Changed terms and conditions due to new legislation

As a result of a number of legislative changes regarding anti-money laundering and payments, we are changing some of our terms and conditions as of 1 January 2018. The legislative changes apply to all banks in Denmark.

Overview of changes

On this page you can see an overview of the consequences for you as a personal or corporate customer. By the end of November, the new terms and conditions will be available at the bottom of the page. This applies to our:

  • General terms and conditions for personal and corporate customers, respectively
  • Terms and conditions for payment accounts for personal and corporate customers, respectively
  • Conditions for Netbank Privat and Erhverv
  • Card rules
  • Other terms and conditions.

Information about the changes to the general terms and conditions

About General terms and conditions for corporate and personal customers:

  • As a consequence of the new anti-money laundering regulations, the terms and conditions specify how we as a bank must collect, disclose and store information about our customers. It is specified how and when we can suspend certain services and products if we do not receive the required information
  • As a consequence of the new common European rules on securities trading, the General terms and conditions for corporate customers are specified in terms of recording of telephone conversations and the use of information for reporting securities trading to the authorities.

About General terms and conditions for personal customers and General conditions for loans and credits for personal purposes:

  • The notice period in connection with interest rate increases for mortgage-like loans has been changed from three to six months. The same change about the notice period has been made to the General conditions for loans and credits for personal purposes.

Information about changes to conditions for payment accounts, card rules and other payment-related terms and conditions.

About terms and conditions and rules governing payments and cards:

  • The rules on execution time and value date for payments no longer depend on the country of origin or destination. Consequently, payments within Europe can be executed faster than today
  • It will also be possible to give third parties access to your payment accounts to make payments and use account information services
  • It will become safer to make electronic payments due to stricter security requirements
  • For personal customers, the excess of DKK 1,100 will be reduced to DKK 375
  • We are required by law to inform you that if you do not accept the changed terms and conditions under this section, you must inform us before they take effect on 1 January 2018. In such case you are entitled to terminate your agreements and payment accounts immediately and free of charge before the changes take effect. If you accept the changes, you do not need to do anything. 

Where can I read the new terms and conditions?

Before the end of November, we will publish the new terms and conditions, which will become effective as of 1 January 2018, on this page.

Further information

You can read more in the terms and conditions at the end of November. Or if you have any questions, you can contact us 24/7 on +45 70 33 33 33 if you are a personal customer or on +45 70 33 44 44 if you are a corporate customer.