ACCOUNT CHANGE SERVICE

What is the Account Transfer Service?

It is a service that allows individual clients and micro-companies to transfer their deposit account and the services associated with it from their bank (Transferring Institution) to another bank of their choice (Receiving Institution), with head office or Branch in Portugal, as long as the accounts are in the same currency.

 

How to initiate the Account Transfer Service?

The Client must express the intention to initiate the Account Transfer Service to the bank to which they intend to transfer their account. If the deposit account has more than one account holder, the authorisation form must be signed by all account holders.

 

How is the balance from the transferring account transferred?

In the Account Transfer Service Authorisation Form, the Client must provide individual authorisation for the transfer of the remaining balance from the transferring account and indicate on which date this transfer should occur.

 

What are the stage of the Account Transfer Service?

The account transfer process is initiated at the Client’s request, through an authorisation addressed to the destination bank (Receiving Institution). All subsequent tasks are the responsibility of the banks involved.

1. The destination bank (Receiving Institution) shall request from the transferring bank (Transferring Institution), within two (2) business days after the Client’s request:

• The provision of the information necessary to carry out the account transfer, to be made available to the destination bank and the Client, if so requested by the latter;
• The performance of the remaining tasks incumbent upon the original bank, in accordance with the terms and on the date indicated in the authorisation.

2. From the date indicated by the Client in the authorisation, the transferring bank shall also:

• Transfer the remaining balance from the transferring deposit account to the new  deposit account;
• Close the account.

 

Does the Account Transfer Service entail the opening of a new deposit account?

The Account Transfer Service will only entail the opening of a new deposit account when the Client does not already have an account open with the destination bank (Receiving Institution).

 

Who can benefit from the Account Transfer Service?

The Account Transfer Service is available to individual clients and micro-companies wishing to transfer their deposit account and the services associated with it from their bank (Transferring Institution) to another bank of their choice (Receiving Institution), with head office or branch in Portugal, as long as the accounts are in the same currency.

 

What are the costs associated with the Account Transfer Service?

As the destination bank, Haitong Bank does not charge any fees associated with this service. As the originating bank, although no fee is charged for the service itself, a fee may be charged for the transfer of the balance from the transferring account to the account at the destination bank, in accordance with the fees currently in force which may be consulted in the fee schedule.