Frequently Asked Questions
Who is MeDirect?
Is MeDirect a Maltese Bank?
What is the background of MeDirect?
Who are the directors of MeDirect?
Who are the shareholders of MeDirect?
Accounts
How do I become a client?
What are the requirements to become a customer?
- Be over 18 years of age
- Be a resident of an EEA country, Switzerland or the UK
- Hold a valid identification document (ID card or passport)
Why do I need to disclose whether if myself or any of my relatives hold public office?
Why do I need to disclose whether I am a US citizen, US resident alien or US tax resident?
How do I open an account?
If you are not a client of MeDirect you will need to choose Become a Client and follow the steps indicated on screen. Once your application is confirmed, you will just need to Log In, click on open an account and follow the steps indicated on screen.
Can I open a joint account online?
If you are both existing clients and have your online banking activated, the main account holder will be required to initiate the process online, indicating that the account is to be in joint names and providing the joint account holder's client number. The joint account holder will consequently receive an SMS notification, requesting him or her to log in and authorise account opening.
If you are new clients, you would need to click on ‘Become a Client’ and follow the steps indicated on screen for joint accounts.
Are there any fees to open and maintain an account?
How can I register for Online Banking?
How can I deposit funds in my account?
How can I communicate with the Bank online?
Is it possible to change my security or contact details online?
How do I transfer money online?
Why is the Payment Narrative mandatory?
What is the maximum daily amount that I can transfer to another bank through Online Banking/Mobile App?
Can I exchange currencies online?
How is the currency exchange rate determined?
Exchange rates shown in the newspaper and on some currency conversion sites are generally interbank rates available only to banks for high-value transactions. These rates are not generally available to the public. MeDirect’s spread on foreign exchange is low compared to most banks and other exchange rates services providers, and it is transparent since there are no hidden commissions or other charges.
Can I set up standing orders?
What happens to my standing order if there are insufficient funds on my account?
If you have Standing Instructions relating to payments to a third party beneficiary, these will be processed on the date scheduled, as you originally requested. If the payment is unsuccessful, you will receive an SMS and secure message stating that the payment has failed.
Can I set up future dated payments?
Yes, you can set up future dated payments for up to twelve months in advance.
Through your Online Banking click on ‘Move Money’, choose the payment type and insert your payment instructions. When inputting these instructions, make sure that the ‘Execution date’ is future dated.
Alternatively, this can also be done via the Mobile App through the ‘Transfer’ option and selecting ‘To someone else’ also making sure the ‘Execution date’ is future dated. Future dated payments can only be made if the debit and credit accounts have the same currency.
Can I edit or cancel my future-dated payments?
How can I withdraw funds from my Me Accounts?
Once I open a Fixed Term Deposit Account, can I later change the amount, rate or term?
Will my Fixed Term Deposit be automatically rolled over upon its maturity?
Where and when is the interest earned paid out?
- Fixed Term Deposit Account: you can opt for your interest to be paid monthly, quarterly, semi-annually, annually or only once at maturity of the deposit into your Savings Account or Me Account
- Me Accounts: interest is paid semi-annually on the last working day of June and December and is compounded into your Me Savings Account unless otherwise instructed
- Savings Account: interest is paid semi-annually on the last working day of June and December and is compounded into your Savings Account
- Investment Cash Account: interest is paid semi-annually on the last working day of June and December and is compounded into your Investment Cash Account
What happens if interest rates go up or down?
Can I access my account statements online?
How can I close an account?
What happens if I pass away?
Investments
How can MeDirect help me invest?
How do I open an Investment Account?
If you are already a client of MeDirect opening additional accounts is quick and easy. You will just need to Log In to your account via desktop or open our Mobile App, click on Open an account and follow the steps indicated on screen. All of the same securities that are available on our online trading platform can be traded through the app. The trading experience via the app is very similar to our online platform, so you can use whichever you prefer. All trades made via the app can be seen online, and vice versa. For an overview of trading on the app see our Mobile App User Guide. If you are not a client of MeDirect you will need to choose Become a Client and follow the steps indicated on screen.
