General Terms and Conditions of Business

Cancellation right

You may cancel your contractual declaration in writing (e.g. by letter, fax or e-mail) within the first two weeks without giving any reasons. This time period shall begin to run at the earliest upon receipt of the present instruction, whereby the date on which cancellation is posted or transmitted shall be deemed the relevant date as regards the two-week cancellation period. Cancellation shall be addressed to: Advanzia Bank S.A., 9 Parc d’Activité Syrdall, L-5365 Munsbach.


Consequences of cancellation

In the event of valid cancellation, the services rendered on both sides shall be returned and any benefits obtained (e.g. interest) shall be surrendered. If you are not able to return to us in full the services received, or only able to return them in part, or only in an inferior condition, in this regard you shall be required to indemnify us. This may mean that you must nevertheless fulfil the contractual payment obligations existing for the period until cancellation. Obligations to make payments must be fulfilled by you within 30 days of despatch of your cancellation declaration.


Agreement to prior execution

I consent to Advanzia commencing execution of the contract prior to the end of the cancellation period.


End of cancellation information



General information under the Law on Distance Selling (Fernabsatzgesetz)


Advanzia Bank S.A.
9 Parc d’Activité Syrdall
L-5365 Munsbach

Tel.:   0800-8802120
Fax:  00352-26387599

Luxemburg Commercial Register: No. B109476
VAT reference: LU 20992462

Bank's principal business activity:   The object of the business is the operation of banking transactions and the issue of credit cards.

Legal representatives:      Marc Hentgen, Eirik Holtedahl

Banking supervisory authority:   Commission de surveillance du secteur financier (CSSF), 110 route d’Arlon, 2991 Luxembourg

Extra-judicial complaint procedures:   CSSF, 110 route d’Arlon, 2991 Luxembourg.

Language of contract:   The contractual language is German.

Applicable law:   The law of Luxembourg shall apply.

Deposit guarantee:   The Bank is a member of the Association Pour La Garantie Des Dépôts Luxembourg (AGDL, Luxembourg Deposit Guarantee Association). Deposits are insured at a level of 100% up to an amount of EUR 100,000. The detailed terms and conditions of insurance may be found at


Contractual features:   The Bank shall set up for the Customer a call account with a variable interest rate; incoming payments shall be credited to the account, and outgoing payments as instructed by the Customer shall be debited from the same account. On Advanzia Bank's website, the Customer shall submit a binding offer to conclude a call-account contract. The contract shall become effective upon acceptance on the part of Advanzia and shall be subject to a due identity check on the Customer. The contract shall run for an indefinite period; it shall have no minimum term, and may be terminated by either party at any time without observance of any notice period.

Prices, costs, taxes:   Contractual use of the call account shall be free of charges; in other respects, reference is made to the schedule of prices. Tax obligations may arise in respect of cash investments, in particular with regard to withholding tax and tax payable in the country of residence. The Customer must obtain the relevant information in this regard and in the event of any choice as regards treatment of tax obligations, must provide Advanzia Bank promptly with instructions.





General Terms and Conditions of Business

The business relationship between Advanzia Bank and its customers is governed by the following General Terms and Conditions of Business.

The Bank shall open call accounts in euro for private individuals it has approved. Only one account application per person is permitted. The account may only be opened for persons over 18, and US citizens are excluded. Prior to conclusion of a contract opening such an account, the Customer shall provide to the Bank precise personal data having probative value in respect of his identity. The Bank may reject an application for opening of an account at its discretion, without giving an indication of reasons.

By submitting your application, you confirm that you are acting in your own name and for your own account and that you are not a politically exposed person (i.e. not performing any political or public function) and also not being an immediate family member or close associate of such a political exposed person.


1. Operation of accounts

Account opening, operation and closure via the communication channels provided by the Bank (e-mail, telephone, letters, fax, online access) is free of charge. If the Customer indicates an e-mail address, he shall receive his account statement by e-mail and/or it shall be accessible on the internet. In so far as online account statements are made available on the internet, these may be retrieved by the Customer monthly, and there shall be no transmission in paper form. If the Customer wishes to continue receiving statements in paper form by post, the Bank reserves the right to charge the Customer for the cost of sending the paper statements. This shall not apply with regard to judicial and extra-judicial and unavoidable costs of third parties. The price list may be found at The Bank reserves the right to limit the minimum and maximum investment sum. Deposits in the call account shall be payable daily. Account operation shall be exclusively on a non-borrowing basis. If, however, at the instigation of the Customer, for any reason whatsoever a debit balance should arise, the Bank may charge debit interest pursuant to the applicable rates. No fixed term is agreed. Transfers to the call account of the Customer may only be made from the Customer's account at a bank in the EU or EFTA. The Customer may draw on the credit balance in the call account at any time and for such purpose instructs the Bank to effect a transfer on his behalf to his bank account within the EUR/EFTA registered on the basis of in-payment as the reference account. Within the framework of account operation, the Bank shall only effect transfers from and to the call account as well as credit the interest as agreed. Any other acts of disposal in respect of the call account shall not be possible. In particular, the account may not be used or overdrawn for payment transactions (transfers, standing orders, direct debits, cheque deposits, etc.). The Customer may not offset credit balances in his Advanzia account against claims under other contracts/products with the Bank.


