General Conditions

General
Conditions

GENERAL TERMS AND CONDITIONS OF UNIONEED SAVINGS AND LOAN ASSOCIATION

  1. GENERAL PROVISIONS

1.1. Definitions

1.1.1. Association is the Unioneed Savings and Loan Association.

1.1.2. Unioneed S&L is an abbreviation of the Unioneed Savings and Loan Association.

1.1.3. General Terms and Conditions are the general terms and conditions of this Association.

1.1.4. Member is any natural or legal person who has been accepted as a member in accordance with the Articles of Association.

1.1.5. Third party – any natural or legal person who is not a party.

1.1.6. Bank account is an account opened by the Association to a Member for the deposit of funds, securities and/or other assets and information in accordance with the terms and conditions provided in the Contract.

1.1.7. Price list is the price list of services established by the Association.

1.1.8. Service is a service provided by the Association to a Member or customer.

1.1.9. Website is the Assotiations’s website www.unioneed.com

1.1.10. Self-service is an electronic environment with limited access and various user rights, in which members can sign in with the help of security elements, perform the operations enabled to them in the environment, as well as see own personal information.

1.1.11. Contract is an agreement between the Association and a Member or customer for the provision of a service on agreed terms and conditions, including all amendments and annexes.

1.1.12. Party is the Association, the Member, as well as a non-member.

1.1.13. Money laundering is an asset derived from criminal activity or in the place of it:

– conversion or transfer, where such assets are known to have been obtained through criminal activity or participation in it, with a view to concealing the illicit origin of the asset or assisting a person involved in the criminal activity in avoiding the legal consequences of his or her actions;

– acquisition, possession or use, when it is known to have been obtained through criminal activity or participation therein;

– concealment of the true nature, origin, location, disposition, transfer or ownership, or concealment of other rights related to assets, or where such asset is known to have been derived from criminal activity or from participation in such activity.

– Money laundering also includes participation in, association with, attempts to commit, aiding and abetting or facilitating or advising on the activities specified in Subsection 2.1.1 of this Section.

– Money laundering also occurs when the criminal activity that resulted in the acquisition of the asset used for money laundering took place in the territory of another country.

– Money laundering also occurs when the details of such criminal activity that led to the receiving of the asset used in money laundering have not been established. 1.1.14. Terrorist financing is the financing and support of terrorist offenses and activities aimed at committing it within the meaning of § 237³ of the Penal Code.

1.1.15. Financial Intelligence Unit – an independent government agency, the main task of which is to prevent money laundering and terrorist financing in Estonia. Postal address: Pronksi 12, 10117 Tallinn; e-mail: info@fiu.ee; tel.: (+372) 6 960500.

1.1.16. Cash is as referred to in Article 2 (2) of Regulation (EC) No 1889/2005 of the European Parliament and of the Council on checking of cash entering or leaving the Association (OJ L 309, 25.11.2005, p. 9–12).

1.1.17. Asset is any object, as well as a document certifying the ownership or other rights related to such object, including an electronic document, and the benefits derived from such object.

1.1.18. Business relationship is a relationship that arises upon the conclusion of a long-term contract by an obligated person in an economic or professional activity to provide a service or sell or otherwise market goods,or that is not based on a long-term contract but for which a certain duration of the relationship could reasonably be expected at the time the contact is established and during which the obligated person repeatedly engages in separate economic, professional or trade activities in the provision of a service or trade, in the performance of professional activities or in offering goods.

1.1.19. Obligated person’s senior management is a manager or employee who has sufficient knowledge of the obligated person’s risks related to money laundering and terrorist financing and sufficient authority to make decisions affecting the risks, but who does not have to be a member of the management board.

1.1.20. Currency exchange service is the exchange of one valid currency for another valid currency by an undertaking in the course of economic or professional activities.

1.1.21. Group is a group of undertakings consisting of a parent undertaking, its subsidiaries within the meaning of § 6 of the Commercial Code and entities in which the parent undertaking or its subsidiaries have a shareholding, or a group of undertakings forming a consolidation group within the meaning of § 27 (3) of the Accounting Act.

1.1.22. High-risk third country is a country referred to in the delegated act adopted pursuant to Article 9 (2) of the Directive (EU) 2015/849 of the European Parliament and Council on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing and amending Regulation (EU) No 648/2012 of the European Parliament and Council and repealing Directive 2005/60/EC and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, pp. 73-117).

