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Term Deposit, Overdrafts, Current
Accounts and Loan Accounts Statements
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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.
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Savings Account Statement
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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.
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Statement
of Fees
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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.
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Account Statements
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One monthly statement will be free of
charge. Subsequent statements requested throughout the same month will
be at a charge of €1.16.
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Deposit Accounts
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Term Deposit Accounts
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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.
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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.
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Cheques
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Foreign Cheque deposits
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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.
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Cheque Books
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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.
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Deposit Books
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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.
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Loans
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Loan repayments from multiple
accounts
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Customers with loan repayment from
two or more accounts must choose one account from which the repayment must
originate.
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Loan Repayment over and above
repayment amount
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Amount over and above the repayment
amount as per sanction letter will be shown separately in account statement.
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Unutilised Commitment Fees
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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
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Interest on Current, Overdraft and
Loan Accounts
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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.
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| Exclusive of interest loans | As 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.
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| 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.
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| 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]
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| 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. |
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Standing Orders
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Standing Order Instructions
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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.
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Beneficiaries of Standing Orders
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If a customer receives multiple
standing orders in a given day, each standing order will be listed in their
account statement item by item.
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Standing Order Amounts
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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.
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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.
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| Account with an overdraft limit | Funds 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.
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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.
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Changes in sweep instructions
| If you need to amend your sweep instructions, you need to visit the branch where your accounts are held.
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| Payments | |
| USD Payment Outwards | To 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.
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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. |