Practical Instructions for Clients - Individuals, for Current Account Switching
The process of switching individuals’ current accounts is possible on the basis of the Agreement between the banks for individuals’ current account switching, to which Fibank has joined. You can transfer your recurring direct debits (such as payment of community services, for rent, for insurance and others), orders for recurring credit transfers (such as taxes, alimony, fees and others) and incoming recurring credit transfers (such as salaries, payments from social insurance, from rents and others), executed from/to Your current account with another bank, to Your existing current account with our bank or in case you don’t have an account with our bank, to open one for the purpose.
You can use our bank, which from now on, for the purposes of switching, shall be called "New bank", as a Primary contact point during the process of switching. This means that our bank shall act as Your intermediary when settling Your relations with Your Former bank – the bank You have an account with, from which You want to transfer the payments, mentioned above.
If You do not choose our bank as a Primary contact point, You will have to arrange Your relations with the Former bank personally. The actions You should undertake in both cases – whether You choose our bank as a Primary contact point or not – are described bellow.
You should take into account the fact that the switching can not be completed if payments on loans are made from Your current account with the Former bank, if the current account is linked to an agreed loan in the form of an overdraft or is linked to credit cards or investment services as well as if on the current account there are pledges, garnishments or blocked balances.
The procedure for current account switching is as follows:
If You wish Your payments, such as recurring direct debits, orders for recurring credit transfers and incoming recurring credit transfers to be attended to by an account with our bank, ask for information on which of the payments can be served by our bank.
Regarding the information given, after You have decided that You wish to transfer Your payments from an account kept with the Former bank, You should open a new current account with our bank. If You have already opened a current account with our bank You can use it for the purpose.
When opening a new bank account You will be provided with a contract for the account. You should read this document carefully before signing it. Along with the contract for the bank account You will receive information for the current fees and commissions for all bank services, which You can use on the current account.
You should fill in three copies of Request for switching in a standardized form provided by us, with the assistance of our bank officer.
After opening the account we will provide You with IBAN (number) of the account and BIC of the bank. You can also receive this data at any time during the term of the current account contract.
Our bank officer shall assist You when choosing the preferable date for switching, which shall be additionally specified and precisely defined between our bank and the Former bank. For this purpose You will be contacted by us or by the Former bank, in case You do not choose us as a Primary contact point.
You should specify with the bank officer whether You wish our bank to be Your Primary contact point. If You choose our bank as a Primary contact point, You should notarize Your signature on one of the copies of the already filled Request for switching, which shall be sent to Your Former bank.
In case You do not choose us as a Primary contact point, it is necessary to personally provide the Former bank with one of the copies of the already filled at our bank Request for switching and in this case the signature shouldn’t be notarized.
After receiving the Request for Switching, the Former bank is obliged in 7-days term, to provide a List with the payments declared for transferring to the account with the New bank, which should include the recurring direct debits and/or orders for recurring credit transfers, which are executed from Your account with the Former bank. This list shall be filled in a standardized form for all banks. If You have chosen us as a Primary contact point, the list will be sent to us directly form the Former bank. Otherwise You should receive the list personally from the Former bank and present it to us. For Your safety it is necessary to confirm in writing Your wish for the payments described in the list, to be executed from the account with our bank, or to inform us if You want any changes. If necessary, You should fill in new payment documents with our assistance for the payment services included in the List.
It is necessary to inform the persons who You receive recurring payments from (salaries, payments for pensions, rents and others) for IBAN (number) of the new account opened with our bank and BIC of our bank, in order to ensure accurate execution of the payments, for which we will do our best to help You.
The transfer shall be done on the date of switching, defined as appropriate after additional specification between us and the Former bank and according to the date preferred by You. From the date of switching, which is within 7 days of receiving the full information for the payments, which shall be transferred, the Former bank shall suspend and our bank as a New bank shall commence the execution of the payments from the account kept with us. Until this date Your payments shall be done from the account, kept with the Former bank for which it is necessary to ensure sufficient balance on it for their execution.
In the Request for Switching You should specify in writing whether You would like your contract for a bank account with the Former bank to be terminated and the account to be closed. This can be done only after all actions mentioned above are already performed as well as if all unpaid charges and other payments, due to Your Former bank, are already paid.
The contract for the account with the Former bank will not be terminated and the account will not be closed if it is with a negative balance, if there are payment cards which are not returned as well as if there are other unsettled relations between You and the Former bank related to the account. In these cases, despite Your choice our bank to be a Primary contact point, the Former bank may directly contact You in order to end the existing unsettled issues.