2. Interest

Payments in euro shall be subject to interest from the date of receipt of the deposit in the Customer's account at the Bank. Withdrawals in euro shall no longer accrue interest with effect from the bank business day of withdrawal.

Interest shall be calculated daily and credited monthly. Interest shall only be paid for the prescribed minimum/maximum deposit. The valid interest rate shall be indicated in the contract concluded between the Customer and the Bank. The interest rate shall be fixed by the Bank on the basis of market conditions. The Bank shall be at liberty to adjust the contractually agreed debit and credit interest to the respective fluctuations in money-market rates. Changes to interest rates as well as the respective currently valid interest rate shall be notified in the Bank's schedule of prices.


3. Additional benefits

The Bank may link further free benefits to the call account. This shall not incur the Customer any costs whatsoever. In so far as additional benefits are offered which are subject to separate terms and conditions and which generate any costs, the Customer shall be informed thereof separately.


4. Collateral

All documents, credit balances or monetary claims with which the Bank has been entrusted or shall be entrusted by customers constitute ipso jure in favour of the Bank an indivisible and preferential collateral in order to secure execution in full of principal claims as well as interest, charges and ancillary costs of all existing and/or future – including conditional and time-limited – liabilities and obligations which the Customer has entered into or shall enter into in relation to the Bank. This shall apply in particular with regard to claims of the Bank against the accountholder on the basis of other products (e.g. credit cards). The Bank cannot be obliged to assign such assets. If the accountholder also holds a credit card with the Bank, credit balances in the call account cannot be offset by the Customer against the credit-card balance. Credit balances in the call account may serve as collateral for the credit card. A decision in this regard shall be made in an individual instance and shall be at the discretion of the Bank. In such event, the Customer is in agreement that the Bank shall retain outgoing payments from the call account in the amount in which outstanding and due liabilities exist in relation to the Bank.


5. Bank communications

The Bank may effect any necessary communication in electronic form (e-mail) or via the internet homepage. The Customer must therefore ensure that he has a valid e-mail address and keep the Bank updated as to the same.

The date on the copy or distribution list of the Bank shall be deemed the date of dispatch. If a communication from the Bank is returned to the Bank with an endorsement to the effect that the Customer is unknown at the relevant address or has moved away, the Bank may retain the communication bearing such endorsement as well as all further communications of the Bank to the Customer under this address in its files. In such event, the Bank's duty of notification shall be deemed as fulfilled upon holding of the communication for submission to the Customer or transfer into an electronic file which may be made available to the Customer at the latter's request. Under the preconditions set out above, the Customer assumes the risk of any delayed receipt of communications.

If the Bank's communications are made available on the Bank's internet site,, they shall be deemed as having been served on the Customer on the date following placement on the internet site. If the Bank effects a communication by way of reference in one of its documents to an internet site where they are placed, then the communication shall be deemed as served upon the Customer on the date of the document in question.


6. Form and execution of instructions

All instructions by fax, telephone, e-mail, electronic data transmission or other means shall be executed by the Bank at the Customer's risk; the Customer undertakes to bear all and any consequences which may arise as a result of misunderstandings or errors thereby arising; this shall also apply in the event that such an instruction has been issued by an unauthorized third party. With regard to instructions in respect of which a manual signature has been substituted by a personal and confidential electronic means of access, such as the input of an identification number/PIN on a keyboard or electronic transmission of a password, this shall be deemed just as legally valid as the Customer's own signature. The Bank shall be entitled to assume that the account number indicated on a payment instruction is correct and that it accords with that of the recipient indicated in the payment instruction.


7. Documentary evidence

The accounts and documents of the Bank shall be deemed to have probative value unless the contrary is proven.


8. Correction of errors

The Customer shall be under a duty to notify the Bank of all errors which may be contained in the documents and account statements prepared by the Bank. If no objection is received within 30 days following dispatch of the documents and account statements, the indications made therein, unless in the case of a clear material error, shall be deemed correct, and the documents and account statements shall be deemed as having been accepted by the Customer. The Bank shall be entitled at any time to correct the material errors which it has made. If the Customer has not received the documents, account statements or other notices in connection with a particular transaction within the usual postal-delivery times, the Customer must notify the Bank thereof immediately. Objections may only be asserted within a period of 13 (thirteen) months from the date of account debiting.


9. Banking secrecy, data protection

Within the framework of precontractual and contractual relations and the statutory rules, the Bank processes personal data of the Customer in order to record expedient or necessary information concerning the Customer's identity. The Customer consents to the transmission of information regarding such data to the partners necessarily involved for the purpose of processing the contract. The Customer is in agreement that the Bank shall use such data in order to perform its duties and also, unless the Customer objects, for the purpose of selling its products and services. Such data may be retained by the Bank for up to thirty years from the end of the business relationship between the Bank and the Customer and in some instances even for an unlimited period. Within the framework of banking secrecy, the Bank is under a duty to treat personal data confidentially and not to pass the same on to third parties unless statutory special rules exist, and only to pass information to third parties upon an express instruction from the Customer or in the event of a mandatory statutory obligation. According to the statutory rules, the Customer may inspect his personal data and as appropriate cause the same to be corrected.