How much does it cost to have an Investment Account?
How can I fund trades made through my Investment Account?
How do I place an order?
- Clicking on ‘Trade’ and selecting ‘Place an order’
- Clicking on My Investments, selecting ‘Overview’ and click on the button ‘Invest’
How can I find the security I want to buy?
Can I trade or transfer securities that are not currently offered on the Online Trading platform?
What is the minimum order size?
How do I know if my order has been executed?
What order types are available?
- Orders to buy or sell bonds and equities listed on the Malta Stock Exchange are to be placed as limit orders. When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. Such orders will be left pending for up to 14 calendar days after the order was submitted. The part of the order not executed after 14 calendar days will be cancelled.
- Orders to buy or sell international bonds can be placed as limit orders. When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. Orders for international bonds are Day orders and any part not executed will be cancelled at the end of the day.
- Orders to buy or sell international equities and ETFs can be placed as market orders or limit orders.
- If you place a market order, your order will be executed at the best available market price in accordance with our Best Execution Policy, which is included as Annex 2 of the Investment Services Terms and Conditions. All orders with be Good for Day, meaning they will automatically expire if not executed by the end of the day when the order was placed. A “Good for Day” order is an order that is good for that day only, during which time, partial fills can take place. If it is not filled, the order (or any unfilled parts of the order) will be cancelled.
- When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal to or lower than the limit price, while sell orders will be executed at a price equal to or higher than the limit price. When placing limit orders, apart from Good For Day orders, you can also choose to place the order Good Till Date, where you can choose a date up to a maximum of 6 months later till when the order remains valid, or Good Till Cancelled, which means that your order will remain active until you cancel it yourself or until it expires automatically after 6 months. The part of the order not executed after the date chosen by yourself or the 6 months if Good Till Cancelled is chosen, will be cancelled.
How are limit orders executed?
In the case of securities traded on the Malta Stock Exchange, there may be instances where a minimum amount needs to be held by the investor in accordance with the terms and conditions of the security’s prospectus. In such circumstances, when an order is only partially filled and the minimum holding requirement is not met, the remaining unfulfilled part of the order will remain pending until the trade is settled in full.
How do I place a limit order?
Limit price on sell orders must not be more than 5% below nor more than 30% above estimated price. If you would like to submit a sell order with a limit price outside such boundaries, you will need to place your limit order offline by calling us on +356 2557 4400 during opening hours. Limit price on buy orders must not be 5% above nor more than 30% below estimated price. If you would like to submit a sell order with a limit price outside such boundaries, you will need to place your limit order offline by calling us on +356 2557 4400 during opening hours.
As from the 3rd of January 2018, in line with the provisions of the second Markets in Financial Instruments Directive (MiFID II), prices on equities and ETFs for limit orders are to be entered in accordance with the applicable decimal price increments (tick size) for the respective financial instrument.
A tick size is the minimum upward or downward price movement of a security, and is determined by the stock exchange where the security is traded. For example, if the tick price of a security is EUR 0.01, when submitting a limit order on that security, the limit price that you enter must be a multiple of EUR 0.01 as the price of the security can only vary by multiples of EUR 0.01. Limit orders placed with an incorrect tick size multiple may be rejected. You can check the tick sizes of equities traded on the Malta Stock Exchange by clicking here.
Can I cancel an order that I have submitted?
- Orders for mutual funds cannot be cancelled.
- Orders for international equities and ETFs can be cancelled from your Online Trading platform by clicking the Cancel button on the Pending trades screen
- Orders for bonds, local equities and local ETFs can be cancelled by sending a secure mail through your Online Banking
When do I receive the proceeds from a sale?
How can I track the securities in my portfolio?
Are the prices quoted real time?
What are the opening hours of the trading platform?
