I. Openness and clarity
of information
1.1 Good banking relations depend
on openness, reciprocity and trust.
This implies that the information
exchanged by the parties shall always
be honest and complete.
1.2 We shall provide you with information
concerning our services that is
as clear and accurate as possible.
We shall endeavor to use language
that is easy to understand in order
to allow you to take a decision
in full knowledge of the facts.
Should any information seem inaccurate
to you, we shall provide the necessary
explanations verbally or, if necessary,
in writing. We shall ensure that
our advertising material is true.
1.3 The prices or fees charged
for our regular banking services
shall be available for consultation
in all of our branches. You may
either refer to the list of charges
or take one away with you. In this
way, you can compare our rates with
those charged by other banks before
making a decision.
1.4 When you become a customer,
we shall provide you with a copy
of our general banking conditions.
Whenever new services are offered,
we shall also provide you with a
copy of the document setting out
the banks and customers rights
and duties in connection with the
services offered.
II. Dialogue
2.1 Good banking relations depend
on trust, i.e. an honest and open
dialogue, a good mutual understanding
and freedom of choice.
2.2 In order that we may best serve
your interests and honor our legal
obligations, we require that you
provide us with personal and financial
information. The more accurate and
complete the information you provide,
the better we shall be able to personalize
the advice we give you.
2.2 The advice and proposals of
service we provide, take into account
your aims and needs as stated by
you beforehand.
2.3 Whenever we contact you, we
shall always clearly explain the
reason why.
2.4 You shall always be free to
accept or refuse the services we
offer.
2.5 We will not send you any sales
or promotional material if you advise
us in writing that you do not wish
to receive it.
III. Discretion and confidentiality
3.1 Good banking relations depend
on discretion and confidentiality.
Our duty of discretion implies that
we always handle any personal and
financial information you provide,
with the utmost confidentiality.
3.2 This information serves for
the administration of the services
provided to you. It shall not be
used for promotional sales campaigns
without first advising you.
3.3 We shall ensure that you are
able to consult this information
and alter it if necessary.
3.4 We shall limit access to information
concerning you to those persons
and officials who have to refer
to it in the course of their duties
or for the needs of the service
provided.
IV. Expertise and know-how
4.1 Good banking relations depend
on expertise and know-how.
This means that we ensure that we
provide you with a fast and professional
service.
4.2 We shall supply the services
requested as quickly as possible,
depending on the type of service
concerned. We shall provide any
information requested as quickly
as possible.
4.3 We shall train our members
of staff and agents in such a way
as to ensure that they are competent
and properly equipped to carry out
your instructions efficiently.
4.4 We shall endeavour to reduce
to a strict minimum the formalities
required for recording our mutual
obligations.
V. Security and reliability
5.1 Good banking relations depend
on security and reliability.
Ensuring the security and the protection
of the assets entrusted to our care
is one of our major concerns. The
security of our services also depends
on your careful use of them.
5.2 We shall endeavor to manage
the assets entrusted to our care
in a safe manner. Our systems shall
always be of a high technical quality
and our procedures are continually
modernized. We shall ensure that
sufficient internal checks are put
in place.
5.3 A large proportion of the assets
entrusted to our care serve for
granting loans. Consequently, we
shall act with care and be attentive
to the reliability of all those
with whom we deal, whether customers
or financial intermediaries.
5.4 We must comply, both in your
interest and in our own, with numerous,
strict rules and rigorous controls
of the Mongolbank. Compliance with
all current standards shall ensure
the strength and the stability of
the banking system.
VI. Integrity of the banking
system
6.1 Financial service providers
do not serve only their own interests,
but they also play an economic and
social role. They shall defend the
interests of savers, borrowers and
shareholders, as well as those of
their staff.
6.2 Good banking relations depend
on observance of the law.
Our employees and agents shall be
reminded that they must obey the
law and avoid becoming involved
in any illegal dealings by any of
our customers.
6.3 We shall take any internal measures
necessary to prevent any wrongful
use of our services for the purposes
of laundering money of criminal
origin.
VII. Problem resolution
7.1 Good banking relations depend
on consultation and reconciliation.
This means that we wish to always
be your principal point of contact
whenever you have questions or problems.
7.2 We shall heed your comments
and criticisms. They may help us
to improve the quality of our service.
7.3 We wish to resolve problems
through constructive dialogue.
