Dear Clients,
we would like to inform you that as of February 12, 2025, the General Business Terms of Citfin, spořitelní družstvo (hereinafter referred to as “Citfin”) will be amended to enhance clarity and simplify navigation through the documents.
The most important changes to the General Business Terms (hereinafter referred to as “GBT”) are summarized as follows:
- Separation of technical procedures related to the services provided (Technical Information), which can be unilaterally modified by Citfin, into a standalone document, Technical Information.
- The possibility for Clients to register online through the Client Portal for online onboarding.
- Introduction of the term Registered Email, which will be used for sending login credentials for PIN activation/recovery after the implementation of the new internet banking BankServis.
- Change in the definition of the Client Number. The identifier for payments to Collection Accounts will change from the current client number stated in the Corporate Account Agreement to the Client’s Account Number at Citfin.
- Notification of changes to the Corporate Account Agreement via a Change Notification Form, attached to the GBT, or through the Citfin Client Portal.
- Addition of a reference to extended parameters for international Payment Transactions in selected currencies, linking to a document available at https://www.citfin.eu/foreign-payments/.
- Option to use the Client API Service for automated processing of statements related to the Client’s Account managed by Citfin.
- Cancellation of the RUB currency for the settlement of Foreign Exchange Trades on the Client’s Account.
- Transfer of certain provisions from the current GBT to Article 5 Client Declarations in the text of the Corporate Account Agreement.
- Adjustment of the definition of Foreign Exchange Trade in the GBT. Foreign Exchange Trade now refers to Spot Trades and Orders.
- Specification of cases where Citfin will not execute a Foreign Exchange Trade based on the Client’s instruction, including objective inability to execute a Foreign Exchange Trade and withdrawal from the Foreign Exchange Trade by either Citfin or the Client (Article 4 of the GBT – General Rules for Settlement of Foreign Exchange Trades).
- Adjustment of cases where Citfin is not liable for damages caused (Article 6.3 of the GBT).
- Modification of Articles 9.8 and 9.9 of the GBT, defining cases of material breaches of contract that may result in termination of the Corporate Account Agreement.
- Revision of the presumption of delivery when using a postal license holder for delivery (Articles 9.2 and 9.11 of the GBT).
- Inclusion of a retention period for communication records with the Client (Article 10.6 of the GBT).
- Definition of an overview of methods for changes in Contractual Documentation and how these changes are communicated (Article 10.20 of the GBT).
The new documents, including the full text of the GBT, Technical Information, the Corporate Account Product Sheet, and the revised Corporate Account Agreement, are available on our website at www.citfin.cz.
By law, you have the right to reject the new GBT in writing before the planned effective date, i.e., February 12, 2025. Such a rejection will automatically be considered as a termination of the Corporate Account Agreement. If you do not reject the new GBT in writing by this date, they will be deemed accepted.
Should you have any questions, please contact our Sales Department at +420 234 092 011.
Sincerely, Citfin, spořitelní družstvo
