Banking account

*The tariff includes VAT

13. The tariff established does not apply to the accountholders accounts which are under process of liquidation, custody bank accounts, social package accounts, state benefit accounts, bank and card state support accounts, as well as to term deposits placed in the Bank, after the expiration of terms of which, the deposits became demand deposits.

This tariff applies to card accounts whose card has expired, the card has not been reissued and no account transactions have been executed within 365 and more days preceding the card expiration date.

14. A statement is provided free of charge in the cases /to clients/ as follows:
    • To individuals who have term deposit placed in the Bank of at least 20 calendar days or AMD 3,000,000 (or equivalent foreign currency) and more at the time of issuance of the statement,
    • corporate entities or physical entity customers being directors of these entities whose total average balance of bank, card and/ or term deposit accounts of the previous month exceeds AMD 10,000,000 (or equivalent currency),
    • bank employees,
    • Issuance of statements for serving social package and state support accounts.

At the transaction date, the provision of payment document or its copy (including the copies of SWIFT messages and/or their copies) , as well asdocument copies of up to 1 year transactions implemented via “Mobile/Online banking” system are provided  free of charge, For the provision of copies of documents on more than one year transactions executed via “Home bank”, “Mobile/Online banking” system a tariff in the amount of AMD 1000 is charged.

15. Statements and payment documents on the transactions implemented within the previous month can be provided free of charge up to the last banking day of the coming month inclusive.
16. No fee is charged for a one-time execution application order if the order may be executed within 10 calendar days.

A fee is charged for current fulfillment of application order, if an order has been executed in the given month, Application orders provided with the aim of serving TSOs, social package accounts, state support accounts and with the aim of replenishment of Child deposit and “Accumulative voluntary deposit”, utility payments are made free of charge.

17. Cash check books are provided free of charge for servicing Treasury custodians.

In case of cash withdrawal by a legal entity/individual entrepreneur customer using a cash withdrawal order, a fee of AMD 500 is charged.

18. ARMECONOMBANK OJSC does not bear responsibility for not receiving a reply from a correspondent bank.
19. Except for social security accounts, powers of attorney issued for repayment of loan by private entrepreneurs,
20. Transfers in Armenia are executed no later than the next banking day.

Upon the customer’s application, the Bank opens temporary and main accounts, unallocated metal accounts, escrow accounts and special accounts of constructors and other special accounts set by normative legal acts of RA Central Bank.

The temporary account is opened for the newly established (under the process of registration) legal entity or private entrepreneur customers.

Main accounts are opened for physical entities and registered legal entities (private entrepreneurs).

Constructors’ special accounts are opened for registered legal entities (private entrepreneurs)

Constructors’ special accounts are opened only in AMD, and temporary and main accounts – both in AMD and foreign currency. 

The below mentioned transactions may be executed through the account:

• Cash in (by cash or cashless)/ Credit monetary funds to the account (by cash or cashless)
• Cash pay-out within the positive balance of the account
• Cashless transfers within the limits of positive balance of the account
• Transfers of monetary funds between the customer’s accounts,
• Other operations set forth by the appropriate information bulletin

The accounts may be managed remotely through HOME BANK, ONLINE BANKING, MOBILE BANKING. To get acquainted with the terms visit the following link.

It isn't possible to execute transactions in other currencies other than in the currency of the account.

The Bank is obliged to credit the monetary funds transferred to the customer’s account (cashless gold) no later than the following day the following day after the receipt of relevant payment documents by the bank.

The Bank is obliged to give or transfer monetary funds (transfer non-cash gold) from the account upon the customer’s order no later than day following the day the relevant payment documents have been submitted to the Bank, with the exception of operations through the account to be executed based on the power of attorneys, which are carried out in compliance with the requirements of the Bank’s legal acts after verifying the authenticity of the power of attorney.

The accountholder’s right to manage the account and monetary funds available on it can be restricted by Court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies and tax authorities.

Cash facilities available on the account may be written off without the customers consent by the court decision based on the decision of the authorities of Compulsory Enforcement Service or tax authorities. 

The account may be closed under the customer’s unilateral application or by the Bank if no monetary fund is available on the account, no transaction has been executed through the account within a year, the customer has not paid the fees envisaged by the Tariffs or failed to fulfill his/her obligations as well as in other cases envisaged by the Agreement.

In case of the closure of the account, the funds available on it shall be given to the customer or transferred to another account upon the latter’s order not later than within 8 days after the receipt of the customer’s relevant written application, after which the account is closed.

In case of contract disputes the customer shall apply to the Bank in written form and will receive the reply to such request within 10 Business days. In case of disagreement with reply, the customer has the right to apply to the court or to the Financial system mediator.

There is no limit in the minimum initial amount for card opening.  Interest paid against card accounts is subject to taxation with income tax under tax legislation of RA.

