What do you need to know about the Emergency Government Ordinance 50/2010 regarding the consumer credit contracts?
What are the legal implications and modifications stipulated in the Addendum sent by Citibank?
Credit Cards
What are the changes stipulated in the Addendum to the Contract for issuance of VISA Citi Credit Card
- The Equal Payments Plan and Loan on Phone early repayments will bear an early repayment fee of 0.5% applied to the amount repaid in advance, applicable to both partial and total early repaid amounts.
- For ATM cash withdrawals the bank will charge only a cost for the usage of the payment instrument – depending on the cash withrawal type (domestic or abroad). The usage of this payment means will not bear additional costs compared to the current applicable fees for the card holders.
- For CitiAlert service the bank will charge a monthly subscription – the subscription amount for this optional service will have the same cost as the actual CitiAlert fee and will not bear additional costs for the cardholders.
- If the customer is enrolled for a credit insurance he/she will pay a credit usage insurance premium which will have a similar value as the current insurance cost referred to in the Contract for issuance of the VISA Citi Card.The annual interest rate, its calculation formula and all the fees and commissions applicable to credit cards will remain unchanged, according to the initial contract, as well as the minimum monthly payment remained unchanged.
- All the other contractual provisions remain unchanged.
- In the unlikelihood of an unforeseen event, such as loss of employment, significant decrease of the monthly income (of at least 15%), extended sick leave, divorce or death, the bank will analyze the relevant supporting documents submitted by the customer or his/her spouse and will determine the level of the late payment fees, in accordance with the applicable provisions of the Emergency Government Ordinance 50/2010.
- The Addendum is also pointing out the bank contact information where customer can address any suggestions or complaints, as well as the address of the National Authority for Consumer Protection.
Personal Loans
Which are the changes stipulated in the Addendum to the Personal Loan Credit Contract?
- The early repayment fee has been reduced to 1% applied to the repaid amount.
- In the unlikelihood of an unforeseen event, such as loss of employment, significant decrease of the monthly income (of at least 15%), extended sick leave, divorce or death, the bank will analyze the relevant supporting documents submitted by the customer or his/her spouse and will determine the level of the late payment fees in accordance with the applicable provisions of the Emergency Government Ordinance 50/2010.
- The Addendum is also pointing out the bank contact information where customer can address any suggestions or complaints, as well as the address of the National Authority for Consumer Protection.
- The annual interest rate, its calculation formula and all the fees and commissions applicable to personal loans will remain unchanged, according to the initial contract, as well as the value of the monthly installment.
- All the other contractual provisions remain unchanged.
What should I do with the Addendum?
The addendum was sent to you in two copies duly signed by the Bank representatives. Kindly sign one of the copies and send it back to us at the following address - Citibank Europe plc Dublin – Sucursala Romania, Bdul Preciziei nr 24, Cladirea H1, Bucuresti, Sector 6, Attention: Operations Department.
Do I have to bring the copy of the Addendum to a Citibank branch?
No, you can send the copy of the Addendum by post or courier at the address mentioned in the letter. In addition, you can scan the signed Addendum and email it at customerservice.romania@citi.com.
What do I have to do if I did not receive the Addendum?
If you did not receive the Addendum, please contact us by email at customerservice.romania@citi.com or call CitiPhone Banking, free of charge and available 24/7, at 0800 80 10 40, and we will make sure the Addendum will be resent to your mailing address provided at the account opening. Please make sure you provide your full name, as stated in the ID, as well as your Romanian Personal Identification number or passport ID.
Notification: This document is intended for information purposes only. You have received this email because you are a Citibank customer. The receipt of this email does not necessarily involve a credit contract between you and Citibank. and does not replace the Addendum sent by the bank to all credit customers.
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Citibank Europe plc is a credit institution which is authorized and supervised by the Irish Financial Regulator and carries out its activities in Romania by a subsidiary - Citibank Europe plc, Dublin – Romanian Subsidiary (hereinafter referred to as "Citibank Romania") – registered office at address: Calea Victoriei nr.145, sectorul 1 - Bucharest, registered at the Trade Register Office within the Bucharest Court of Law under no. J40 / 21058 / December 17, 2008, Sole Registration Number: 24882493; Fiscal Registration Number: RO24882493, registered in the Register of Credit Institutions under no. RB-PJS-40-065 / December 22, 2008, and in the Register of the Romanian National Securities Commission under no. PJM01SICM/400004, personal data processing number 4736, telephone +40 21 203 5550, fax +40 21 203 5565. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
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