Payment Services Directive (PSD)

What does PSD mean?

PSD stands for "Payment Services Directive" (Directive 2007/64/EC). The PSD sets out the rules for executing payment services for all banks and payment institutions in the European Economic Area (or "EEA") in an EEA currency. Keytrade Bank has adapted the conditions of its payment services and products: these conditions will take effect on 1 April 2010.

Why the PSD?

The result of the PSD is that uniform payment rules apply in the European Economic Area (EEA), with increased transparency and harmonisation.

Are the provisions of the PSD applicable to all Keytrade Bank clients?

The PSD does not apply to legal entity clients or private individuals using their current account as part of their business or professional occupation.

What differences exist between the PSD and Single Euro Payments Area (SEPA)?

The major difference is that PSD has a broader scope of application since it covers all payments in any European currency, thus not only the euro but also the Danish krone, pound sterling and so on. The PSD has also been transposed into national legislations so it is legally binding to all EEA banking institutions. Meanwhile, based on agreements between participating banks, the SEPA defines the technical rules applicable to interbank relations.

What does the PSD change for you?

Quicker and better informed: You receive detailed information about payment services in the General Terms and Conditions, specific contracts and other documents. Furthermore, if the payment service conditions change, you are notified at least two months in advance. Execution speed: For instance, after receiving the payment order, the amount should be credited within three (euro) or four (other EEA currency and payment orders initiated on paper) business days to the payee's account. Refund of direct debits: For instance, you can have direct debits repaid under certain conditions for 56 days (eight weeks) after the debit date.

Which accounts fall within the scope of the PSD?

The PSD applies only to Payment Transactions to or from the payment account, that is, the account you use to make and receive payments. The payment account at Keytrade Bank is your current account. As a result, trading accounts, savings accounts and fixed-term deposits are not concerned.

Which transactions between the payment account (current account) and the other accounts (non-payment accounts like trading accounts and savings accounts) fall within the scope of the PSD?

Only Payment Transactions that concern the payment account – the current account – such as a transfer from the current account to the savings account (the PSD applies when debiting the current account but not when crediting the savings account).

Which transactions fall within the scope of the PSD?

The PSD only applies to Payment Transactions made in an EEA currency within the EEA, such as transfers, direct debits, card payments and cash deposits, though this excludes cheques and securities.

Which currencies fall within the scope of the PSD?

All EEA currencies, that is: EUR, BGN, CZK, DKK, EEK, HUF, LVL, PLN, RON, SEK, GBP, NOK, ISK, CHF and LTL.

Which countries fall within the scope of the PSD?

All EEA countries, that is: Austria, Belgium, Bulgaria, Czech Republic, Cyprus, Denmark, Estonia, Finland, France (French Guyana, Guadeloupe, Martinique, Réunion), Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal (Azores and Madeira), Romania, Slovenia, Slovakia, Spain (Canary Islands, Ceuta and Melilla), Sweden and the United Kingdom (Scotland, England, Wales, Northern Ireland and Gibraltar).

Who should I contact if I have a complaint about the implementation of the PSD by Keytrade Bank?

In accordance with the General Terms and Conditions of Keytrade Bank, you must first contact the Quality Care Service either by sending an e-mail to the address qualitycare@keytradebank.com or by posting a letter to the Bank's Quality Care Service. If you are not satisfied by the Quality Care Service's response, you can also contact Belgium's General Directorate of Supervision and Mediation ("Direction Générale Contrôle et Médiation") within the Federal Public Service of the Economy, SMEs, Middle Classes and Energy ("Service public fédéral Économie, PME, Classes moyennes & Énergie") service. The correspondence address is "Direction Générale Control et Mediation, Services Centraux ? Service public fédéral, WTC III, avenue Simon Bolivar 30, B-1000 Brussels", Tel: 32 (0) 22 77 54 84, Fax: 32 (0) 22 77 54 52, E-mail: eco.inspec.fo@economie.fgov.be.

How are fees charged for international payments in an EEA currency within the EEA?

Any transfer in EUR to a SEPA country (EU Member States, Iceland, Norway, Liechtenstein, Switzerland, Monaco, Mayotte and Saint-Pierre-et-Miquelon) is based on the SHARED COST principle. Any transfer in an EEA currency apart from the euro to an EEA country (EU Member States, Iceland, Norway and Liechtenstein) can be made using the "SHARED COST" option, "OUR" (all expenses payable by the instructing party) or BEN (all costs attributable to the payee of the funds).

What information should be given on the transfers and direct debits?

As of 1 April 2010, transfers and direct debits will only be validly executed if the IBAN (International Bank Account Number) of the paying agent and payee, the BIC (Bank Identifier Code) of the payee's payment service provider for cross-border transfers and the amount of the payment, with the currency stated where applicable, are given. No other data (such as the name, address and so on) will any longer be taken into account when executing the transfer. As a result, please take special care to state the correct national bank account number of the payee.

What are the execution times for Payment Transactions in the EEA?

The money transfers between two Keytrade Bank clients will be carried out the same bank working day. The national money transfers will be carried out the bank working day following the day the money transfer has been received. The cross-border money transfers within the EEA in euro (with no exchange) are executed in maximum three working days (four working days for written transfers). As of 1 January 2012, electronic money transfers in euro within the EEA which do not include an exchange will be executed in one working day (D+1), or two working days for written transfers.

When is my account actually credited?

The customer's account is credited on the business day when the funds are placed at the disposal of Keytrade Bank.

What are the changes in payment execution periods fall outside the scope of the PSD?

From 1 April 2010 execution periods for payments falling outside the scope of the PSD, such as a payment to the United States in US dollars, will remain unchanged.

Which are the principal modifications of the general terms?

The main modifications of the general terms and conditions concern the payment transactions and payment instruments. These modifications come into effect as of 1st April 2010 and are described under the title “Payment services” (articles 40 to 49) of the General Terms and Conditions. These concern in particular: - the notification of the modifications of the tariffs, interest rates or exchange rates for payment transactions (article 42); - execution time and value date within more binding times (article 44); - liability in case of non authorized payment transactions (article 46) or for non executed or incorrectly executed payment transactions (article 47) Please consult our FAQ for more information about the PSD. The general terms will come into effect as of 1st April 2010. If you do not agree with these general terms and conditions, you are free to put an end to your banking relation (free of charges). In the absence of your reaction before 1st April 2010, you will be supposed to accept the new general terms and other conditions relating to the payment services. Please click here to consult our General Terms and Conditions 2010.