General Conditions for Payment Services and other Business Banking Regulations

Transcription

1 General Conditions for Payment Services and other Business Banking Regulations Effective as of 1 November ING Bank N.V.!

2 Contents General Conditions for Payment Services 3 Definitions 4 Business Account Conditions 6 Conditions governing the use of Debit Cards and Credit Cards 19 Chipknip Conditions 23 General Banking Conditions Explanatory Notes to the General Banking Conditions Privacy Statement ING Bank N.V. 34 Complaints procedure ING Bank N.V. 36 General Conditions for Payment Services and other Business Banking Regulations November

3 General Conditions for Payment Services This is a translation of the original Dutch text. This translation is furnished for the customer s convenience only. The original Dutch text will be binding and shall prevail in case of any variance between the Dutch text and the English translation. In order to be able to make use of our payment products and services, an agreement must be concluded with ING Bank N.V. We consider it important that our clients are given the opportunity to gain insight into the applicable conditions prior to entering into an agreement. Therefore, the conditions of our most important payment products and services have been included in this brochure. General Banking Conditions The General Banking Conditions apply to all existing and future legal relations between ING Bank N.V. and its clients, insofar as not provided for differently in agreements and/or in special conditions. Business Account Conditions A Business Account is required in order to be able to make use of the other payment products and services of ING Bank N.V. Therefore, the Business Account Conditions provide for a large number of important matters. The Business Account Conditions are included in this brochure. The Business Account Conditions not only apply to the Business Account, these conditions also apply to other payment products and services of ING Bank N.V. If a credit facility is linked to the Business Account, separate conditions apply to this credit facility. These General conditions for payment services and other business banking regulations apply as from 1 November The information in these Conditions and in the other regulations can be subject to amendments. This also applies with regard to the fees and the interest rates. Up-to-date information can be found on Other regulations This brochure also contains the following: General Banking Conditions Privacy Statement Complaints procedure More information can be found on In these General conditions for payment services and other business banking regulations, reference is frequently made to for additional and up-to-date information. Should it not be possible to find this information directly after opening the website, the search option provided on this website can then be used. Please take note That which is regulated in the Business Account Conditions is no longer specified in the various product conditions; however, the Business Account Conditions do. Product Conditions Not all of the Product Conditions are included in this brochure. The following Conditions are included in this brochure: Conditions Governing the Use of Debit Cards and Credit Cards Chipknip [Prepaid Debit Card] Conditions General Conditions for Payment Services and other Business Banking Regulations November

4 Definitions The terms defined in these General Conditions for Payment Services and other Business Banking Regulations shall have the following meanings: Accountholder A natural person who acts in connection with a profession or business, a partnership or a legal entity who, in this capacity, is the holder of a Business Account and/or an authorised representative in accordance with Clause 10 of the Business Account Conditions. The Accountholder can transfer and receive funds. Account Number The unique number that is linked to a Business Account and that is provided to the Accountholder of the Bank to designate the Business Account. Where Account Number is specified in the Conditions or in the Product Conditions, this can also refer to the combination of IBAN (International Bank Account Number) and BIC (Bank Identifier Code). Agreement The agreement whereby a Business Account is opened for the Accountholder and furthermore any other agreement between the Bank and the Accountholder regarding the execution of Payment Services. Balance The balance of the Business Account at any given moment. This balance is calculated on Business Days at fixed intervals. Bank ING Bank N.V. Bank Card Debit Card or Credit Card Batch (Euro) Payment Instruction An order as defined in Clause 60. Beneficiary A natural person or legal entity who is the intended recipient of the funds to which a Payment Transaction pertains. Book Date The date upon which a debit or credit entry and the resulting change in the Balance is processed in the Business Account. Business Account An account held in the name of one or several Account holders that is used for the execution of Payment Transactions in connection with the activities as specified in Clause 4 of the Conditions. Business Day A day designated by the European Central Bank as a day upon which banks are open for the execution of Payment Transactions. This does not include: Saturday, Sunday, 1 January, Good Friday, Easter Monday, 1 May, 25 and 26 December. Cardholder An Accountholder and/or its authorised representative to whom the Bank has issued a Debit Card or a Credit Card. Chipknip A feature on a Debit Card with which payments can be made at terminals with the corresponding Payment Logo. Conditions The Business Account Conditions as amended, supplemented or readopted from time to time and published on Credit Balance The amount that the Accountholder can claim from the Bank as a result of a positive Balance on the Business Account. Credit Card A card that can be used at Dutch and foreign automated teller machines (ATMs) and payment terminals and through Internet and by telephone for the execution of Payment Transactions. Currence The relevant subsidiary of Currence Holding BV, depending on the Payment Service. Cut-off Time The turning point in a Business Day regarding the exact time of receipt and the execution of a (Payment) Order or a Payment Transaction. (Payment) Orders or Payment Transactions that are received after the Cut-off Time and Payment Transactions that are to be executed after the Cut-off Time are deemed to have been received on the next Business Day. Debit Balance The amount that the Accountholder owes to the Bank as a result of a negative Balance on the Business Account. Debit Card A card that can be used at Dutch and foreign automated teller machines (ATMs) and payment terminals for the execution of Payment Transactions. Domestic Express Payment An order as defined in Clause 56. General Conditions for Payment Services and other Business Banking Regulations November

5 Dutch Direct Debit Mandate Permission granted by the Accountholder to the Beneficiary for the execution of Dutch Direct Debit transactions. Dutch Direct Debit Order An instruction given by the Beneficiary to its bank based on a Dutch Direct Debit Mandate to execute a Dutch Direct Debit transaction. Dutch Direct Debit Transaction A transaction as defined in Clause EEA European Union and Iceland, Lichtenstein and Norway. A list of the EEA countries can be found on EPC European Payments Council. European Direct Debit Mandate Permission granted by the Accountholder to the Beneficiary to execute European Direct Debit transactions. European Direct Debit Order An instruction given by the Beneficiary to its bank based on a European Direct Debit Mandate to execute a European Direct Debit transaction. European Direct Debit Transaction A transaction as defined in Clause 64.2 en Giro Collection The order as defined in Clause 58. ING Branch Office ING branch office (open to the public for payment services) or a post office. Non-recurring Payment Instruction An order as defined in Clause 51. Payment Instruction The instruction that is given to the bank by the Accountholder or the Beneficiary to execute a Payment Transaction that is to be debited from the Business Account. Payment Instrument The procedures and instruments agreed between the Bank and the Accountholder, which the Accountholder and the Beneficiary make use of to give a Payment Instruction to the Bank. Payment Logo The logo and/or trademark specified on a Bank Card owned by or under the licence of a supplier of payment services, such as PIN, Maestro, MasterCard, Chipknip and V PAY. Payment Service The service that the Bank provides to the Accountholder with which Payment Transactions can be executed and with which information about Payment Transactions can be provided to the Accountholder. Payment Transaction An act initiated by the Accountholder, a third party or the Beneficiary whereby funds are deposited in, transferred to or withdrawn from the Business Account. Pin Code The Personal Identification Number that is required for the use of a Bank Card in order to identify the Cardholder. Product Terms and Conditions The conditions and/or other information, which apply to specific Payment Services, such as revised, supplemented or readopted from time to time. Reservation A reservation lowers or raises the Spending Limit by the amount of the Payment Transaction. SEPA Single Euro Payments Area. A list of the SEPA countries can be found on Spending Limit The amount that the Accountholder can freely dispose of, being the difference between the Balance - taking into account possible Reservations and blocked amounts - and the zero balance or, in the event that a credit limit has been agreed with the Accountholder, the credit limit. Standing Payment Instruction The order as defined in Clause 53. Tariffs Brochure The brochure Tariffs Residents or Tariffs Non-Residents as revised, supplemented and readopted from time to time and published on Value Date The date as from which a debit or credit entry is taken into account for the calculation of interest (if applicable). General Conditions for Payment Services and other Business Banking Regulations November

6 Business Account Conditions General Clause 1 Applicable conditions 1.1 The Conditions apply to the Agreement between the Bank and the Accountholder and to all Payment Services of the Bank. 1.2 Insofar as not stated otherwise in the Conditions, the General Banking Conditions shall apply. 1.3 When providing certain Payment Services, the Bank must comply with the rules and regulations of Currence and/or the EPC. In the event of a discrepancy between the Conditions and these rules and regulations, the Bank shall provide these Payment Services in accordance with the rules and regulations of Currence and the EPC. 1.4 In case of discrepancies between these Conditions and the Dutch version ( Voorwaarden Zakelijke Rekening ), the Dutch version shall prevail. Clause 2 Availability of and amendments to the Conditions 2.1 The most recent versions of the Conditions and of the Product Conditions are available on The Accountholder can request the most recent written versions of the Conditions and the Product Conditions from the Bank during the term of the Agreement. 2.2 The Bank shall inform the Accountholder about amendments and supplements to the Conditions and Product Conditions no later than 60 days before the date upon which these are to take effect using a means of communication as specified in Clause The Accountholder is deemed to have accepted the amendments and/or supplements unless the Accountholder has terminated the Agreement no later than 30 days before the proposed effective date using the form designated for that purpose. This is free of charge for the Accountholder. The Accountholder must ensure that no transactions take place through the Business Account after the termination. Clauses 6.6 and 6.7 also apply to the termination by virtue of this Clause. Use of the Business Account Clause 3 Business Account application and use 3.1 The Accountholder can make use of the Business Account after the Bank has approved the application for the opening of a Business Account and the Accountholder has received a confirmation thereof. 3.2 When assessing the application, the Bank may consult the information about the Accountholder that is recorded in the register of the Credit Registration Office (BKR). Clause 4 Designated use of the Business Account The Business Account is intended for the transfer, deposit, receipt and withdrawal of funds pertaining to the profession or business of the Accountholder. Clause 5 Account in Euro and Currencies 5.1 The Balance on the Business Account is held in Euro. 5.2 A list of the currencies in which Payment Services can be carried out and a list of the banks that process Payment Transactions within SEPA can be found on Amounts can be credited and debited to the Business Account in a different currency than Euro. In such a case the debit or credit entry on the Business Account shall take place in the equivalent value in Euro. The equivalent value is determined by the Bank based on an exchange rate determined by the Bank. A Cut-off Time can apply to the Payment Transactions referred to in this paragraph. More information can be found on ING.nl. 5.4 Changes in the exchange rate can be applied immediately without prior notice. 5.5 The exchange rate is determined by the Bank and is published on The Agreement Clause 6 Term and termination of the Agreement 6.1 The Agreement shall be entered into for an indefinite period. 6.2 The Agreement can be terminated in writing by the Accountholder at any desired time. To this end, the Accountholder must make use of the designated form. Upon receipt of the form, the Bank will commence with the settlement of the Business Account. The Accountholder must ensure that no transactions take place through the Business Account after the termination. A possible Debit Balance and all other amounts that the Accountholder owes to the Bank pursuant to the Agreement, the Conditions and the Product Conditions are immediately due and payable upon termination. 6.3 The Agreement can be terminated by the Bank at any given moment in writing taking into account a period of notice of 60 days. 6.4 Contrary to the previous paragraph, the Bank is authorised to terminate the Agreement with immediate effect, without being required to pay damages or any form of compensation, in the event that the right or the obligation to do so is specified in laws or regulations or when the Accountholder makes use of or has made used of services or products of the Bank for activities or purposes that are contrary to laws and regulations, that can General Conditions for Payment Services and other Business Banking Regulations November

