Filenews 6 October 2021 - by Theano Thiopoulou
Thousands of Bank of Cyprus customers, holders of credit cards and prepaid cards, began yesterday to be informed electronically about the new terms and conditions that will apply from 5 December 2021. The changes include the use of biometrics.
What those who use a card should know is that the bank will have the right to offset the amount resulting from the use of the card, not only with the account set by the customer but also with any other account he has, which may also be a deposit. Specifically, it is noted that "any obligation arising from the use of a card may at any time and at the bank's discretion be set off against not only the card account mentioned in the cardholder's application, but also against any other account / deposit account that the cardholder and / or the card account holder (existing or future) may hold with the bank". It follows that if the customer has deposits with the Bank of Cyprus, these will be used by the bank, at a time chosen by the bank, to pay the debts through cards of its specific customer.
The bank, according to the information to customers, will be entitled to exercise its rights in the following cases:
- In case the card account is delayed or is in excess of the limits of the available balance or the limit approved by the bank.
- When the cardholder or the authorized cardholder violates the terms and conditions of use.
- After the termination of any card account and when the bank has demanded immediate payment of the total outstanding balance, including capital, interest, interest on late payments and other expenses.
The Bank of Cyprus informs customers – cardholders and authorized cardholders that for any complaints they may contact the Central Bank and the Financial Commissioner of the Republic of Cyprus or use the means of out-of-court dispute resolution, as explained in the Alternative Resolution of Consumer Disputes Law of 2017, as amended from time to time. "For the purposes of the latter law, the Alternative Dispute Resolution body selected by the bank is the Financial Commissioner," the letter of information noted.
The Bank of Cyprus also informs its customers of the main amendments to the terms and conditions of use of Prepaid cards. In this case, too, the right to set-off applies. "Any obligation arising from the use of a card may at any time and at the bank's discretion be set off against not only the card account mentioned in the cardholder's application, but also against any other account/deposit account that the cardholder and/or the card account holder (existing or future) may hold with the Bank". In this case, too, complaints can be reported to the Central Bank or the Financial Commissioner. The Bank of Cyprus informs its customers that in case they do not agree with the upcoming amendments, they reserve the right before 5/12/2021 to visit the branch of the bank where their accounts are held and terminate their card accounts. In this case, the bank may demand the immediate repayment of all amounts due.
