Аmendments of the Payment Services and Payment Systems Act in force of 1st of September 2023

01 September 2023
Dear clients,
This is to inform you that by virtue of amendments, adopted by the Republic of Bulgaria’s National Assembly to Section IV Access to Payment Accounts (Art.118 – Art.121) of the Payment Services and Payment Systems Act, with effect from 01.09.2023, when the amendments come into force, we introduce alleviated charging of certain transactions via a Payment Account with Basic Features in the cases, stipulated in the law.
The Payment Account with Basic Features (PABF) is a payment account through which the following transactions can be made in Bulgarian leva on this country’s territory:
1. Opening a payment account at an office of the Bank
2. Payment account maintenance
3. Depositing of funds in a payment account
4. Cash withdrawal from a payment account
5. Direct debit payments
6. Payment transactions, made with a payment card, including online payments
7. Credit transfers in local currency.
When transactions are being made with a PABF by order of the Account Holder, cash withdrawal included, no fees will be charged for those, when funds, received in the PABF originate from labour remuneration, pensions, benefits, social security compensations and support payments, scholarships for pupils, university students and PhD thesis researchers. The Bank will not charge a monthly fee for PABF maintenance when the funds, received and stored in it originate as per the previous sentence, as well as interest on such funds.
A PABF holder may use upon his/her choice additional services to this account, against payment of the relevant fees and commissions for these services, as per the currently effective Fees and Commissions Tariff for Individuals of United Bulgarian Bank AD.
The Bank will refuse opening of a Payment Account with Basic features, when such opening would entail breach of the Bank’s statutory obligations, pertaining to combating money laundering and the financing of terrorism.
The Bank may refuse the opening of a Payment Account with Basic Features in the cases when the Account Holder has in his/her name another payment account, maintained with the same or with another bank on Bulgaria’s territory, through which he/she may use the services as per Art.118 of the Payment Services and Payment Systems Act.
The Bank undertakes to open or refuse the opening of a PABF not later than 10 days after receipt of all necessary documents for the account opening.
More information about the amendments and our special offers is available on the Bank’s website www.ubb.bg, or through our employees at the UBB AD offices.
While looking forward to our good cooperation, we remain
Sincerely,
United Bulgarian Bank AD