Payment Services Nordea Bank S.A. 1 Our Payment Services October 2015
2 Payment Services Nordea Bank S.A. Contents 1 General provisions 3 2 Payment instructions and communication 3 3 Consent and withdrawal of consent 3 4 Notification of unauthorised or incorrectly executed paymenttransactions 3 5 The Bank s liability for unauthorised payment transactions 4 6 The Client s liability for unauthorised payment transactions 4 7 Refunds for payment transactions initiated by or through a beneficiary 4 8 Receipt of payment orders 4 9 Irrevocability of a payment order 4 10 Execution time and value date 4 11 Amendments 5 12 Redress procedures 5
Payment Services Nordea Bank S.A. 3 Our Payment Services An essential and basic service that Nordea Bank S.A. provides is the transfer of funds from and to the account of the Client. The Bank is bound by law to agree with the Client on the terms and conditions under which payment services shall be rendered by the Bank to the Client. These Terms and Conditions set out the framework within which payment services will be handled. 1 General provisions 1.1 These Terms and Conditions apply only to payment services made in EUR or any other currency of an EU or EEA member state and where: the payment services are provided between the Bank and a payment service provider (usually a bank) that is located in a member state of the European Union ( EU ) or a member state of the European Economic Area ( EEA ; currently this includes Iceland, Liechtenstein and Norway); or if the payment service only takes place at the Bank. 1.2 Payment services in these Terms and Conditions are defined as: services enabling cash to be placed in an account, as well as all the operations required for operating an account; services enabling cash withdrawals from an account, as well as all the operations required for operating an account; execution of payment transactions, including transfers of funds in an account of the Client with the Bank or with another payment service provider, or where the funds are covered by a credit line: execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or similar device; execution of credit transfers, including standing orders. issuing and/or acquiring of payment instruments such as credit cards; money remittance; execution of payment transactions where the consent of the Client to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator acting solely as an intermediary between the payment service user and the supplier of the goods and services. Please note that not all these services may be offered by the Bank. 1.3 These Terms and Conditions do not apply to: accounts related to investments (e.g. securities, term deposits, savings plans where the Client cannot freely dispose of the funds etc.); cash transactions (e.g. cash payment between seller and buyer); payment transactions based on a paper document, such as a cheque; payments relating to securities transactions (purchases/ sales, subscriptions/redemptions); payments related to securities assets servicing (e.g. payment of dividend, interest or income). This list is not exhaustive. The complete list of services not covered can be found in art. 3 of Directive 2007/64/EC of 13 November 2007 on payment services in the internal market. 1.4 With respect to payment services covered by these Terms and Conditions, the contractual relations between the Bank and the Client are further governed by the Bank s General Terms and Conditions and any other specific agreements between the parties. 1.5 In case of conflict between these Terms and Conditions, the Bank s General Terms and Conditions, the Bank s Terms and Conditions for Private ebanking and the Bank s Terms and Conditions applicable to credit cards issued by the Bank, these Terms and Conditions will prevail. 2 Payment instructions and communication 2.1 Instructions for payment transactions must be given by the Client to the Bank in writing, or by other means if expressly agreed with the Bank. For every payment instruction, the Client shall indicate: the currency and amount; the account number of the beneficiary (IBAN); the name and address and/or the BIC number of the beneficiary s service provider (usually the beneficiary s bank). In addition, the Client may be required to provide the name of the beneficiary. Payment instructions may also be given through the use of a payment instrument. A payment instrument means any personalised device (such as a credit card issued by the Bank to the Client) and/or a set of procedures agreed between the Bank and the Client (such as Nordea private ebanking i.e. internet banking). 3 Consent and withdrawal of consent 3.1 A payment transaction is considered to be authorised only if the Client has given consent in writing or by any other means agreed with the Bank. A payment transaction may be authorised by the Client prior to or, if agreed between the Client and the Bank, after the execution of the payment transaction. 3.2 Consent may be withdrawn by the Client at any time, but no later than the point in time of irrevocability under clause 9. 4 Notification of unauthorised or incorrectly executed payment transactions Should the Client become aware of any unauthorised or incorrectly executed payment transactions, he/she shall, without undue delay, file a claim with the Bank for rectification. Such claim shall be filed no later than 13 (thirteen) months after the debit date, unless the Bank has failed to provide or make available the information on the relevant payment transaction.
