What are the Standard Terms and Conditions and why are they so important?
The Standard Terms and Conditions evolve over time as a consequence of new laws and regulations (national, European and international, regulators, etc.), new technological capabilities and more. A new version will therefore be published on June 23, 2015. We will now take a look at these important changes with you. If you do not want to read everything, simply click on the keyword of your choice.
If you have any questions regarding these changes,
send us an e-mail or call us on +32 (0)2 261 11 11 (Monday – Friday: 7am-10pm; Saturday: 9am-5pm).
Clear arrangements to protect your privacy
We do not provide any of our customers' personal details to third parties for marketing purposes unless we have got the express consent of the customer. Moreover, the customer can opt out of the use of their data for direct marketing purposes at any time, free of charge and on request.
Article 8 about data confidentiality now also states which customer details the bank is obliged to provide to the Central Point of Contact (CPC) of the National Bank of Belgium.
The most important customer details are the national register number, the first name and surname, the date and place of birth and the customer's account numbers with the bank, but not the assets. The tax administration can consult these details. The customer can revise them at the CAP and correct them if necessary.
[Article 8: Confidentiality • Article 9: Recording and processing of personal details]
More comprehensive use of digital communication
A lot of communication between you and the bank still requires a written document and a signature in some type of physical form. These physical communication requirements are not in line with the digital age and the electronic exchange of information by e-mail, text messages, etc.
The Standard Terms and Conditions keep up with the times. From now on, the bank may use all appropriate means of communication: by post, of course, but also by phone, text message or fax, via the website or by e-mail, etc.
The fact that the customer uses an internet service such as PC banking or Easy banking opens up a whole new communication platform to the bank and allows us to inform you on much shorter notice about new rates or product conditions.
The arrangement in terms of e-mails with marketing purposes remains unchanged: we will only send you proposals or product information via e-mail with your prior express consent.
[Article 3: Correspondence/Communication]
More clarity on the point when rates or conditions change
From now on, all changes to rates or the conditions of your contracts (including these Banking General Terms and Conditions) shall enter into force in principle two months after the Bank informs you. If you do not agree, your have these two months to end your relationship or the contract in question without charge.
This period has previously been slightly longer. The new Banking General Terms and Conditions make this period as uniform as possible.
[Article 5: Rates, charges and taxes • Article 7: Changes to the Standard Terms and Conditions]
Granting power of attorney simplified
In the future, powers of attorney must no longer be granted in a written document. The Standard Terms and Conditions offer the option to do this with any remote banking channel, such as PC banking and Easy banking. This also applies to the future withdrawal of powers of attorney. Such a withdrawal would come into effect on the third banking day after it has been ordered.
[Article 10: Powers of attorney]
More protection in case of account fraud suspicion
Unfortunately, technological progress has also opened the door to fraud. Until now, the bank was not entitled to intervene if it suspected inappropriate use of the account.
However, a new provision will now allow the bank to reverse – i.e. undo – any transaction on its own initiative in case of a serious suspicion of fraud.
[Article 12: Execution of orders provided to the bank]
More clarity on whom to contact in case of a complaint
Dealing with complaints is important because customers' satisfaction is our priority. The Standard Terms and Conditions therefore pay a lot of attention to complaints and whom to contact with a complaint. Initially you should contact the bank, but if this proves unsatisfactory you can also appeal to the special government body, the Ombudsman in financial matters, and the Federal Public Service for the Economy.
[Article 21: Information – Complaints]
New: the electronic signature or e-signature
Online purchases are very popular. The bank's products and services are also sold on PC banking or Easy banking. An essential element in this is the e-signature, which is as legally binding as a handwritten signature on paper. The Standard Terms and Conditions therefore explain the evidentiary rules for electronic identification and the e-signature with a view to new electronic services.
[Article 22: Proof]
Anticipative repayment of term deposits
The customer may no longer demand the reimbursement of the deposited capital before the due day of the time deposit.
[Article 32: Term deposits]
Important when ordering gold or silver
You can buy gold and silver bars or coins from the bank, but it will no longer be possible to buy or sell gold or silver medals.
[Article 68: Gold or silver bars or coins]
Stricter rules for collecting documents
This change is only relevant to companies offering documents for collection. It aims to clarify the bank's responsibilities.
[Article 58: Collection of financial and commercial documents]