1.1.23. Contact person is an employee appointed by the decision of the management board, who is the contact person of the Financial Intelligence Unit and regulates and controls the implementation of the measures established for the prevention of money laundering and terrorist financing. If a specific contact person has not been appointed by a decision of the management board, the management board of the legal person shall perform the duties of the contact person.

1.2. Applicability of the General Terms and Conditions

1.2.1. The General Terms and Conditions regulate the relations between the Unioneed Savings and Loan Association, its members and customers, to the extent not regulated by the Articles of Association of the Unioneed Savings and Loan Association.

1.2.2. The General Terms and Conditions establish the basic principles of membership or customer relations between the Association and the Member or customers, the procedure for using the customer environment, the procedure for communication between the Unioneed Savings and Loan Association and the Member, the principles for processing members’ data, and general conditions for making transactions between the Unioneed Savings and Loan Association and the Member and customers.

1.2.3. The General Terms and Conditions apply to all membership and customer relationships. In addition, the legislation of the Republic of Estonia, Terms of Service and other terms and conditions of contracts, Price List, good banking practice and the principle of good faith apply to membership and customer relationships.

1.2.4. The General Terms and Conditions are published in the customer environment of the Unioneed Savings and Loan Association, on its website, and they are available for reading at service offices.

1.2.5. The General Terms and Conditions also apply to membership or customer relationships that arose before the General Terms and Conditions entered into force and continue on the date of entry into force.

1.2.6. The Association has the right to unilaterally change the General Terms and Conditions, Terms of Service, Special Terms and Conditions, and the Price List. The Association has the right to unilaterally change the General Terms and Conditions, Terms of Service, Special Terms and Conditions, and the Price List by notifying the members and customers of the Association thereof one month in advance.

1.2.7. If a Member or customer does not agree with the amendments to the General Terms and Conditions, Terms of Service, Special Terms and Conditions and the Price List, he/she has the right to cancel the respective Contract by notifying the Association in writing one month in advance with a digitally signed document.

1.2.8. If the Member or customer does not use the right referred to in Clause 1.2.7 of the General Terms and Conditions to cancel the Contract, he/she is deemed to have agreed to the changes and has no claims against the Association.

  1. Procedure for using the customer environment 2.1. A person wishing to register as a customer of the Unioneed Savings and Loan Association shall submit a corresponding application via the website of the Unioneed Savings and Loan Association or at a service office.

2.2. The submitted application is also an application for membership under the conditions specified in the Articles of Association of the Unioneed Savings and Loan Association.

2.3. An application submitted electronically must be digitally signed, an application submitted at a service office may be signed in writing.

2.4. The review of the application and applicant’s registration as a user or Member generally takes place within 10 (ten) business days, but not later than within 1 (one) month.

2.5. Unioneed Savings and Loan Association verifies the accuracy of the information provided in the application, identifies the person in accordance with the rules of procedure and confirms the requested registration.

2.6. A user approved by the Unioneed Savings and Loan Association will have the right to log in to the customer environment.

  1. Identification and representation 3.1. The Unioneed Savings and Loan Association shall establish the identity of the Member and his/her representative in accordance with the procedure for the prevention of money laundering and terrorist financing established by the Unioneed Savings and Loan Association, and with the requirements provided by law.

3.2. When establishing a membership and customer relationship (including entering into a contract) and providing a service, the Association is required to identify the Member and his/her representative.

3.3. The Member and his/her representative are obliged to submit the data and documents required by the Unioneed Savings and Loan Association for identification and verification of their identity.

3.4. When establishing a customer relationship with a natural person permanently residing in Estonia or a Contracting State of the European Economic Area, the simplified procedure for establishing the identification is followed.

3.5. The identification of natural persons is based on the identity documents appointed by the Association in accordance with the applicable legislation.

3.6. An Estonian legal person or a branch of a foreign company registered in Estonia shall be identified on the basis of a valid printout of the relevant registry data or other documents required by the Association.

3.7. A foreign legal person is identified on the basis of an extract from the corresponding foreign register or registration certificate or other documents required by the Association.

3.8. The Unioneed Savings and Loan Association may require that the Power of Attorney issued to a representative be in a notarized or equivalent certified form.

3.9. The Member must immediately notify Unioneed Savings and Loan Association of the withdrawal and invalidation of a Power of Attorney, even if the relevant information has been published in the Official Announcements.

3.10. The Unioneed Savings and Loan Association has the right to demand that a document issued abroad be legalized or certified with an apostille.

