|
a) |
|
The Account may be opened in the name of a natural person. In compliance with compulsory identification requirements in the Netherlands to provide valid proof of identity, the initial deposit in the Account shall be made from the Contra Account. Along with a completed and signed application form, a copy of a valid identification document shall be provided to the Bank. In case of a minor, who is unmarried and has not been married, the Account can only be opened when the application forms are signed by the legal representative(s) who shall be required to provide the Bank with copies of identification.
The Bank reserves the right to refuse to open an Account. |
b) |
|
Minors and legal incapacity
The natural person that has not reached the age of 18 is in principle incapable to perform juristic acts unless he/she has a written consent of his/her legal representative(s). The Account will be opened in the name of the intended minor Account Holder. In principle only the legal representative(s) are able to dispose of the Account of the minor. The legal representative(s) are jointly and severally liable for the fulfilling of all obligations with regards of the Account (see also article 1)
|
c) |
|
Joint Account
If the Account is opened in the name of two natural persons, it shall be considered to be a joint account, an ‘and/or’ Account. The Account Holders shall be jointly and severally liable for each other’s actions relating to the Account. The Account Holders shall be separately authorized to issue orders to the Bank with respect to the Account.
|
d) |
|
Contra Account
The Contra Account, which shall be debited for the initial deposit in the name of the Account Holder(s), shall be held in the name of the Account Holder(s) in conformity with the Financial Supervision Act (WID). In case that the Contra Account of joint Account Holders is not held in both names, both Account Holders shall provide a Contra Account in their name and each Account Holder shall make an initial deposit from the provided Contra Account. In case the Contra Account is held on both names of the Account Holders than the initial deposit shall be made of this Contra Account. |
e) |
|
The accountholder of a TEB Ster Deposit is obliged to open a TEB Ster Savings Account at The Economy Bank N.V. |
|
|
No minimum amount is required for the TEB Ster Savings Account. The minimum amount required for the TEB Ster Deposit shall be EUR 1.000. |
|
Account Holder(s) shall only make withdrawals from the TEB Ster Savings Account by means of giro transfers of amounts to the Contra Account indicated at the time the Account Holder(s) opened the Account, or to the Account at TEB NV. |
|
Each transaction in the Account will be stated in a financial statement which will be sent to the last known address of the Account Holder. |
|
The interest rate applicable to the TEB Ster Savings Account shall be variable. The Bank shall announce any changes in at least two Dutch national daily newspapers. The interest rate applicable to the TEB Ster Deposit shall be agreed in advance between the Bank and the Account Holder(s), which shall remain fixed during the term of that specific TEB Ster Deposit. |
|
Funds will become interest bearing on the same day as being received by the Bank. Transfers of the TEB Ster Savings Account to the TEB Ster Deposit and vice versa are considered as internal transfers and therefore will become interest bearing at the same day. |
7. |
Basis for Interest Calculation |
|
Calculation of interest amount shall be based on the exact number of days and a year is set as 365 days. |
|
| Interest payable to the TEB Ster Savings Account shall be credited at the beginning of each quarter in January, April, July and October. Interest of the TEB Ster Deposit shall be paid annually. |
9. |
Termination/Extension of the Account |
|
The Account Holder(s) may request the Bank in writing to terminate the TEB Ster Savings Account. Following this instruction, the Bank shall transfer the balance plus interest to the Contra Account or, in consultation with the Account Holder(s), to a TEB Ster Deposit at the Bank. For a joint Account both Account Holders shall sign these written instructions. If, in the opinion of the Bank, the TEB Ster Savings Account is being used improperly, the Bank shall be entitled to terminate the Account unilaterally and transfer the balance plus interest to the Contra Account. The Account Holder(s) may request the Bank in writing at the end of the term of the TEB Ster Deposit to transfer the balance plus interest to the Contra Account. If no notice has been received from the Account Holder(s) before the end of the term, the total amount, principal plus interest, shall automatically be extended for a similar term at the then applicable interest rate. |
10. |
Premature Termination of the TEB Ster Deposit |
|
If the TEB Ster Deposit is terminated before the end of the term, the interest rate that was established at the Account opening time will be reduced, in proportion with the period that the Account has been opened, one percent (1%) on an annual basis. In case of the following exceptions the Account Holder(s) can retain the balance and gained interest without reduction: Account Holder(s) purchases real estate for its own use, will get married, has become unfit for work or has become unemployed. |
|
In the event of the decease of the Account Holder the Bank shall be informed as soon as possible. The legitimate heirs shall be entitled to receive the balance plus interest immediately on submission of a certificate of inheritance (and a legal declaration of death). The interest shall be calculated according to the described method in article 10 with the exception that the interest shall not be reduced by one percent (1%).
In the event of the decease of one of the Account Holders of a joint account, the remaining account holder shall be entitled to hold the Account at his/her disposal. In the event of premature termination, article 10 shall apply.
|
12. |
Deposit Guarantee Scheme |
|
The Deposit Guarantee System for banks shall apply and, at the request of the Account Holder(s), a copy of this system shall be sent to the Account Holder(s). |
13. |
Changes in the Terms and Conditions |
|
The bank is authorized to change these Terms and Conditions. The account holders will be notified by letter. If the account holder does not agree with the changes or additions as meant in this article, the account holder needs to notify the bank by letter within 6 weeks after the change, after which the account will be terminated immediately. The settlement will be to the contra account. |
|
The personal data shall be processed in compliance with “Data Protection Act”, 2001 (Wet Bescherming Persoonsgegevens, Wbp). |
|
The management of the Bank shall decide, in any case not covered by these Terms and Conditions. |
16. |
General Banking Terms and Conditions |
|
The relationship between the Bank and the Account Holder(s) shall be subject to the General Terms and Conditions, as drawn up by the Netherlands Banking Association and registered with the clerk of the district court at Amsterdam.
|
