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General Product Information The BOV Graduates Package may be availed of by graduates, not exceeding 35 years of age, who have read for a degree or diploma on a parttime or on a full-time basis in Malta or abroad and are planning: to start practising their own profession or intend to set up their business; or to further their studies by following a post-graduate course either locally on a full-time or part-time basis, or at a University or Institution abroad on a full-time basis; or to seek a full-time job; provided that one becomes a member within the first five years following the attainment of this qualification. BOV Graduates Package members will be entitled to exclusive benefits for five years from application, unless otherwise stated. Your BOV Graduates Package Benefits With the BOV Graduates Package you get: Free BOV Cashlink Visa Card; Free Mobile Top-Up service; Free BOV Mobile Services 1 ; Free annual fee for the first year on BOV Visa Classic and Master Card; No annual fee on BOV Visa Gold Card for the first year 2 ; Free BOV 24x7 service for the first year, when applying for the service for the first time; Free Direct Credit of salary; Free Standing Orders up to 2 years; Free Purchase/Sale of Drafts up to 2 years; Free Financial Planning Review; 100% discount on the applicable up-front fee on BOV Asset Management Monthly Investment Plans up to a maximum of 250 per month; No processing fees on Home Loans 3. You can: Use your BOV Debit or Credit Card world-wide at any ATM and Point of Sale terminal displaying the VISA sign 4 or for online purchases. The BOV Graduates Package also enables you to take advantage of the following benefits: If you intend to set up your own business you can avail yourself of: An Unsecured BOV Graduate Business Loan 5 of up to 25,000 at reduced interest rates which is to be used for business start-up; A 1-year moratorium on capital on the BOV Graduate Business Loan; A BOV Graduate Business Overdraft 5 of up to 12,000 at a preferential interest rate. If you intend to further your studies you can avail yourself of: An Unsecured BOV Graduate Studies Loan 5 of up to 20,000 (local studies) or 30,000 (studies abroad) at a preferential interest rate to be used for post-graduate studies which is repayable over a maximum period of 7 years (including 1-year moratorium for local studies and 2-year moratorium for studies abroad); 1 1% on the value of payments received in excess of 30 BOV Mobile Payments received in one calendar month will be applied. 2 In order to be eligible to apply for the BOV Visa Gold Card applicants must earn a minimum Gross Annual Income of 23,000. 3 The Home Loan Processing Fees are due to the Bank upon issue of the sanction letter and will be refunded in full upon publication of the deed. The refund of processing fees is applicable to first time buyers only. 4 Cash withdrawals effected overseas or through other bank ATMs are subject to a charge that will be deducted directly from your account. 5 All credit facilities are subject to normal bank lending criteria and final approval of your BOV branch. Page 2 of 6
No processing fees on the BOV Graduate Studies Loan. If you are in full-time employment you can avail yourself of: An Unsecured BOV Graduate Personal Overdraft 5 of up to twice the declared net monthly income (maximum 12,000) at reduced interest rates subject to a renewal on a yearly basis. Advances Processing Fee is charged as per Tariff of Charges; 6 A BOV Graduate Personal Loan 5 up to a maximum of 40,000 at a preferential interest rate repayable over 7 years (in line with loan amount and expected life of asset); 6 No processing fees on the BOV Graduate Personal Loan. To apply for the BOV Graduates Package, you will need: your ID Card for identification purposes if you are resident in Malta, or otherwise your Passport; to present the relative University transcript or similar document at the Branch. You Next Step Enrol with the BOV Graduates Package now! Simply call at any BOV Branch where your relationship officer will be happy to assist you. For further information you may also call our Customer Service Centre on 2131 2020. Important Information Bank of Valletta p.l.c., (Bank or BOV) is committed to providing you with sufficient information that helps you to make informed decisions in relation to the acquisition of BOV products and services. We strongly recommend that you read this carefully, and that you keep a copy of it for your reference. If you would like to have anything in this Guide clarified, please feel free to contact us by e-mail to customercare@bov.com, or by calling our BOV Customer Service Centre on 2131 2020. Throughout this Guide: the terms we, us or our refer to BOV and each of our subsidiaries and associated companies, the issuer of the product or service; when we use the term you we mean you as the user of BOV products or services; when we refer to customer(s) we mean you or other user(s) of BOV products or services as applicable. The Bank s Base Rate (BBR) means the basis, established by the Bank from time to time, on which the rate of interest payable generally on all Bank lending is determined. The Consumer Lending Base Rate applicable to the BOV Graduate Studies Loan, the BOV Graduate Personal Overdraft and the BOV Graduate Personal Loan is currently 2.45%. The Business Lending Base Rate applicable to the BOV Graduate Business Loan and the BOV Graduate Business Overdraft is currently 2.15%. Information contained in this Guide is subject