7 harm the Bank s reputation or undermine the integrity of the financial system. 6.5 The Bank has the right to charge costs in connection with the termination of the Agreement, as specified in the Tariffs Brochure. 6.6 The costs for all Payment Transactions pertaining to the Business Account must be paid by the Accountholder, also in the event that these transactions take place after termination. These costs are charged by the Bank as soon as possible after the termination of the Business Account. If the Agreement is terminated during a period in which costs in connection with the Business Account are due and payable, these costs shall be due and payable for this whole period. 6.7 The Bank shall close the Business Account as soon as all costs have been paid, any Debit Balance has been repaid by the Accountholder or any Credit Balance has been made available to the Accountholder by the Bank and parties no longer have any obligations towards each other pursuant to the Agreement. The term within which the Business Account shall be closed after termination also depends on the number of Payment Services provided to the Accountholder and other banking products linked to the Business Account and the Accountholder s cooperation. The Agreement ends after the closing of the Business Account. The Bank shall inform the Account holder when the Business Account has been closed. Clause 7 Inactive account 7.1 The Bank has the right to close the Business Account in the event that no Payment Transactions have been executed on the Business Account during a period of 12 months and/or correspondence addressed to the Account holder is returned as undeliverable. 7.2 The Bank shall keep a possible Credit Balance on the closed Business Account available for the entitled party/ parties. The Bank shall not pay interest on a Credit Balance as from the time of termination. Any Debit Balance is immediately due and payable and debit interest is and remains due on a Debit Balance. Clause 8 Bankruptcy, moratorium, statutory debt adjustment, dissolution, attachment 8.1 In the event of bankruptcy, moratorium or statutory debt adjustment of the Accountholder, the Accountholder is no longer entitled to make use of the Spending Limit on the Business Account. 8.2 In the event of an attachment of any Credit Balance, the Accountholder may no longer dispose of that part of the Balance on the Business Account which is subject to the attachment. This restriction concerns the Balance at the time of the attachment. 8.3 In the event of bankruptcy, moratorium, statutory debt adjustment, or all other analogous proceedings, and dissolution of the Accountholder and attachment upon the Accountholder s Credit Balance, the Bank has the right to terminate the Agreement with immediate effect without being required to pay any damages or compensation. Clause 9 Changes in Payment Services The Bank has the right with immediate effect to unilaterally revise, expand or terminate a Payment Service, if it cannot reasonably be demanded of the Bank that it continues to provide this Payment Service in this manner. This could be the case, inter alia, based on security considerations or business economic grounds. The Bank may offer an alternative for the relevant Payment Service. Clause 10 Authorisation of third parties 10.1 The Accountholder may grant a power of attorney to a third party to perform certain acts, with the exception of the right of substitution. The authorised representative is authorised to perform all acts in the name of and for the account of the Accountholder that have been agreed in the form with which the power of attorney was granted The authorised representative is bound in the same manner as the Accountholder to all the provisions of these Conditions. In the event that the authorised representative fails to comply with the provisions of these Term and Conditions, this party is liable vis-à-vis the Bank. However, the Accountholder remains liable vis-à-vis the Bank for all obligations pursuant to these Conditions and for all acts performed by the authorised representative The power of attorney remains valid until the Bank has been informed by the Accountholder about the revocation of the power of attorney The Bank may (continue to) legally execute (Payment) Orders that have been given to the Bank by the authorised representative before or shortly after the Bank has received notification of the revocation of the power of attorney if the Bank could not reasonably prevent the execution. Clause 11 Suspension of the power of disposition 11.1 In the event that several parties have the power of disposition over the Business Account and a dispute has arisen between these parties regarding the power of disposition over the Business Account, the Bank shall then have the right, during this dispute, to fully or partially suspend the power of disposition of all parties who General Conditions for Payment Services and other Business Banking Regulations November

8 have the power of disposition over the Spending Limit of the Business Account. If the Bank makes use of this right, the Bank must inform the relevant Accountholder(s) of its intention to do so and give the reasons for this The Bank shall not be liable for any damage due to or as a consequence of the suspension of the power of disposition over the Business Account in accordance with paragraph 1 of this Clause. Clause 12 Non-transferability of the right to demand payment Without the Bank s prior written consent, the claim that the Account holder has on the Bank by virtue of the Business Account cannot be transferred, assigned, charged or pledged and no financial security agreements for transfer or no financial collateral arrangements to establish a right of pledge or charge with respect thereto can be entered into. The aforementioned consent is not required when it concerns a transfer, assignment, charge or pledge or entering into financial collateral arrangements with the Bank to transfer or establish a right of pledge or charge. Clause 13 The Accountholder and third parties The Bank shall not be a party to the underlying legal relationships between the Accountholder and third parties. Clause 14 Indemnity The Accountholder indemnifies the Bank against all claims, from whoever, that could be enforced against the Bank with regard to the Business Account, unless this concerns negligence for which the Bank is to blame exclusively. Clause 15 Applicable law and disputes 15.1 The Agreement, the Conditions, the Tariffs Brochure and all Product Conditions are governed by and construed in accordance with the laws of the Netherlands In the event that the Accountholder is dissatisfied with the services provided by the Bank, the Accountholder must first address the Bank taking into account the Bank s complaints procedure Disputes between the Accountholder and the Bank shall be submitted to the competent court in Amsterdam. The Bank may also submit a dispute to another competent court in the Netherlands or to the competent court in a foreign country. Costs Clause 16 Fees and Expenses 16.1 The fees and expenses that the Accountholder is obliged to pay to the Bank for maintaining the Business Account, for Payment Services and other services are listed in the Tariffs Brochure. The most recent version of the Tariffs Brochure is available on During the term of the Agreement, the Bank shall provide the Accountholder with the most recent written version of the Tariffs Brochure at its request The Bank is authorised to charge interest, costs and commissions for maintaining the Business Account and for the use of the Payment Services as well as all other fees listed in the Tariffs Brochure to the Business Account Changes in the fees and expenses as listed in the Tariffs Brochure can be applied with immediate effect and without prior notice The Accountholder must maintain a sufficient Spending Limit on the Business Account to be able to meet its financial obligations towards the Bank at the time that these obligations become due and payable and will be charged by the Bank to the Business Account The Bank is authorised, irrespective of the Spending Limit on the Business Account, to charge the following to the Business Account: a. payments and cash withdrawals made with bankcards issued by the Bank b. interest, commissions, charges and other fees; c. debit entries that have been agreed with the Account holder; and d. the fees and expenses as specified in the Conditions, Product Conditions or the Tariffs Brochure The Accountholder can check the amounts that have been charged on an account statement and/or through its secure online banking system All out-of-court and (legal) expenses incurred by the Bank in connection with the collection of amounts owed by the Accountholder by virtue of the Agreement, the Conditions and the Product Conditions are for the account of the Accountholder. Clause 17 Credit interest 17.1 The Bank and the Accountholder may agree that credit interest shall be paid on any Credit Balance. The credit interest rate shall be determined by the Bank and published in the Tariffs Brochure, unless agreed otherwise Changes in the credit interest rate can be applied immediately by the Bank without prior notice. The Bank ensures that the revised credit interest rate is published on General Conditions for Payment Services and other Business Banking Regulations November

9 Clause 18 Unauthorised Debit Balance and debit interest 18.1 When a Debit Balance arises due to a debit entry as referred to in Clause 16 that has not been agreed or the agreed credit limit is exceeded, this then constitutes an unauthorised Debit Balance. The tolerating, even for a short period, of an unauthorised Debit Balance, does not imply that the Accountholder has any right to a credit limit An unauthorised Debit Balance is immediately due and payable. All legal and out-of-court expenses incurred by the Bank with regard to the collection of an unauthorised Debit Balance are for the account of the Accountholder The Accountholder is obliged to pay debit interest on an unauthorised Debit Balance. Changes in the debit interest rate can be applied immediately without prior notice. The currently applicable debit interest rate is specified on Clause 19 Charging principles for international Payment Transactions 19.1 A distinction can be made between three types of charging principles with regard to the costs of the execution of international Payment Transactions: Shared Cost (SHA): the Accountholder pays the costs of the Bank and the Beneficiary pays the other costs. Our Cost (OUR): the Accountholder pays all costs involved. Beneficiary Cost (BEN): the Beneficiary pays all costs involved When the Bank executes a Payment Transaction that is charged to the Business Account 1) in Euros or in another EEA currency to an account held at a Bank that is established in a EEA country or 2) in Euros to an account held at a Bank that is established in a SEPA country, the transaction will always be processed by the Bank based on SHA. This is also the case should the Accountholder have opted for the OUR or BEN charging principle for such Payment Transactions For other outgoing Payment Transactions than the transactions stated in Clause 19.2, the transaction shall be executed by the Bank in accordance with the choice for OUR, SHA or BEN as specified in the Payment Instruction In the event that an incoming Payment Transaction is processed based on BEN or SHA, the Bank shall charge the costs in connection with this transaction to the Accountholder in accordance with the instructions given by the party issuing the payment order. The Bank has the right to withhold the amount of the costs from the transaction amount. In that case, the costs of the transaction and the transferred transaction amount are specified separately and the Accountholder can check this on an account statement and/or in the notification of the costs in the foreign country and/or through its secure online banking system. Communication and instructions Clause 20 Communication 20.1 The Bank has the right, at the Bank s option, to communicate with the Accountholder in the following manner, irrespective of the manner in which the Agreement was concluded: in writing (by means of a letter, a fax, the account statement, invoices and national newspapers); verbally; by telephone (through telephone conversations, the speaking computer and SMS messages); electronically (through and through its secure online banking system whether or not with the addition of an internet link); and via the screen of the payment terminal or automated teller machine The communication between the Bank and the Accountholder takes place in the Dutch language, unless agreed otherwise in writing that all or part of the communication and/or providing of information shall take place in a different language. Clause 21 (Order) forms 21.1 The Accountholder is required to make use of the forms that the Bank makes available, also for giving certain Payment Instructions The Bank has the right to declare (order) forms invalid and to replace these forms. The Bank is obliged in this case with the exception of exceptional situations to inform the Accountholder about the form being declared invalid. Replacement takes place in a manner that is the least burdensome for the Accountholder The Bank may impose special requirements to Payment Instructions given otherwise than by means of the (order) forms made available by the Bank The Bank shall not be liable for any damage whatsoever that the Accountholder suffers due to the (order) forms being declared invalid In the interest of the safety of payment services and payment transactions, the Bank can issue special instructions regarding the use of (order) forms. The Bank is obliged to inform the Accountholder of these instructions. General Conditions for Payment Services and other Business Banking Regulations November

