SOCIAL SECURITY ACCOUNTS

• The following operations can be performed with a social security account:
• make transfers from the account;
• receive money from the account;
• convert current account balance into foreign currency;
• repay loans from the current account;
• etc. 

Only funds transferred by the Social Security Service can be credited to the account.

  Reimbursement of bank deposits of individuals in ACBA BANK is guaranteed by the "Deposit Reimbursement Fund" in the amount of reimbursable deposits, in particular:

The Bank may request additional documents or other information from the customer on the basis of the principle of "Know Your Customer" for the proper study of the customer, defined by the RA Law on Combating Money Laundering and Terrorist Financing, as well as additional information during verbal communication, and ask additional questions to the customer.

According to the agreement with the United States on the basis of the Foreign Account Tax Compliance Act (FATCA), the financial organization may collect additional information to find out if you are a US taxpayer.

The customer may deposit and withdraw funds from their account every working day during the Bank's operating hours. In case of cash inflows and outflows in currencies other than the account currency, the exchange rates set by the Bank shall be used for conversion.

• The Bank is obliged to deposit the funds received to the customer's account no later than the day, following the processing of the payment document in the Bank, unless a shorter period is provided by law or the bank’s account agreement.
• The Bank is obliged to credit funds received to the customer’s Account no later than the business day following the receipt of the corresponding payment document, unless a shorter period is specified by law or the terms of the bank account agreement.
• The Bank is obliged to give or transfer money from the account of the customer no later than the day, following the processing of the corresponding payment document in the Bank, unless otherwise provided by law, appropriate bank rules or the bank’s account agreement.
• The accountholder’s rights to manage the account and the funds on it may be restricted by a court decision on the basis of an application, submitted by the enforcement authorities or the tax authorities.
• Confiscation of funds from the account without the order of the accountholder may be carried out by a court decision on the basis of an application submitted by the enforcement authorities and the tax authorities.
• The account agreement is terminated at any time at the request of the customer.