We shall reply to any request for
explanation or complaint as quickly
as possible.
7.4 We shall ensure that we have
quick and simple procedures in place
for dealing with your requests and
complaints. We shall inform you
of the person or department within
the bank who is able to assist you
with your particular request or
complaint.
7.5 We shall provide a clear, reasoned
response to all requests or complaints.
7.6 We shall handle your complaints
objectively, with a view to seeking
the most satisfactory solution.
7.7 You shall be entitled to submit
to the Mongolian Bankers Association
any problems which the bank has
been unable to resolve to your satisfaction.
Payments
8.1 It is possible for you to make
payments in various ways: bank transfers,
standing orders, deposits and withdrawals
at the counter or from a cash dispenser,
credit cards, debit cards domestic
or international money transfers,
foreign exchange and cheques or
travellers cheques, electronic banking
services.
8.2 You have the right to have
a bank account providing basic payment
facilities.
8.3 Our payment services are organized
in such a way as to ensure maximum
security. In order that we can best
honor this commitment, we shall
also request that you take all necessary
precautions when using our services.
8.4 We shall ensure that orders
of payment are processed quickly.
8.5 In the event that we execute
your order incorrectly, we shall
rectify the error as quickly as
possible and apply the correct value
date.
8.6 We shall be entitled to charge
a fee for each of the payment services
we provide, i.e. we may request
you to pay for this service. We
shall advise you beforehand of the
fees charged and of any changes
thereto.
8.7 For each payment operation,
the payment order, the date, the
value shall be indicated on the
statements of account.
Savings
9.1 Any investment involves a certain
element of risk. Fixed rate savings
are generally less risky than investments
yielding uncertain returns (e.g.
shares).
9.2 Safety and security of your
deposits with us are most important
for us. In order to manage your
assets with minimum risks, we invest
some proportion in cash and other
risk-free securities and large proportion
in loans and projects with low or
reasonable degree of risk. Low risk
borrowers generally pay less interest
rate than high risk borrowers on
their loans from banks. Therefore,
interest rate on savings offered
by banks are lower than that of
savings and credit unions and other
institutions engaged in high risk
investments.
9.3 There is variety of saving
products offered to you. We shall
explain to you clearly regarding
deposit services and how interest
rate is calculated and how interest
rate would be changed for earlier
than agreed withdrawal.
9.4 As opportunity in capital market
increases with the development of
financial sector, we will give you
a personalized advice on how to
manage your assets and portfolio.
Loans
10.1 Lending is a serious matter,
both for you and for us. We never
consider, therefore, the requesting
and granting of a loan a matter
to be taken lightly.
10.2 It is our interest that loan
you have obtained from us is properly
suited to your needs and your means.
We and you shall avoid the circumstances
in which you are not able to repay
the loan or you are over-indebted.
10.3 It is only possible for us
to grant a loan when we have a firm
belief that you will be able to
repay the loan and that will be
confirmed by full and accurate information
provided to us.
10.4 We shall draw your attention
on the extent of any guarantees
and collateral we request from you.
10.5 Should we decide to refuse
you a loan, we shall inform you
of our decision as quickly as possible.
As we have already stated, the granting
of a loan is a serious matter and
any refusal is as much in your interest
(e.g. to avoid over-indebtedness)
as in ours.
10.6 The credit contracts and collateral
agreements are mandatory documents
to be completed in accordance with
the law. It may be, however, that
certain formalities remain to be
completed before you are effectively
granted the loan.
10.7 Should you experience difficulties
in repaying your loan, or even foresee
problems, we recommend that you
contact us as quickly as possible
in order to examine the possible
solutions together.
10.8 In the event that the sums
due have not been paid within the
agreed time, we shall be entitled
to cancel the loan in accordance
with the provisions of the contract.
We shall then be entitled to collect
the debt, by any legal means, from
all of your assets and from guarantors,
if any.
Electronic banking
11.1 By electronic banking, we
mean the provision of banking services
via your telephone, your PC, the
internet or other new distribution
channels. We shall enter into a
written agreement with you to this
effect. This agreement states all
the terms and conditions governing
the operation of electronic banking
services, in order to avoid subsequent
misunderstandings.
11.2 We shall ensure that the agreed
electronic banking services are
made available to you as quickly
as possible after acceptance of
the agreement.
11.3 We shall give you recommendations
for the secure use of our electronic
banking facilities. It is important
that you heed them.