10 Payment Instruments Clause 22 The Use of Payment Instruments 22.1 The Conditions or the relevant Product Conditions specify the procedures and means of payment that the Bank qualifies as a Payment Instrument The Accountholder must use the Payment Instrument in accordance with the Conditions and/or the Product Conditions that apply to the issue and the use of the Payment Instrument The Accountholder must, as soon as it receives a Payment Instrument, take all measures required by the Bank to ensure the security of the personalised security features of the Payment Instrument and to store the Payment Instrument in a place to which third parties do not have access. In order to ensure that the personalised security features remain secure, the Accountholder shall also take all measures that can reasonably be expected of it The Accountholder must take note of and act in accordance with the information that the Bank makes available regarding the (precautionary) measures that the Account holder is required to take with regard to a Payment Instrument to prevent fraud and misuse In the event of loss, theft or misappropriation of the Payment Instrument or the unauthorised use thereof, the Accountholder must upon discovery immediately notify the Bank thereof by phone, as specified on ING.nl. In the event that the Accountholder fails to perform this obligation, this constitutes gross negligence on the part of the Accountholder within the meaning of Clause The Accountholder is required to immediately report theft or wrongful use as referred to in paragraph 5 of this Clause to the police in the city/town where the incident has occurred Following a report by the Accountholder as referred to in paragraph 5 of this Clause, the Bank shall immediately take all necessary measures to prevent (further) misuse Up to 18 months after the notification as referred to in paragraph 5 of this Clause, the Bank shall confirm this notification in writing to the Accountholder upon request. Clause 23 Payment Instrument Limits 23.1 Limits can also apply in relation to specific Payment Instruments in addition to the Spending Limit that an Accountholder has on its Business Account. These limits consist of minimum and/or maximum amounts for which Payment Transactions can be carried out with a Payment Instrument. Information can be found on Changes in the limits can be applied by the Bank with immediate effect and without prior notice. Clause 24 Blocking Payment Instruments and the Business Account 24.1 The Bank has the right to block a Payment Instrument or the Business Account in the event of an attachment of any Credit Balance of the Accountholder at the Bank, for reasons in connection with the safety of the Payment Instrument, or the suspected unauthorised or fraudulent use of the Payment Instrument. The Bank shall not be liable for any damage that the Accountholder may suffer as a result of the blocking In the event of blocking, the Bank shall inform the Account holder (if possible in advance) about the blocking through a means of communication, as specified in Clause 20, unless informing the Accountholder would compromise objectively justified security reasons or is prohibited by other applicable national or international laws and/or regulations The Bank shall unblock the Business Account or the Payment Instrument or replace this by a new Payment Instrument as soon as the reason for the blocking no longer exists The Bank shall not execute any Payment Instructions as long as the Business Account is blocked. Liability Clause 25 Checking the information and Payment Transactions The Accountholder is obliged to check the contents of data and information that has been provided to it (electronically) by or on behalf of the Bank, such as confirmations, account statements, invoices and (annual) statements, immediately upon receipt. The Accountholder is obliged to verify whether Payment Transactions that have been debited from the Business Account have been executed by the Bank correctly and completely. In the event that the Accountholder observes that the Payment Transaction has not been executed correctly or completely, the Accountholder is obliged to report this in accordance with Clause 26 and to take all reasonable measure to prevent (further) damage. Clause 26 Approval of the information and Payment Transactions 26.1 If the Accountholder contests the contents of data and/or information provided or made available by or on behalf of the Bank, it is obliged, taking into account Clause 26.2 to report this to the Bank in writing as soon as possible and no later than within a period of 13 months The period of 13 months specified in Clause 26.1 commences after the relevant data and/or information has been provided or made available to the Accountholder General Conditions for Payment Services and other Business Banking Regulations November

11 by or on behalf of the Bank. In the event that a credit or debit entry to the Business Account is contested, the period of 13 months commences as from the Book Date After the expiry of the period of 13 months referred to in Clause 26.1 without prejudice to the provisions in Clause 25 - the Accountholder is deemed to have approved of the data and information provided or made available by or on behalf of the Bank as well as of the Payment Transactions that have been executed from the Business Account If computational errors occur in the data and information provided by or on behalf of the Bank, the Bank has the right and the obligation to rectify these computational errors, also after the period of 13 months has expired. Clause 27 Unauthorised Payment Transactions 27.1 When the Bank has established that the Accountholder has not authorised a Payment Transaction, the Bank shall immediately repay the amount of the unauthorised Payment Transaction to the Accountholder. When the occasion arises, the Bank shall restore the Business Account from which that amount was debited, to the condition as it would have been should the unauthorised Payment Transaction not have taken place Notwithstanding the provisions of the previous paragraph, the Accountholder shall bear the full loss during the period up to the moment of notification as referred to in Clause 22.5 with regard to the unauthorised Payment Transactions that results from the use of a lost or stolen Payment Instrument or, in the event that the Accountholder has neglected to ensure the safety of the personalised security features thereof, from wrongful use of a Payment Instrument The Accountholder shall bear all loses that follow from unauthorised Payment Transactions, in the event that these have occurred because it has acted in a fraudulent manner or has not satisfied one or several obligations pursuant to Clause 22 intentionally or with gross negligence. In these cases, the Accountholder shall be liable for the damage that the Bank suffers as a consequence thereof and for all costs that the Bank must make in order to prevent further damage for the Bank and its clients When the Bank demonstrates, in accordance with Clause 30, that the Payment Transaction has been executed through the use of a Payment Instrument made available to the Accountholder or an authorised representative, the Accountholder is deemed to have authorised the Payment Transaction. Clause 28 Incorrect account number 28.1 Unless agreed otherwise, a Payment Instruction from the Business Account initiated by the Accountholder is executed by the Bank based on the account number provided by the Accountholder. In this case, the Payment Instruction shall be deemed to have been executed correctly In the event that the account number provided by the Accountholder does not belong to the intended Beneficiary, the Bank shall not be liable for the execution of the Payment Transaction by virtue of Clause 29, unless agreed otherwise. However, at the request of the Account holder, the Bank shall make a reasonable effort to recoup the monies in connection with the Payment Transaction. The Bank can charge expenses to the Account holder for this service. Clause 29 Non-execution or defective execution of Payment Transactions 29.1 Without prejudice to the Clauses 26, 28.2 and 32 of the Conditions, the Bank shall be liable vis-à-vis the Account holder for the correct execution of the Payment Instructions initiated by the Accountholder, unless the Bank can prove to the Accountholder and, if relevant, to the bank of the Beneficiary that the bank of the Beneficiary has received the amount of the Payment Transaction in accordance with Clause In the event of liability, the Bank shall immediately repay the amount of the defective executed Payment Transaction and it shall restore, when the occasion arises, the Business Account from which the amount was debited, to the situation as this would have been should the defective execution of the Payment Transaction not have taken place After receiving a notification in accordance with Clause 26, the Bank shall examine whether the Payment Transaction initiated by the Accountholder was not executed or the execution was defective and it shall inform the Accountholder about the results of such an investigation within a period of 4 weeks. Clause 30 Proof The information contained in the Bank s records shall be deemed to constitute conclusive proof in the relationship between the Bank and the Accountholder, unless the Accountholder provides proof to the contrary. The Bank is not required to keep its records for a period longer than the statutory record keeping period. Clause 31 Damage The Bank shall only be liable vis-à-vis the Accountholder for direct damage and not for indirect damage and consequential damage, including, but not limited to, loss of turnover or General Conditions for Payment Services and other Business Banking Regulations November

12 goodwill, lower revenues or lost profit. Direct damage only comprises: a. costs for the execution of the Payment Transaction; b. the interest that is charged to the Accountholder or which the Accountholders does not receive due to non-execution or defective execution of the Payment Transaction; and c. any exchange rate loss. Clause 32 Force majeure The Bank shall neither be liable vis-à-vis the Accountholder in abnormal or unforeseen circumstances that are independent of the Bank s will and of which the consequences, in spite of all precautionary measures, could not be prevented, nor when the Bank has other obligations by virtue of national or international laws. Transactions: general Clause 33 Time of receipt and commencement of the execution of Payment Instructions and Payment Transactions 33.1 Information about the manner in which a Payment Instruction can be given to the Bank is included in the Conditions or the relevant Product Conditions and can be found on The point in time of receipt of a Payment Instruction is deemed to be the point in time that the Bank has recorded that the Payment Instruction has reached the Bank in the agreed manner In the event that the point in time of receipt of a Payment Instruction falls on a Business Day and before the relevant Cut-Off Time, the Bank shall proceed with the execution of the Payment Instruction on that same Business Day. In the event that a written Payment Instruction is received on 30 April, 5 May (each fifth anniversary year), Whit Monday and Ascension Day, the Bank shall proceed with the execution on the next Business Day In the event that the time of receipt of a Payment Instruction does not fall on a Business Day or it falls after the relevant Cut-off Time, the received Payment Instruction is deemed to have been received on the next Business Day. If possible, the Bank shall make a reservation for the Payment Instruction in accordance with Clause In the event that an Accountholder indicates that the execution of a Payment Instruction should take place on a specific date, at the end of a specific period or on the day on which the Accountholder has made sufficient funds available to the Bank, the time of receipt of the Payment Instruction is deemed to fall on the designated day A Cut-off Time may apply with regard to the commencement of the execution of the Payment Instruction initiated by the Accountholder In addition to Clause 5.3 and taking into account Clause 38, a Cut-off Time may apply to all Payment Transactions that are to be credited to the Business Account. More information can be found on Clause 34 Revoking a Payment Instruction 34.1 The Accountholder cannot revoke a Payment Instruction the moment the Bank has received this Payment Instruction in accordance with Clause Information about any possible revocation of a Payment Instruction can be revoked and the manner in which a Payment Instruction can be revoked is included in the Conditions and in the relevant Product Conditions and can be found on Clause 35 Execution period of Payment Transactions 35.1 A Payment Transaction in Euros to an account held at a bank established in a EEA country or a SEPA country in Euros shall be credited to the account of the bank of the Beneficiary no later than within three Business Days after the point of time of receipt as specified in Clause 33 up to 1 January As from 1 January 2012, the credit entry to the account of the bank of the Beneficiary shall take place no later than one Business Day after the moment of receipt as specified in Clause For the Payment Transaction referred to in paragraph 1 that is initiated on paper, the execution period referred to in paragraph 1 shall be extended by one Business Day A Payment Transaction in the currency of a EEA country which does not have the Euro as its currency, to an account held at a bank established in a EEA country shall be credited to that account no later than within four Business Days after the time of receipt as specified in Clause Other execution periods apply to Payment Transactions that do not fall under the Clauses 35.1 up to and including 35.4 More information can be found on Clause 36 Book Date and Value date 36.1 Taking into account Clause 33, when the Bank receives an amount in Euros or in another EEA currency that is to be credited to the Business Account, the Bank shall credit this amount on the same Business Day. In that case, the Value Date is the same as the Book Date When the Bank receives a notification to credit an amount (in this paragraph hereinafter the Amount ) to the Business Account, it is possible that the Bank credits the Amount before the Bank actually receives General Conditions for Payment Services and other Business Banking Regulations November

