REVOCABILITY. Contact: Lars MEINHARDT, Telephone:(32-2) ,

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1 EUROPEAN COMMISSION Internal Market DG FINANCIAL INSTITUTIONS Retail issues and payment systems Brussels, 24 September 2003 MARKT/4010/2003 Final Draft A POSSIBLE LEGAL FRAMEWORK FOR THE SINGLE PAYMENT AREA IN THE INTERNAL MARKET REVOCABILITY - SUMMARY-TABLE OF RESPONSES TO THE QUESTIONNAIRE Please note that the answers to these questionnaires have not been checked or in any way approved by the Commission services and should not be relied upon as a statement of the Commission's views. The European Commission does not guarantee the accuracy of the data included in the questionnaires, nor does it accept responsibility for any use made thereof. Contact: Lars MEINHARDT, Telephone:(32-2) , Commission européenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) Office: C107 01/22. Telephone: direct line (32-2) Fax: (32-2)

2 Updated: A possible Legal Framework for The Single Payment Area in the Internal Market Revocability - Summary-Table of responses to the questionnaire The following table summarises the responses to the Questionnaire on information with regard to revocability (MARKT/4012/2002), Revocability of credit transfer Revocability of payments with debit cards Austria As a principle, revocability is permitted as long as the amount has not been booked on the beneficiary s account or paid to him (revocability until acceptance of an assignation, 1403 ABGB [Civil Code]). Furthermore, the rules of payment systems may contain specific provisions concerning time and conditions of a cancellation. If, at the time of concluding a contract by distance selling a payment card or its data are used improperly, the authorised cardholder may demand from the issuer of the card that the booking be cancelled refunded. and/or No Revocability of payments with credit cards If, at the time of concluding a contract by distance selling a payment card or its data are used improperly, the authorised cardholder may demand from the issuer of the card that the booking be cancelled and/or refunded. No deviation at a consumer s disbenefit is permissible. ( 31a of the The right to reject a direct debit According to the terms and conditions revocable within 42 days 1

3 15 (1) of the Finality Act, dealing with the possibility to cancel an order, also refers to the time specified by the rules of a system. deviation at a consumer s disbenefit is permissible. ( 31a of the Consumer Protection Act [Konsumentenschutzgesetz] Belgium Electronic Payment Instruments: act of 17th july 2002 (see questionnaire nr. 4016): article 8, 1, dernier alinéa: irrévocable, à l'exception des opérations dont le montant n'est pas connu au moment où l'instruction est donné. Denmark Same as for debit-cards There is no specific legislation on the access to revoke (stop) a payment that has already been ordered. Under Danish contract law a provider of a payment service may enter into agreements with both Consumer Protection Act [Konsumentenschutzgesetz] Electronic Payment Instruments: act of 17th july 2002 (see questionnaire nr. 4016): article 8, 1, dernier alinéa: irrévocable, à l'exception des opérations dont le montant n'est pas connu au moment où l'instruction est donné. Same as for debit-cards Same as for debit-cards 2

4 Germany Principle : cancellation is permitted, if the cancellation has been notified to the beneficiary s credit institution by the time the amount is made finally available to the account of the beneficiary s credit institution; but when using payment systems no cancellation after the time specified in the rules of the system (BGB, 676a) customers and beneficiaries on the right to revoke a payment. It has to be noted that this answer does not include charge-back as this issue is not covered by this questionnaire. Principle: Irrevocable. However, if debit card payments are made by persons not authorised (misuse), the debit card owner can reclaim the payment (since in that case the owner has never mandated the payment), unless the debit card owner acted with gross negligence (which is e.g. the case if he kept the card together with the Personal Identification Number). Principle: Irrevocable (case law) However, in the case of misuse, the credit card owner can reclaim the payment (since in that case the owner has never mandated the payment). a) Abbuchungs-verfahren : no right to protest b) Einzugser-mächtigungsverfahren : right to protest within a certain time period according to general terms and conditions (usually within six weeks after receipt of a quarterly balancing of accounts) 3

5 Spain No legal standard Revocable if card has not been presented or electronically identified (Law Finland France Originator of a payment must not cancel a payment order after a credit transfer payment is binding on third parties. If a credit transfer is implemented via a payment system, the originator of a payment order must not, however, cancel an order since a party to the system is not allowed to cancel a payment order according to the rules of the system. (Finnish Credit Transfer Act, Section 17,18) Unless otherwise specified by contract, credit transfer are revocable until debited to the originator s account (Case law) Revocable if card has not been presented or electronically identified (Law 7/1996, article 46) No legal standard, covered by interbank agreements or contractual clauses 7/1996, article 46) No provisions in law. No provisions in law. Direct debiting is revocable under the same conditions as credit transfers in general. Payment orders are irrevocable except in the event of theft, loss, fraudulent use of the card or when the beneficiary has been put into receivership or liquidation (Monetary and Financial Code, Payment orders are irrevocable except in the event of theft, loss, fraudulent use of the card or when the beneficiary has been put into receivership or liquidation (Monetary and Financial Code, Article L 132-2) No legal framework but covered by interbank agreements. Revocable within 2 months under particular conditions 4

