Current Bank definition
Examples of Current Bank in a sentence
In case of Overdraft, BCR provides the Loan by means of the Current Bank Account from which the Client can make drawings from the funds available, within the limit of the overdraft Ceiling.
The heirs are jointly liable to BCR for the possible debtor balances of the Current Bank Account.
The minimum balance is replenished from the subsequent feedings and is released to the Client when closing the Current Bank Account.
To achieve any of its rights, including the above, BCR is authorized by the Client to debit any of his Accounts (including Current Bank Accounts, deposit accounts, saving accounts or of any other type), irrespective of the Accounts currency, by the amounts the Client is due.
The performance of such actions by BCR can result in the delay or cease of payment instructions execution or of the amounts collection and respectively of the transactions settlement in and from the Current Bank Account.
For certain period and/or certain Banking Services, according to the specific Convention, BCR can decide not to pay the interest at sight to the cash available in the Current Bank Accounts.
Current Bank Account/Current Account means any current bank account opened in BCR records in the Client’s name, which is always a payments account, including any credit account from which payments are or can be done, but excluding any deposit bank account which does not allow payments performance.
These measures can include, but without being limited to, blockage of the Current Bank Account, return to the Ordering person the funds which credited the Client’s Accounts as a result of a fraud, investigation and interception of the payments made in and from the Client’s Current Bank Account, investigation of the funds source/their beneficiary, investigations in view of finding out if a person is subject to sanctions.
If for the Loan use the Client has to hold a Current Bank Account with BCR for drawing and repayment operations from the Loan, BCR assures the Client the possibility to choose an Account for Loan running, which allows only drawing and repayment operations from the Loan and/or a standard Current Bank Account, which allows both drawing and repayment operations from the Loan, and other operations according to the relevant Convention.
In case the Current Bank Account is opened based on a Convention also including other Banking Services, independent of the closed Current Bank Account, when closing the respective Current Bank Account the respective Convention remains in force for all the other Banking Services operating based on that.