Conditions of Standing Order Agreement

Valid from 09.10.2025

  1. Terms and definitions

    1. Payment Date means the payment date chosen by the Customer from among the options provided by the Bank, on which the Bank executes the Standing Order.
    2. Standing Order means the Customer’s Payment Order which is issued to the Bank for the execution of regular payments from the Customer’s Account.

  2. General provisions

    1. A Standing Order is executed on the conditions and pursuant to the procedure provided in the Standing Order Agreement (hereinafter the Agreement).
    2. These conditions of the Agreement (hereinafter the Conditions) shall form an integral part of the Agreement, and shall be applicable to the Agreement, unless otherwise agreed between the Bank and the Customer.
    3. In addition to the terms and definitions set forth in the Conditions, the terms and definitions provided in the Bank’s General Conditions and the Payment Services Agreement shall apply.
    4. In issues not regulated by the Agreement, the Bank and the Customer shall be governed, in addition to the Conditions, by the Bank’s General Conditions and the Conditions of Payment Services Agreement, including other documents referred to therein, insofar as these are not in conflict with the Conditions or other terms and conditions of the Agreement. The Customer has accessed the General Conditions and is aware of the Customer’s duties and the Bank’s rights arising therefrom.
    5. The Agreement shall be governed by the laws of the Republic of Estonia.

  3. Execution of payments

    1. Upon conclusion of the Agreement, the Customer instructs the Bank to make payments to the beneficiary on the Payment Date specified by the Customer during the term of the Agreement. Upon conclusion of the Agreement, payments made on the basis of a Standing Order shall be deemed authorised within the meaning of the Law of Obligations Act.
    2. The Customer shall have the right to demand execution of payments, and the Bank shall have the obligation to effect payments on the Payment Dates.
    3. The Customer shall pay the Bank a service fee for the payments effected on the basis of the Standing Order in accordance with the Bank’s Price List.
    4. The Customer is obliged to make sure that the Account holds sufficient funds on the Payment Date for execution of the payment and debiting of the Bank’s service charge.
    5. The instant payment transaction limit set by the Customer shall not apply to the Standing Orders.
    6. If the Account holds insufficient funds for execution of the payment on the Payment Date, the Bank shall withhold execution of the Standing Order. The Bank shall also have the right to withhold execution of the Payment Order if the Account holds insufficient funds for debiting of the Bank’s service fee. The Bank shall not convert other currencies available on the Account for the execution of the payment, and shall not effect the payment from the Customer’s other Accounts opened at the Bank.
    7. Notwithstanding the provisions of clause 3.6, the Bank shall have the right to check the Account within 3 (three) days after the Payment Date, and execute the Standing Order if the Account holds sufficient funds for execution of the payment and debiting of the Bank’s service fees.
    8. If the Customer issues several Standing Orders with the same Payment Date, but the funds available on the Account are insufficient for execution of all Standing Orders, the Bank shall decide on the order of the execution of the payment orders at its own discretion.
    9. If the beneficiary’s bank account data is changed during the term of the Standing Order, the Bank shall have the right to change the data without separately informing the Customer.
    10. Execution of payments on the basis of the Standing Order shall be suspended if the Customer’s account is blocked or seized.

  4. Liability

    1. The Bank shall be held liable for timely and complete execution of the payments to be effected on the basis of the Standing Order. The Bank shall not be liable for failure to execute or partial execution of payments if such failure or partial execution was due to insufficient funds in the Account or if the Customer’s Account was blocked or seized on the Payment Date.
    2. The Customer shall be held liable for the correctness of the data which serves as the basis of the payments to be effected on the basis of the Standing Order.

  5. Entry into force, amendment and termination of the agreement

    1. The Agreement shall enter into force upon its conclusion and shall remain in force indefinitely.
    2. The Customer shall have the right to change the data which serves as the basis for the payments to be effected under the Standing Order by issuing a corresponding order to the Bank.
    3. The Bank has the right to unilaterally amend the Conditions in accordance with the procedure set out in the General Conditions.
    4. The Customer shall have the right to cancel the Agreement at any time. The Bank has the right to terminate the Agreement on a regular or extraordinary basis in accordance with the procedure set out in the General Conditions.
    5. In addition to the stipulations of the General Conditions, Payment Services Agreement or other bases provided by law, the Bank shall have the right to extraordinarily cancel the Agreement without any advance notification if:
      1. the payment fails due to incorrect bank account data, missing account number of the beneficiary or closure of the Account;
      2. payments have failed on three consecutive occasions due to lack of funds or insufficient funds on the Account or blocking or seizure of the Account or if the Bank fails to debit the service fee.