The Payment Services Act means new and changed terms and conditions/rules
On 1 November the new Danish Payment Services Act will come into force. The Act is based on EU rules the purpose of which is to ensure private individuals and businesses more uniform rights across borders.
The significant amendments are:
Better value days
From 1 November the day when the payment is received and made will generally be the day from which interest is calculated.
Electronic bank statements
The new rules contain provisions on more frequent bank statements than today. To avoid increased costs in relation to postage, paper and printing Nordea has decided from the end of 2009 successively to stop sending paper-based bank statements. You will be informed when the change comes into force. Subsequently, you will only receive electronic bank statements for payment accounts (that is accounts and credits used for current transactions).
You still need to check balances and movements on your payment accounts. You can do that electronically in your electronic banking system or otherwise.
Changes in viewing and collection of charges for cross-border payments
In future cross-border payments will be shown with the full amount, that is net of costs. For instance, the costs of international transfers are booked separately. In future the costs of international payments will usually be divided so that the remitter and the beneficiary each pays its own charges.
Please examine your payment templates and future payments to make sure that the charge option stated comply with the new Act. See also Useful links: More information.
Amendments to agreements, terms and conditions and our general terms and conditions
According to the new Act, framework agreements must be entered into for all your payment accounts. We do that in Nordea by issuing new Terms and conditions for payment accounts for corporate customers, which apply to all your payment accounts. At the same time we update a number of different terms and conditions/rules applicable to for instance MasterCard, counting agreements, Corporate Netbank and FI creditor agreements (FI: Danish banks’ joint payment system).
We recommend you to go through Terms and conditions for payment accounts for corporate customers and the other terms and conditions/rules relevant to your payment accounts and your products and services from us.
You do not have to sign the new rules or the amendments to the existing rules. All terms and conditions and rules are based on the new legislation and generally apply to all customers.
If you have any questions or comments concerning the rules, please contact your usual adviser at Nordea. You may also contact your adviser if you cannot approve the new and amended terms and conditions/rules and you wish to terminate your agreements and payment accounts. Unless we hear from you by 31 October 2009, the rules will automatically come into force on 1 November 2009.
View your agreements and terms and conditions
View the new and slightly amended terms and conditions/rules in the left-hand menu.