- Equities and ETFs - 8 am to 6 pm for European and UK markets, 2.30 pm to 10 pm for US markets (with the ability to place orders from 8 am for execution at market opening)
- Bonds and Mutual Funds - 8 am to 6.30 pm (with the ability to place orders until 10 pm for execution the next day)
Are there any transaction charges for trading?
Do I have to pay custody fees?
Where will my securities be held?
Does MeDirect offer investment advice?
Which stock markets can I invest on the Online Trading platform?
- Malta (Malta Stock Exchange) – Euro, Pound Sterling, US Dollar
- Italy (Borsa Italiana)
- Belgium, France, Netherlands and Portugal (Euronext)
- Sweden (Stockholm Stock Exchange)
- Denmark (Copenhagen Stock Exchange)
- Finland (Helsinki Stock Exchange)
- Norway (Oslo Stock Exchange)
- Spain (Madrid Stock Exchange
- Switzerland (Six Swiss Exchange)
- Germany (Xetra)
- United Kingdom (London Stock Exchange)
- United States of America (Nasdaq, NYSE, AMEX, ARCA)
Which bonds can be traded on the Online Trading platform?
- Issuers: governments, corporate, financial institutions, super-national bodies
- Domicile: Malta, US, Germany, UK, France and many more
- Maturity: short term (less than two years), medium term (two to five years), long term (over five years)
- Currencies: EUR, USD, GBP and more
Which mutual funds can be traded on the Online Trading platform?
We have a list of over 850 mutual funds in which you can invest. They cover a range of investment objectives, markets and asset classes in order to help you diversify your portfolio.
You can also make use of a Sustainability Filter to narrow the selection of mutual funds to only those funds that promote environmental and/or social characteristics and may invest in sustainable investments or to those funds that have sustainable investment as their main objective.
Which ETFs can be traded on the Online Trading platform?
You can trade over 350 ETFs on the MeDirect Online Trading platform, covering a wide range of investment objectives, market indices, and asset classes in order to help you diversify your portfolio.
What is the price that I will buy/sell a mutual fund for?
The NAVs published on the MeDirect website for a mutual fund is hence backward looking, and does not act as an indication of the NAV for the following trading day.
Trading in mutual funds is always done on a ‘Forward Pricing’ methodology. Mutual funds transacted during the trading day will receive the end of day NAV as their transaction price. Mutual funds transacted after the market’s close will receive the next day’s forward price. With forward pricing, a mutual fund transaction cannot take place at a previous NAV. It's price can only be based on a value determined after receipt of an order.
What is the ongoing charge for mutual funds and ETFs?
Home Loans
How will I know if I am eligible for a MeDirect Home Loan?
How much is the maximum amount I can borrow?
- Your current income
- Your financial commitments
How much would my initial deposit need to be?
This will be defined depending on which type of residence you are looking to purchase.
| Maximum Loan Amount of the | Initial Contribution |
Acquisition of Primary Residence | Up to 90%* | 10% |
Acquisition of Second Property | Up to 75%* | 25% |
* Terms & Conditions apply.
What do the terms primary and secondary residence mean?
- Primary residence would be the residence you live in or intend to live in.
- Secondary residence would be the residence you intend to occupy, in addition to the primary residence typically this would be your vacation or recreational home.
What is the Borrower-Based Measures Directive and how will it affect me as a borrower?
Such measures set limits on the amount of money you as a borrower would be able to borrow and the maximum years you have to fully repay the loan.
After taking into consideration what property you will be purchasing and whether you hold any other home loans, you will be classified in one of the two categories determined by the CBM; each category with its own limitation.
How will I know under which Category will I, as a borrower, fall under?
- whether the property you will be purchasing will be your primary residence – meaning the property you live in or intend to live in.
- whether you as a borrower would have any outstanding home loans on the contract signing date of your new property.
What is the maximum term I can avail of?
Category 1 – Maximum term of 40 years or the official retirement age. *
Category 2 – Maximum term of 25 years or the official retirement age. * *Official Retirement Age:
1952 – 1955: 62 years
1956 – 1958: 63 years
1959 – 1961: 64 years
Born after 1961: 65 years
What is the difference between Interest Rate & APR Rate?
