Frequently Asked Questions


Accounts

  • In order to open an account you just need to be aged 18 years or older. Minor accounts may also be opened by visiting one of our branches.

  • You can open an account by visiting one of our branches. We will assist you with the account opening process, which consists of submitting an account application form, an official identification document (ID card or passport) as well as a proof of address (recent utility bill or bank statement).

    If you are unable to visit one of our branches, you can open an account online, by clicking on Become a customer from our website.

    Once you fill in the online account application form you need to log in to your account using the details provided via email, upload an official identification document (ID card or passport) as well as a proof of address (recent utility bill or bank statement) on the dashboard and make a first payment of any amount to your MeDirect account.

    If you already hold an account with MeDirect opening additional accounts is quick and easy. You will just need to log in to your account, click on Open an account and follow the steps indicated on screen. 

  • No charges are applicable to open and maintain an account with MeDirect. For more information about fees please read our Tariffs & Charges Schedule for Banking Services.

  • Should you wish to close an account, you can call us on (+356) 2557 4400 or send a secure mail through your Online Banking providing us with instructions to send any outstanding balance together with any interest due to an account of your preference. Fixed Term Deposit Accounts and NOW Accounts cannot be closed prior to the maturity date. Me12 Savings Accounts require a twelve months’ withdrawal notice, while Me6 Savings Accounts require a six months’ withdrawal notice, in order to be closed. Me3 Savings Accounts require a three months’ withdrawal notice period and the Me1 Savings Accounts requires a one month withdrawal notice, prior to closing these accounts.

  • You can deposit funds by instructing a bank transfer from an external bank account to your MeDirect account. We also accept cheques and bank drafts.
  • In order to comply with European regulations, MeDirect must apply enhanced due diligence procedures to politically exposed persons. Politically exposed persons are individuals who have been entrusted with a prominent public function or who are closely related to such persons.

  • MeDirect asks this question in order to comply with the Foreign Account Tax Compliance Act (FATCA), a US law which requires non-US financial institutions to provide the US tax authority (the Internal Revenue Service or IRS) with information on certain US persons with accounts outside of the US. If you qualify as a US person, you cannot apply for an account online.

  • Once you open an account with MeDirect, you can register to use our Online Banking. The service is available 24/7 and is free of charge. In order to register you need to call us on (+356) 2557 4400 or visit one of our branches to request an Activation Code and Client number. Click on Login on our website and follow the steps indicated on screen.

  • Yes, you can open a joint account with existing MeDirect clients and with new clients. Click on Become a customer and follow the steps indicated on screen.

  • You can move money between your accounts, to third party accounts with MeDirect or to external accounts. Once you set up a transfer you may also save the beneficiary details for future transfers.

  • You can exchange currencies online by moving money from a debit account to a credit account that are denominated in different currencies.

  • The Online Banking platform will provide you with an indicative exchange rate. 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. 

  • For security reasons, transfers to an external account and to a third party MeDirect account are subject to a daily limit set by the Bank. Transfers between your MeDirect accounts are not subject to any limit. If you would like to transfer an amount exceeding the daily limit, you will be prompted with a notification to contact our Customer Service Centre, where you will be guided accordingly.

  • Yes, you can view and download your statements through Online Banking by clicking on My Transfers > Bank Statements.

  • You can send and receive secure mail through Online Banking by clicking on Mailbox.

  • You can change your security or contact details by logging in to your Online Banking, clicking on Settings and then selecting the details you wish to modify.

  • Yes, you can instruct us to send a fixed amount of money at regular intervals to an account of your choice. If you would like to set up a standing order, you may contact us on (+356) 2557 4400 or send a secure mail through your Online Banking. 

  • Standing Instructions will be processed on the date scheduled, as you originally requested. After the initial attempt, two further attempts will be made to process the Standing Instructions, when there are insufficient funds in your account.

