Saver+ Account is opened. On maturity of the term deposit or when interest payments are due, all amounts are paid directly to the Izola Saver Account you selected when opening the Izola Saver+ Account. 
  1. You will not be advised when your term deposit has matured. The maturing principal amount and related interest will automatically be credited to the Izola Saver Account you originally selected to open the maturing term deposit.
  1. No payments can be made out of this Account.

 

  1. JOINT ACCOUNTS
  1. Two customers applying to open the same Account are deemed to be joint Account holders.
  1. Customers who are joint Account holders acknowledge and agree that they shall be jointly and severally liable for any obligation incurred on the Account/s.
  1. Each joint Account holder has their own Customer ID and can log on to Internet Banking. Either joint Account holder can send us valid instructions. In other words the Bank will accept instructions through Internet Banking from either joint Account holder to transfer funds, open a term deposit account or to close an Account/s without any reference to the other joint Account holder.
  1. Similarly the Bank may provide any information on your joint Izola Saver Account or Izola Saver+ Account to either joint Account holder. Additionally Joint Account holders agree and authorise the Bank to act on information given by either of the Joint Account holders.
  1. Correspondence sent by post shall be sent to the mailing address of the First Account Holder indicated in the Account Opening Form and is deemed to be a valid and final notification to both joint Account holders.
  1. In the event the Bank is notified in writing that one of the joint Account holders has died, the Bank shall take instructions relating to the Account/s jointly from the heirs/legatees of the deceased and the surviving Account holder. All payments made from the Account/s before receipt of the written notice of death will be valid and binding on the heirs/legatees and the surviving Account holder.

 

  1. YOUR COMMITMENT TO US  

You shall inform us immediately, by calling the Izola Saver Helpdesk, through chat or by sending us an email, of any changes to your personal details submitted in the Account Opening Form.

It is your responsibility to keep your Security Information and password safe. 

You must not reveal your Security Information to anyone except when you call the Izola Saver Helpdesk.

You must not give your password to anyone. You will never be asked for your password when calling the Izola Saver helpdesk. 

You must keep your Customer ID and password separate at all times.

You must notify the Izola Saver Helpdesk immediately of any unauthorised access to Internet Banking or any unauthorised transaction or instruction which you know of or suspect.

If you are a politically exposed person or related to or closely associated with a politically exposed person you are required to declare this on the Account Opening Form. You also undertake to advise us if you become a politically exposed person or someone related to you or closely associated with you become a politically exposed person at any time subsequent to the opening of your Izola Saver Account/s.

You must always provide Izola bank with any new ID / Passport copies as well as new proof of address, should this change.

 

  1.      SECURITY

We will do our utmost to prevent unauthorised access to your Izola Saver Account. We reserve the right to immediately block all access to your Izola Saver Account if we have reason to believe there has been, or there is a real threat of, an attempt at unauthorised access.

You must read the Security page on our site www.izolasaver.com before accessing Internet Banking. You recognise that Internet Banking is accessed via the internet which is a public system over which we have no control. It is your duty to ensure that any computer, tablet or other device which you use to access Internet Banking is free from and adequately protected against computer viruses.

We will not be responsible for any loss or damage to your software, computer, computer networks, data or other equipment caused by using Internet Banking, unless such loss or damage is directly and solely caused by the Bank’s gross negligence. 

Procedure if you forget your Password

If you have forgotten your password but you still remember your Customer ID number, you must input your Customer ID number in the login area and click on “Forgotten Password”.
At this point, an email will be sent to you containing a clickable link. When you click on this link an activation code is generated and sent to you via SMS / e-mail. The page that you are directed to once you click the link will ask you for your Customer ID and the activation code received by SMS / e-mail. Once these are inputted correctly you will be asked to enter a new password.
Once you have successfully created a new password you will receive an email confirming that your password has changed and asking you to contact the Izola Saver Helpdesk immediately if you did not initiate the change password request yourself.

Procedure if you forget your Customer ID

You should call the Izola Saver Helpdesk. The Bank’s staff will ask you a number of questions to verify your identity. If the answers are correct, the Bank’s staff will provide you with your Customer ID number and instruct you to use the “Forgotten Password” functionality described immediately above.

 

  1.      DISRUPTION OF SERVICE

We have to suspend Internet Banking access from time to time in order to carry out routine or emergency maintenance work. We shall always endeavour to give you advance notice of any interruption in service by means of a notification on the Website or by sending you an email.