Can I effect extra repayments during the duration of the loan?
What insurances will I need to have to be able to take out a home loan?
- Life Insurance
- House / Buildings Insurance
Transfer of assets
Can I transfer my existing portfolio of assets to MeDirect?
Are there any fees for transferring my existing portfolio of investments to my Investment Account with MeDirect?
What are the steps for transferring my portfolio?
Corporate actions
What is the difference between a mandatory and a voluntary corporate action?
A voluntary corporate action is an action where the shareholders elect to participate in the action. A response is required for the corporation to process the action. A tender offer is an example of a voluntary event, where a third party wants to buy a portion of equity in your invested company, you will have the option to tender all or part of your investment. The event could eventually become a mandatory takeover where the third party attempts to buy the entire share capital leaving you without the choice to tender or not.
What do I need to do If I hold shares in a company which is undergoing a Corporate Action?
You may be required to make a decision for certain corporate actions. If this is the case then we will indicate which options are available. Your instruction must be delivered by return secure mail. We will also confirm the date by which your response must be received on our corporate action notification.
How will I receive corporate action information?
Does MeDirect charge for administering corporate actions?
Are there certain corporate actions not offered by MeDirect?
- Dividend reinvestments/dividend options on international markets. Where possible we will offer this option for listed securities on the Maltese Stock Exchange.
- Company meetings and proxy voting for bonds. Where possible we will offer this option for listed securities on the Maltese Stock Exchange.
- Odd lot offers, e.g. mini tenders.
- Non official offers, or offers that are not supervised or regulated by an official entity.
- French loyalty bonus offers.
- Consent offers. Exceptions may apply depending on the terms of the event.
- Unregulated/unprotected corporate actions offered by third parties.
How do I inform MeDirect regarding my preferred option?
Why is the MeDirect deadline for corporate actions earlier than the company registrar deadline?
Can MeDirect advise me on which election option I should take?
What happens if I miss the deadline for returning my choice of option?
Can I change my mind after sending you my election?
Will MeDirect always have the same default election as the company’s registrar?
I submitted an election for a corporate action. Why can I no longer sell my related investment?
I have heard that a company is planning a corporate action, when will MeDirect contact me about it?
What should I do if I have not received information on a corporate action I was expecting to have received by now?
How can I find out why a company has decided to undertake a corporate action?
How do I submit my proxy vote as a shareholder?
How do I receive new shares or rights arising from a corporate action?
Please note there may be a delay of 1 or 2 days in the crediting of rights due to market/operational constraints.
How is cash arising from a corporate action paid to me?
How do I obtain a bonus share tax certificate for my Maltese equity investment?
Does MeDirect provide cash dividend/coupon tax certificates?
Model Portfolios
What is a Model Portfolio?
What are the criteria for the selection of funds?
How can I invest in a Model Portfolio?
What is the minimum amount to invest in a Model Portfolio?
How much does it cost to invest in a Model Portfolio?
The mutual funds that we buy on your behalf carry their own charges that impact your portfolio performance. You would incur the same charges regardless of whether you invest with us or with any other investment manager. We work hard to keep these fund costs as low as we can in our portfolios, so that you can benefit from better net returns.
What type of Model Portfolios can I choose from?
How do I know which Model Portfolio is best for me?
How long do I have to keep the Model Portfolio?
How and when is the dividend payment of the Income Model Portfolio?
Mobile App
What is MeDirect Mobile Banking?
What services are available via the MeDirect Mobile App?
- Open savings and fixed term deposit accounts. You can also view your account balances and transactions
- Explore investment opportunities
- Place trade orders on a wide selection of investment securities - with real time pricing on equities. The MeDirect app also give you the functionality to view and monitor your investment holdings
- Transfer funds between your accounts and to third parties.
- use the authorisation functionality to log in securely onto the online banking platform, verify payments made via ebanking as well as verifying your identity when calling our support team.
Who can use MeDirect’s mobile service?