4 Payment Services Nordea Bank S.A. 5 The Bank s liability for unauthorised payment transactions 5.1 In the case of an unauthorised payment transaction, the Bank will refund to the Client immediately (i.e. as soon as the claim is accepted by the Bank) the amount of the unauthorised payment transaction and, where applicable, restore the debited account to the state in which it would have been had the unauthorised payment transaction not taken place. 5.2 Further financial compensation may be determined in accordance with the law applicable to the contract concluded between the Client and the Bank. 6 The Client s liability for unauthorised payment transactions 6.1 The Client shall bear the losses relating to any unauthorised payment transactions, up to a maximum of EUR 150, that result from the use of a lost or stolen payment instrument or, if the Client has failed to keep the personalised security features safe, from the misappropriation of a payment instrument. 6.2 The Client shall bear all the losses relating to any unauthorised payment transactions if he/she incurred them by acting fraudulently, or if the Client, by intent or gross negligence, has failed to fulfil his/her obligations to: (a) use the payment instrument in accordance with the terms governing the issue and use of the payment instrument; and (b) notify the Bank, or the entity specified by the latter, without undue delay on becoming aware of loss, theft or misappropriation of the payment instrument or of its unauthorised use. In such cases, the maximum amount referred to in clause 6.1 shall not apply. 7 Refunds for payment transactions initiated by or through a beneficiary 7.1 The Client, as payer, is entitled to a refund from the Bank of an authorised payment transaction initiated by or through the beneficiary of the payment which has already been executed, if the following conditions are met: (a) the authorisation given by the Client did not specify the exact amount of the payment transaction when the authorisation was made; and (b) the amount of the payment transaction exceeded the amount the Client could reasonably have expected, taking into account his/her previous spending pattern, the agreements with the Bank and relevant circumstances of the case; for the purpose of this subparagraph (b), the Client may not rely on currency exchange reasons, where an agreed reference exchange rate has been applied for the execution of the payment transactions. At the Bank s request, the Client shall provide factual elements relating to such conditions. The Client, as payer, shall not be entitled to a refund where he/ she has given his/her consent to execute the payment transaction directly to the Bank and, where applicable, information about the future payment transaction was provided, or made available in writing, to the Client for at least four weeks before the due date by the Bank or by the beneficiary of the payment. 7.2 The request for the refund of an authorised payment transaction initiated by or through a beneficiary of the payment, must be filed by the Client with the Bank no later than eight weeks from the date on which the funds were debited. Within ten business days of receiving a request for a refund, the Bank shall either refund the full amount of the payment transaction or provide justification for refusing the refund. 8 Receipt of payment orders 8.1 The point in time of receipt by the Bank of a payment order is the time when the payment order transmitted directly by the Client or indirectly by or through a beneficiary of the payment is received by the Bank. If the point in time of receipt is after 16:00 on a business day or is not a business day for the Bank, the payment order shall be deemed to have been received on the following business day. 8.2 The Client and the Bank may agree that execution of the payment order shall start on a specific day, or at the end of a certain period, or on the day on which the Client has set funds at the Bank s disposal. In this case, the point in time of receipt for the purposes of clause 5.10 is deemed to be the agreed day. If the agreed day is not a business day for the Bank, the payment order received shall be deemed to have been received on the first business day thereafter. 9 Irrevocability of a payment order 9.1 The Client may not revoke a payment order once it has been received by the Bank unless otherwise specified herebelow. 9.2 Where the payment transaction is initiated by or through the beneficiary of the payment, the Client may not revoke the payment order after transmitting the payment order or after having given his/her consent to execute the payment transaction to the beneficiary of the payment. However, in the case of a direct debit, and without prejudice to refund rights, the Client may revoke the payment order at the latest by the end of the business day preceding the day agreed for debiting the funds. 9.3 In cases where the Client and the Bank have agreed upon a specific day for the execution of an order, the Client may revoke the payment order at the latest by the end of the business day preceding the agreed day. 9.4 After the time limits specified above, the payment order may only be revoked if agreed between the Client and the Bank. In the cases referred to in clause 10, a payment order of which execution has been refused shall be deemed not to have been received. 10 Execution time and value date 10.1 This clause shall apply only to payment transactions in euro or in any other currency of an EU or EEA member state made between the Bank and any payment service provider, irrespective of its location. 10.2 In the case of a payment transfer ordered by the Client, the Bank shall ensure that the amount of the payment transaction is credited to the account of the bank of the beneficiary of the payment at the latest by the end of the second business day after the point in time of receipt by the Bank of the Client s payment order. As of 1 January 2012, such credit shall take place at the latest by the end of the next business day
Payment Services Nordea Bank S.A. 5 after receipt of the payment order. The debit value date for the Client s account is the business day on which the amount of the payment transaction is debited from the Client s account. 10.3 In case the Client is the beneficiary of the payment, the Bank shall ensure that the credit value date for the Client s account is the same as the credit value date on which the amount of the payment transaction is credited to the Bank s account. The Bank shall ensure that the amount of the payment transaction is at the Client s disposal immediately after that amount is credited to the Bank s account. However, if the account of the Bank is credited on a day which is not a business day for the Bank, the amount of the payment transaction will be at the Client s disposal on the next business day. 10.4 In the case where the Client is the beneficiary of the payment, the Bank shall transmit a payment order initiated by or through the Client to the bank of the payer within the time limits agreed between the Client and the Bank, enabling settlement, as far as direct debit is concerned, on the agreed due date. 10.5 Where the Client places cash on his/her account with the Bank, the Bank shall ensure that the amount is made available and value-dated immediately after the point of time of the receipt of the funds. Where necessary, the Bank may make subsequent adjustments to the account due to forgeries or errors discovered by the Bank after the cash amount is made available to the account. 11 Amendments Amendments to these Terms and Conditions are deemed to be accepted by the Client if the Client has not addressed written disapproval to the Bank within two months prior to the proposed date of application of the amendments. If the Client wishes to object to such amendments and/or additions, the Client is entitled to terminate the relationship under these Terms and Condition immediately, and without any cost, before the proposed application of the changes. 12 Redress procedures Without prejudice to the right to bring proceedings before a court, the Client is entitled to file a complaint with the Luxembourg supervisory authority, Commission de Surveillance du Secteur Financier (www.cssf.lu) regarding the Bank s alleged infringement of the provisions of Luxembourg law implementing the Directive 2007/64/EC of 13 November 2007 on payment services in the internal market.
Nordea Bank S.A., 562, Rue de Neudorf, (PO Box 562), L-2015 Luxembourg, Tel +352 43 88 77 77, Fax +352 42 44 95, nordea@nordea.lu, www.nordeaprivatebanking.com