Announcement – Revision of the General Terms and Conditions

This announcement concerns those Alpha Bank customers who maintain an account or accounts whose operation is governed by the General Terms and Conditions of Alpha Bank (10^th edition).

We hereby inform you that Alpha Bank Cyprus Ltd (the “Bank”) has revised its General Terms and Conditions (the “General Terms”) (11th edition), which are scheduled to come into effect the earliest, two (2) months after this announcement. The key amendments to the General Terms are intended to enhance clarity and transparency, reflect operational requirements and the evolution of the services provided to you pursuant to the General Terms as well as reflect certain changes relating to the Bank’s systems.

The amendments introduced in the revised Terms are summarized below:

• Addition of a clarifying reference that the Additional Terms supplement the Terms and form an integral part thereof. (Introduction)
• Addition of a clarifying phrase that, in the event of any inconsistency between the General Terms and the Additional Terms, the Additional Terms shall prevail. (Introduction)
• Addition of a clarifying term stating that references to the masculine gender include both the feminine and neuter genders. (Introduction)
• Addition of the heading "Payment Services" in Section I of the Contents. (TABLE OF CONTENTS)
• Renaming of of the title of point 25 of Part D of the Table of Contents from “Jurisdiction Clause and Governing Law” to “Governing Law and Jurisdiction”. (TABLE OF CONTENTS)
• Renaming of Section II from “TERMS OF GENERAL APPLICATION” to “GENERAL PROVISIONS GOVERNING THE RELATIONSHIP BETWEEN THE CUSTOMER AND THE BANK”. (TABLE OF CONTENTS)
• Addition of a reference to the new Section X and the new Table A, which relate to credit cards issued by the former AstroBank Public Company Ltd.
• Clarification of the definition of “Payee”. (Section I – Definitions)
• Clarification of the definitions “you”, “your” and “yours”, particularly in relation to the submission of a Card issuance application to the Bank. (Section I – Definitions)
• Deletion of the definition “ACTC”, as the Bank no longer provides this channel of access to banking services. Consequently, the relevant reference to this specific channel has also been removed from the definition of “Automated Transaction Networks”. (Section I – Definitions)
• Addition of the new definition “Password” and the new definition “Push Notification”. (Section I – Definitions)
• Revision of the definition of “PIN”, in order to clarify that it refers exclusively to the personal secret number used together with the Card. (Section I – Definitions)
• Amendment of the definition of the “One Time Password (OTP)” to clarify that the code is made available through the Alpha SecureCode service and is sent following the customer’s relevant instruction for authentication purposes. (Section I – Definitions)
• Revision of the definition of “Security Details”, through restructuring and further specification of the credentials used for authentication and security purposes, including the addition of the “Password”. (Section I – Definitions)
• Deletion of the definition “Additional Security Code” or “ASC”. (Section I – Definitions)
• Removal of Cheques from the payment services provided by the Bank. (Section I, Part A, Point 1.10)
• Inclusion of the registered office address of the Payee, where the Payee is a legal entity, among the information that must be provided to the Bank for the execution of Payment Orders. (Section I, Part A, Point 2.1.3)
• Inclusion of a provision regarding the type and procedure for the authorisation of Payment Orders by telephone, facsimile (fax), telex, telegraphically, or by any other means, in cases where a relevant Special Agreement has been concluded with the former AstroBank Public Company Ltd. (Section I, Part A, Point 3.1.5)
• Addition of the email address contact@alphabank.com.cy  as one of the available channels for submitting a request for the revocation of a Payment Order, which was initially entered through the Bank’s Digital Channels. (Section I, Part A, Point 3.2.5.3)
• Inclusion of indicative examples of limits falling within the meaning of Spending Limits. (Section I, Part A, Point 6)
• Revision of clauses 7.2 and 7.3 in order to clearly specify when the Bank is entitled to amend the fees, charges and commissions set out in its Charges Catalogue, the reasons for any such changes, the notice that the Bank will provide to you in the event of changes to such charges, and your right to terminate in the event that you disagree with the proposed amendments. (Section I, Part A, Points 7.2 and 7.3)
• Revision of clause 7.5 so that the Bank is authorised by you to debit, following prior notification, any account maintained by you with the Bank for the payment of charges, expenses, fees and any other amounts provided for in the Charges Catalogue, for their partial or full settlement. (Section I, Part A, Point 7.5)
• Clarification that the reference to the calculation of interest for Savings Accounts concerns credit interest. (Section I, Part A, Point 7.7.1)
• Clarification that the foreign exchange rates published on the Bank’s Website are provided exclusively for informational purposes and are indicative in nature, without being binding on the Bank. (Section I, Part A, Point 7.8.3)
• Update of the security provisions relating to access to and use of the Digital Banking Networks. (Section I, Part A, Point 9.1.12(c))