Is there a charge for the MeDirect Mobile App?
Can I use MeDirect’s internet banking without the app?
Is the MeDirect Mobile App compatible with all mobile devices?
Is the MeDirect Mobile App compatible with tablets and wearables?
How do I download the MeDirect Mobile App?
How can I pair my MeDirect Mobile App to my accounts?
- Login to our online banking platform.
- Click on the “Profile” section on the top right-hand side of the screen
- Click on “Devices”
- Select 'Send me a code'. This will trigger an SMS code to your mobile. Input this code and select 'Confirm'.
- Scan the QR Code using the MeDirect Mobile App. Alternatively, you can enter the activation code to pair your account.
What will my passcode upon registration be used for?
How do I change my passcode?
After how many incorrect login attempts will be access to MeDirect Mobile App be locked?
What shall I do if I forget my app PIN or if I lock my MeDirect Mobile App?
To reset your passcode, the device will need to be unpaired. To unpair your device, you need to:
1. Login to our online banking platform.
2. Click on the “Profile” icon on the top right-hand side of the screen
3. Click on “Devices”
4. Follow steps shown
What does the ‘Unpair device’ option mean?
What shall I do if my mobile is stolen?
- Login to our online banking platform.
- Click on the “Profile” section on the top right-hand side of the screen
- Click on “Devices”
- Unpair Mobile Application. Alternatively, you can call us on (+356) 2557 4400.
What shall I do if I change or lose my mobile device?
Will my app session time out?
How many devices can I register the app on?
Is the MeDirect Mobile App secure?
Why is the ‘Accept’ button greyed out on the End-User License Agreement and on the Terms & Conditions?
What is the preferred account?
Do the balances displayed in each account represent my Actual Balance or my Available Balance?
Why are no accounts appearing in the MeDirect Mobile App?
I am trying to make a transfer, but I cannot select my account in the “To” or “From” account field?
Why is the “Make a Payment” button greyed out?
How do I view my up-coming Me Account transactions?
What is the Authorisation tab used for?
Morningstar
Who is Morningstar?
What is the Morningstar Star Rating?
The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. This Star Rating is calculated over periods of the past three, five and ten years. If possible, Morningstar will also calculate these ratings for all periods in its Overall Morningstar Star Rating.
What is the Morningstar Analyst Rating?
A rating of ‘Gold’, ‘Silver’ or ‘Bronze’ is attributed to investment funds that are expected to perform better during a future full market cycle than the category average and risk-adjusted relevant benchmarks. The difference between these ratings is determined by the conviction of the fund analyst with regards to the ability for the fund to outperform its peers. Funds that are not expected to distinguish themselves will receive a 'Neutral' rating, while funds that perform below par on several levels will be assessed as 'Negative'.

What is the Synthetic Risk and Reward Indicator (SRRI) rating?
SRRI | Annualised Volatility |
1 | 0 - 0.49% |
2 | 0.5 - 1.99% |
3 | 2 - 4.99% |
4 | 5 - 9.99% |
5 | 10 - 14.99% |
6 | 15 - 24.99% |
7 | 25% + |
The SRRI is calculated based on the fund returns over the last five years. If a fund is less than five years old, the returns of a comparable benchmark is used for the period before the fund was launched.
What are the selection criteria of funds for the Model Portfolio?
MeDirect works closely with Morningstar Investment Management Europe (MIME) to define a bespoke fund universe or portfolio of funds to support specific investment goals. The fund selection process is comprised of the following quantitative and qualitative phases:
1. Determining asset allocation
Before selecting individual funds Morningstar looks at the composition of the portfolio in terms of stocks and bonds (the so-called asset classes) and examines its geographical and sectorial allocation. This determines the composition of the portfolio.
2. Quantitative Screening
Morningstar applies a ranking process that considers the Morningstar Risk Adjusted Return benchmark. Other factors that are taken into consideration are:
- Performance consistency – if a manager has consistently performed poorly in three out of the last four calendar years, the fund will typically be removed at this stage. Empirical evidence suggests that long term poorly performing funds will continue to perform poorly going forward.