13 the Amount itself and the Amount is thus available to the Bank. In that case, the Book Date is the Business Day upon which the Amount is credited to the Business Account and the Value Day is the Business Day upon which the Bank actually receives the Amount and the Amount is at the Bank s disposal. In the period between the Book Date and the Value Date, the credited amount is not taken into account for the interest calculation. If an amount is withdrawn or debited from the Business Account during this period, which would cause a Debit Balance to arise if the Bank had not credited the Amount before actually receiving the Amount, the Accountholder is obliged to pay debit interest over this Debit Balance in accordance with Clause When the Bank receives an amount in a non-eea currency for the Business Account, the Book Date can differ from the Value Date When the Bank executes a Payment Transaction from the Business Account, the Bank debits the Business Account on the Business Day on which the Bank has executed this Payment Transaction in accordance with the execution period specified in Clause 35. In that case, the Value Date is the same date as the Book Date. Clause 37 Rejection of Payment Instructions 37.1 The Bank has the right to refuse to execute incomplete, incorrect or unclearly filled in Payment Instructions In the event that irregularities are suspected, the execution of Payment Instructions by or on behalf of the Bank can be refused until it is evident that this suspicion is without grounds In the event of an insufficient Spending Limit or the blocking of the (whole of the) Business Account, the Bank shall not execute any Payment Instructions. Information about the cases in which and the frequency with which the Bank shall attempt to execute a Payment Instruction in the event of an insufficient Spending Limit can be found on The Bank has the right to refuse Payment Instructions and Payment Transactions if the payment or the execution thereof is in violation of the applicable national or international laws or internal policy The Bank shall not be liable for any damage resulting from the non-execution or non-timely execution of the Payment Instructions referred to in paragraph 1, 2, 3 or When the Bank refuses to execute a Payment Instruction, the Accountholder shall be informed of the refusal and, if possible, of the reasons for the refusal and of the procedure for the correction of any inaccurate information that resulted in the refusal, unless prohibited by applicable international and/or national laws or regulations. The Account holder shall be informed about the refusal using a means of communication as specified in Clause 20. The Accountholder shall be notified as soon as possible, but in any case within the period as specified in Clause 35. The Bank shall charge costs, in the event that the refusal is justified objectively, for the notification and the possible correction of the Payment Instruction as specified in the Tariffs Brochure. Clause 38 Reservation for Payment Transactions Reservations can be made by the Bank for Payment Transactions before the entry takes place. In the event that the relevant Payment Transaction is received on a day that is not a Business Day or after the Cut-off Time, the Reservation takes place immediately and the execution takes place on the next Business Day. In this case, the Book Date is not the same date as the date of the Reservation. More information on Reservation of Payment Transactions can be found on Clause 39 Payment Instruction in Writing 39.1 In the event that the Accountholder submits a Payment Instruction in writing, this order must then be submitted, with reference to Clause 21, using a transfer form that is made available by the Bank. The Bank shall only process legible, completely filled in and signed transfer forms. An instruction regarding the date of execution cannot be included in a non-recurring written Payment Instruction With reference to Clause 34, the Accountholder may: i) not revoke a Payment Instruction that has been sent by post or fax; ii) not revoke a Payment Instruction that has been submitted to a bank employee at an ING Branch Office By signing a transfer form and submitting this form to the Bank, the Accountholder gives its permission for the execution by the Bank of the Payment Instruction specified in the form. A fully completed and signed transfer form constitutes a Payment Instrument. Clause 40 Payments by third parties The Accountholder cannot object to payments that are credited to the Business Account for which third parties have given an order. Clause 41 Payment Transaction Information 41.1 The Bank shall notify the Accountholder of credit and debit entries as well as of the previous and the current Balance with the frequency chosen by the Accountholder and/or in the manner chosen by the Accountholder. The Accountholder can choose from the options that the Bank offers at the applicable rates as specified in the Tariffs Brochure. General Conditions for Payment Services and other Business Banking Regulations November

14 41.2 A transaction slip from an ATM, a payment terminal or a cash deposit machine is for informative purposes only. No rights can be derived from this. Special provisions and withdrawals Clause 42 Depositing cash via a cash deposit machine 42.1 The Accountholder can make cash deposits in Euros into the Business Account at an automated cash deposit machine during the office hours of the ING Branch Office (not being a post office) When the Accountholder deposits cash, the Accountholder must identify itself with its Debit Card. When the Accountholder makes use of the Branch Office Deposit Forms, which have a barcode, the identification of the Accountholder takes place by scanning the barcode When the Accountholder deposits cash into a cash deposit machine, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Account holder cannot subsequently revoke the Payment Instruction Information regarding the minimum amount that can be deposited and the maximum amount in coins and the maximum number of banknotes can be found on After the Accountholder has deposited an amount, the cash deposit machine prints a slip specifying the deposited amount. If this is not correct, the Accountholder must report this immediately at the counter of the ING Branch Office. Clause 43 Cash deposits at the bank counter 43.1 The Accountholder may make cash deposits in Euros into the Business Account at the counter of an ING Branch Office during opening hours When the Accountholder deposits cash at the bank counter, it must identify itself with its Debit Card. When the Accountholder makes use of the Branch Office Deposit Forms, which have a barcode, the identification of the Accountholder takes place by scanning the barcode at the counter. In the event of cash deposits above a specific amount, the Bank may demand that the Accountholder presents a valid identification document. Additional information can be found on If the Bank has not issued a Debit Card to the Accountholder, then, as an exception to the rule, the Accountholder may deposit cash at the bank counter upon presentation of a valid identification document. In addition, the Accountholder must answer a number of verification questions When the Accountholder deposits cash at the bank counter, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by pressing on the designated button of the machine. The Accountholder cannot subsequently revoke the Payment Instruction If the Accountholder wishes to deposit coins at an ING Branch Office, the coins must be packed in coin bags No minimum or maximum amount applies for deposits at the bank counter After the Accountholder has deposited an amount, the machine prints a slip specifying the deposited amount. If this amount is not correct, the Accountholder must report this immediately. Clause 44 Verification 44.1 The cash that is deposited by the Accountholder is counted and the authenticity is verified The Bank is obliged to confiscate counterfeit coins and banknotes and shall not credit these to the Business Account. The Accountholder shall not receive any compensation from the Bank for the counterfeit coins and banknotes that it has confiscated. Clause 45 Crediting After processing the deposit, the Bank credits the deposited amount less the costs to the Business Account and the deposited amount is then directly at the Accountholder s disposal. The deposited amount is only credited to the Business Account on the same day on Business Days. Clause 46 Cash withdrawals at the bank counter 46.1 The Accountholder may withdraw an amount in Euros from the Business Account at the counter of an ING Branch Office during opening hours When the Accountholder withdraws cash, it must identify itself with its Debit Card. Depending on the to be withdrawn amount, the Bank can carry out additional checks in order to verify the identity of the Accountholder. Additional information can be found on If the Bank has not yet issued a Debit Card to the Account holder, then, as an exception to the rule, the Accountholder may withdraw cash at the bank counter upon presentation of a valid identification document. Depending on the to be withdrawn amount, the Bank can carry out additional checks in order to verify the identity of the Accountholder. Additional information can be found on When the Accountholder withdraws cash, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by entering its Pin Code and by confirming the amount General Conditions for Payment Services and other Business Banking Regulations November

15 that the Accountholder wishes to withdraw by pressing the designated button on the machine or by signing the relevant form for receipt. The Accountholder cannot subsequently revoke the Payment Instruction In the event of withdrawals exceeding a specific amount, or withdrawals in certain banknote denominations, the Bank may require that the Accountholder notifies the Bank at least three Business Days in advance. Additional information can be found on More information about the maximum amount that the Accountholder may withdraw at the bank counter can be found on Clause 47 Cash withdrawals via automated teller machines (ATMs) 47.1 The Accountholder can withdraw cash via ATMs When the Accountholder withdraws cash via an ATM, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by entering its Pin Code and by confirming the transaction by pressing the designated button on the ATM. The Accountholder cannot subsequently revoke the Payment Instruction More information about the minimum and maximum cash withdrawal amounts can be found on Clause 48 Debiting The withdrawn amount is debited from the Business Account on the same day. If the withdrawal takes place on a day that is not a Business Day, the Bank will make a Reservation for the total amount of the withdrawal. The withdrawn amount will be debited from the Business Account on the next Business Day. Clause 49 Converting Euro banknotes The Accountholder may convert Euro banknotes into other Euro banknotes at the counter of an ING Branch Office. The Bank may apply restrictions to the converting of Euro banknotes. Additional information can be found on Clause 50 Purchasing coins 50.1 The Accountholder can purchase coins at the counter of an ING Branch Office. The Bank may apply restrictions to the purchase of coins. Additional information can be found on If the Accountholder requires a large amount of coins, the Accountholder must notify the Bank at least three Business Days in advance. Special provisions non-recurring payment instructions Clause 51 Non-recurring Payment Instructions With a Non-recurring Payment Instruction, the Accountholder gives the Bank the order to transfer an amount from its Business Account to the account of the Beneficiary once only. Clause 52 Submitting a Non-recurring Payment Instruction A Non-recurring Payment Instruction must be submitted in writing by mail, by fax or, if applicable, by telephone or through a secure online banking system. With regard to the authorisation, the provisions in Clause 39.3 apply. Once a Non-recurring Payment Instruction has been submitted to the Bank, this order can no longer be revoked. Special provisions standing payment instructions Clause 53 Standing Payment Instructions With a Standing Payment Instruction, the Accountholder gives the Bank the order to transfer an amount from its Business Account in Euros to the account of the Beneficiary periodically, for example, every month or every quarter. Clause 54 Submitting, revising, revoking or cancelling Standing Payment Instructions 54.1 A Standing Payment Instruction must be submitted using the designated form. This form must also be used to revise or cancel an existing Standing Payment Instruction. A fully completed and signed form constitutes a Payment Instrument and by submitting a form to the Bank, the Accountholder gives its authorisation for the execution of the Standing Payment Instruction A Standing Payment Instruction can also be submitted and cancelled through the secure online banking system A written Standing Payment Instruction must have been received by the Bank at least 10 Business Days before the first execution date The order to revise, revoke or cancel a written Standing Payment Instruction must have been received by the Bank at least 10 Business Days before the intended revision or cancellation date The first debit entry of a Standing Payment Instruction submitted in writing cannot be revoked. Each subsequent debit entry of such a Standing Payment Instruction and Standing Payment Instruction that have been submitted through the secure online banking system can be revoked until the relevant Cut-off Time on the Business Day prior to the agreed date of execution. More information on Cut-off Times can be found on General Conditions for Payment Services and other Business Banking Regulations November

