terms of business
Terms of Business
These Terms of Business set out the basis on which ACC Bank plc will provide business services to you as a client of the company. Please take a few minutes to read through these and if you have any questions we will be happy to answer them.
Authorised Status
ACC Bank plc trading as ACCBank is regulated by;
The Financial Regulator
P.O. Box 9138
College Green
Dublin 2
Full Registered Address
ACC Bank plc
Charlemont Place
Dublin 2.
t + 353 (0) 1 4184000
ACC Bank plc Registered in Ireland No. 7653
ACCBank is a wholly owned subsidiary of Cooperative Centrale Raiff eisen-Boerenleenbank B.A. (Rabobank).
Services
Our principal business is the provision of business banking services. ACCBank acts as an intermediary for the following product providers: Hibernian Aviva, Irish Life, Eagle Star, Friends First, Canada Life, Royal & Sun Alliance, Standard Life, Scottish Provident, London General Insurance, BDO Simpson Xavier, New Ireland Assurance Plc. and Sarasin Investment Management Limited T/A Sarasin Chiswell.
ACCBank will conduct all dealings with you, the customer, through English. ACCBank will communicate with you, the customer, primarily by post, telephone, face-to-face and in certain circumstances by fax and email, in line with our email policy and fax guidelines.
Fees & Charges
ACCBank applies charges to particular products and services it provides. The fees and charges applicable to you will be explained to you by our staff member at the time of purchase. In addition, you can pick up a brochure called Guide to Fees and Standard Charges at any time from any one of our offices or by visiting our website at www.accbank.ie
Conflict of Interest
It is our policy to avoid any conflict of interest when providing business services to our customers. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Complaints
You can make a complaint:
1. at your local office
or
2. directly to the Customer Liaison Unit
At your local office
If you are dissatisfied with any aspect of our service or products, you can let us know by contacting your local office directly. This can be done:
In Person Call in and discuss the matter.
By Phone Ask to speak to any of the local office staff.
In Writing Address your complaint in writing to the Business Unit/Centre
Customer liaison unit
By Phone Ask to speak to any of our Customer Liaison staff on;
(01) 418 4080
In Writing Address your complaint in writing to:
Customer Liaison Unit
ACCBank plc
Charlemont Place
Dublin 2
Email complaints@accbank.ie
The bank will try to resolve complaints as quickly as possible. At a minimum we will respond within five working days. We will write to you at least every 20 working days thereafter. In the unlikely event that your complaint remains unresolved after 40 working days, we will again write to you with the anticipated timeframe to resolve the complaint. We will also advise you of your right to take your concerns to the Financial Services Ombudsman.
If you are still not satisfied you are entitled to take your complaint to: Financial Services Ombudsman
Third Floor
Lincoln House
Lincoln Place
Dublin 2.
LoCall 1890 882090
t (01) 6620899
f (01) 6620890
e enquiries@financialombudsman
w www.financialombudsman.ie
Actions that may be taken by us
ACCBank will, if necessary, exercise its legal rights to recover any payments due to it from customers for financial facilities. The bank and/or product providers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit.Details of these provisions will be included in the terms and conditions of your facility with this bank. If you experience repayment difficulties in relation to a specific lending product, the security taken may be used to reduce your overall indebtedness. In addition, you will remain liable for any outstanding debt, including any accrued interest, surcharge interest, fees, charges, legal, enforcement and other related costs. In certain circumstances where you have missed repayments, we may employ an external debt collection agent to act on our behalf.
Details of Compensation Scheme
ACCBank is a member of the Investor Compensation Scheme (ICCL), which was set up under the Investor Compensation Act 1988 ("the Act") which provides certain remedies to eligible customers on default by the bank. The main details of the operation and conditions of the Scheme are as follows:
1. compensation may be payable where money or investment instruments owed or belonging to customers and held, or in the case of investment instruments, administered or managed by our bank cannot be returned to those customers for the time being and there is no reasonably foreseeable opportunity of the bank being able to do so;
2. a right to compensation will arise only:
(a) if the customer is an eligible investor as defined in the Act:
(b) if it transpires that our bank is not in a position to return the customer's money or investment instruments owned or belonging to the customers of the bank; and
(c) to the extent that the customer’s loss is recognised for the purposes of the Act:
3. where an entitlement to compensation is established, the compensation payable will be the lesser of:
(a) 90% of the amount of the customer’s loss which is recognised for the purposes of the Act;
OR
(b) compensation up to a maximum of €20,000.
ACCBank is also a member of the Irish Deposit Protection Scheme. The Scheme is administered by the Central Bank of Ireland, in accordance with the provisions of the European Communities (Deposit Guarantee Scheme) Regulations 1995 ("the Regulations"). Under the Regulations the maximum amount payable to any depositor is 100% of the aggregate deposits held by the depositor per institution. This is subject to a maximum compensation payment of €100,000.
Communicationg decisions to you
Our aim is to give you excellent customer service and provide all possible funding options to new and existing customers. Where you have met with one of our staff regarding an application for a lending product, such as a loan or overdraft facility, we will request supporting information such as your up-to-date financial accounts and bank statements. Providing all relevant information has been supplied, the majority of decisions on a business lending product will be provided within 15 working days. If we decline a business lending application, it is our policy to advise you in writing of the reasons for the decision.
Security for business lending products
In certain applications, we may require security for the lending product. The security required will be detailed in Letter of Sanction. The nature and extent of the security will depend on your application. The security required will vary on a case by case basis, and be determined in accordance with our current credit policy.
Annual Reviews
It is our policy that every business customer is reviewed at least once annually by their Relationship Manager. Our policy states that if you have availed of a lending product, you are entitled to request a review meeting on an annual basis. During this meeting, all of our current lending products and associated security can be discussed. If you would like to avail of this option, please notify your relationship manager.
These Terms of Business are valid from April 2009 until further notice.
ACC Bank plc trading as ACCBank is regulated by the Financial Regulator. ACC Bank plc is part of the Rabobank Group. Registered in Ireland. Number: 7653