3.11. In the case of a document in a foreign language, they have the right to request a translation of the document into Estonian or another language accepted by the Unioneed Savings and Loan Association.

3.12. All costs associated with the preparation, notarization or certification, apostille or legalization of documents shall be borne by the Member or customer.

3.13. Any document submitted by the customer or Member is presumed to be genuine, valid and correct. The Unioneed Savings and Loan Association has the right to require the Member or customer to submit additional documents and data or not to execute the Member’s order.

3.14. The Unioneed Savings and Loan Association has the right to consider a document certifying the right of representation of a Member or customer valid until the Association has not received documents confirming the change or termination of the right of representation of the Member.

3.15. Before establishing a customer relationship with a person with a public background, a family member of a person with a public background or a person considered to be a close associate of a person with a public background, the employee must obtain permission from the management who decides on the expediency of the establishment of the customer relationship and gives guidelines for the further monitoring of the customer relationship.

3.16. Before establishing a customer relationship with a legal entity whose actual beneficiary is a person with a public background of a Contracting State of the European Economic Area or a third country, a member of the family of a person with a public background or a close associate thereof, the employee must obtain permission from the management who decides on the expediency of the establishment of the customer relationship and gives guidelines for the further monitoring of the customer relationship.

3.17. Before establishing a customer relationship with a legal entity located in a high-risk third country where the institution has not taken adequate anti-money laundering and anti-terrorist financing measures or if that country does not cooperate internationally in the field of anti-money laundering and anti-terrorist financing, the employee must obtain authorization from the management who decides on the expediency of the establishment of the customer relationship and provides instructions for further monitoring of the customer relationships with the person.

3.18. Before establishing a customer relationship with a legal entity whose activities, representatives or actual beneficiaries are previously known to be suspected of being involved in money laundering or terrorist financing, permission must be obtained from the management who decides whether to establish the customer relationship and instructs the employee in further monitoring of the customer relationship with the person.

  1. Signing 4.1. Unioneed Savings and Loan Association accepts the handwritten signature and digital signature of the Member or his/her representative given using a compliant certificate valid in the Republic of Estonia.

4.2. The Unioneed Savings and Loan Association may require signing at the Association’s service office. If it is not possible to give a signature at a service office, the Association has the right to demand notarial or equivalent certification of the signature.

  1. Processing of membership and customer data 5.1. The exchange of information between Unioneed Savings and Loan Association and a Member or customer shall take place in Estonian, unless the parties have agreed otherwise.

5.2. Unioneed Savings and Loan Association forwards information to the Member or customer in its customer environment, service office, on the website of Unioneed Savings and Loan Association, by post, e-mail, SMS or other means of communication or mass media.

5.3. The Member or customer is obliged to immediately check the accuracy of the information received from the Unioneed Savings and Loan Association and to notify the Unioneed Savings and Loan Association immediately if any inaccuracies are discovered.

5.4. Unioneed Savings and Loan Association processes member data in accordance with the principles of processing member and customer data established by the Association.

5.5. Unioneed Savings and Loan Association processes the personal data of members and customers in order to provide its services and fulfill its obligations under applicable law. Personal data is mainly processed for the fulfillment of contractual obligations.

5.6. Unioneed Savings and Loan Association may also process the personal data of its members for other purposes if they are necessary for the performance of obligations arising from law.

5.7. The chief processor of personal data is the Unioneed Savings and Loan Association.

  1. Prevention of money laundering and terrorist financing 6.1. In order to prevent money laundering and terrorist financing, the Unioneed Savings and Loan Association has the right to: 6.1.1. Check the data on which the identification of the Member, the customer and his/her representative is based on an ongoing basis and request additional documents from the member as necessary;

6.1.2. Impose temporary and permanent restrictions on the use of services;

6.1.3. Require additional information from the Member or customer about its activities, including information about its transaction partners, turnover, cross-border payments, cash transactions and share of cash transactions, as well as information about the purpose of the transactions and the origin of the Member’s or customer’s assets;

6.1.4. Require data and documents from the customer or Member regarding the documents on which the transaction is based, as well as data or documents about the counterparty of the transactions, the actual beneficiary or other person involved in the transaction;

6.1.5. Request other information that the Unioneed Savings and Loan Association deems necessary for the implementation of measures to prevent money laundering and terrorist financing.

