General Terms And Conditions
- Loyal Bank undertakes the maintenance of Client accounts in the following currencies: USD, EUR and GBP. The Bank applies fees for maintaining accounts or for performing certain account operations: these fees are specified here. The Bank is implicitly authorized to debit any bank account of a Client in order to collect payment of fees, commissions and/or costs due and owing to the Bank on any date.
- Contacts with Clients are primarily electronic, either via the NetBank or email. Voice contacts are by telephone or Skype. Written contact is possible via fax, airmail or couriered letter delivery. The Bank may decline to act on any request or instruction received from any Client if in its view the channel used to send the message is not secure or the message it is not authenticated using a method or system specified by the bank.
- The Bank only accepts electronic instructions for execution of transactions through the NetBank using the LB DIGIPASS Application, Physical DIGIPASS device or the Internet Access Code). Emails are treated as unauthenticated messages.
The NetBank can be used for:
|Bank card activation|
|Exchanges of currencies|
|External Money Transfers|
|Internal Money Transfers|
Client Orders received between 16.00 GMT the previous working day and 15.59 GMT on the current working day are deemed by the Bank as being in connection with a daily operation. Fulfillment of these Orders is undertaken by the Bank in accordance with the terms and conditions specified in the Bank's Business Rules and Regulations. The Bank normally executes Orders within 24 hours of receipt. In the event of alternative fulfillment the terms are as specified in the Bank's Business Rules and Regulations and also in the Public Notices relating to special lines of business.
Clients are welcome to visit the Head Office of the Bank or it’s Representative Offices however the Bank asks that advance appointments are made for such visits.
Our opening hours are as follows (1) Head Office: weekdays (Monday-Friday) 08.00-16.00 Atlantic Standard Time, and (2) Budapest Representative Office (Monday-Friday) 08.00-17.00 Central European Time. Our offices are open Monday to Friday except holidays and extraordinary banking holidays.
The Help Desk is available 24/7 and is located in Budapest, Hungary. The Help Desk cannot accept Client visits (please use the European Representative Office in Budapest instead) but can be contacted as follows:
Help Desk (Telephone line): +36 1 383 0853
This line can be used for the emergency stoppage and replacement of any Digipass device or Bankcard in the event of theft, loss or compromise of PIN.
The Bank reserves the right to modify this Public Notice unilaterally at its discretion without prior notice.
The Client hereby acknowledges and agrees that the Bank's currently appointed external auditors may directly contact the Client asking for confirmation of his/her bank account(s) as part of their normal audit procedures. The Client agrees to cooperate with any such validly received requests from the external auditors.
General rules, conditions, charges and fees
USD and EUR Current Accounts
Only the USD and EUR Current Account can be accessed with the Loyal Bank Bankcard. However, if you would like to also use your account for internal and external transfers you will need an LB DIGIPASS Application or a Physical DIGIPASS to set up and authenticate the instruction via the NetBank. If a Digipass was not part of your initial account opening package then one can be ordered for any standard Private or Corporate account.
Multi-Currency Current Accounts
To operate a Loyal Bank current account in currencies other than USD or EUR, you will need to use either the LB DIGIPASS Application or a Physical DIGIPASS. If you have already opened a USD or EUR current account with Digipass service, your Digipass will be able to cover all your account with us in your own name.
- Under an agreement with Mastercard International Loyal Bank is responsible for the issuance and maintenance of Mastercard debit cards for private persons and companies. These bankcards are accepted worldwide.
- Loyal Bank issues bankcards daily withdrawal limits for each USD and EUR denominated current account. The limits can be found below.
- The Bankcard remains the property of the Bank but can be held and properly used by the cardholder.
- The Bankcard is not transferable and cannot be used as a pledge for security or deposited as a guarantee.
- The USD card is linked only to a USD current account and the EUR card only to a EUR current account
- All issued cards can be used for the same types of transactions. The limits below are daily limits, so after the cash withdrawal/purchasing to the limit or after executing the maximum number of transactions the permitted sums are at the cardholders' disposal again on the next day. Transactions have to be executed under the particular limit and the amount cannot be above the free balance available on the Current Account. If there is more than one bankcard connected to a Current Account all transactions initiated by each bankcard will have an influence on the free balance on the account.
Bankcard withdrawal limits:
|Mastercard Contactless debit card USD or EUR cards||Mastercard Platinum debit card USD or EUR cards|
|Cash withdrawal per day||Total USD 2,000 or EUR 2,000 of maximum 5 transactions||Total USD 5,000 or EUR 5,000 of maximum 15 transactions|
|POS purchase per day||Total USD 25,000 or EUR 25,000 of maximum 10 transactions||Total USD 40,000 or EUR 40,000 of maximum 20 transactions|
- Loyal Bank does not own or operate any ATMs. When using the ATM facilities of other banks all the fees, limits and commissions concerning the transactions are subject to the valid rules and regulations of the relevant bank which owns the ATM. They may charge a supplementary fee (not collected by Loyal Bank or shared with Loyal Bank) for use of their ATM.
- Loyal Bank is not liable to refund any fees charged by any other bank in connection with any ATM use by a Loyal Bank Client.