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BOV IT Systems Upgrade - The Changes
Information about the changes following the replacement of the Bank's core banking system
Other Services and Products

If you happen to visit our BOV branches in the first weeks after the upgrade of our IT systems, please bear with us.  Our staff have been thoroughly trained to use the new system, but as with everything that is new, it may take some time to adapt to our new systems, which may affect the time we take to assist you with our services.   

We apologise for this, and we will do our outmost to maintain this initial phase to the minimum possible   

You can reduce your waiting time by making use of our extensive fleet of ATMs found across the island, BOV Cards and BOV Pay to pay for your purchases and BOV Internet and Mobile Banking for 247 banking service. 


Please note that this page will be updated as changes occur

While in most cases, the upgrade in the Bank’s IT system will be transparent for our customers, there will be some instances where you might encounter new ways in our bank services.  None of these changes will impact you financially. Please read the following information that might affect your normal banking arrangements with us. 

For changes on BOV Internet and Mobile Banking please click here

Statements

Term Deposit, Overdrafts, Current Accounts and Loan Accounts Statements

 

Statements for these accounts will be sent to all customers for the period ending 31 December 2019. Customers will receive statements either by post or through internet banking according to their current instructions. Printed statements will start to be distributed in February / March 2020. Customers may encounter delays in the delivery of printed statements.

Savings Account Statement

Savings Accounts statements for 2019 will cover the period up to 31 December 2019 instead of up to 24 December 2019. Customers will receive statements either by post or through internet banking according to their current instructions.  Customers may encounter delays in the delivery of physical statements.

Statement of Fees

A statement of fees covering 31 October 2018 till 31 December 2019 will be issued to all customers. This statement will be generated free of charge.

Account Statements

One monthly statement will be free of charge. Subsequent statements requested throughout the same month will be at a charge of €1.16. 

 

 

Deposit Accounts

 

Term Deposit Accounts

Instructions regarding term deposit accounts upon maturity are to be received by the Bank during the months leading to maturity date. Customers can either send their instructions through the BOV Internet Banking up to 4 business days before maturity date or visit their BOV Branch. E.g. if term deposit will close on the 20 May 2020, instructions on whether customer wants to renew or otherwise, together with interest instructions are to be received by the 14 May 2020 if through internet banking or by 20 May 2020 if through branch. 

Blocked Term Deposit Accounts

If a term deposit account is blocked, the capital and / or interest disposal will be renewed in the same Term Deposit.

Cheques

Foreign Cheque deposits

 

Deposits of cheques drawn on foreign banks will be visible in customer’s account on the 30th or 45th working day from deposit. Charges will be taken upon cheque clearance instead of when it is deposited. Foreign cheques should be deposited at a Branch.

Cheque Books

 

 

Customers may order cheque books through Internet Banking or by sending instructions by post. Alternatively, customers may contact the Customer Service Centre or visit a BOV Branch. As from 1 January 2020 ordering of chequebooks cannot be done through ATMs.

Deposit Books

 

Customers may order deposit books through Internet Banking or by sending instructions by post.  Alternatively, customers may contact the Customer Service Centre or visit a BOV Branch. As from 1 January 2020 ordering of chequebooks cannot be done through ATMs.

Loans

 

Loan repayments from multiple accounts

Customers with loan repayment from two or more accounts must choose one account from which the repayment must originate.  


Loan Repayment over and above repayment amount

Amount over and above the repayment amount as per sanction letter will be shown separately in account statement.

Unutilised Commitment Fees

Unutilised loan fees will be charged on a monthly basis instead of on a 6-monthly basis. There will be no additional cost for customers subsequent to the change

Interest on Current, Overdraft and Loan Accounts

 

Interest will be charged in June instead of March and in December instead of September. For this year only, interest charge will cover period the period between October 2019 and June 2020. There will be no additional cost for customers with this change.

Exclusive of interest loansAs specified in the sanction letter/loan agreement, for exclusive of interest loans, interest is to be met separately when due, at the end of March and September. As from 1 January 2020, the system will automatically debit the interest due, from the settlement account, at the end of June and December. It is important to ensure that sufficient funds are made available in your settlement account for the processing of this transaction.  In case of insufficient funds, the Bank reserves the right to charge a fee as per the Bank’s tariff of charges. 
 
Repayment Date

 

There may be a change in the date on which loan repayments are processed. This applies only if the loan repayment date in the loan collection schedule on the bank's systems, differs from date specified in customer's standing order instructions. 

Paying off a Loan

Please visit the branch where your loan account is held. For your convenience, it is best to set up an appointment.  You can do so by calling us on 2131 2020 or send an email to [email protected]

Extra payments on Loans
If you would like to effect an extra payment on your loan account, please contact or visit the branch where your loan is held. For your convenience, it is best to set up an appointment. You can do so by calling us on 2131 2020 or send an email to [email protected] This service is currently not available through Internet Banking.

Standing Orders

 

Standing Order Instructions

The service of debiting a secondary debit account acting as a standing order in the case of insufficient funds for a standing order to go through, will not be available.  Customers can instead opt to set up an automated transfer of funds service free of charge. 

Beneficiaries of Standing Orders

If a customer receives multiple standing orders in a given day, each standing order will be listed in their account statement item by item.

Standing Order Amounts

Standing order amounts have to be the same throughout the whole duration.  Should there be the need of different amounts, these need to be set as separate standing orders or payments. You will need to visit your branch where your account is held.

Automatic Transfer of Funds and Sweep Instructions

This service provides automated money transfers from one account (service account) to another (sweep account) so the latter account will never be overdrawn in the incidence of withdrawal amount being in excess of the credit balance in this account.  

Account with an overdraft limitFunds available in the service account will be given preference over the overdraft limit available in customers’ main sweep account. This means that the required transfer amount will be taken from the balance in the service account and not from the overdraft limit in the sweep account.

Sweep Instruction
This is a type of automated transfer of funds between two accounts predefined by a customer. This can be used to top-up a balance or to transfer excess funds.

Changes in sweep instructions
If you need to amend your sweep instructions, you need to visit the branch where your accounts are held.
  
Payments  
USD Payment OutwardsTo carry out a USD Payment Outwards, you need to input the full beneficiary address and beneficiary SWIFT code (BIC). The charging options 'SHAR' and 'OUR ' will be supported. Missing details will cause the payment to be rejected.

Upload of payment files 

The requested execution date <ReqdExctnDt> for SEPA files should be the day when you  would like the Bank to initiate the payment process,  in order that payments to third-party banks will be received by the next business day (D+1).  If the file contains any BOV-to-BOV transactions, these will be processed on the requested execution date.

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).