New EU-adapted legislation for bank business practices in Spain

New EU-adapted legislation for bank business practices in Spain


j0439264The Act of Payment Services is the transposition of the European Directive 2007/64/EC.

This new legislation came into force on 3 December 2009 and applies to 30 countries of the European economic area: 27 that make up the European Union plus Norway, Iceland and Liechtenstein. It directly affects our operational with the banks. By way of summary:

The regulation applies to the following payment systems.

* Transfers

* Direct debits

* Payments with debit and credit cards

Its entry into force involves a series of changes in business practices of the specified payment instruments, including:

1. Shared expenses (SHARE): the costs of emission of transfers, should they exist, are shared between the payer and the payee, as per the criteria applied by the respective financial institutions.

2. Transfers are paid in accordance with the identification code provided by customers: the number of account (C.C.C.) or the IBAN.

The international code of Bank Account is the number of international identification of bank accounts. All bank account has an IBAN, but it does not replace the current code account customer (C.C.C.). It comprises 34 contiguous characters maximum bearing a fixed length in each country.

3. Orders will be executed within 3 working days from receipt.

4. Payments covered by this system are credited with the value date on which the amount of the transaction is received in our entity (in the case of non-business day shall be paid with date value of the next business day).

5 .You shall have a period of 8 calendar weeks to request the return of any receipt.

Source > Ing Direct

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