payment services directive
Additional obligations affecting ACCBank and its customers
The bank must provide the customer with details relating to payment instructions, specifically:
a) the main characteristics of the payment service;
b) cut-off times;
c) execution times; and
d) information surrounding the options for amending/cancelling a payment instruction.
If customers provide correct payment details and the bank incorrectly processes the payment, the bank must refund the customer and return the customer’s account to the state in which it was prior to the incorrect / unauthorised payment being processed.
The bank must inform customers 60 days in advance if they wish to close the customer’s account/terminate the service (EBB).
From 1 November 2009, the bank must inform customers of any change in Fees and Charges or any changes in the Terms and Conditions on these products 60 days in advance of the change taking effect.
Customers may request a refund in relation to a payment made on an account which was initiated by or through a payee from the bank up to eight weeks after the date on which the funds were debited from the account. Within 10 days of receiving such a request, the bank must either refund the full amount or it will give the reasons as to why it is refusing the refund.
The customer is responsible for ensuring the correctness and accuracy of all payment instructions relating to their account. The bank will have no obligation to check whether the information provided with the payment is correct. If the customer provides incorrect payment details, the bank will not be liable for the non-execution or the execution/defective execution of the relevant transaction.
Upon becoming aware of an authorised or incorrectly executed payment transaction, a customer must advise the bank without delay and no later than 13 months after the transaction has taken place.
The EBB customer/authorised user must advise the Bank immediately if he/she thinks any of their EBB authentication requirements (Digipass, User Name, PIN, Code) has become known to someone else or that the Digipass may have been lost or mislaid or otherwise may be in the possession of a person other than the Authorised User. If the customer does not inform the bank immediately, the customer will be liable for some or all of the losses resulting from any unauthorised transactions on the account(s).
The bank will provide a voicemail service on our EBB helpline (1850 721722) during non-business hours to facilitate customers reporting lost/stolen/fraudulently used EBB authentication requirements (Digipass, User Name, PIN, Code).
For addtional information on the Payment Services Directive please click here.
Updated Terms and Conditions are available here.
