Standardized terms of services and their definitions | Luminor

List of standardized terms of services most frequently used in the Republic of Latvia and their definitions (Glossary)

   
Account maintaining The account provider makes it possible for the customer to use the account.
Providing a debit card The account provider provides a payment card that is attached to the customer's account. The amount of each transaction made with the card is debited directly and to full amount from the customer's account.
Providing a credit card The account provider provides a payment card that is attached to the customer's account. Within the timeframe agreed, the total amount of transactions made with the card are debited to full or partial amount from the customer's account on the date agreed. In the loan agreement between the account provider and the customer it is stipulated whether interest will be charged on the customer's borrowed money.
Overdraft The account provider and the customer agree in advance that the customer can borrow money when there are no assets in their account. The agreement stipulates the maximum amount for borrowing and whether the customer will be charged for that a fee and interest.
Transfer
(Via Bank’s Price list also as „Outgoing payment“)
The account provider, upon customer's request, transfers money from the customer's account to another account.
Standing order
(Via Bank’s Price list „Regular payment order“)
The account provider, upon customer's request, makes regular transfers of certain amounts from the customer's account to another account.
Cash withdrawal The customer withdraws cash from the customer's account.