Business Account

The account holder’s rights to manage the account and the funds therein may be restricted by a court decision based on a request submitted by the bodies responsible for the compulsory enforcement of judicial acts or by the tax authorities.

Funds may be seized from the account without the account holder’s instruction by virtue of a court decision based on a request submitted by the bodies responsible for the compulsory enforcement of judicial acts or by the tax authorities.

Bank deposits of sole proprietors are guaranteed by the Deposit Guarantee Fund.

The guaranteed amounts are as follows:
a) If the depositor holds only a AMD deposit in a failed bank, the guaranteed amount is 16 million Armenian drams.
b) If the depositor holds only a foreign currency deposit in a failed bank, the guaranteed amount is 7 million Armenian drams.
c) If the depositor holds both AMD and foreign currency deposits, and the AMD deposit exceeds 7 million Armenian drams, only the AMD deposit is guaranteed up to 16 million Armenian drams.
d) If the depositor holds both AMD and foreign currency deposits, and the AMD deposit is less than 7 million Armenian drams, the AMD deposit is fully guaranteed, and the foreign currency deposit is guaranteed up to the difference between 7 million drams and the compensated AMD deposit.

For the purposes of customer due diligence as defined by the Law of the Republic of Armenia "On Combating Money Laundering and Terrorism Financing", it may, based on the "Know Your Customer" ("Know your customer") principle, request additional documents or other information from the consumer, as well as ask additional questions to the consumer during verbal communication.

Under the Foreign Account Tax Compliance Act (FATCA) and the agreement concluded with the United States, the Bank may, in order to determine whether you are a U.S. taxpayer, carry out additional collection of information.

Foreign currency exchange at the Bank is carried out in cash and non-cash forms at the Bank’s Head Office and branches.
The Bank’s customers may also perform non-cash foreign currency exchange transactions from their AMD or foreign currency bank accounts via the Bank’s remote banking service system.
Foreign currency exchange at the Bank is carried out at the exchange rate effective at the Bank at the time of the transaction, unless otherwise provided by the Agreement.
For account-based conversions, the effective exchange rates approved for the purchase and sale of non-cash foreign currency values are applied.
If payments under a foreign currency deposit are made to the depositor in AMD, the conversion shall be carried out using the exchange rate of the respective currency established by the Bank as of the payment date.
Transactions may be performed with the card in any currency.
If a transaction is made in a currency different from the currency of the card account, the transaction amount shall be converted into the currency of the card account. In the case of multicurrency cards, the amount shall be converted into the currency of the card account that has sufficient funds available.
Conversion of transaction amounts is carried out at the exchange rates established by the Bank at the time of conversion.
Conversion of transaction amounts is carried out at the exchange rates established by the Bank for the processing center. The exchange rates established by the Bank for the processing center may differ from the exchange rates published by the Bank.

YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL INSTITUTION IN YOUR PREFERRED WAY: BY POSTAL MAIL OR ELECTRONICALLY. RECEIVING INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT OPTION. IT IS AVAILABLE 24/7, ELIMINATES THE RISK OF LOSING PAPER DOCUMENTS, AND ENSURES CONFIDENTIALITY.