General Business Conditions

valid from 1.2.2008

Common Provisions

The legal relationship between Royal Savings And Loans ("RSAL") and a private individual whom RSAL provides its services in the Czech Republic ("Client") is governed by the laws of the Czech Republic.
General Business Conditions of RSAL ("GBC") are issued by RSAL pursuant to provisions of Section no.87/1995 Sb., no.513/1991 Sb., no.40/1964 Sb. and others. The GBC apply to all contractual relationships between RSAL and the Client with respect to banking services and transactions provided and made by RSAL in the Czech Republic. They become an integral part of each contract between RSAL and the Client and determine and complete some parts of the contents unless the contract stipulates otherwise.

In addition to the GBC there are separate business terms and conditions for particular products and services provided by RSAL.

Cash Operations

RSAL accepts cash deposits on accounts denominated in CZK and selected foreign currencies throughout the entire network of RSAL branches. Coin deposits are, within the framework of particular currencies, restricted to certain types (values). All transactions marked as "cash" are settled by RSAL explicitly in cash.

Each RSAL branch is entitled to set restrictions or individual rules for purchases and sales of certain currencies and limits for immediate cash withdrawals and sales of money upon local conditions and this information shall be made public in its premises intended for the general public.

RSAL accepts cash also in secured packages and packages for night safe under the terms and conditions stipulated in contract in advance.

As for cash deposits exceeding CZK 50,000 or the equivalent in a foreign currency, RSAL is obliged to require a list of banknotes and coins to be filled in.

The Client is entitled to withdraw cash always with the relevant document and identity card. RSAL enables a third person to withdraw cash via a submitted cheque, or order for conversion encashment issued by the Account Holder.

Should the cash withdrawal exceed the limit set by the RSAL branch, the Client is obliged to advise the RSAL branch, which keeps his account of the required transaction 5 days in advance including filling in the list of required banknotes and coins. The obligation to submit an advisory of the above-limit transaction applies to the total of particular cash transactions made from accounts of a Client during a business (work) day.

RSAL is entitled to refuse the application for an above-limit transaction if there is not a sufficient amount on Client's account, which should be debited while the application is submitted.

The Client is obliged to check the cash paid to him immediately at the counter. No claims will be considered after the acceptance of cash and leaving the cash counter.

In payment of amounts with required structure of the number of banknotes and coins RSAL is entitled to ask for the list of banknotes and coins.

RSAL does not buy damaged banknotes. The degree of damage of banknotes is assessed by a RSAL employee. An exception applies to damaged banknotes and coins denominated in CZK: They are exchanged by RSAL in accordance with valid legal regulations..

Statements, Complaints, Blocking

The Account Holder is informed about account transactions in the form of statements. Statements and notices related to the account are sent to the residential address of the Account Holder or mailing address unless the Agreement stipulates the picking up of statements in person at the RSAL branch which keeps the account. Other persons may also be authorized to pick up the statements. In compliance with relevant provisions, printed statements can be replaced by electronic statements.

It is in the Account Holder's interest to check the sequence of accounting, correctness of the balance and payments made. If you find any discrepancy, or non-settlement of realizable transactions, you are obliged to inform the branch at which your account is kept about them and claim for correction within one month after such a discrepancy has occurred unless the terms and conditions for particular products stipulate otherwise. Unless you meet this duty in the term specified, you will no longer have the right to indemnification.

The Client shall immediately inform RSAL of any facts related to the bank services provided which might result in his groundless enrichment or damage to RSAL.
Claims shall be submitted in writing, orally, by phone, fax or e-mail. Orally or by-phone presented claims shall be subject to protocol of claim. Unless it can be settled within 10 days RSAL shall deliver a notice showing expected deadline for the settlement within 3 working days of the receipt.
According to generally binding legal regulations RSAL shall immediately rectify any incorrect settlement made by the RSAL when it has discovered it, or has been advised thereof by the Client or another bank. Within corrective settlement RSAL shall compensate damage in the form of interest namely for the period in which the Account Holder could not dispose of his amounts. If the account of an unauthorized recipient is kept in another bank, RSAL will make a corrective operation (cancellation of an item) no later than within 3 months of the defective operation. The same period is applied for the acceptance of a corrective operation on a RSAL Client account required by another financial institution. RSAL shall write off the relevant amount of corrective operation even if the amount is blocked in accordance with the resolution of a court or administrative body. Pursuant to valid legal regulations RSAL will not provide for a corrective operation due to an incorrect payment order by the Client. RSAL is also entitled to block funds on the account if no sufficient funds for correcting operation (cancellation).

