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Changing General Banking terms and conditions

On 1 November 2009 the new harmonized legislation for payments in Europe (EEA)* will be applicable. According to new legislation TEB N.V. changed its’ general banking terms and conditions.

If you do not agree with the changed terms and conditions, you should inform us in writing. In case we do not hear from you until 1 November 2009, we shall consider that new terms and conditions are fully accepted by yourselves.

The main changes;

-New General Terms and Conditions

- If the terms and conditions of the payment services are changed, you will be informed at least two months before the change date. Previously was minimum one month.

-Value dating abolishment. Transfers in currencies of the EEA* will be debited/credited to your account with the same value date as the execution date of the transaction.

-Payments in EEA* currencies within the EEA* will only be executed with shared charges (SHA). The payer and receiver of the payment only bear the charges of their own bank.

-The new execution time periods for payments depending on the currency and delivery method of the payment instructions.

- If you would like to have these new terms and conditions on paper, you can request them via info@tebnv.nl. TEB N.V. will send them to you free of charge.

For more information about the Payment Services Directive click here

*EEA, all counties of the European Union, Norway, Iceland and Liechtenstein