Electronic Money and Payment Account Agreement
To the General terms and conditions for the Provision of Payment Services
- Agreement means this Electronic Money and Payment Account
Agreement, which governs the procedures for the use of the
Account and the terms and conditions for the issue and
redemption of Electronic Money. This Agreement is referred to as
the Account Agreement in the General T&C and other agreements.
- Other terms used in the Agreement correspond to the terms
defined in the General T&C, the Law on Payments of the Republic
of Lithuania and the Law on Electronic Money and Electronic
Money Institutions of the Republic of Lithuania.
2. Subject Matter and Application of the Agreement
- Under the Agreement, We undertake to open a Account for You, to
accept funds from You, to issue an appropriate amount of
electronic money and credit it to Your Account, to execute Your
Orders for transferring and redeeming electronic money, to carry
out other payment transactions, to provide You with the ability
to manage the Account remotely by electronic means of
communication and to carry out any other actions permitted by
Us, and You undertake to pay to Us the fees set out in Our
Standard Rates for the services rendered and the transactions
3. Use of the Account, terms and conditions for the issue a redemption of electronic money
- The Account shall be opened in accordance with the procedures
and conditions set out in the General T&C.
- You may access Your Account by logging into Your User Account
through the System.
- You may transfer funds to the Account, receive funds into the
Account, hold funds in the Account, withdraw funds from the
Account (if We make this possible, e.g. by using a card at an
ATM), execute Orders, and carry out any other permitted
transactions in connection with the use of the Account.
- Orders shall be carried out in accordance with the procedures
and conditions laid down in the General T&C.
- The funds in the Account shall be Your property, except for the
amount of fees payable to the Institution, compensable losses
and other amounts to the extent provided for in the General T&C,
the Agreement, other agreements and/or legislation.
- The funds held in the Account are Electronic Money. After You
have transferred and/or accepted funds into the Account, We will
issue Electronic Money at the nominal value of the funds
transferred and/or accepted (after deduction of fees and
charges, if applicable) and credit them to the Account.
- We do not pay You any interest for holding Electronic Money in
the Account and do not provide any other benefits related to the
length of time You hold Electronic Money.
- You have the right to withdraw Electronic Money from the Account
at any time, unless the Account and/or the provision of the
Institution's services is blocked (or otherwise restricted) in
accordance with the General T&C, other Agreements and/or
legislation. When You withdraw Electronic Money from the
Account, We will redeem at face value the amount of Electronic
Money withdrawn by You (after deduction of fees and charges, if
applicable) and transfer it to a bank or other Account specified
by You or by any other means supported by Us.
- You may optionally withdraw all or part of the Electronic Money
from the Account during the term of the Agreement, and only all
of the Electronic Money at the end of the Agreement.
- We may charge an additional fee for the redemption of Electronic
Money in the following cases:
- The Customer requests redemption of Electronic Money before
the expiry of the Agreement;
- The Customer terminates the Agreement before the expiry of
the term specified in the Agreement;
- The Customer requests redemption of Electronic Money more
than one year after the expiry of the Agreement.
4. Opening of an Account for the formation of the authorised capital
- In addition to the regular Account, We can open a special
Account for You to build up the authorised capital on request.
- Such Account shall allow for the crediting of monies paid in for
the initial contribution and/or capital formation and other
related payment transactions in accordance with the General T&C
and this Agreement. Once You have registered a legal entity, You
can apply for a change from a special Account for the formation
of the share capital to an ordinary Account.
- We charge the fee set out in the Standard Rates for opening such
an Account and for carrying out transactions relating to it, for
converting such an Account into a regular Account or for closing
- We can prepare for You a document confirming the amount of Your
authorised capital. The fees set out in the Standard Rates shall
apply to the preparation, translation and dispatch of such a
- In the event that the legal entity is not registered, the
Agreement may be terminated.
5. Your rights
- To make payments and other transactions with the funds in the
Account and to use other services provided by Us in accordance
with the General T&C, the Agreement and other agreements.
- To enter into additional agreements with Us on the individual
terms of the Agreement.
6. Our rights
- Refuse to execute an Order submitted by You if We suspect that
the Order has not been submitted by You and/or Your authorised
person, or that the documents submitted to Us have been
falsified, and request additional documents and/or information.
- Refuse to execute an Order submitted by You if it is directed to
a country or Beneficial Owner that We do not serve.
- In the event that it becomes apparent that funds have been
incorrectly credited to or debited from the Account, or in the
event of other erroneous transactions on the Account, to correct
such errors without Your further consent.
- To withdraw funds from the Account without Your consent in the
event of enforcement of a court order or in other cases provided
for by law.
- Suspend the withdrawal and disbursement of funds from the
Account until You have paid all Your debts to Us, or in any
other case provided by law.
- Not to accept or execute Your Orders if the funds in the Account
are seized or Your right to dispose of the funds in the Account
is otherwise restricted.
- debit Your Account on the day of the provision of the service or
the execution of the transaction for the fees set out in the
Standard Rates for the services provided to You and the
transactions carried out, except as provided in Clause 8.2 of
the Agreement and as otherwise provided in other agreements.