16 Clause 55 Execution Date 55.1 For the determination of the execution period as referred to in Clause 35, the execution date is the time of receipt of the Standing Payment Instruction If a month has fewer days than the day upon which the execution of the Standing Payment Instruction is planned, the Bank shall execute the Standing Payment Instruction on the last Business Day of that month In the event that the execution of a Standing Payment Instruction is planned on a day that is not a Business Day, the Bank shall execute the Standing Payment Instruction on the next or the previous Business Day depending on the manner in which the Accountholder has chosen to submit the order. More information can be found on Special provisions domestic express payments Clause 56 Domestic Express Payments With a Domestic Express Payment, the Accountholder gives a Payment Instruction to the Bank to make an urgent nonrecurring transfer of an amount in Euros into a bank account that the Beneficiary holds in The Netherlands. Clause 57 Submitting Domestic Express Payments 57.1 A Domestic Express Payment must be submitted at an ING Branch Office on Business Days during office hours The Accountholder must submit proof of its identity when submitting a Domestic Express Payment When the Accountholder submits the completed and signed form to the Bank, the Accountholder gives its consent for the execution of the Domestic Express Payment A Domestic Express Payment can also be submitted in other manners than through an ING Branch Office. More information about these other possibilities can be found on Special provisions giro collections Clause 58 Giro Collections A Giro Collection form is a pre-printed written Payment Instruction for payments from a Business Account in Euros. This means that the name and the account number of the Beneficiary of the Payment Instruction are specified, as well as in many cases the amount, the name of the Accountholder and the account number of the Accountholder. A fully completed and signed Giro Collection form constitutes a Payment Instrument. Clause 59 Submitting a Giro Collection A Giro Collection must be submitted by post. By submitting the Payment Instruction to the Bank, the Accountholder gives its authorisation for the execution thereof. Special provisions batch (euro) payment orders Clause 60 Batch (Euro) Payment Instructions 60.1 The Accountholder can make use of a Batch (Euro) Payment Instruction to submit several Payment Instructions at once. To be able to make use of Batch (Euro) Payment Instructions, the Accountholder must submit a request to the Bank Payment Transactions in Euros to the credit of the bank accounts of Beneficiaries held at banks in the Netherlands can be made by using a Batch Payment Instruction Payment Transactions in Euros to the credit of the bank accounts of Beneficiaries held at banks within SEPA can be made by using a Batch Euro Payment Instruction. Clause 61 Submitting Batch (Euro) Payment Instructions 61.1 Batch (Euro) Payment Instructions must comply with the applicable format descriptions and accompanying completion instructions. The currently applicable format descriptions and accompanying completion instructions for the Batch (Euro) Payment Instructions and the manner in which Batch (Euro) Payment Instructions can be submitted are specified on Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, a maximum period applies before the intended execution date for submitting a Batch (Euro) Payment Instruction. The specified execution date must be a Business Day. Additional information can be found on Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, the Accountholder gives its authorisation in writing or through the secure online banking system to the execution of a Batch (Euro) Payment Instruction Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, the authorisation given by the Accountholder in writing or through the secure online banking system in combination with the information specified in a Batch (Euro) Payment Instruction constitutes a Payment Instrument. General Conditions for Payment Services and other Business Banking Regulations November

17 Clause 62 Revoking or revising Batch (Euro) Payment Instructions 62.1 The Accountholder can revoke a Batch (Euro) Payment Instruction or a maximum of 5 Payment Instructions of a Batch (Euro) Payment Instruction or change the execution date of a Batch (Euro) Payment Instruction, provided that the request to revoke or revise a Batch (Euro) Payment Instruction is received by the Bank at least 3 Business Days before the original execution date A revocation or revision must, depending on the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, take place in writing or through the secure online banking system. Clause 63 Name and number check Batch Payment Instruction The Bank can perform a name and number check for the Payment Instructions included in a Batch Payment Instruction. If the Accountholder wishes to make use of a name and number check, the Accountholder should then contact the Bank. A name and number check means that the Bank checks for specific Payment Instructions in a Batch Payment Instruction whether account numbers of maximum 7 digits and the name of the Beneficiary specified by the Accountholder correspond with the data in the Bank s records. If this is not the case, then the Bank shall not execute the relevant Payment Instruction. More information on name number checks and the request thereof can be found on Special provisions direct debit transactions Clause 64 Dutch and European Direct Debit Transactions 64.1 A Dutch Direct Debit Transaction is a non-recurring or standing Payment Transaction in Euros based on a Dutch Direct Debit Mandate to be debited from the Business Account in Euros and credited to an account of the Beneficiary held at a bank established in The Netherlands A European Direct Debit Transaction is a non-recurring or standing Payment Transaction in Euros based on a European Direct Debit Mandate to be debited from the Business Account in Euros and credited to a bank account of the Beneficiary held at a bank established in SEPA There are two variations in the case of a European Direct Debit Transaction: Business-to-Consumer ( B2C ) and Business-to-Business ( B2B ). Special regulations apply with regard to the European Direct Debit Transaction B2B which is specified in Clause A Dutch Direct Debit Mandate can also be used by the Beneficiary for a European Direct Debit Transaction B2C. The fact that this mandate does not satisfy all the requirements that apply for a European Direct Debit Mandate B2C does not constitute grounds for the Accountholder to initiate the Reporting an Unjustified Direct Debit procedure by virtue of Clause 66. Clause 65 Reversing an entry 65.1 The Bank can reverse a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction B2C at the request of an Accountholder (and have the amount re-credited). The Bank shall reverse the entry irrespective of the underlying reason for the Accountholder s request The Bank is authorised at its own initiative (for example, due to an insufficient Spending Limit) to reverse a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction B2C The terms within which and the manner in which the Accountholder and the Bank can reverse an entry are specified on Within a maximum of five Business Days after the receipt of a timely and correctly submitted request to reverse the entry, the Bank shall credit the total amount of the Dutch Direct Debit Transaction to the Business Account of the Accountholder. In the event of a European Direct Debit Transaction B2C, the Bank shall do this within a maximum of two Business Days In the event of the reversal of an entry, no compensation shall be paid for expenses or interest that have been charged to the Accountholder. Furthermore, no credit interest shall be paid over the amount of the reverse entry The Accountholder is notified of the booking of a reverse entry of a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction at the initiative of the Accountholder through its secure online banking system and/or through an account statement. Clause 66 Unauthorised direct debit 66.1 In the event that the reverse entry period as specified in Clause 65 has expired and the Accountholder claims that the Dutch Direct Debit Mandate and/or the European Direct Debit Mandate B2C was unauthorised or was invalid for the relevant Dutch Debit Transaction and/ or European Direct Debit Transaction B2C to be debited from the Business Account, the Accountholder must make use of the procedure Reporting an Unauthorised Direct Debit to claim repayment by the Bank For starting the procedure Reporting an Unauthorised Direct Debit, the Accountholder must make use of the form Reporting an Unauthorised Direct Debit. This form can be downloaded through General Conditions for Payment Services and other Business Banking Regulations November

18 66.3 The form Reporting an Unauthorised Direct Debit must be received by the Bank within 13 months after the date upon which the collected amount was debited from the Business Account In the event of a Dutch Direct Debit Transaction, the Bank shall undertake to carry out a procedure Reporting an Unauthorised Direct Debit within 16 Business Days after receiving the timely submitted and written request. In the event of a European Direct Debit Transaction B2C, this shall amount to 34 days In the event that it concerns an unauthorised Dutch Direct Debit Transaction and/or European Direct Debit Transaction B2C, the total amount and any lost interest or charged interest shall be credited to the Business Account A procedure Reporting an Unauthorised Direct Debit which has been initiated before the entry reversal period referred to in Clause 65, shall be processed as an instruction to reverse an entry. Clause 67 Direct debit block by the Accountholder 67.1 The Bank can apply and revoke a selective direct debit block on the Business Account at the Accountholder s request. As a result of this block, Dutch and/or European Direct Debit Transactions to the credit of a specific account number of the Beneficiary and to debit the Business Account correspondingly, shall not be executed The Bank can apply and revoke a general direct debit block on the Business Account at the Accountholder s request. As a result of this block, no single Dutch and/or European Direct Debit Transaction shall be debited from the Business Account A request to apply a direct debit block for a not yet executed European Direct Debit Transaction can, for example, be submitted by the Accountholder following a prior notification of a direct debit by the Beneficiary Information about the duration of the block and revoking a block can be found on The Accountholder must submit a request to apply and revoke a selective or general direct debit block in writing by post or by telephone to the Bank A direct debit block requested by the Accountholder shall come into effect no later than the following Business Day after receipt by the Bank of the request to apply a direct debit block. The Cut-Off Time for the direct debit block request can be found on Clause 68 Direct Debit Block by the Bank The Bank has the right, for its own reasons, for example, because of a suspicion of fraud, to apply a general or selective direct debit block to the Business Account. The Bank shall notify the Accountholder as soon as possible in writing by post or by telephone stating the reason for the block and if necessary which measures the Accountholder should take to lift the block. Clause 69 European Direct Debit Transaction B2B 69.1 If it concerns a European Direct Debit Mandate B2B this is specified as such on the mandate. The Accountholder must submit a copy of this mandate and changes to this mandate to the Bank. The information specified in this mandate shall be used by the Bank to check the validity of the European Direct Debit Transactions B2B In the event that Accountholder revokes the authorisation for a European Direct Debit Mandate B2B, the Accountholder must inform the Bank The Accountholder cannot reverse a European Direct Debit Transaction B2B as specified in Clause 65. The Accountholder can also not make use of Reporting an Unauthorised Direct Debit as specified in Clause 66. General Conditions for Payment Services and other Business Banking Regulations November