• Addition of an obligation for you to inform the Bank immediately if you suspect that a device you use to access the Bank’s Digital Channels has been exposed to misuse or fraudulent use. (Section I, Part A, Point 9.2)
• Clarification of the circumstances in which the Bank bears no liability for the non-completion of Payment Orders that are subject to regulatory checks, without prejudice to cases involving its own error or omission or as otherwise provided by applicable law. (Section I, Part B, Point 10.4)
• Addition of a clarifying reference that any obligation of the customer to indemnify the Bank in relation to cross-border Payment Orders is limited to the extent that the relevant loss is attributable to the customer’s own fault. (Section I, Part B, Point 10.6)
• Clarification that the Bank’s exclusion of liability in the event of refusal to execute a Payment Order or other instruction from you does not apply in cases of error or omission by the Bank or where otherwise provided by applicable law. (Section I, Part B, Point 11.1)
• Expansion of the reference to the competent authorities and organisations whose sanctions, prohibitions or restrictions may be taken into account by the Bank when assessing the execution of Payment Orders or other instructions, by including the United Kingdom. (Section I, Part B, Point 11.1)
• Update of the provisions concerning the Central Information Register (CIR) for issuers of dishonoured cheques and the measures that may be imposed in relation to the use of cheque books and current accounts. (Section I, Part C, Point 18.2.1
• Deletion of the term under which receipt of an account statement by the customer was presumed in the absence of notification of non-receipt. (Section I, Part B, Point 19.8)
• Update of the term relating to the termination of a basic features account, by deleting the holding of a second account with basic features, as a reason for termination, and by adding a clarification that, in case of termination for reasons (i) and (iii) of the same term, the Bank shall not provide two (2) months’ written notice but shall instead provide a written notice of termination taking immediate effect. (Section I, Part D, Point 23.5)
• Addition of a clarification that the agreement is of unlimited duration, unless it is terminated as provided in the remaining provisions of the Terms. (Section I, Part D, Point 24)
• Clarification of the jurisdiction provisions so that the right to bring proceedings before the courts of another country is granted to both the Bank and you. (Section I, Part D, Point 25)
• Deletion of the word “Unconditionally” and replacement thereof with the phrase “By opening and using your Account,” (Section I, Part D, Point 26.1)
• Addition of Push Notifications among the available methods of communication between the Bank and the customer. (Section I, Part B, Point 26.3)
• Addition of a warning regarding the increased risk associated with the use of a browser other than the one specified by the Bank from time to time. (Section I, Part D, Point 26.8)
• Update of the contact details of the Bank and the competent department (Call Center). (Section I, Part D, Point 26.11)
• Update of the complaint submission and handling procedure, including updated contact details, available complaint submission channels and the Bank’s response timeframe. (Section I, Part B, Point 27.1)
• Update of the contact details of the Financial Ombudsman of the Republic of Cyprus for the dispute resolution of Financial Disputes and clarification of the right to appeal in the event of non-resolution of disputes with the Bank. (Section I, Part B, Point 27.3)
• Clarification of your right to refer matters to the Central Bank of Cyprus in the event of non-resolution of a dispute with the Bank, as well as clarification of its role as the competent supervisory authority. (Section I, Part B, Point 27.4)
• Update of clause 28.4 by deleting references which already arise from the applicable legislative framework or were intuitive. (Section I, Part D, Point 28.4)
• Deletion of clauses 28.7 and 28.8 as they concerned matters that were intuitive. (Section I, Part D, Points 28.7 and 28.8)
• Rewording and renaming of Section II in order to more fully reflect its content as general provisions governing the relationship between you and the Bank. (Section II)
• Reorganization and simplification of the provisions relating to the processing of personal data, with reference to the Bank’s Privacy Statement for detailed information regarding categories of data, processing purposes, recipients, your rights and the management of your consent. (Section II, Point 1)
• Reorganization and update of the provisions governing cooperation with third-party payment service providers, including your rights and obligations, account access conditions and the circumstances in which access may be restricted or denied by the Bank. (Section II, Point 3)
• Update and reorganization of the provisions governing dormant accounts, including the criteria for classifying them as dormant, the notification and reactivation procedure, as well as the related rights and obligations of both you and the Bank. (Section II, Point 5)
• Addition of a provision concerning the conditions for opening and operating accounts for minors, as well as the circumstances in which withdrawals or transfers of funds are permitted. (Section II, Point 6)
• Update and reorganization of the provisions governing the use of cheque books, including issuance procedures, safekeeping, stop payment, cheque clearing and the handling of dishonoured cheques. (Section II, Point 7)