- If third parties have made orders (Orders) to debit funds in
cases provided for by law, as well as if the Agreement or other
agreements provide for the right of the Institution to debit the
Customer's amounts payable to the Institution from the Account,
the Institution shall execute the Customer's Orders only after
it has complied with the third parties' orders (Orders) to
debit the funds from the Account and has debited the Account
with the amounts payable to the Customer's Institution pursuant
to the agreements.
7. Our Obligations
- To open an Account for You in euro or another agreed currency.
In case You receive payments in a currency other than the main
currency of the Account, an Account will be created for You in
the same IBAN number in the new currency with the code for that
- To credit the funds transferred to Our Account, to issue
Electronic Money at face value and to credit it to Your Account.
- To carry out Your Orders in accordance with the procedures and
within the time limits set out in the General T&C.
- To provide information on the status of the Account, including
Account statements showing the balance of the Account and the
transactions made, only to You and/or Your representative, if We
are able to do so.
- To advise You on management issues of the Account.
8. Your Obligations
- At the time of opening, maintaining and closing the Account, to
provide Us with the documents required by Us confirming Your or
Your representative's right to manage the Account and to
dispose of the funds therein.
- To pay the fees set out in the Standard Rates for the execution
of Orders and other services provided by Us. If on the day of
the transaction there are insufficient funds in the Account to
debit the fee, You agree that the fee for the transaction or
services rendered may be debited on any other day on which there
is a sufficient balance in Your Account.
- To ensure that the Account contains sufficient funds to execute
the Order and to pay the fees for the services rendered and the
transactions carried out. If there are insufficient funds in the
Account to debit the fee for the services rendered and the
transactions carried out, You agree that the Institution shall
debit the fee from Your other Account with the Institution. In
the event that the Account does not contain sufficient funds,
the Account will show Your indebtedness to Us, which You must
- To notify Us immediately of any funds erroneously credited to or
debited from the Account, or other erroneous Account
transactions. In the event that there are insufficient funds in
the Account to debit the erroneously credited amounts, You
unconditionally undertake to return the erroneously credited
funds to the Account to the Institution within 3 (three)
business days of the Institution's request.
- To ensure that the use of the Account does not violate the
agreements and the requirements of the legislation, and that the
funds in the Account are not used for illegal purposes or
derived from illegal activities.
- To use the Account in accordance with the provisions of the
General T&C governing its use and the terms of the Agreement, to
ensure the security and confidentiality of the Account and the
login data and to take active steps to prevent the use of the
Account and the login data by unauthorised third parties.
- If You become aware of any unauthorised use of and/or access to
the Account or its login details, or of any facts or suspicions
that such details have come to the attention of or may be
accessed by third parties, You must notify Us immediately, but
no later than within 1 (one) Business Day.
- We shall be liable for improperly executed Orders in accordance
with the procedure established by the General T&C and legal
- We are not liable for errors made by correspondents of banks and
other banks (including credit, electronic money or payment
institutions) or operators of payment schemes, actions of these
institutions, which may result in non-fulfilment of obligations
or delay in their fulfilment.
- We are not responsible for, and do not investigate, any
relationships or claims between payers and recipients.
- Other aspects of liability of the Parties are regulated in the
10. Validity, amendment and termination of the Agreement
- The Agreement shall enter into force on the date of its
signature, shall be of indefinite duration and shall remain in
force until its termination.
- The Agreement may be amended and terminated on the grounds and
in accordance with the procedure laid down in the General T&C.
- In addition to the grounds for termination set out in the
General T&C, We shall have the right to terminate the Agreement
unilaterally, out of court, without further notice in the event
that there have been no transactions on the Account for one
calendar year (transactions do not include automatic debiting of
the administration fee). Upon termination of the Agreement, We
will transfer the funds to another credit, electronic money or
payment institution Account specified by You. If You do not
instruct Us to transfer funds to another Account, We will
transfer the funds to Our internal Account and inform You of
- Termination of the Agreement shall constitute the grounds for
closure of the Account.
- At Your request, the Account may not be closed if the Account is
seized or subject to other restrictions.
- In the event of termination of the Agreement, You must fulfil
all of Your obligations under the Agreement that have arisen
during its term.
- The previous month's Account statements shall be deemed to have
been approved by the Customer if the Customer does not comment
to Us on the statement details within 15 (fifteen) calendar days
from the date of receipt of the statement.
- Individual terms and conditions of the Agreement shall be
confidential and shall not be disclosed to the public without
the consent of the other Party, except as provided by law.
- The Parties declare that at the time of the conclusion of the
Agreement they are not aware of any circumstances which prohibit
the conclusion of the Agreement or restrict the right of the
Parties to conclude the Agreement. The Customer declares that
all the terms and conditions of the Agreement comply with the
Customer's will, and that the terms and conditions of the
Agreement, its contents and the consequences of its conclusion
are understood and clear to the Customer.
- By entering into the Agreement, the Customer declares that he
has read and agrees to be bound by the General T&C, which
constitute an integral part of the Agreement, and that he is
aware of the conditions of issuing and redeeming Electronic