  1.      COMMUNICATION

We agree to communicate by phone, email, chat or post. Our mailing address is IzolaSaver Helpdesk, Izola Bank p.l.c., 58 East Street, Valletta VLT1251, Malta. Our email address is helpdesk@izolasaver.com. Our telephone numbers are free phone number 8007 2211 (Malta) or +356 21241258.  

We will contact you using the most recent phone, email or postal address you provided. You undertake to inform us immediately of any change to these details by calling the IzolaSaver helpdesk.    

  1.      LIABILITY

To the fullest extent permitted by law, and except to the extent that loss or damage is caused directly by the Bank’s gross negligence or wilful misconduct, the Bank shall not be liable to you for any loss or damage that you may suffer as a result of the use of the Bank’s products or the Bank’s services. In particular, but without limiting the generality of the foregoing, the Bank will not be liable for the delay in performing or failure to perform the obligations hereunder if the delay or failure results from events or circumstances outside the Bank’s reasonable control.

The Bank shall not be liable for any loss or damage caused to you resulting directly or indirectly from events of force majeure or measures taken by local or foreign legal or regulatory authorities.

The Bank shall not be liable for any direct or indirect loss of profit, goodwill, business, nor for any indirect or consequential loss or damage.

  1.      INDEMNITY

You shall indemnify and hold the Bank harmless from any loss or damage suffered by any person as a result of your breach of any of these Terms and Conditions.

  1.      CONFIDENTIALITY AND DATA PROTECTION

The Bank shall not communicate to a third party any confidential information relating to you, your assets, or the income and profits generated by the assets held in accounts, unless you have expressly authorised it to do so or as required by law.

The Bank will not be held responsible for divulging confidential information about you or your Izola Saver or Izola Saver+ Account/s to an unauthorised person over the phone if such person is able to supply us with the information we would normally request to identify you such as the secret answer to a question and other personal information.

During the supply of the services specified in these Terms and Conditions, the Bank may process your personal data according to the requirements of the Data Protection Act (Cap. 440 of the Laws of Malta). You may have disclosed such data to the Bank in any manner and primarily through completion of the Account Opening Form or other forms. Any processing of your personal data will be used for the following purposes:

  1. To manage the Account(s);
  2. To issue you with a relevant correspondence and provide the required products and services;
  3. For internal assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and for the purposes of developing and improving the Bank’s products and services;
  4. For the detection and prevention of fraud and other criminal activity which the Bank is bound to report to competent crime investigative and prosecuting authorities or other bodies;
  5. For direct marketing, such as to inform you by mail, telephone or email about other products and services supplied by the Bank, and for research purposes, with your consent.

As permitted or required by law, the Bank may disclose your information to Governmental bodies and agencies or regulators. Personal data in relation to transactions effected via SWIFT (Society for Worldwide Interbank Financial Telecommunication) may be required to be disclosed to the United States authorities in order to comply with legal requirements applicable in the United States for the prevention of crime.

Your personal data may be disclosed to or exchanged with all employees of the Bank, its associates and agents for the above purposes only and according to the rules of the data protection regulations issued by the Bank.

You have the right to request the Bank to inform you about your personal data held and processed and to request its correction where necessary. Furthermore, following the opening of an Account and during the course of the relationship between you and the Bank, you may, by normal postal letter, request the Bank to refrain from using your details for the purposes of direct marketing.

Whilst the Bank may periodically request you to re-confirm your data, you should inform the Bank immediately if such data has changed.

  1.      COMPLAINTS

Complaints may be sent to us by regular postal letter or by email. We will try and resolve your complaint as soon as possible and we shall employ our best efforts to provide a reply to all complaints within a maximum period of two working days. In any event, if a complaint requires the divulging of Account details, the Bank shall, for security reasons, reply through the normal postal mail. When lodging a complaint you should supply the Bank with as many details as possible such as date and time of particular events, and so forth.

In the event you are not satisfied with our reply you may refer the matter to the Consumer Complaints Manager at the Malta Financial Services Authority by writing to:

The Consumer Complaints Manager

Malta Financial Services Authority

Notabile Road, Attard BKR 3000

Malta

  1.      MONEY LAUNDERING

You certify that the assets placed or to be placed in the Account are or shall be the product of legitimate activity, and that the Account shall not be used for money laundering purposes.

The Bank shall not accept any liability for the transmission of information of whatever nature to the FIAU (Financial Intelligence Analysis Unit) Malta on its own initiative or on request.

  1.      DEPOSITOR COMPENSATION SCHEME

All Izola Saver Accounts and Izola Saver+ Accounts are eligible for cover by the Depositor Compensation Scheme.