  1. Award of contracts 7.1. The Unioneed Savings and Loan Association has the right to decide with whom to enter into a contract and with whom not.

7.2. Contracts between the Unioneed Savings and Loan Association and a Member or customer shall be entered into in writing or in another form, unless a mandatory form for the contract is provided by law.

7.3. The Unioneed Savings and Loan Association grants access to the personal data of members only to its employees who have a duty of confidentiality, and to a third party who is authorized by the Unioneed Savings and Loan Association to process the data and with whom a confidentiality agreement has been concluded.

7.4. The Member shall agree to provide Unioneed Savings and Loan Association with all required personal data, which must be correct, valid and complete.

7.5. A Member or customer may require the Unioneed Savings and Loan Association to cease processing personal data, and the Unioneed Savings and Loan Association shall cease processing the personal data of the Member or customer if the Member or customer has duly fulfilled all obligations arising from contracts with the Unioneed Savings and Loan Association and the Member’s contracts with the Unioneed Savings and Load Association are terminated.

7.6. The personal data of a Member or customer is stored within the statutory time limit. After that, personal data shall be destroyed in a manner that complies with the conditions provided by law.

7.7. A Member or customer may at any time lodge a complaint with a competent institution against the activities of the Unioneed Savings and Loan Association.

7.8. Contracts between the Unioneed Savings and Loan Association and customer or Member shall be entered into in writing or in another form, unless a mandatory form for the contract is provided by law.

7.9. The Unioneed Savings and Loan Association has the right to decide for itself with whom it wishes to enter into a contract and with whom it does not, and the Unioneed Savings and Loan Association has the right to refuse to enter into a contract.

7.10. When refusing to enter into a contract, Unioneed Savings and Loan Association shall consider all the circumstances in detail and make a decision based on the principle of reasonableness.

7.11. In the Contract, the parties shall agree on the calculation of interest, the terms of its payment, as well as the terms of payments arising from contracts, which are provided in the schedule and are an integral part of the Contract.

  1. Member’s orders 8.1. A Member may give to the Association for execution, and the Association shall execute the orders in accordance with the conditions specified in the legislation and the Contract. The orders shall be submitted by the Member to the association in writing. The Member must ensure that its order is in accordance with the legislation in force in the Republic of Estonia, as well as with the terms and conditions of the Contract and other relevant requirements, customs and practices.

8.2. The Unioneed Savings and Loan Association shall only execute a Member’s order which has been prepared in accordance with the Contract between the Member and the Association, and which does not contain inaccuracies, incomplete or incorrect information, and which clearly indicates the Member’s will.

8.3. Unioneed Savings and Loan Association shall not be not responsible for errors, ambiguities, incomplete data, mistakes and transmission errors in the order submitted by the Member to the Association.

8.4. The Member is obliged to create all the prerequisites and conditions necessary for the execution of the order. If the Member has not fulfilled this obligation, the Association has the right to refuse to execute the Member’s order.

8.5. The orders shall be executed in the chronological order of submission to the Association.

8.6. The Member has no right to withdraw an order submitted to the Association and taken for execution by the Association.

8.7. The Association shall notify the Member of the cancellation of the order.

8.8. The Unioneed Savings and Loan Association has the right to record the orders and notices transmitted by the Member by phone or other means of communication and, if necessary, to use the respective recordings to prove the order or instruction.

8.9. Unioneed Savings and Loan Association shall execute orders within the time limit specified in the Contract entered into for the use of the respective service.

8.10. The Member has the right to withdraw the transaction until the Unioneed Savings and Loan Association has not yet performed it or has not assumed an obligation to a third party to perform it.

  1. Account use, service fees, debts and claims by the Association 9.1. In addition to the membership fee, the Member is obliged to pay a fee for the services provided by the Unioneed Savings and Loan Association, specified in the respective Contract or in the Price List of the Unioneed Savings and Loan Association.

9.2. The Member is obliged to reimburse the expenses arising from the actions and transactions performed on behalf of the Member.

9.3. In the event of non-performance of obligations by a Member, the Unioneed Savings and Loan Association may demand interest on arrears and/or a contractual penalty from the Member to the extent specified in the Contract or Price List.

9.4. The Member is obliged to keep enough money in his/her bank account so that the association can debit all service fees and other amounts due as well as debts from the account.

9.5. The Unioneed Savings and Loan Association has the right to assign its claims against the Member to a third party, unless otherwise provided by law.

9.6. The Association shall seize a bank account only at the request of a third party in the cases and pursuant to the procedure provided by legislation.

