We would like to inform you that after the currency rate change on 21.12.2015 a number of customers has approached our Bank with complains about write offs (clearing) in higher amounts from their accounts as a result of card transactions. As it is known in case of transaction currency being different from card account currency it can result in account balance difference. According to the rules of international payment systems on the day of transaction the amount is only blocked on the card account at the rate for the transaction date. But amount write off from the accounts takes place later, usually during 5 working days (depending on the date of transaction confirmations from other parties), at the rate for the date of actual write off.
The Executive Board of PASHA Bank decided to compensate and reimburse to the accounts of the customers all the differences on the card accounts resulting from transactions executed before 09:00 on 21.12.2015, but cleared after the currency rate change on 21.12.2015.
Bank would like to emphasize to the Customers that with current floating rate of the currency, amount differences between transaction date and write off date will be happening more often on card transactions that require currency conversion. In cases when there is no sufficient amount in the account for charging the technical overdraft (liability) occurs and according to the terms and conditions on the card usage daily interests are charged for the amount due. Bank does not bear any responsibility for currency risk of the Customers and in order to avoid any future losses strictly advises not to make any card transactions requiring currency conversion. In order to execute transactions in any currency Customers are advised to use cards in the same currency. When making the transaction from multi-currency cards Customer needs to pay attention to the main currency of the card account and the availability of funds in required currency sub-account. These recommendations are made to prevent the possible Customers losses.
Should you have any questions please do not hesitate to address them to us.
We would like to thank you for cooperation.