The Bank is a participant in the Depositor Compensation Scheme as established in terms of the Depositor Compensation Scheme Regulations (Legal Notice 369 of 2003) as amended. Subject to the conditions imposed by the Scheme, balances on accounts denominated in Euro or in any other currency of an EEA State held with the Bank are guaranteed up to a maximum of EUR 100,000 or its equivalent in any other EEA currency per person. More information can be obtained from www.compensationschemes.org.mt.

  1.      MISCELLANEOUS

Information provided in the Terms and Conditions is general in nature and does not take into account your financial situation or investment requirements. Nothing in these Terms and Conditions or any other documentation supplied by the Bank to you should be construed as a solicitation, offer or recommendation, to acquire or dispose of any investment, product or service or to provide any investment advice or service. Nothing contained in any aforementioned documentation constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

You irrevocably authorise the Bank to correct errors, or reverse any entries on your Account made in error, automatically and without prior notice or authorisation.

  1.      TERMINATION

We shall assume that the relationship established between us shall persist until you advise us that you wish to terminate such relationship or, in the case of individual customers, that you are deceased. In the latter case, the Bank shall take instructions relating to the Account/s from the heirs/legatees of your estate. We will need to establish the proper entitlement and authority of such person/s, at your expense, and shall not be bound to act until such time as we are satisfied with such entitlement and authority. All payments made from the Account/s before receipt of the written notice of death will be valid and binding on the heirs/legatees.

We reserve the right, at our sole discretion to terminate the provision of any Account/s at any time by sending you a notice in writing specifying the date on which such termination shall take place. We shall provide you with reasonable notice of our intention to terminate the provision of your Account/s and in all cases such notice shall not be less than sixty days.

Unless required to do so under any legal or statutory requirement, we will not close an existing Izola Saver+ Account prior to the maturity of the relevant Account. 

  1. TRANSFERABILITY

Any Account opened with the Bank is not transferable, unless this is transferred causa mortis upon your decease, or unless we give our prior written consent thereto. We may also transfer your Account when we are required to do so in terms of any applicable law, or when we are ordered to do so by any competent court, tribunal, or administrative body, provided that in any of these cases we may, at our sole discretion, terminate any of your Accounts in accordance with clause 22.

  1.      AMENDMENTS TO TERMS & CONDITIONS

The present Terms and Conditions may be amended by the Bank at any time.

You shall be advised by the Bank through email or regular postal letter of any amendment to the Terms & Conditions.

Unless legal or statutory requirements specify otherwise, the amended Terms & Conditions shall enter into force sixty days after the date of the notification.

Each of the provisions of these Terms and Conditions is severable from the others, and if at any time any one or more of such provisions, is or becomes illegal, invalid or unenforceable, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.

  1.      INFORMATION ON IZOLA BANK

Izola Bank p.l.c. is a credit institution established as a public limited liability company under the laws of Malta and registered with the Maltese Registrar of Companies with company registration number C16343 and with its registered address at 53-58 East Street Valletta. 

The Bank’s main business is the provision of banking services and Izola Bank p.l.c. is licensed as a credit institution by the Malta Financial Services Authority, Notabile Road, Attard, BKR4000, Malta, website: www.mfsa.com.mt. 

The Bank’s principal place of business is 53-58 East Street Valletta,, Contact Details: +356 21241258 Facsimile: +356 21 241250 and this is also the contact address for the purpose of your Account agreement with the Bank.

26.       RIGHT OF WITHDRAWAL

You may withdraw from your agreement within 14 days of the date on which the Account is opened by giving the Bank written notice of your wish to close the Account and cancel the agreement. To give effect to your right to cancel, you should write or deliver a letter to the Bank. If you do not exercise this right to cancel, the Bank will assume you agree to continue to be bound by the terms and conditions of the agreement. This right to cancel only applies where all aspects of the Account application process have taken place away from the business premises of the Bank.

 

27.       DISTANCE SELLING REGULATIONS

Certain information contained in the Terms and Conditions is relevant to you only if you are dealing or have dealt with us at a distance, e.g. over the internet, by email, by telephone, by post and by other non face-to-face means. This information is supplied to you in accordance with the Bank’s obligations under the Distance Selling (Retail Financial Services) Regulations of 2005 issued by Legal Notice 36 of 2005, as amended by Legal Notice 116 of 2006. These regulations are only applicable to consumers, that is, customers whose Account is of a personal, and not business, nature.

28.       GOVERNING LAW

The present Terms and Conditions and, unless agreed otherwise, all the Bank’s and your rights and obligations shall be subject to Maltese law. The Courts of Malta shall have exclusive jurisdiction over all claims or disputes arising in the event of litigation.