Deposit Trust Account Agreement
To the General terms and conditions for the Provision of Payment Services
1. Terms and Definitions
- Account Agreement - the Electronic Money and Payment Account
- Agreement - this Deposit Trust Agreement that governs the terms
and conditions of opening, managing, use and closing of a
- Deposit Trust Account - the account opened to persons who hold
the statutory right to have such an account so that they can
manage and store the money entrusted to them by other persons as
long as such money remains property of the beneficiary.
- Other terms used in the Agreement have meanings as defined in
the General T&C, the Account Agreement, the Republic of
Lithuania Law on Payments, and the Republic of Lithuania Law on
Electronic Money and Electronic Money Institutions.
2. Subject of the Agreement and Scope of Application
- In order to conclude the Agreement, You must have the Account
opened for you by the Institution in which Your own funds are
kept. In addition, You shall present to Us documents proving
that You have the statutory right to open and hold the Deposit
- Under this Agreement, We undertake to open the Deposit Trust
Account for You and You undertake to use the Deposit Trust
Account solely according to its intended purpose and pay Us the
fees for the services and transactions in accordance with the
- The General T&C and the Account Agreement shall form an integral
part of this Agreement. Provisions of the General T&C and the
Account Agreement shall apply in cases both directly stipulated
in the Agreement (e. g. termination of the Agreement) or not
directly stipulated (e. g. applicable law and resolution of
disputes) depending on the context. In the event of
contradiction or discrepancy between the terms and conditions of
the Agreement and the General T&C / the Account Agreement, the
terms and conditions of this Agreement shall prevail, unless the
Agreement states otherwise.
3. Management of the Deposit Trust Account
- Only funds owned by other persons that have been entrusted to
You on the temporary custody basis may be kept in the Deposit
- The Deposit Trust Account shall be opened in Your name but the
funds therein shall be owned, by the ownership right or on other
statutory grounds, by a specific beneficiary who has entrusted
the funds to You or for the benefit of whom the deposit was
made. Funds in the Deposit Trust Account shall not be subject to
recovery under executive writs issued against You, unless the
law establishes otherwise. In addition, the Deposit Trust
Account shall not be debited based on payment orders placed by
other persons including cases where You have given Your consent
to execution of such payment orders.
- A payment order for the transfer of funds to the Deposit Trust
Account must state, apart from other mandatory particulars that
are specified in the General T&C, the owner of the funds being
transferred to the Deposit Trust Account and the ground for the
transfer (e. g. agreement, court decision etc.). The ground for
the transfer of the funds shall be worded clearly, e. g. if the
funds are transferred under an agreement, then the date and type
of the agreement, parties to the agreement etc. shall be
specified. Analogous requirements shall apply to payment orders
for the transfer of funds from the Deposit Trust Account.
- You shall ensure that the funds are transferred from the Deposit
Trust Account only to their owner or other persons who are
entitled to receive them under the deposit conditions. We shall
have the right to refuse to execute Your payment orders if We
establish that they do not meet the condition stated in this
- In cases where We are unable to identify the owner of the funds
kept in the Deposit Trust Account (e. g. You have not submitted
documents on the basis of which we could perform such
identification of the beneficiary, or the documents are
unsuitable, unclear, inaccurate etc.), We have the right to
suspend the debiting of the Deposit Trust Account until the
owner of the funds is identified. In such a case, You shall
assume full liability for the restriction imposed on the Deposit
Trust Account. In order for Us to renew the performance of
transactions under the Agreement, You shall submit to Us, within
the time limit and in the format specified by Us, documents
according to which We can identify the beneficiary.
- We have the right to request, at any time, that You submit to Us
documents evidencing the ownership of the funds in the Deposit
Trust Account, the actual use of the deposit, and the necessity
of such use. Such documents shall be submitted within 5 (five)
business days after receiving Our request.
- You agree that the Institution may debit Your payment account
opened at the Institution with the fees for the services
provided and transactions completed under this Agreement, at the
rates specified in the Standard Rates. If You have more than one
payment account with the Institution, We shall have the right to
select the account for the debiting of such fees at Our own
discretion, without a prior notice.
- Fees for the services provided and transactions completed shall
be debited on the transaction date in the national currency or
another currency at the exchange rate set by the Institution.
- The Deposit Trust Account shall not be linked to a payment card
as a tool for using and managing the Deposit Trust Account.
- We shall have the right but not the obligation to check Your
compliance with the conditions for the use of the Deposit Trust
Account at any time. Should We find a breach of such conditions,
We may suspend the use of the Deposit Trust Account and
transactions therein until the breach is rectified and
consequences thereof are eliminated.
- The Agreement may be amended and terminated in the cases, on the
grounds and according to a procedure set forth in the General
- We shall have the right to terminate the Agreement in accordance
with the General T&C if You forfeit the right to have the
Deposit Trust Account or are using it not according to its
- We shall have the right to terminate the Agreement without a
prior notice if no transactions are performed in the Deposit
Trust Account for longer than one year.
- Termination of the Agreement shall constitute a ground for the
closing of the Deposit Trust Account.