to change from time to time and is up to date as at the stated Issue Date. BOV has no obligation to update, modify or amend this Guide or otherwise notify you of any change or revision. The information provided in this Guide is general in nature and does not take into account your financial situation or investment requirements. Nothing in this Guide should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment, product or service or to engage in any other transaction, or to provide any investment advice or service. Nothing contained in this Guide constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. This Guide is designed for use in Malta and is not directed to, nor intended for distribution or use by, any person or entity in any jurisdiction or country where the publication or availability of this Guide or such distribution or use would be contrary to local law or regulation. If you choose to use this Guide, it is your responsibility to comply with the applicable local, national or international laws and any use of this Guide outside Malta is entirely at your own risk. For guidance relating to your specific situation, please contact your legal adviser. 6 Graduates need to be in full time employment or have a contract available as evidence of full time employment. Page 3 of 6
Use of BOV Products and Services is governed by the Terms and Conditions applicable once you sign the relevant application form and conditions. Any complaints regarding the product or service should ideally be first discussed with an official of the Unit where the transaction took place or where the account is domiciled. If the response is not satisfactory, one may: contact the Bank s Customer Service Centre on 2131 2020; or write to The Manager, Customer Issues, Bank of Valletta p.l.c, 4th Floor, 45 Triq ir-repubblika, Il-Belt Valletta, VLT 1113; or fill a Bank s complaint form available in electronic format on the Bank s website www.bov.com via Get in Touch. In the event that you are still not satisfied with the Bank s reply or no agreement was reached with the Bank, you may refer the matter in writing, to The Office of the Arbiter for Financial Services, as per the contact details provided below: The Office of the Arbiter for Financial Services, First Floor, Pjazza San Kalċidonju, Floriana FRN1530, Malta. Further information may be obtained through the official website: www.financialarbiter.org.mt; Freephone (local calls): 8007 2366 and Telephone: 2124 9245. Our Interest Rates Not applicable to this package. Interest Rates may change after this product has been acquired and peripheral products may incur their own rates. For an updated list of applicable interest rates, please refer to the Bank s website www.bov.com, or contact any of the Bank s Branches or the Bank s Customer Service Centre on 2131 2020. Our Fees and Charges Not applicable to this package. Peripheral products may incur their own fees and charges. Please refer to the Bank s website www.bov.com or contact any BOV Branch or our BOV Customer Service Centre on 2131 2020 for additional information. Terms and Conditions of Use These Terms and Conditions, as amended from time to time, govern the BOV Graduates Package membership. Please read them carefully. Definitions 1. ATM means Automated Teller Machine. 2. Bank or BOV means Bank of Valletta p.l.c. whose registered Office is at 58, Triq San Zakkarija, Il-Belt Valletta, VLT 1130. Registration Number C2833. 3. Card currently means BOV Cashlink Card. The Bank reserves the right to substitute the Card at any time at its own discretion. 4. Credit Facilities means BOV Graduate Personal Loan, BOV Graduate Personal Overdraft, BOV Graduate Studies Loan, BOV Graduate Business Loan, BOV Graduate Business Overdraft and BOV Credit Cards, as well as loans under the BOV Home Loans and BOV Personal Loan Schemes. 5. EPOS means electronic point of sale terminal. 6. Member means the person whose application for the BOV Graduates Package membership has been accepted by the Bank. Membership is to be construed accordingly. 7. Terms means these Terms and Conditions, which govern BOV Graduates Package Membership, as amended from time to time, in accordance with clause 33 below. 8. Package means the BOV Graduates Package, formerly known as the BOV Club Class forming part of the BOV Club. All Members of the BOV Club Class shall automatically be entitled to Membership of the Package and thus be entitled to all the benefits mentioned in these Terms. Eligibility for Membership 9. BOV Graduates Package Membership is open to tertiary education graduates (with a full-time degree or full-time diploma as mentioned in clause 10 below) who either intend to set up their own business in Malta, further their studies by following post-graduate studies either locally on full-time or part-time basis, or at a University or Institution abroad on a full-time basis or seek full-time employment in Malta. 10. Membership is open to graduates who have obtained their first degree/diploma within the five years preceding the date of their application for the Package. BOV Cashlink Card 11. All Members will be issued with a Cashlink Card in their name, upon request, subject to a maximum expenditure limit of 500 in case of transactions effected by ATM and 700 for transactions effected through EPOS. Page 4 of 6
