The European Communities (Payment Services) Regulations 2009 will come into effect in Ireland on 1 November 2009.
National Irish Bank, as part of Danske Bank Group, is fully committed to, and supports the enhanced benefits that these Regulations will give customers when making and receiving certain types of payments within the EEA*.
As such, and in accordance with the requirements of the Regulations, some changes will be made to the terms and conditions that apply to the following products and services that we provide to customers.
Products and Services impacted by the Payment Services Regulations
- all Personal Current Accounts, Personal Savings Accounts and Packages (excluding Fixed Term Deposits)
- all Business Current Accounts, Business Savings Accounts and Packages (excluding Fixed Term Deposits)
- all Currency Accounts
- all Personal and Business Credit and Corporate Cards (MasterCard and Visa), and our Debit Cards
- online banking services (eBanking and Business eBanking)
- 24 Hour Telephone Banking Service
The Payment Services Regulations will impact all National Irish Bank Customers to some extent.
If you are a Personal Customer or a Micro-enterprise (defined as a business customer with turnover or balance sheet less than €2M and less than 10 employees) with one or more of the above products/services new terms and conditions (your framework contract) will apply to your account/service from the 1 November 2009.
For Business Customers who are not Micro-enterprises certain but not all of the provisions of the Payment Services Regulations will apply. New terms and conditions (your framework contract) will apply to your account/service from 1 November 2009.
What benefits will the Payment Services Regulations provide?
In general terms the Payment Services Regulations will provide:
- consistency - a standardised service for payments across Europe, supported by a common legal framework (terms and conditions)
- improved protection - consistent rights and obligations for consumers and businesses making and receiving payments
- clearer approach - through common understanding of each party's rights and obligations
- enhanced information - in the framework contract (included in the terms and conditions and revised fees and charges brochures) as well as increased transparency of the payments themselves
What changes will National Irish Bank have to make?
Amongst other things National Irish Bank will:
- provide standard information in respect of individual payment transactions
- execute payments within maximum execution times
- clarify applicable exchange rates for foreign transactions
- comply with standards in respect of the notification of, variation to and termination of your framework contract governing payment services
- provide conditions for refunds by the Bank for unauthorised, incorrectly executed and disputed transactions
- provide revised terms and conditions for all affected products and services
Changes to the terms and conditions for the above products/services will become effective from 1 November 2009. These terms and conditions are available here on our website.
To find out more please ask at any National Irish Bank branch or business centre or call us on 1850 812 022.
* EEA - The European Economic Area includes the following: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Liechtenstein, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.