New legislation on payment services

2010-06-23On 1 August 2010 new legislation on payment services enters into force, enhancing consumer protection for you as a customer – the payment services act and the act on unauthorised payment transactions.

The new legislation will adjust Swedish rules in line with the EU’s Payment Services Directive (PSD) to be implemented in all 27 EU countries as well as in the EFTA countries Norway, Liechtenstein and Iceland.

Swedish banks already fulfil many of the requirements of the new legislation. For you as a customer, the enhanced consumer protection will mean:

• Clearer rules on your rights and obligations in connection with payments.
• Clearer information for you as a customer before and after each payment is executed.
• Clearer rules on the banks’ liability from your execution of a payment and until it is deposited in the recipient’s account.
• New and uniform rules for the banks on execution of payments, including the maximum payment time and fees payable.
• Under the new rules, Swedish retailers and other businesses cannot charge fees for card payments.

The new rules apply to all accounts, services and products for making and receiving payments.

Payment accounts are accounts with no specific restrictions on withdrawals. They are typically used for receiving wages or pension benefits or paying invoices. Examples of other services and products comprised by the new legislation are store cards, Internet banking services and PIN codes and card readers used in connection with such services.

The terms and conditions for your payment services will be amended in certain areas. The exact amendments depend on which payment services you are using.
 
You are not required to do anything in connection with the amendments to the existing rules. However, you are entitled to terminate your agreement on payment accounts and other payment services with immediate effect and free of charge if you cannot approve the amendments.

Please let us know by 31 August 2010. Otherwise, we assume you have approved the new terms and conditions.

If you have any questions, please contact:
Kundcenter Privat at 0771-22 44 88
PlusGirokonto at 0771-480 490.
Open weekdays at 8-20.

More information is also available on the website of the Swedish Bankers’ Association. 

Fact sheet in English distributed by the Swedish Bankers Association, New rules regarding payments.