Accounts 12. All Members can open a Savings and/or Current account with the Bank, and are entitled to have their salary credited directly to an account which may be agreed upon, without incurring any fees or charges for the said direct credit. 13. The Savings account pays interest at the rates governing such accounts under the Package as published by the Bank from time to time. 14. Interest is charged on debit balances at the prevailing commercial rates as published by the Bank from time to time. 15. Members may choose to have a chequebook issued in their name on the Current account. Credit Facilities 16. Members applying for Credit Facilities in their own name must be at least 18 years old. 17. All applications for Credit Facilities are subject to the Bank s normal lending criteria, including the appraisal of the applicant s financial status. In addition, the decision to grant a Credit Facility or otherwise remains at all times at the Bank s discretion and the Bank shall not be bound to justify or give any reason for any such decision. 18. Credit Facilities can only be availed of by prior arrangement with the Bank and the Bank reserves the right to return cheques unpaid in the event that payment thereof would create an encroachment. 19. Any amount due by a Member to the Bank under a Credit Facility or otherwise shall be repayable in accordance with the Terms and Conditions of the relative Credit Facility. 20. All Members may apply for an unsecured overdraft of up to twice the declared net monthly salary (maximum 12,000) at favourable interest rates as may be published by the Bank from time to time. 21. A BOV Graduates Personal Loan of up to 40,000 may be applied for by Members who are in full-time employment. 22. Members who are also eligible for a BOV Home Loan are entitled to a refund of advances processing fees (applicable to first time buyers only). 23. Members can only avail themselves of the benefits available under the Package and Bank products and services and/or credit facilities availed of or granted under the Package until expiry or termination of their Membership for any reason whatsoever. The Bank s standard Terms and Conditions, charges as per the Bank s Tariff of Charges and interest rates will thereafter apply to any Bank products and services and/or credit facilities. CBM Directive No. 14 Central Credit Register 24. In line with Directive No. 14 issued by the Central Bank of Malta relating to the establishment of a new Central Credit Register, information related to all your credit facilities in excess of 5,000 (if any) will be made available to the Central Bank for inclusion in this Register. In terms of this Directive, all banks in Malta are legally obliged to provide to the Central Bank all the necessary information on a monthly basis. The credit facilities reportable for the purposes of this Register include loans, overdrafts, commitments, credit cards and other credit lines which are deemed to represent a credit exposure. Access to the Register, which will be operated through a fully auditable system on the CBM portal, will be strictly limited to banks in Malta, whilst customers themselves, or their lawful representatives, may also request to exercise the right to have an extract of the information held on them on the Register. Mobile Top-Up Service 25. Members may apply for the Mobile Top-Up Service. 26. The Mobile Top-Up Service is governed by the Terms and Conditions regulating this service issued by the Bank from time to time. 27. When a Member requests a top-up, the Bank will debit the account indicated by the Member in the application form or the account being applied for by the Member on the application form, as applicable. General 28. All Bank products and services and/or Credit Facilities mentioned in these Terms and on the Application Form are also subject to their respective Terms and Conditions as amended from time to time, details of which are available at any BOV branch. 29. The Member shall immediately notify the Bank in writing of any change of name, address and/or personal details and/or any other change in status or in circumstances which no longer makes the Member eligible for Membership. Any such notification shall be effective on receipt thereof by the Bank. 30. The Bank reserves the right to discontinue or terminate at any time the Package by giving reasonable notice. 31. Membership ceases automatically when the Member is no longer eligible for Membership under clause 10 above. In addition, the Bank reserves the right to terminate Membership of any Member, if there are valid reasons for doing so, including in the event that such Member ceases to be eligible for Membership for any reason whatsoever. The Bank undertakes to give the Member reasonable notice of such termination. 32. The Bank may also amend any of these Terms (including interest rates, fees and charges) at any time. The Bank will give the Member reasonable notice of any such amendment. Page 5 of 6
33. The Bank shall have the right to refuse any application for the BOV Graduates Package Membership and the Bank shall not be bound to justify or give any reason for any such refusal. 34. These Terms shall be governed, construed and interpreted in accordance with the laws of Malta and shall be subject to the jurisdiction of the Maltese Courts. 35. BOV Club Members shall not be automatically entitled to Membership of the Package but upon successful application for Membership of the Package. 36. These Terms refer to the main benefits and conditions of the Package. A full list of benefits and conditions may be obtained upon request from any BOV branch. This list as may be amended by the Bank from time to time forms part of these Terms. Product BOV Information Graduates Guide Package Page 6 of 6