RSAL is obliged to block funds on the Account Holder's account in accordance with the resolution of relevant body or court and after the receipt of an applicable resolution it is obliged to write-off funds from the account.

Interest, Taxes and Deposit Insurance

RSAL provides interest on Client funds in accordance with RSAL interest rates and rules of interest for the relevant currency. Actual interest rates are available at every RSAL branch and RSAL Internet site.

According to the valid legal regulations applicable in the Czech Republic, income (interest, premium/bonus, winning etc.) is subject to tax unless international treaties by which the Czech Republic is bound stipulate otherwise.

Insured deposits are deposits including interest kept in accordance with valid legal regulations.

Communication

Documentation of the Client is considered to be delivered after it has been delivered to any RSAL branch. Documents delivered by mail are sent by RSAL to the Client's residential address or address for correspondence. If the Account Holder causes the delivery to be undeliverable and appropriate documents are returned by mail, the legal effect of the delivery will occur even in such a case. The same applies in case the Client has refused to take delivery. If the Client submits documents in any language other than Czech and Slovak, RSAL will be entitled to require the Client to submit an official translation of the submitted documents at the latter's cost. RSAL is not liable for the delay in service caused by the translation.
Correspondence for the Client will be picked up by the Client himself, authorized persons and others who are stated in the authorization signed in front of a RSAL employee or persons who hold a power of attorney with a legally verified signature of the Client.

Banking Secrecy

RSAL undertakes to keep secret on all information, which is subject to banking secrecy, according to valid legal regulations, the Banking Act as subsequently amended. RSAL is obliged to keep information secret after the contractual relationship with the Client has terminated. RSAL provides such information, which is subject to banking secrecy only to authorized persons and institutions pursuant to valid legal regulations.

In order to carry out the accounting of payments correctly RSAL, in accordance with the General Business Terms and Conditions of the CNB and UDDZ, will provide other banks and communication bodies with the Client's bank connection while the latter is also given the Client's mailing address.

Certificate of Deposit (CD) Provisions

The CD account may be subject to fees and charges.
Account Holder must deposit at least $10.000USD (or equivalent in other currency) to open an account of this type. In order to earn the APY associated with an interest tier; you must deposit at least the minimum dollar amount applicable to that tier. Account Holder  may make additional deposits into this account as described in the subscription application. Account Holder may not make withdrawals from account until the maturity date.
Certificate of Deposit account will mature on the maturity date. For terms of less than twelve (12) months, if you withdraw any of the principal before the maturity date, we will impose a penalty of 91 days of interest, whether earned or unearned. For terms of twelve (12) months or greater, if you withdraw any of the principal before the maturity date, we will impose a penalty of 182 days of interest, whether earned or unearned. All withdrawals prior to maturity date are subject to approval by RSAL.

RSAL board can make a decision for early deposit termination at any time of CD duration. In the case of termination, the account holder will get interest to the date of termination.

RSAL Membership

RSAL is licensed to provide services to RSAL members. Each client applies for opening any account agrees to become a member of RSAL on the terms stated in RSAL. When client closes accounts with RSAL his membership cancels according to RSAL policies.

Final Provisions

Pursuant to valid legal regulations RSAL is not liable for any damage caused by circumstances, which occurred independently of the RSAL, will which it is not able to avoid and which prevent it from fulfilling its obligations. If any circumstances excluding the RSAL liability occur RSAL will take measures to mitigate any adverse impact on the Client, which can be reasonably expected.

It is in the Account Holder's or authorized person's interest to advise RSAL of the loss of his identity card.