19 Conditions governing the use of Debit Cards and Credit Cards General Clause 1 Applicable Conditions 1.1 The Accountholder concludes an agreement with the Bank for the use of a Bank Card. These Conditions Governing the Use of Debit Cards and Credit Cards form part of that agreement. 1.2 These Conditions Governing the Use of Debit Cards and Credit Cards apply to the use of the Debit Card and the Credit Card issued by the Bank. These are Product Conditions. In addition to these conditions, other conditions may apply to specific types of Credit Cards. 1.3 Unless otherwise provided in these conditions, the Business Account Conditions are applicable. 1.4 In case of discrepancies between these conditions and the Dutch version ( Voorwaarden gebruik Betaalpassen en Creditcards ), the Dutch version shall prevail. The product Clause 2 Bank Cards 2.1 Bank Cards whether or not in combination with a Pin Code or signature are Payment Instruments. 2.2 Payment Transactions can be executed with a Bank Card. 2.3 Immediately after receipt of the Bank Card, the Cardholder must put its signature on the reverse side of the Bank Card. 2.4 A Bank Card- whether or not in combination with a Pin Code is strictly personal and non-transferable. 2.5 A Bank Card can have one or several Payment Logos. If the logo of the Payment Logo on an ATM or a payment terminal corresponds with the logo on the Bank Card, the Cardholder can execute Payment Transactions with the Bank Card in the manner that corresponds with the ATM or payment terminal that is available for the execution of the payment. 2.6 The Bank shall determine how the name of the Cardholder will be specified on the Bank Card. 2.7 The Bank Card remains the property of the Bank. The Cardholder must immediately return the Bank Card to the Bank when the Bank demands this. 2.8 The Bank Card may not be revised or copied. 2.9 When use is made of the Debit Card, the amount of the Payment Transaction is debited immediately from the corresponding Business Account of the Accountholder on Business Days and the amount of the Payment Transaction is reserved in accordance with Clause 38 of the Business Account Conditions on Non-Business Days. When use is made of the Credit Card, the amount of the Payment Transaction is charged to the corresponding credit or payment facility that has been agreed with the Cardholder The Bank has the right to refuse an application for a Bank Card. Clause 3 Validity 3.1 The Bank Card is valid up to and including the last day of the month that is specified on the Bank Card. This is the period of validity. 3.2 The Bank has the right to limit or extend the period of validity of a Bank Card. 3.3 The period of validity of the Bank Card has no bearing on the term of the agreement. Clause 4 Limits 4.1 General limits apply with regard to the use of a Bank Card. These limits consist of minimum and/or maximum amounts for which Payment Transactions can be executed with the Payment Instrument. Additional information can be found on If a Bank Card offers flexible payment limits, the Bank shall offer the Cardholder the possibility to agree to such a flexible limit. 4.3 If the Cardholder has a Credit Card, the Bank and the Cardholder may agree to a spending limit. 4.4 If the Cardholder has a Debit Card, the Cardholder can then make use of the Spending Limit on the Business Account. 4.5 Changes in the payment and spending limits can be applied by the Bank with immediate effect and without prior notice. Clause 5 Authorised Cardholder 5.1 The Accountholder can apply for a Debit Card for other parties. The authorised Cardholder can thus make use of the Spending Limit on the Business Account. 5.2 The Accountholder can apply for several Credit Cards for other parties. The authorised credit cardholders can thus make use of the spending limit that has been agreed with the Accountholder. 5.3 These Conditions Governing the Use of Debit Cards and Credit Cards also apply to the authorised Cardholder. The Cardholder is liable for all Payment Transactions that are executed with the Bank Card. 5.4 The Accountholder can have the Bank Card of the authorised Cardholder blocked. In the event that the authorised Cardholder gives an instruction to the Bank just before or after the Accountholder has had the Bank Card blocked, the Bank may still execute this instruction if the Bank is not reasonably able to prevent this. General Conditions for Payment Services and other Business Banking Regulations November

20 Security regulations Clause 6 General 6.1 The Cardholder must take all conceivable measures for the secure use of and the safekeeping of the Card holder s Bank Card and Pin Code. The following clauses specify the measures that the Cardholder must take in any case. The Bank has the right to revise these regulations with immediate effect without prior notification. 6.2 Where in the following clauses reference is made to others or someone else, then this also refers to partners, children, relatives, friends, housemates, visitors and colleagues in additions to strangers. 6.3 Bank employees will never ask the Cardholder to provide the Pin Code. Clause 7 Safekeeping 7.1 The Cardholder must always ensure that the Bank Card is stored safely. These rules apply with regard to the safekeeping of Bank Cards: Store the Bank Card in such a manner that others cannot see the Bank Card; Store the Bank Card in such a manner that others cannot obtain unnoticed access to the Bank Card; Ensure that others neither see the Bank Card and the place where it is stored (for example, a purse or a wallet) nor when the Bank Card is not being used; and Do not lose the Bank Card. 7.2 The Cardholder must always ensure that the Pin Code is stored safely. The following rules apply with regard to the safekeeping of the Pin Code: Destroy the letter in which the Pin Code is specified immediately after reading the letter; Do not write down the Pin Code, commit the Pin Code to memory; In the event that the Cardholder is unable to remember the Pin Code, the Cardholder can make a note of the Pin Code. However, the Cardholder must ensure that others are unable to decode the note. Do not store the note on or with the Bank Card; and Keep the Pin Code confidential. Do not show the Pin Code to others and do not tell the Pin Code to others. Clause 8 Safe and Secure Use 8.1 The Cardholder must always use the Bank Card in a safe and secure manner. These rules apply with regard to the safe and secure use of Bank Cards: Never give the Bank Card to anyone else, also not when another person wishes to provide assistance. This is only allowed when the Cardholder makes use of the Bank Card at an ATM or payment terminal and the Bank Card remains within the view of the Cardholder; Do not lose view of the Bank Card until the Bank Card is stored again safely. After use, always check whether your own Bank Card has been returned to you; If instructions are specified on an ATM or a payment terminal with which the Cardholder can verify the safety of the machine, then the Cardholder must follow these instructions carefully; Contact the Bank immediately if the Bank Card is not returned after a payment has been made or cash has been withdrawn; The Cardholder may not make use of the Bank Card if it suspects or knows that, in a specific situation, this is or can be unsafe; and The Cardholder must ensure that it is not distracted when it makes use of the Bank Card. 8.2 The Cardholder must always use the Pin Code in a safe and secure manner. These rules apply with regard to the safe and secure use of the Pin Code: Make sure that others cannot see the Pin Code when this is entered, for example, at an ATM or payment terminal; When entering the Pin Code use your free hand and your body to obstruct the keyboard from view in as far as possible; and The Cardholder may not allow itself to be helped by others when entering the Pin Code. Clause 9 Checking The Cardholder must regularly check the safety of the Bank Card and the use of the Bank Card: Check at least once a day whether your own Bank Card is still in your possession; and Check debit and credit entries through the secure online banking system or on the account statements of the Business Account or on the Credit Card statements. Clause 10 Blocking 10.1 If the Cardholder has a good reason to assume that the safety of the Bank Card or Pin Code is no longer assured, the Cardholder must notify the Bank immediately. This must take place, in any case, in the following situations: The Cardholder has lost the Bank Card or the Bank Card has been stolen; The Cardholder does not know where the Bank Card is; General Conditions for Payment Services and other Business Banking Regulations November

21 The Bank Card has not been returned to the Cardholder after the Cardholder has made a payment or a cash withdrawal; The Cardholder observes, for example on an account statement, on the Credit Card statement or through the secure online banking system that payments have been made with the Bank Card that it has not made itself; and The Cardholder knows or suspects that someone else knows or has seen the Pin Code The Bank blocks the Bank Card after have being notified by the Cardholder The Cardholder may no longer make use of the old Bank Card. However, the Cardholder remains liable for the payments that are made with the old Bank Card The Bank may request companies, which accept the Bank Card, to confiscate the old, invalid Bank Card. The use Clause 11 Payments and cash withdrawals with a Pin Code 11.1 The Cardholder can make payments and cash withdrawals with the Bank Card in combination with the Pin Code. This is possible at ATMs and payment terminals within and outside of The Netherlands Which ATMs and payment terminals the Cardholder can make use of with the Bank Card and Pin Code depends on the Payment Logos that are specified on the Bank Card. Additional information can be found on When the Cardholder makes a payment with the Bank Card in combination with the Pin Code, the Cardholder gives its consent to the Bank to execute the Payment Instruction by entering the Pin Code and subsequently pressing the confirmation button on the payment terminal. The Cardholder cannot subsequently revoke the Payment Instruction At some payment terminals, the Cardholder is requested to enter the Pin Code before the amount of the Payment Transaction is known. If the Spending Limit allows for this, the Bank can, in that case, already reserve a standard amount on the Business Account or Credit Card. This standard amount may differ from the amount of the Payment Transaction. At the time of the entry of the Payment Transaction, the Bank adjusts the reservation accordingly. The Bank then debits the actual amount of the Payment Transaction from the Spending Limit of the Business Account or Credit Card. Clause 12 Payment with Signature 12.1 At certain payment terminals, the Cardholder can make a payment authorised by signature only (and not by a Pin Code) When the Cardholder makes a payment with the Bank Card without a Pin Code, the Cardholder gives its consent to the Bank to execute the Payment Instruction by signing the transaction slip. The Cardholder cannot subsequently revoke the Payment Instruction If the Cardholder does no longer have a copy of the signed transaction slip, then the data that has been recorded by the bank of the Beneficiary constitutes proof of payment. If the Cardholder does not agree with this, the Cardholder must provide proof to the contrary itself. Clause 13 Payments without Pin Code or Signature 13.1 The Cardholder can make payments with the Bank Card without Pin Code or Signature, for example, on websites on the Internet, by telephone or at toll machines or parking ticket machines When the Cardholder makes a payment with the Bank Card without Pin Code or signature, the Cardholder gives its consent to the Bank to execute the Payment Instruction by entering the Bank Card into the machine. When the Cardholder makes a payment through a website, the Cardholder gives its consent by entering the relevant data of the Bank Card and subsequently giving its permission for the Payment Instruction. The Cardholder cannot subsequently revoke the Payment Instruction. When the Cardholder makes a payment by telephone, the Cardholder gives its consent by providing the relevant data of the Bank Card. The Cardholder cannot subsequently revoke the Payment Instruction. Clause 14 Re-crediting an amount, having an amount re-credited 14.1 When the Cardholder has made a payment with the Bank Card, the Cardholder can request the Bank to re-credit the amount of the payment. This is possible within 8 weeks of the Book Date of the payment Having a payment re-credited is only possible if the following two conditions are satisfied: a. When the Cardholder gave permission for the payment, the transaction amount was not yet known. b. The amount that the Cardholder has paid is higher than could reasonably be suspected, for example, based on previous comparable payments If the two conditions referred to in paragraph two have been satisfied, for example, when the Cardholder has to make a security deposit or in the event of a payment at a petrol station, the Bank re-credits the amount paid to General Conditions for Payment Services and other Business Banking Regulations November

