Frequently asked questions
Below you will find the answers to the most frequently asked questions about
- What is the reason for closure of the common check clearing agreement?
Use of checks has decreased significantly due to new and more efficient electronic alternatives, e.g. Express Credit Transfers, NemKonto payments.
In combination with relatively high fixed costs for handling of checks the decreasing use of checks has given a significant increase in the unit price for both customers and banks.
Danish Banks has on these grounds decided to terminate the common check clearing agreement.
- What is the common check clearing agreement?
It is an agreement between the Danish banks, which obligates banks to cash checks issued in other banks.
- What does it mean that the common check clearing agreement will be terminated?
Termination of the common check clearing agreement means that Danish banks are no longer required to cash checks issued by other banks. Individual banks may continue issuing checks for their own customers or enter into mutual agreements with other banks for cashing checks.
- When will the common check clearing agreement terminate?
By the end of 2016. This will give users of checks time to find other alternatives.
- Will Nordea stop issuing checks after termination of the common check clearing agreement?
Yes, but to ensure that we have time to cash checks, Nordea will stop issuing checks before the end of 2016.
- Can I still cash a foreign check?
Yes. Termination of the common check clearing agreement refers only to domestic checks, and you will still be able to cash foreign checks at Nordea.
- What should I do with the rest of my unused check letters or checks in checkbook?
You must discard the rest of your checks after termination of the common check clearing agreement. Checks cannot be cashed, and we recommend that you destroy the checks before discarding.
- Where can I turn for guidance of alternative products?
Please contact your Relationship Manager or Cash Management Advisor or click on ‘Alternative products’ on this site. You can also contact 24/7 using phone number 70 33 44 44.
- How do I pay my supplier if the payment must be at once?
Express Credit Transfer is the best alternative. The transfer will be visible on suppliers account within a few seconds.
If the supplier is registered with Swipp Corporate; you can from a smartphone use Swipp to pay the supplier. The supplier will immediately receive a receipt via SMS, confirming that payment is complete. Swipp can be used for amounts up to 25,000 DKK (a day).
- What type of payment can be used if I need a guarantee for the payment?
Express Credit Transfer is the best alternative. The transfer will be visible on your account within a few seconds.
Alternatively Swipp Corporate can be used. You will receive an SMS at once stating that the payment has been made. Swipp is limited to amounts ≤ 25.000 DKK (a day).
- What are the alternatives to checks when I have to pay a debt to my customers?
You have several options
- NemKonto (pdf, 1005 KB)Åbner i nyt vindue (pdf, 1005 KB) - NemKonto payments are regular account - to-account payments where the recipient's personal registration number or CVR / SE is used instead of an account number.
- Credit transfer - You must have the recipient's registration and account number.
- Betalingsservice (BS) payout – if you receive payments from your customers via BS, you have the option to return funds with BS payout. You must be registered as a BS payout in order to use this solution. Registration is done via Nets.
- How do I transfer to NemKonto?
You can transfer to NemKonto (pdf, 1005 KB)Åbner i nyt vindue (pdf, 1005 KB) via Corporate Netbank, e-Gateway or Unitel EDI. You can enter payments manually in Corporate Netbank or use a file from your own financial system for all three solutions. You must have an agreement to use NemKonto with your bank.
- How can I return receivables if I do not wish to use NemKonto?
You can use an ordinary credit transfer, but you must ask your customer to inform you of what account number to credit. If you have a Betalingsservice agreement with your customer, it is possible to return receivables through Betalingsservice payout. You must be registered as a Betalingsservice payout in order to use this solution. Registration is done via Nets.