6 Greece No specific legal regime on revocability. Dealt with on a caseby-case basis, in principle through consultations between interested parties. Furthermore, the rules of payment systems may contain specific provisions as to the time and conditions of cancellation. Article L 132-2) Art. 4 para 11 of Law 2251/1994 (implementing Directive 97/7/EC on distance commerce): In the event of fraudulent use of the consumer s card, the consumer may require that the payment be cancelled according to the provisions of the Greek Civil Code, and that the amounts paid be re-credited to its account or returned. Art. 4 para 11 of Law 2251/1994 (implementing Directive 97/7/EC): In the event of fraudulent use of the consumer s card, the consumer may require that the payment be cancelled, according to the provisions of the Greek Civil Code, and that the amounts paid be re-credited to its account or returned. No specific legal regime on revocability. Dealt with on a case-bycase basis, in principle through consultations between interested parties. Ireland A request for the cancellation of a payment order, irrespective of its value, can be granted only if: There is no revocability on debit and credit cards There is no revocability on debit and credit cards. A request for the cancellation of a payment order, irrespective of its value, can be granted only if: the payment order has not yet been executed or advised by the receiving bank, or if: the beneficiary agrees to such cancellation where the payment order has been executed or advised. the payment order has not yet been executed or advised by the receiving bank, or if: the beneficiary agrees to such cancellation where the payment order has been executed or advised 5

7 Italy The general principle is that a client can cancel an order or any other instruction to the bank as long as the execution of the order hasn't begun, according to the rules governing the specific method of payment (see art civil code). This principle may be limited by specific contractual provisions. Luxembourg En tant que mandat, l irrévocabilité de l ordre de virement dépend de la volonté contractuelle. A défaut de clause contractuelle le virement devient irrévocable lorsque le paiement a eu lieu. Par ailleurs si l ordre de virement se fait à travers un système de paiement il convient de prendre en compte les conventions des chambres de compensation. En effet d après l article 34-6(4) de la loi sur le secteur financier les systèmes de paiement et de règlement sur titres doivent fixer le moment à partir duquel un ordre de transfert ne peut plus être révoqué par un participant ou par un tiers. La révocation n est cependant plus possible dès que l exécution du virement a atteint un stade irréversible. D après l article 69 de la loi du 14 août 2000 relative au commerce électronique le titulaire ne peut révoquer une instruction qu il a donné au moyen de son instrument de paiement électronique, à l exception de celle où le montant n est pas connu au moment où l instruction est donnée. D après l article 69 de la loi du 14 août 2000 relative au commerce électronique le titulaire ne peut révoquer une instruction qu il a donné au moyen de son instrument de paiement électronique, à l exception de celle où le montant n est pas connu au moment où l instruction est donnée. 6

8 Ce sera donc dans les conventions des chambres de compensation qu il faut rechercher quand un ordre de virement devient irrévocable si on passe par ce système de compensation. Netherlands If a payer wants to revoke a payment instruction, the financial institution will have to try to prevent processing of that instruction (art. 2 ABV). It is impossible to generalise about until what moment it is possible to revoke a payment instruction. However, it is often assumed that revocability ends when automated processing of a payment instruction has started, i.e. when a payment instruction has been transferred to a modern information carrier that can be entered into further clearing process. On the basis of Civil Law revocability ends at the other extreme, i.e. when the beneficiary s account has been credited. (art. 6:114 lid 2 BW) ABV- Algemene Bankvoorwaarden (General Bank Contract Conditions) BW- Burgerlijk Wetboek (Civil Code) Portugal Sweden The rules of the finality directive have been implemented in Law 1999:1309. Except these provisions there is no other legislation concerning the revocability of a payment order. In principal a payment may be revoked as long as it is in the "control'" of the payer. If a payment has been received by the payee and thereby binding against a third party a payment may not be revoked. Legal praxis has stipulated that the contractual terms determine the more precise moment between these two extremes. If a transferorder has been processed into a clearing- or nettingsystem the payment is not more revocable (see NJA 1995 s. 25) In this case the court ruled that 7

9 clearing implies that the payer loses the control of the payment. UK Consumers do not have the ability to revoke payments once made. Norway Consumers do not have the ability to revoke payments once made. Where the payer cancels or alters a payment assignment, the institution undertaking the payment transfer shall facilitate such cancellation or alteration. However, it may, in the case of a particular type of payment assignment, be agreed that the payer shall not be entitled to request cancellation or alteration. A payment assignment may not be cancelled or altered once payment has taken place. The Direct Debit Guarantee: This protects the customer if a DD which they have not authorised is taken from their account. For example, if too much is taken, it is taken early, it is taken after the customer has cancelled, or if the customer has not been given enough notice of a change to a DD which can vary. If any money is wrongly taken from a customer s account under a DD then, as soon as the bank or building society is told about it, they will refund the customer s account. 8

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