Dear client,
we hereby inform you that our bank is amending the following documents from 5 February 2010:

especially regarding the client’s responsibility when carrying out unauthorized payment transactions and regarding deadlines for acceptance of domestic payment orders in written form within the bank.

Pursuant to article III. part six of GBTC, we suggest the following changes:

  1. Your responsibility for loss based on unauthorized payment transactions will be reduced in such a way that you are responsible for the sum of all unauthorized transactions up to EUR 150 and not with EUR 150 for individual transaction.
  2. The deadline for domestic outgoing payments within the bank placed by means of a paper payment order is changed from 17:00 to 15:00 o’clock. Regarding the domestic outgoing payments within the bank placed electronically, the deadline up to 17:00 o’clock is still valid.
  3. Interest rate of 18 % p.a. for unauthorized overdrafts on current accounts (so far regulated in Interest conditions for deposits) is now set in the List of fees in the part Current accounts and deposits/ Others. The aforementioned interest rates remain unchanged.

We further inform you that pursuant to Law, the aforementioned proposal has been accepted if the bank had proposed the change at least 2 months before the date when the change should become effective and if the change had not been refused by you in writing. Pursuant to Law, we are obliged to inform you as well that in case of your disapproval to the proposal stated, it is possible to terminate the contract which is subject to the changes free of charge and with immediate effect. However, this termination is to be carried out before the date when the change proposed should become effective.

For the safety of your money, we recommend you to arrange a limit for permitted direct debits on your current account.


Your Volksbank