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New European regulations regarding payment services
On 1 November 2009 the Payment Services Directive (PSD) will become effective across Europe and has been integrated into Dutch law as well. The Directive regulates payment services provided to you within Europe.Following the above legislative changes, ING has updated the applicable terms and conditions to our payment services provided to you in the Netherlands.
Changes in Terms and Conditions for Payment Services
Changes in NVB General Banking Conditions
In the Netherlands, the Dutch Bankers Association (NVB) have provided General Banking Conditions that are applicable to all banking services provided by banks in the Netherlands. This document has been updated by NVB.
Changed is the term allowed to you as a customer to contest the statements, invoices or other information sent by the bank. As of 1 November 2009, if you do not agree with the information ING has provided to you, you can notify within thirteen months after the date of the document. This was twelve months.
Changes in ING terms and conditions applicable to Payment Services
Following the legislative changes, ING has updated its terms and conditions applicable to Payment Services offered in The Netherlands. Our brochure General Conditions for Payment Services and other Business Banking regulations contains the following updated terms and conditions:
- NVB General Banking Conditions 2009
- General Conditions for Payment Services
- Business Account Conditions
- Conditions governing the use of Debit Cards and Credit Cards
- Privacy Statement ING Bank. N.V.
- Complaints procedure ING Bank N.V.
Changes to ING Payment Services
Execution timelines
The execution of your payment transactions (from payment order until the crediting of the account of the beneficiary) must be executed within a maximum period of time. ING already meets this requirement.
The PSD regulation sets equal maximum timelines for execution of payments within Europe so that you know what to expect.
Reversal of Direct Debits
Direct debits with an allowed reversal within 30 days can now be reversed within 56 days. The reversal period of 56 days also applies to European Business to Consumer Direct Debits (SEPA).
Value Date
The PSD regulation prohibits value dating for EEA currencies (European Economic Area: the 27 EU-countries plus Liechtenstein, Norway and Iceland). For payments, the value date should be the same as the book date.
This means that amounts received will be interest bearing from the day they are credited to you account or, for paid amounts, until the day they are debited from your account.
Payment transactions within Europe
Cross border payments within the EEA in an EEA-currency will be processed on the basis of the payment instruction SHA (Shared Cost) only. That is, charges levied by ING will be paid by you and charges levied by the beneficiary’s bank will be paid by the beneficiary.
Banks will transfer instructed amount without deduction of charges
For payments within the EEA in an EEA-currency banks are no longer allowed to deduct their charges from the original instructed amount. ING will specify the costs of the transaction and the transferred transaction amount separately.
As of 1 November 2009 you can be sure that the instructed amount will indeed be received by the beneficiary.
Learn more about European Payments through ING?
More information on the European rules (PSD) and SEPA can be found on INGPSD.com. Here you can also subscribe to our SEPA newsletter to receive information on the latest developments regarding European Payments.
Disclaimer
This information and the documents referred to are a translation of the original Dutch text, provided for the customer’s convenience only. The original Dutch terms and conditions will be binding and shall prevail in case of any variance between the Duth text and the English translation.