10. Personal data, duties to provide information

The proper conduct of banking business requires complete and up-to-date customer data. The Customer undertakes to notify the Bank immediately of any changes to his data (e.g. address, e-mail address) and to provide the Bank upon request with all further information which is required by the Bank for the purpose of proper processing of the business relations with the Customer or which is to be recorded by the Bank on the basis of statutory rules. While the Customer is entitled to refuse to pass on such data to the Bank or to prohibit the Bank from electronically processing such data, the opening of an account or the continuation of existing business relations would then however not be possible. The Customer authorizes the Bank to record telephone calls and electronic communications and to retain the record(ing)s in so far as necessary. Absence of recording or the failure to retain record(ing)s may not be invoked in the event of dispute.


11. Termination

Within the framework of the agreements between the Bank and the Customer, for which no time limit has been fixed, each of the parties may terminate the reciprocal relationship at any time without any indication of reasons and with immediate effect. The Bank shall upon exercising such right of termination take account of the justified interests of the Customer.

The Bank is in any event entitled to terminate the business association with immediate effect and without prior notice of default if it ascertains that the Customer's solvency is in doubt, that the collateral granted is not sufficient, or if the Bank ascertains that a continuation of the business relationship with the Customer could give rise to liability on its part or the business operations of its Customer are in violation of ordre public or contra bonos mores. Termination shall have no effect on rights and duties accrued.


12. Limitation on the Bank's liability

In general, the Bank shall be liable in the context of the business relationship between itself and the Customer only in the event of gross negligence and intent. The parties consider it agreed that a person who uses the personal identification data of the Customer shall be treated by the Bank as if it were the Customer. Thus the Customer shall be liable in relation to the Bank if use of the contract takes place on an unauthorized basis. The Customer undertakes not to transmit any such information to third parties or to inform the Bank immediately in the event of loss. Any information sent to the Customer shall be transmitted at the risk of the latter. The Bank assumes no liability in respect of customer data, where a change thereto has not been notified to the Bank. It shall not be liable for errors arising as a result of execution of instructions where instructions were defective or imprecise or in respect of the consequences which may arise from execution of forged instructions which it receives. The liability of the Bank for consequences arising from forgery and defective authenticity checks on documents submitted is excluded unless there exists serious fault (grobes Verschulden) on the part of the Bank. The Bank's liability is also excluded if it is not informed of a defect in the validity of the documents presented to it; the Bank is not under any duty to check documents for their continuing validity. The sending of documents submitted shall be at the risk of the Customer, whether submitting or receiving. The Bank shall not be liable for contrary rules of foreign law; it shall be a matter for the Customer to ensure that availment of these services is permitted in accordance with the Customer's national legislation.


13. Decease and inheritance

In the event of a Customer's decease, the Bank must be informed immediately by way of transmission of a death certificate. The decease of a Customer shall mean the automatic blocking of his account as well as the revocation of any powers of attorney granted such as the deceased shall have issued in favour of third parties. If the Bank is not in possession of such notification, it shall assume no liability for transactions executed following the decease of the Customer. In order that the account block may be lifted in favour of the heirs or beneficiaries, the Bank must first be in possession of the documents settling the inheritance as well as the written consent of the beneficiaries.


14. Sundry provisions

In the event that any of these terms should be invalid, this shall not affect the validity of the remaining terms hereof. The Bank reserves the right to amend the present terms and conditions as well as the nature of the services offered or fee structure, in order to take account of any statutory or regulatory modifications as well as changes in the market situation or the customary practices of the specific financial centre. Such changes shall be notified to the Customer by way of an announcement via the internet service or via any other means of communication which the Bank shall deem reasonable, such as an announcement with account statements or any other correspondence emanating from the Bank. Such changes shall be deemed approved by the Customer unless the latter objects to the same or terminates his contract in writing or in electronic form within one month from notification of the change.


15. Place of jurisdiction, legal notice

All rights and duties of the Customer in relation to the Bank shall be subject to the law of Luxembourg, unless expressly indicated otherwise, and the Luxembourg District Court shall have jurisdiction. Unless otherwise agreed, the registered office of the Bank shall be the place of performance for the obligations of the Bank in relation to the Customer and for the obligations of the Customer in relation to the Bank. The Customer acknowledges that he is alone responsible for complying with the applicable laws in his country of residence, in particular with regard to all direct and indirect consequences of opening and maintaining the account and the tax obligations which shall thereby arise. Only the German version of the present terms and conditions shall be authoritative. In the event of discrepancies as compared with versions in other languages, reference shall be made to the German text only.


Last updated: 11/2009

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