- Manager Tenure – If a manager has been running a fund for less than three years, they will typically be removed from the selection.
- Style – If the fund displays erratic changes in style, it will typically be removed at this stage.
- Currency – If a multi-regional fund search is undertaken, those funds that do not have an offering in the base currency of the intended users will typically be removed from the selection.
3. Qualitative Evaluation
The purpose of the qualitative selection methodology is to instil discipline into the manager research process by appraising critical factors that can help determine a fund’s ability to outperform. Funds are evaluated across the five pillars that Morningstar has identified as being helpful in predicting the future success of funds: Parent, People, Process, Performance, and Price.
- Parent - The culture and structure of an asset management firm can have an impact on its ability to attract and retain talent and its penchant for serving in the best interests of fund shareholders.
- People - Evaluating the depth and capabilities of an investment team is critical in attempting to identify funds that have a competitive advantage over their competition.
- Process - Morningstar favours managers who employ a disciplined, consistent, and repeatable investment process. Ultimately, Morningstar is looking for traits that give the investment team an edge over its competition.
- Performance - The goal is to identify management teams that in the past have demonstrated skill which we define as the ability to outperform their respective benchmark/peer group on a risk-adjusted basis in a consistent fashion.
- Price - Research indicates that expenses are critical in predicting future fund performance. A fund’s expense ratio should be evaluated within the context of the relevant region and relative to its Morningstar peer group and also consider the trend in expenses and assets in the fund.
4. Portfolio Construction
Morningstar firmly believes that asset allocation is a primary determinant of investment returns within a global fund portfolio. Hence, an important consideration for our final selection is how the fund will complement the remainder of the portfolio or select list.
Safety
Are the MeDirect accounts guaranteed by the Depositor Compensation Scheme?
What is the Depositor Compensation Scheme?
Is MeDirect a participant in the Investor Compensation Scheme?
How can I be sure that my investment assets are protected no matter what happens to MeDirect?
Tax matters & legislation
What type of income or capital gain is subject to withholding tax in Malta?
The following are subject to income or capital gain in Malta:
- Interest income earned on Savings Accounts, Me Accounts and Fixed Term Deposits.
- Coupons paid on bonds’ holdings.
- Dividends paid on equities, ETFs and funds’ holdings.
- Capital gains earned from the sale of international securities.
MeDirect will pay your income/trade consideration net of withholding tax due and remit the withholding tax to the Maltese tax authority where applicable. Please note that the information above is for guidance purposes only. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
Is the income I earn from savings and investment products subject to foreign withholding tax?
Interest income earned on Investment Cash Accounts, Savings Accounts, Me Accounts and Fixed Term Deposits is not subject to foreign withholding tax. Income from securities issued by foreign companies may be subject to withholding tax in the country where the security was issued. However, a Maltese investor may benefit from a lower foreign withholding tax rate or be entitled to a refund of foreign withholding tax by virtue of the double taxation agreement between Malta and the country where the issuer of the security is located. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
What is a W-8BEN form?
The W-8BEN Form is issued by the Internal Revenue Service (IRS) with the purpose of allowing non-US persons to benefit from a reduced rate of taxation on dividends and coupons paid by US companies. If you wish to invest in US securities, you will have to provide us with a duly signed W-8BEN form. The W-8BEN form is valid for three calendar years after the year in which it was signed and submitted to IRS. A new form must be submitted when the existing one expires or if there is a change in circumstances making any information on the form incorrect.
How do I complete a W-8BEN form?
The W-8BEN form can be completed and submitted digitally by logging in to your Online Banking. Click on Profile, choose 'Document Centre' from the dropdown menu and follow the steps indicated on screen.
If you need specific advice and/or assistance in assessing your overall tax position, we advise you to consult your tax advisor.
What withholding tax options can I choose from?