• Clarification that the non-exercise or delayed exercise of any right by the Bank or by you under the Terms shall not constitute a waiver of that right. (Section II, Point 13)
• Update of your general obligations, including your obligations to comply with the anti-money laundering framework, provide information to the Bank and notify changes relating to the control of legal entities. (Section II, Point 16)
• Update of the provisions relating to the deduction of interest and levies in accordance with applicable law. (Section III, Point 1.1)
• Clarification that cleared funds, for deposit purposes, are funds that are finally available, with no pending review, collection or payment confirmation. (Section III, Point 1.2)
• Addition of a provision clarifying that the terms of Section IV relating to the use of Debit Cards shall prevail in the event of any conflict with other provisions of the Terms. (Section IV)
• Clarification of the joint and several liability of the Cardholder and the Authorised Cardholder for Card Transactions. (Section IV, Point 1.5)
• Addition of Push Notifications as an additional means of communicating the Personal Identification Number (PIN) to the Card User. (Section IV, Point 1.9)
• Addition of a reference to the possibility for the Card User to obtain information regarding daily limits and per Card Transaction limits through the Bank’s Call Centre. (Section IV, Point 2.10)
• Addition of a reference to the Bank’s Call Centre as an available channel for obtaining information on applicable exchange rates. (Section IV, Point 4.7)
• Update of the introductory section of Section V relating to the terms of use of the Digital Channels. (Section V)
• Update of the available services and functionalities provided through the Digital Channels, including Push Notifications. (Section V, Points 2.4 and 10.8)
• Update of the provisions relating to management of passwords and the implementation of additional security measures for Digital Banking services. (Section V, Point 3.2)
• Clarification of the conditions and grounds for rejection of an application for registration with the Digital Banking Networks. (Section V, Point 4.2)
• Update of the registration procedure for the Digital Banking Networks and the delivery of access and security credentials to users. (Section V, Point 4.3)
• Introduction of a provision relating to the Shared User Arrangement, including the terms governing the use of shared access credentials and the related responsibilities and obligations of Account Holders and Authorised Users. (Section V, Point 5)
• Addition of an example of supporting documentation that may be requested by the Bank upon submission of or prior to the execution of, a Payment Order through the Digital Channels. (Section V, Point 7)
• Clarification of the procedure for authorising and executing instructions through Digital Channels and of the circumstances in which additional confirmation may be required by the Bank. (Section V, Point 8)
• Update of the provisions concerning the liability of Users and the Bank in relation to the use of the Digital Channels and the related security and cybersecurity risks. (Section V, Point 10)
• Clarification of the User’s security obligations regarding the safekeeping and protection of Security Credentials, including access codes and One-Time Passwords (OTPs). (Section V, Point 10.10)
• Clarification of the content of messages that may be received by the Account Holder and/or the User from the Bank. (Section V, Point 10.8)
• Addition of the Call Center as an option for obtaining information on applicable limits. (Section V, Point 11)
• Clarification that the Bank is entitled to restrict, suspend or terminate access to Digital Banking services for security reasons, suspicion of unauthorised or fraudulent use, compliance with legal or regulatory obligations, technical or operational reasons, or due to a breach of the General Terms. (Section V, Point 12.3)
• Addition of special provisions that apply exclusively to cardholders and authorised cardholders of credit cards issued by the ex- AstroBank Public Company Ltd and which remain active as at the effective date of the 11th edition of the General Terms, including Miles & More credit cards. (Section X)
• Update of Appendix A relating to payment services and transactions, including the introduction of the PayNow service, clarification of the execution and booking times of transactions through the Digital Channels, and revision of the procedures and timeframes applicable to money transfers, payments, withdrawals, deposits and other payment transactions. (Appendix A)
• Addition of special provisions applying exclusively to Miles & More credit cards issued by the former AstroBank Public Company Ltd which remain active as at the effective date of the 11th edition of the General Terms. (Table A)

The full text of the General Terms,  is available on the Bank’s official website (www.alphabank.com.cy) under the section “Regulatory framework”, at any Alpha Bank Branch, or, if you wish, you may contact our Call Centre and request that a copy be sent to you by email or by post.

This notice is provided solely for informational purposes.

You will be notified personally, in writing or through another durable medium, of the above amendments to the General Terms, as well as of your right to terminate your relationship with the Bank should you not accept the revised General Terms (11th Edition).

For any clarifications regarding matters relating to the General Terms, customers may contact their Branch/Unit.