We have published a new version of the Bank’s General Terms and Conditions. The Terms apply to business transaction between Landsbankinn and its customers, both private and corporate. In addition to the Terms, contract provisions, other terms and rules may apply to specific products or services provided by the Bank.
In this new version, various provisions are updated to conform with amendments to laws and rules, wording is clarified, including as regards the processing of personal data, performance of due diligence, authorisations of legal guardians, power of attorney, security measures, payment accounts and payment cards. The update is further intended to provide customers with additional information on its content.
The new Terms apply as of and including 1 June 2023 for new customers, that is customers who confirm the Terms as of that date. For current customers, the older version is valid until 31 July 2023, with the new version entering into effect as of 1 August 2023.
The Terms are available at the Bank’s branches and outlets as well as on our website.
General Terms and Conditions of Landsbankinn (new version)
Main substantive changes to the General Terms and Conditions are:
- The Bank’s address is updated (Section 1.3).
- Processing of personal data is clarified and more detail provided (Section 2.1). The Bank’s Privacy Policy is updated alongside the new version of the Terms.
- Provisions on the performance of due diligence for residents' associations are clarified (Section 2.3).
- Provisions are added on the authorisation of legal guardians to obtain information about non-financially competent customers (Section 2.6).
- The provisions on power of attorney are updated as regards changes, cancellation and revocation (Section 2.7).
- A section is included on customers’ obligation to familiarise themselves with the Bank’s instructions and guidelines for security measures and follow them (Section 2.9).
- It is noted that if a customer receives a unique identifier number/code to approve a payment transaction, the customer shall not authorise the payment with the number/code unless they have ensured that the amount, currency and recipient are correct (Section 3.1, paragraph 2 and Section 5.4, paragraph 1).
- The distinction between payment accounts and savings accounts as well as other account types is enhanced (Section 4.1, paragraph 1).
- Wording on inflation-indexation and fixed terms on deposits is updated to reflect new rules of the Central Bank of Iceland on the indexation of savings and loans (Section 4.1, paragraph 3 and Section 4.6, paragraph 2).
- A provision is added on communication channels for the publication of fee statements in accordance with the Act on Payment Accounts (Section 4.4).
- Provisions are added on recurring payment orders (Section 5.3, paragraph 3).
- The impact of cancellation or closure of payment cards on payment equalisation service and outstanding amounts on card accounts is explained (Section 5.2, paragraph 2).
- Details are provided on notification to the Bank on unauthorised or erroneously executed payments and on the conditions for liability for such payments (Section 6, paragraph 1).
- The Terms provide that the termination of the agreement for payment accounts in accordance with the Act on Payment Accounts comply with the provisions of the Act (Section 7, paragraph 1).
- Information about the Complaints Committee on Transactions with Financial Undertakings is updated, including information about the Committee’s address and website (Section 7, paragraph 3).
Those provisions of the Terms that fall under the scope of the Act on Payment Services constitute a framework agreement for payment service between the customer and the Bank, as defined by the Act on Payment Services. Current customers are entitled to notify the Bank of termination of the framework agreement on payment services prior to 1 August 2023, should they not wish to approve the amendments. Current customers are considered to have approved changes if they do notify the Bank otherwise prior to 1 August 2023.