Maltese tax residents can choose either to have 15% Maltese withholding tax, if any is due, automatically deducted from the gross amounts of interest earned from deposit accounts and from dividends or interests earned from your investments or not to have Maltese withholding tax automatically deducted at source. We suggest you to consult your tax advisor in order to asses which option is better for you.
Does MeDirect offer foreign tax relief or foreign tax refund services?
You can benefit from foreign withholding tax reduction on income paid on US equities, ETFs and bonds. In order to claim the benefit on your behalf, we need you to submit a W-8BEN Form. We do not offer foreign tax refund services.
What are MeDirect PSD 2 APIs?
The APIs (account aggregation, payment initiation and confirmation of available funds) all relate to PSD2. MeDirect Developer Portal allows third parties licensed by a national competent authority to use Application Programming Interfaces (APIs) to enable them to co-create the best user experience possible. MeDirect APIs have been available since 31st May 2019 with the exception of Cross Border Payments initiation which will become available at the end of September 2019 and Confirmation of Available funds that will be available in November 2019.
GDPR
What is GDPR?
How does it affect my rights?
- The right to be informed – Organisations must be completely transparent with regards to how they use personal data.
- The right of access – Data subjects (identifiable people) have the right to access their personal data and supplementary information. This means that you are aware of and able to verify the lawfulness of the processing of your data.
- The right to erasure (or right to be forgotten) – You are entitled to have your personal data erased or removed without the need for a specific reason as to why you wish to discontinue.
- The right to object – You have the right to object to the processing of your data based on legitimate interests and/or direct marketing and/or processing for scientific, historical research or statistical purposes.
- The right to rectification – You have the right to rectify or complete any personal information that an organisation holds about you.
- The right to data portability – You have the right to obtain and reuse your personal data for your own purposes, across different services. You are also entitled to move, copy or transfer your data from one organisation to another.
- The right to restriction of processing – You have the right to restrict or suppress access to your personal data.
- The right of automated decision-making and profiling – GDPR has introduced controls to protect individuals against the risk that a potentially damaging decision is made without human intervention. For example you can choose not to be the subject of a decision where the consequence has a legal bearing on you or is based on automated processing.
What did MeDirect do about it?
- Updating our Data Protection Policy
- Providing Data Privacy awareness training to all our employees
- Delivering training to employees on how to deal with GDPR requests
- Revising our Privacy Notices, Terms and Conditions and Cookie policy
- Revising our Marketing Consent statements
- Updating our internal policies to ensure that they are in line with GDPR legislation
How does MeDirect protect client information?
In instances where a third-party provides a service to MeDirect we ensure that they are contractually bound to implement adequate information security controls to safeguard access to your data including encryption. Data provided to those third-parties shall only be utilised for the sole purposes stipulated in the contractual agreement.
How does MeDirect communicate privacy information?
What lawful basis does MeDirect use for processing data?
- Consent – As a Data subject you must provide clear consent to process personal data for a specific purpose. For the purposes of documentation, your declaration of consent must be obtained in writing, electronically or through a recorded oral statement.
- Contract – Processing your data is necessary to fulfil the obligations of a contract.
- Legal obligation – Processing your data is necessary to comply with a legal obligation.
- Vital interests – Processing your data is necessary to protect someone’s life.
- Public task – Processing your data is necessary to perform a task in the public interest or for official functions. In this scenario the task or function must have a clear basis in law.
- Legitimate interests – Processing your data is necessary for the legitimate interests of an individual or the legitimate interests of a third-party, unless there is good reason to protect the individual’s personal data which overrides those legitimate interests.
How can you submit your consent to receive updates from MeDirect?
- Calling our Customer Service Centre on (+356) 2557 4400
- Emailing our Data Protection Officer (DPO) on dataprotection@medirect.com.mt
- Visiting any one of our investment centres
- Updating your profile on our secure online banking platform
Complaints
Who shall I contact if I have a complaint?
MeDirect Bank (Malta) plc
The Centre, Tigné Point
Sliema
TPO 0001
Malta
You may further address your complaint as described in our General Terms and Conditions.