22 the Business Account within 10 Business Days. The Bank shall also inform the Cardholder where the Cardholder can file a complaint In the event that the Bank does not re-credit the amount, the Bank shall notify the Cardholder within 10 Business Days This Clause does not apply to reservations for Payment Transactions that satisfy the above conditions. Clause 15 Business Account Balance Information With the Debit Card, the Cardholder can request information about the Balance of the Business Account at an ATM. The Bank cannot guarantee that the Balance that is shown to the Cardholder is the current Balance on the Business Account. Clause 16 Identification The Bank may request the Cardholder to identify itself with the Debit Card (possibly in combination with the Pin Code). Additional information can be found on Clause 17 Validity expired 17.1 Before the validity of the Bank Card expires, the Bank will provide a new Bank Card to the Cardholder The Cardholder must make use of the new Bank Card as soon as possible. Prevent misuse: destroy the old Bank Card (cut the old Bank Card and the chip in half). Clause 18 Bank Card rejected, rendered invalid or confiscated 18.1 The Bank Card can be rejected, confiscated or rendered invalid. This takes place, inter alia, in the following situations: The Bank has blocked the Bank Card; The Cardholder has entered the wrong Pin Codes three times; The Cardholder has not pulled the Bank Card out of the ATM on time; The Bank Card is damaged; or The ATM or payment terminal is damaged If the Bank Card is rejected, confiscated or rendered invalid, the Cardholder must notify the Bank by telephone immediately. The telephone number has been provided to the Cardholder together with the Bank Card and is also specified on Cancellation Clause 19 The Bank Card revoked by the Bank The Cardholder may make use of the Bank Card as long as the Bank has given its permission. The Bank may suspend or revoke its permission: in that case, the Cardholder may no longer make use of the Bank Card. If the Bank does this, the Bank shall notify the Cardholder as soon as possible. Costs Clause 20 Bank Card Charges 20.1 The Accountholder pays a fee for the Cardholder s possession and use of the Bank Card The charges are specified in the Tariffs Brochure and on Changes Clause 21 Use The Bank may revise, expand or (temporarily) terminate the utilization possibilities of a Bank Card. Additional information can be found on Liability Clause 22 Liability of the Cardholder 22.1 If the Accountholder does not comply with the Product Conditions or the Business Account Conditions, the Account holder is liable vis-à-vis the Bank The Accountholder is joint and severally liable vis-àvis the Bank for the authorised Cardholder in the event that the authorised Cardholder does not comply with these Product Conditions and the Business Account Conditions If the authorised Cardholder does not comply with these Product Conditions or the Business Account Conditions, the authorised Cardholder is liable vis-à-vis the Bank. Clause 23 Liability of the Bank 23.1 Not withstanding Clauses 25 up to and including 32 of the Business Account Conditions, the Bank is not liable for damages in the event that the Cardholder does not comply with these Conditions when making use of the Bank Card The Bank is also not liable for damages in the event that the Cardholder cannot make use or can no longer make use of the Bank Card. Or if the Bank Card is rejected, confiscated or rendered invalid, unless the damage is the result of the Bank s wilful misconduct or gross negligence. General Conditions for Payment Services and other Business Banking Regulations November

23 Chipknip Conditions General Clause 1 Applicable Conditions 1.1 These Chipknip Conditions apply to the use of the Chipknip facility that the Bank has installed on the Debit Card. These are Product Conditions. 1.2 Unless otherwise provided in these conditions, the Conditions Governing the Use of Debit Cards and Credit Cards are applicable. 1.3 In case of discrepancies between these conditions and the Dutch version ( Voorwaarden Chipknip ), the Dutch version shall prevail. The product Clause 2 The Chipknip 2.1 The Chipknip is a feature in the chip of a Debit Card with which Payment Transactions can be executed. 2.2 The Cardholder can make payments with the Chipknip at payment terminals with a Chipknip logo. 2.3 A Debit Card with a Chipknip is a Payment Instrument. Clause 3 Validity The Bank always has the right to limit or extend the period of validity of a Chipknip. The use Clause 4 Loading the Chipknip 4.1 The Cardholder can load the Chipknip at a Chipknip loading point. 4.2 By loading the Chipknip, the Cardholder gives its consent to the Bank to execute the Payment Transaction. The Cardholder does this by pressing the confirmation button. The Cardholder cannot subsequently revoke this Payment Instruction. 4.3 The amount that the Cardholder has loaded on the Chipknip is debited immediately from the Business Account on Business Days and reserved on non-business Days in accordance with Clause 38 of the Business Account Conditions. 4.4 Loading the Chipknip must not be interrupted prematurely. The Chipknip may become unusable as a result. 4.5 The minimum and maximum amounts that must or can be loaded are specified on Clause 5 Repaying the Chipknip balance 5.1 The Cardholder can pay the total balance of the Chipknip back into the Business Account. To do this, follow the instructions on the screen at the loading point. 5.2 The Bank will credit the amount that has been transferred from the Chipknip to the Business Account within two Business Days. Clause 6 Information about the Chipknip balance The Cardholder can request information about the total balance on the Chipknip and the last five transactions (loading or payments). To do this, follow the instructions on the screen at the loading point or on the (payment) terminal. Clause 7 Paying with the Chipknip 7.1 The Cardholder can only use the Chipknip in The Nether lands. 7.2 Before the Cardholder can pay with the Chipknip, the Cardholder must first load the Chipknip. 7.3 When the Cardholder pays with the Chipknip, the amount that must be paid is displayed on the screen of the terminal. The Cardholder gives its consent for a payment by pressing the confirmation button. The Cardholder cannot subsequently revoke the payment. 7.4 The amount that the Cardholder has paid is debited immediately from the balance on the Chipknip. 7.5 Payment Transactions executed with a Chipknip are not specified on the account statement or in the secure online banking system. The Bank does not have to prove that the Cardholder has made a payment with the Chipknip, or that a payment with the Chipknip has been executed properly. Also not in the event that the Cardholder contests this. Clause 8 Rejection 8.1 The Chipknip can be rejected. This takes place, inter alia, in the following situations: The Chipknip or the Debit Card is damaged; The Chipknip is blocked; or The (payment) terminal or the Chipknip loading point is damaged. 8.2 When the Chipknip is rejected, the Accountholder does not receive a notification thereof from the Bank. General Conditions for Payment Services and other Business Banking Regulations November

24 Clause 9 Expired or damaged 9.1 The Chipknip is linked to a Debit Card. When the Cardholder receives a new Debit Card, it is equipped with a new Chipknip. 9.2 The balance of the new Chipknip is zero Euros ( 0.00). 9.3 The balance on the old Chipknip remains on the old Chipknip. 9.4 If the period of validity of the Debit Card has expired, the Cardholder can still continue to pay with the old Chipknip for a period of 12 months. It is no longer possible to load the Chipknip. 9.5 Through the Chipknip loading point, the Cardholder can also transfer the balance of the old Chipknip back to the Business Account. 9.6 If the old Chipknip is damaged or the period of validity of the Debit Card has expired, the Cardholder can return the Debit Card to the Bank within 12 months. Then - if possible - the Bank will read the balance and pay the amount back into the Cardholder s Business Account. The Bank will do this within 8 weeks. Clause 10 Blocking and Unblocking the Chipknip 10.1 The Cardholder can block and unblock the Chipknip at a Chipknip loading point. To do this, follow the instructions on the screen at the loading point The Bank cannot block or unblock the Chipknip. Clause 11 Wrong Pin Code If the Cardholder enters the wrong Pin Code three times when loading the Chipknip, the Chipknip will be blocked. The Cardholder can then no longer unblock the Chipknip. In that case, the Cardholder must contact the Bank. Clause 12 Use The Bank has the right to revise, expand or terminate the possibilities of the Chipknip. Clause 13 Loss or Theft 13.1 If the Cardholder loses the Debit Card or the Debit Card is stolen, the Cardholder must notify the Bank immediately. After the notification, the Bank blocks the loading function of the Chipknip The Bank cannot determine or pay back the balance of the Chipknip. The Cardholder loses this balance The Bank is not liable for damage suffered by the Cardholder as a result of others making use of the Chipknip. Clause 14 Rejected Chipknip The Bank is not liable for damages in the event of the rejection of the Chipknip. General Conditions for Payment Services and other Business Banking Regulations November

25 General Banking Conditions 2009 This is a translation of the original Dutch text. This translation is furnished for the customer s convenience only. The original Dutch text will be binding als shall prevail in case of any variance between the Dutch Text and the English translation. These General Conditions were drawn up in consultation between the Netherlands Bankers Association and the consumers organisation Consumentenbond within the framework of the Co-ordination Group on Self-regulation Consultation of the Socio-Economic Council (SER) and will become effective on November 1st No consultations took place on other (product-related) conditions that may be applicable. The Consumentenbond reserves the right to start collective legal action against such conditions. Clause 1 Scope The provisions of these General Banking Conditions shall apply to all existing and future legal relationships between the Bank and the Customer to the extent that it is not otherwise provided in agreements and/or in special conditions. General conditions that a foreign branch of the Bank applies to its legal relationships with the Customer shall prevail above these General Banking Conditions in the event of a conflict between the two. If other general conditions apply or are declared applicable by or on behalf of the Customer, these shall not apply in the legal relationship with the Bank, unless the Bank has agreed to this in writing. Clause 2 Duty of care of the Bank and of the Customer 2.1 The Bank shall exercise due care when providing services. In its provision of services, the Bank shall take the ustomer s interests into account to the best of its ability. None of the provisions of these General Banking Conditions or of the special conditions used by the Bank shall detract from this principle. 2.2 The Customer shall exercise due care vis-à-vis the Bank and shall take the Bank s interests into account to the best of his ability. The Customer shall enable the Bank to fulfil its statutory and contractual obligations and to render its services correctly. The Customer shall not makeimproper or illegal use (or allow improper or illegal use to be made) of the services and/or products of the Bank, also including use that conflicts with laws and regulations, serves criminal activities or is damaging to the Bank or to its reputation or to the integrity of the financial system. Clause 3 Activities and objectives The Customer provides information to the Bank, taking into account the applicable privacy laws, at its first request, about the Customer's activities and objectives and about the reason for the (intended) use of the services and/or products of the Bank. Upon request, the Customer informs the Bank as to the origin of the funds and securities deposited with the Bank or that are to be deposited with the Bank and of goods that have been given to the bank to hold in (open) custody. Clause 4 Non-public information In providing its services, the Bank does not have to make use of non-public information, including price-sensitive information. Clause 5 The Bank or third parties as the counterparty 5.1 In providing its services, the Bank may make use of third parties and may (partially) activities. The Bank may give goods, documents of title, securities or financial instruments that belong to the Customer, whether or not held in the name of the Bank, to third parties in custody or have these administrated by third parties. 5.2 If the Customer gives the Bank an order or an authorisation, the Bank may also do business with itself as a counterparty in order to execute the order or authorisation, and the Bank may also transfer this order or authorisation to a third party. 5.3 The Bank takes the necessary care into account in the selection of third parties. In the event that the Customer has called in or appointed a third party, the consequences of this choice are for the account of the Customer. Clause 6 Risk of dispatches If the Bank, by order of the Customer, dispatches funds or financial instruments, including securities, to the Customer or to third parties, such dispatch shall be at the Bank's risk. If the Bank, by order of the Customer, dispatches other goods or documents of title to the Customer or to third parties, such dispatch shall be at the Customer s risk. Clause 7 Customer data The Customer and the Customer s representatives are obliged to cooperate with the Bank and to provide information in order to determine and verify their identity, their citizen s (services) identification number, date of birth, civil status, legal capacity and authorisation to act, postnuptial agreement, partnership agreement, legal form, place of residence or place of establishment, and insofar as applicable, the registration number with the chamber of commerce and/or other registers and their VAT number. The Customer must inform the Bank as soon as possible of any changes in this information. The Bank may make copies of documents, which provide evidence of this information, and the Bank may record and General Conditions for Payment Services and other Business Banking Regulations November