  1. Interest 10.1. Unioneed Savings and Loan Association calculates interest rate on the basis specified in the Price List or Contract for the service.

10.2. The components of the interest rate are the base interest, risk premium, profit margin.

10.3. The Association has the right to unilaterally change the interest rate and the procedure for calculating interest, unless otherwise provided by law or the Contract.

10.4. Interest is calculated and paid or debited in accordance with the Terms of Service.

10.5. Unioneed Savings and Loan Association shall pay interest to the Member on his/her bank account balance at the rate established by Unioneed Savings and Loan Association or at the rate agreed in the Contract entered into with the Member. Information on interest rates is published by the Unioneed Savings and Loan Association on its website or service offices.

10.6. The Member shall pay interest to Unioneed Savings and Loan Association for the use of funds received from Unioneed Savings and Loan Association at the rate and under the conditions provided in the Contract.

10.7. If the law provides for the obligation to pay income tax on interest, the Association shall withhold income tax from the amount of interest payable on the bases and pursuant to the procedure provided by law.

  1. Liability 11.1. The Unioneed Savings and Loan Association, its members and customers shall perform their duties properly, in good faith and reasonably in accordance with the requirements of due diligence and taking into account customs and practices.

11.2. The parties shall not be liable for non-performance of an obligation if it is caused by force majeure which the party in breach of the obligation could not influence and the exclusion of which could not be expected on the basis of the principle of reasonableness.

11.3. Unioneed Savings and Loan Association and its members are liable for wrongful breach of an obligation. Each party shall only be liable for direct patrimonial damage caused to the other party by improper performance or non-performance of its obligation. Members are obliged to compensate the Association for any damage, including lost income.

11.4. If a Member uses or used a representative in the performance of his/her rights and obligations, or if a third party performed the Member’s obligation with his/her consent, the Member shall be liable for the actions of that person and the damage caused by him/her.

11.5. Members have the right to receive information about data and documents related to their transactions. In order to provide the information, a request must be made in a form that can be reproduced in writing.

11.6. Unioneed Savings and Loan Association shall document all transactions made on behalf of the Member and store this data in accordance with the time limit provided by legislation.

11.7. Termination of membership does not terminate the Member’s obligation to compensate for the damage caused.

  1. Cancellation of the Contract 12.1. The parties may regularly cancel the Contract by notifying the other party at least 1 (one) month in advance, unless a shorter term for advance notice is provided by law.

12.2. Unioneed Savings and Loan Association has the right to cancel the Contract unilaterally for good reason.

12.3. A good reason exists, in particular, if: 12.3.1. The Member or a person related to him/her has violated an obligation, the strict observance of which is a precondition for the continued interest of the Association in the continuation of the Contract.

12.3.2. The Association suspects a Member or a person related to him/her of money laundering or terrorist financing,

12.3.3. The Member has intentionally or through gross negligence failed to perform his/her obligation under the Contract;

12.3.4. The Member or a person related to him/her has failed to perform his/her obligation and the Association has reason to believe that the Member will not perform his/her obligation in the future;

12.3.5. The Member and a person related to him/her have intentionally or due to gross negligence caused damage or a real threat of damage to the Association by their acts and omissions;

12.3.6. The Member is dead;

12.3.7. Bankruptcy, compulsory dissolution or liquidation proceedings have been initiated against the Member.

12.3.8. The Member demands or restricts the processing of his/her personal data, and in the opinion of Unioneed Savings and Loan Association, the precondition for the provision of services to the Member is the Savings and Loan Association’s right to process the Member’s personal data in accordance with the General Terms and Conditions and membership data processing principles.

12.4. Termination of the Contract is required by an Estonian or foreign supervisory authority;

12.5. Before extraordinary cancellation of the Contract, the Association shall carefully consider all the circumstances.

  1. Settlement of disputes 13.1. All disputes between the parties shall be tried to settle by negotiation.

13.2. If the parties are unable to resolve the disagreement immediately, a complaint must be lodged in writing or in another agreed manner.

13.3. The Association shall review the complaint and announce its decision at the agreed time and in the agreed manner.

13.4. Estonian law shall apply to membership and customer relationships between the parties, unless the parties have agreed otherwise.

13.5. If the Unioneed Savings and Loan Association disagrees with the Member or a compromise is not reached with the Member, the party has the right to apply to the Harju County Court for the protection of his/her rights.