To open an account with the Bank, a physical entity customer shall submit the following documents:

• Document containing public services number,
• Private entrepreneur’s State Register certificate or an excerpt and stamp (as the customer wishes) given by Unified State Register (required from private entrepreneurs only),
• Tax code (required only from private entrepreneurs, should the latter not be specified in the registration certificate by RA State Register) 
• In case of opening an account for a private entrepreneur being under the liquidation process (under the process of insolvency), the liquidation manager shall also submit the appropriate competent authority’s decision on the liquidation and the resolution on his/her appointment to the Bank.  
• In case of a person authorized to manage the funds available on the account(s)- power of attorney certified by the notary  or issued by the customer at the Bank in compliance with  defined manner.  
• To open a constructor's special account, the customer shall also submit the copy of the construction permission (required from private entrepreneurs only) 

To open a bank account, the resident legal entities shall submit the below mentioned documents:

• identification document of  director,
• Copy of State Register certificate (acting head's registration insert) and a reference about the participants/ in case of foundations, non-governmental organizations and associations and other organizations, the participants of which are not registered by any state authority or in compliance with the rules of Central Depository of Armenia OJSC by an account operator company - a reference about the participants issued by the executive body of the given company at least 30 days prior/, if the information on the participants has not been included in the Charter (maximum 30 days old)) or a statement given by Unified State Register. In case of Joint Stock a reference (statement) on shareholders from organizations deemed to be account operators in accordance with the rules of “Central Depository of Armenia ” OJSC, moreover

should a corporate participant with 20% or larger participation exist among the participants, a statement on participants of such participant, which have 20% or larger participation, and so forth for all levels, is required

• Bound and sealed copy of the charter with “True copy of the original” inscription
• Tax code (if it isn’t specified in the certificate by RA State Register)
• Extracts and verified copies of the orders on the appointment of the persons entitled with the right to sign
• Should the authorized entity open an account – the original power of attorney notarially verified 
• Should the liquidation manager open an account, the latter submits the decision of the competent body on liquidation and the resolution (order) on the assignment of the Liquidation manager.
• For the opening of constructor’s special account, the copy of the construction permission of the building to be built by the customer shall be submitted.   

To open a bank account, non-resident legal entities shall submit the following documents to the Bank: 

• identification document of  the director,
• notarially certified  Armenian translation of the original reference (information) about participants  issued 30 days prior, if  the information on the participants has not been included in the Charter (maximum 30 days old), moreover 
• should a corporate participant with 20% or larger participation exist among the participants,  notarially certified  Armenian translation of the original statement on such participants, and so forth for all levels
• should the authorized entity (entities) open an account- notarially certified Armenian translation of the original power of attorney
• notarially certified Armenian translation of the original document confirming the registration of the non-resident legal entity by the Authority carrying out the state registration of legal entities in the country of origin of the non-resident legal entity
• notarially certified Armenian translation of the original document on the registration and jurisdiction of the non-resident legal entity’s manager given by the Authority carrying out the registration of legal entities in the country of origin of the non-resident legal entity, notarially verified  copy of the identification document of the non-resident legal entity’s manager,
• notarially certified Armenian translation of  non-resident legal entity’s founding documents (charter, founding agreement and etc.)

On the purpose of due diligence of the customer envisaged by RA law on “On combating money laundering and terrorism financing” , the Bank may request additional documents or other information from the consumer based on <> principle, as well as ask the consumer additional questions during oral communication.

Under the Foreign Account Tax Compliance Act (FATCA) with the USA, the Bank may collect additional customer information to determine whether it is a U.S. taxpayer.

Based on various circumstances additional documents and information may be required.

The Bank, in the cases and periodicity set forth by the RA Legislation, provides the phisical entity account holder with the account statements in the language the customer prefers, with the exception of cases when the account has not been credited or debited during the accounting period.

An annual interest rate is calculated against the funds available on the account, unless other rate is defined by the information bulletin on the accounts serviced by plastic cards ¹.

In case of annual nominal value

In case of annual percentage yield *.

* The annual percentage yield on the deposits is calculated in compliance with the procedure set by CBA by the following formula: 

where

1)         APY – is the annual percentage yield of the deposit

2)         r – is the annual rate of simple interest

3)         n – periodicity of interests’ capitalization in a year

1. Interests are calculated at the daily average of monetary funds available on the account over the accounting month and are paid on the first working day of the month following the accounting month. 

Moreover,

* If the bank account is opened and/or the monetary funds available on the account have been accrued within the reporting month the calculation of average daily interests are carried out on the basis of calendar days of the accounting month,

* Should the account be closed within the accounting month the interests for the given month are not paid.

NOTE: INTEREST ON THE FUNDS AVAILABLE ON YOUR ACCOUNT WILL BE CALCULATED BASED ON THE NOMINAL (SIMPLE) INTEREST RATE AND THE ANNUAL PERCENTAGE YIELD SHOWS THE INCOME YOU WOULD REALIZE, IF YOU WOULD HAVE  MADE THE MANDATORY  PAYMENTS REGARDING THE DEPOSIT AND WOULD HAVE RECEIVED THE ACCRUED INTERESTS AT THE  SET PERIODICITY . THE RECEIVED DEPOSIT INTERESTS TO THE DEPOSIT. YOU WILL FIND THE ORDER OF CALCULATING THE ANNUAL PERCENTAGE YIELD IN www.aeb.am

The Bank has the right to unilaterally change the payable interest.

Calculation sample:

                                                                                                                  AMD

1. The deposits are guaranteed by RA law on Guaranteeing the Recovery of Deposits of Individuals;

1. Only the deposit in AMD is guaranteed.
2. The deposit in AMD is guaranteed in full and the deposits in foreign currency in the amount of AMD 7 mln and the difference of the recovered deposit in AMD.

The procedure, manner, general terms and conditions for the provision of banking services are defined by the “General Terms of Banking Services of ARMECONOMBANK OJSC”  approved by the Executive Board of the Bank, which can be found via the following link.  

YOU ARE ELIGIBLE TO COMMUNICATE WITH FINANCIAL INSTITUTION BY THE MEANS OF COMMUNICATION YOU PREFER – THROUGH POSTAL SERVICES OR ELECTRONICALLY. THE RECEIPT OF INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE ROUND-THE-CLOCK (24/7), FREE OF THE RISK OF LOSS OF PAPER INFORMATION AND ENSURES THE CONFIDENTIALITY.

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