  • Yes, you can set up future dated payments up to twelve months, through your Online Banking (My Transfers > Move Money), if the debit and credit accounts have the same currency.

  • You can instruct a Me1 Savings Account withdrawal at any time, subject to a one month notice period, through your Online Banking (by clicking on the Transfers/Statements tab > Me Withdrawals).

  • You can instruct a Me3 Savings Account withdrawal at any time, subject to a three month notice period, through your Online Banking (by clicking on the Transfers/Statements tab > Me Withdrawals).

  • You can instruct a Me6 Savings Account withdrawal at any time, subject to a six month notice period, through your Online Banking (by clicking on the Transfers/Statements tab > Me Withdrawals).

  • You can instruct a Me12 Savings Account withdrawal at any time subject to a twelve month notice period through your Online Banking (by clicking on the Transfers/Statements tab > Me Withdrawals). You cannot make a withdrawal request in the first three months since account opening.

  • Different accounts have different rules for interest payments:

    • NOW Account: all interest is paid 10 working days after opening the account into your Savings Account
    • 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
    • Me12 Savings Account: interest is paid semi-annually on the last working day of June and December into your Me12 Savings Account
    • Me6 Savings Account: interest is paid semi-annually on the last working day of June and December into your Me6 Savings Account
    • Me3 Savings Account: interest is paid semi-annually on the last working day of June and December into your Me3 Savings Account
    • Me1 Savings Account: interest is paid semi-annually on the last working day of June and December into your Me1 Savings Account
    • Savings Account: interest is paid semi-annually on the last working day of June and December into your Savings Account
    • Investment Cash Account: interest is paid semi-annually on the last working day of June and December into your Investment Cash Account

    You can contact us on (+356) 2557 4400, write a secure mail or visit one of our branches if you would like your interest to be paid to a different account.

  • Should the Bank announce a change in interest rates, the interest rate on your existing Fixed Term Deposit Account or NOW Account will remain unchanged as agreed upon opening. Interest rates on other products might change at any time.

    The Bank is required to announce changes in the interest rates of the following Accounts, prior to effecting changes, as indicated below respectively:

    • Me12 Savings Account: revised interest rates will be effective one year after they are announced
    • Me6 Savings Account: revised interest rates will be effective six months after they are announced
    • Me3 Savings Account: revised interest rates will be effective three months after they are announced
    • Me12 Savings Account: revised interest rates will be effective one month after they are announced

    For more information about the Bank's interest rates please read the Interest Rate Sheet.

  • Once a Fixed Term Deposit Account is opened, you cannot change the amount deposited, the rate or the term.

  • You need to submit a W-9 Form if you are a US citizen, US resident alien or US tax resident. The W-9 Form can be found on our website under Support > Document Centre. The W-9 Form can be completed in either blue or black ink. If correction fluid (Tip-ex) or correction tape are used the form will be rejected. Please complete the fields as indicated below.

    General Information

    Row 1: Enter your full name Row 3: Check the box which indicates the appropriate tax classification Rows 4 and 5: Enter your permanent address.

    Part I: Taxpayer Identification Number (TIN)

    Enter your TIN: for individuals this is the Social Security Number (SSN) 

    Part II: Certification

    Sign and date the form, keeping in mind that the US date format is mm-dd-yyyy so for example 25th of September 2012 should be written 09-25-2012. 

    Please note that the information above is for guidance purposes only and should be read alongside the official IRS instructions that are available on the IRS website. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.

  • The Bank will send you a letter three weeks prior to the maturity date to remind you of the upcoming maturity of your account. By default, unless instructed otherwise by you, funds held in your Fixed Term Deposit/NOW Account will be automatically transferred to your Savings Account.

  • In the event that an account holder passes away, all accounts in his or her name will be blocked until the heirs' notary provides the documentation needed to liquidate the funds. An administration fee will apply as specified in our Tariffs & Charges Schedule for Retail Banking Services

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