26 file this information. If the Customer is a legal person or form of cooperation, the Customer and its representatives are also obliged, at the Bank's first request, to give the Bank insight into the ownership and control structure of the legal person or the form of cooperation. Clause 8 Signature The Customer and his representatives shall deposit an example of their handwritten signatures at the Bank's first request at the Bank in a manner and/or in a form as determined by the Bank. The example provided by a person is deemed to be the representation of the Customer s current handwritten signature, regardless of the capacity in which the Customer acts vis-à-vis the Bank, until the Bank has been notified of a change. Clause 9 Authorisation and power of representation 9.1 The Customer may grant a third party a power of attorney to do business with the bank on his behalf. The authorised representative is not authorised to transfer the power of attorney granted to him to a third party. The Customer is liable vis-à-vis the Bank for the fulfilment of obligations, which have been entered into by the authorised representative. The Bank can demand that an authorisation is granted in a specific manner and/or in a specific form and/or according to a specific procedure. The Bank is not obliged to (continue) to do business with an authorised representative. 9.2 If the authorisation of a representative of the Customer is revoked or a change occurs with regard to the authorisation, the Customer is obliged, notwithstanding the registration in public registers or the publication thereof, to notify the Bank as soon as possible of this revocation or change. The Bank may (continue to) legally execute orders that have been given to the Bank by a representative before or shortly after the Bank has received notification of the revocation if the Bank could not reasonably prevent the execution. 9.3 The General Banking Conditions and all other provisions, rules and limitations that apply between the Customer and the Bank also apply to the representative in connection with the execution of his representation. The Customer is responsible for the compliance with the above by his representative and shall ensure that the Customer and the representative keep each other fully informed about everything that is important for them or could be important for them as Customer and representative. Clause 10 Personal data The Bank may process personal data of the Customer and the Customer s representatives, as well as data regarding the products and services purchased by the Customer, taking into account the applicable laws and regulations and the codes of conduct that apply to the Bank and the Bank may exchange this data within the group to which the Bank belongs in connection with customer relationship management, to prevent and combat criminal activities and for commercial purposes. Personal data can also be exchanged with third parties that that Bank makes use of in its business operations or in providing its banking services. This can entail, inter alia, in connection with payments, the passing on of personal data to third parties in countries that do not have the same level of protection as in the Netherlands. Personal data can be the subject of an investigation by authorised national authorities of the countries where such data is located in connection with the processing of the data both during and after the processing. Clause 11 (Video and audio) recordings The Bank may, within the boundaries of the applicable laws and regulations, make (audio and video) recordings for the purpose of sound business operations, providing evidence, combating criminal activities and monitoring quality. If the Customer requires the Bank to comply with an obligation to issue a copy or transcription of a recording, the Customer must first provide the relevant specifications such as the relevant date, time and location. Clause 12 Continuity in the providing of services The Bank aims to ensure the adequate functioning of its facilities for the provision of its services (for example, equipment, programmes, systems, infrastructure, networks); however, the Bank does not guarantee that these facilities will always be running correctly without interruption. The Bank aims to avoid interruptions / malfunctioning, insofar as this lies within its sphere of influence, within reasonable bounds or to remedy the interruption / malfunctioning within a reasonable time. Clause 13 The Death of a Customer 13.1 The Bank must be notified of the death of a customer in writing as soon as possible. As long as the Bank has not been notified of the death of a customer in this manner, the Bank may (continue) to execute the orders received from or on behalf of the Customer. The Bank may (continue to) legally execute orders that have been given to the Bank before or shortly after the Bank has received notification of the death of a Customer if the Bank could not reasonably prevent the execution After the death of the Customer, the Bank can demand that the person/persons who claims/claim to be authorised to perform (legal) acts with regard to the Customer's estate submits/submit an attestation of admissibility General Conditions for Payment Services and other Business Banking Regulations November

27 to the estate, issued by a Dutch notary, and/or documents that the Bank deems to be acceptable as proof thereof The Bank is not obliged to provide information again regarding actions and transactions that have been carried out before the time of the death of the Customer. Clause 14 Name and address of the Customer 14.1 The Customer informs the Bank to which address the documents and/or information that are intended for the Customer can be sent. The Customer notifies the Bank as soon as possible in writing of a change of name and address. If the Customer's address is not known or is no longer known at the Bank due to the Customer's fault, the Bank can attempt to find out the address of the Customer without being obliged to do so. The costs of such an investigation are for the Customer's account. The Customer, whose address is not known at the Bank, is deemed to have his postal address at the address where the Bank is located, unless agreed otherwise If a product or service of the Bank is purchased by two or several persons, the Bank shall send the documents and/or information to the address, which that person has provided to the Bank. If the persons do not agree or do no longer agree on this, the Bank may make the choice itself to which address of these persons it will send the documents and/or information. Clause 15 Dutch language The communication between the Bank and the Customer takes place in Dutch, unless agreed otherwise in writing. The Bank can demand that the Customer has documents, which are in a language other than Dutch, translated into Dutch or into another language that the Bank agrees to at the Customer's costs by a person who is qualified to translate these documents in the opinion of the Bank. A translator who is a sworn translator in the language in question is qualified in any case. Clause 16 Use of means of communication The Customer is obliged to make safe use of Internet, fax, , post or other means of communication in the Customer s communication with the Bank. Clause 17 Information and orders 17.1 The Customer shall ensure that the Bank shall receive all information, which the Bank requires or which the Customer can reasonably understand that this information is necessary for the correct provision of services by the Bank. The Customer shall ensure that statements, such as orders and notifications to the Bank or to a third party appointed by the Bank are clear and comprehensive and contain the correct information. The Customer complies with the instructions and regulations issued by the Bank The Customer makes use of data carriers or means of communication approved or specified by the Bank for its communication with the Bank or with a third party designated by the bank. The Customer makes use of this taking into consideration the Bank s instructions and regulations The Bank may postpone the execution or refuse to execute orders if these have not been submitted correctly. In special circumstances, the Bank may refuse to execute orders given by or on behalf of the Customer or the Bank may refuse to provide the requested service. Clause 18 Evidential force of the Bank s records and record keeping period An abstract from the Bank s records serves as prima facie evidence vis-à-vis the Customer, subject to rebuttal evidence produced by the Customer. The Bank is not required to keep its records for a period longer than the statutory record keeping period. Clause 19 Checking the information provided by the Bank and orders executed by the Bank The Customer must check the confirmations, bank statements, invoices, other specifications or other information that the Bank sends to the Customer or makes available to the Customer as soon as possible after receiving this. If the Bank makes such communications available to the Customer electronically, the Customer must check the information as soon as possible after this has been made available to the Customer. The date of dispatch or the date of making the information available is the date of dispatch or the date of making the information available as is apparent from copies, distribution lists or otherwise from the Bank's records. The Customer must check as soon as possible whether the bank has executed orders given by the Customer or on behalf of the Customer correctly and completely. If the Customer does not receive a notification from the Bank, whereas the customer knows or should know that he could expect a notification from the Bank, the Customer must inform the Bank of this as soon as possible in writing If the Customer notices a mistake or an omission, he must inform the Bank as soon as possible and take all reasonable measures to prevent (further) damage. If the Bank detects that it has made a mistake or an error, the Bank shall remedy this as soon as possible. The Bank informs the Customer about the detected mistake or error as soon as possible. General Conditions for Payment Services and other Business Banking Regulations November

28 19.3 The Bank is authorised to remedy a mistake or error without the Customer s consent and to reverse an incorrect entry. The Bank is authorised to reverse the crediting of an account of the Customer as a result of an order given by an unauthorised person or a person without legal capability to act If the Customer requests a copy of information that has already been provided to him by the Bank, the Bank shall provide this to the Customer within a reasonable period and the Bank shall receive a reimbursement for the reasonable costs incurred by the Bank, unless the Bank no longer has this information or the request is unreasonable. Clause 20 Approval of bank documents If the Customer has not contested the contents of confirmations, statements of accounts, invoices, other specifications or other information sent or made available to the Customer by the Bank in writing within thirteen months after such documents have been made available to the Customer by or on behalf of the Bank, the contents of such documents shall, in any case and notwithstanding the Customer s obligation pursuant to Clause 19, be deemed to have been approved by the Customer. If such documents contain any arithmetical errors, the Bank shall remedy these errors, also after the expiry of the period of thirteen months. Clause 21 Obligation to retain records and confidentiality obligation 21.1 The Customer must store and treat with care the items made available to the Customer such as forms, data carriers, means of communication, security measures, cards, personal and access codes and passwords. The Customer must treat personal pin codes and access codes and such with due care and keep these confidential for other persons. The Customer adheres to the security regulations issued by the Bank If the Customer knows or can reasonably suspect that items that the Bank has made available to the Customer have come into unauthorised hands or that abuse is being made or can be made or that an unauthorised person knows his pin code and/or access code, he must immediately notify the Bank of this. Clause 22 Commission, interest and fees 22.1 The Bank charges commissions, interest and fees for its services. The Bank may change the amount thereof, unless agreed otherwise in writing. If the amounts of these commissions, interest and fees have not been agreed in advance between the Customer and the Bank, the Bank shall charge its usual commissions, interest and fees When providing its services, the Bank informs the Customer to the extent reasonably possible about the amount of its charges (commissions, interest, fees). The Bank ensures that the information about these charges can easily be obtained The Bank may deduct the commissions, interest and fees owed by the Customer from an account that the Customer holds with the Bank without notifying the Customer in advance. If an unauthorised debit balance arises on the account due to the deduction, the Customer must immediately clear the debit balance without the Bank being required to give notice of default. Clause 23 Conditional credit entries Each credit entry of an amount received or to be received in favour of the Customer is made subject to the proviso that the Bank actually receives this amount definitely and unconditionally. If this condition has not been satisfied, the Bank may reverse the credit entry without prior notification by debiting the same amount with retrospective effect. If the amount received or to be received was converted into another currency when crediting the account, the bank may make the debit entry in the other currency at an exchange rate at the time of execution. Costs in connection with the reversal are for the Customer's account. Clause 24 Lien 24.1 As a result of these General Banking Conditions becoming applicable, the Customer: a. undertakes to pledge the following goods including the related ancillary rights to the Bank as security for all that which the Customer may owe or come to owe the Bank at any given moment: i. all (cash) receivables that the Bank owes to the Customer on any account whatsoever; ii. all goods, documents of title, securities and other financial instruments that the Bank or a third party on behalf of the Bank, on any account whatsoever, holds or obtains of or for the Customer; iii. all securities in collective depositories that the Bank holds in custody or acquires; iv. all goods that (shall) take the place of the goods under i, ii, or iii; b. insofar as legally possible, the Customer pledges the goods referred to in sub a to the Bank; c. grants the Bank an irrevocable authorisation, with the right of substitution, to pledge these goods to itself in the name of the Customer, if necessary repetitively, and to do everything that serves the pledge The Customer guarantees that he is authorised to make the pledge and that the goods in question are or General Conditions for Payment Services and other Business Banking Regulations November

29 will be free of rights and claims of other parties than the bank The Bank shall release the pledged goods, if the Customer wishes to have these goods in his possession, if the value of the then remaining pledged goods provides sufficient cover for all that the Customer, on any account whatsoever, owes or may come to owe to the Bank. The Bank may only seize and execute the pledged goods if the Customer's debt to the Bank has become due and payable and the Customer is in default. The Bank shall not seize and execute more of the pledged goods than necessary for the payment of the debt that the Customer owes to the Bank. After the Bank has exercised its seize and execution right, it shall notify the Customer of this in writing as soon as possible. Clause 25 Right of set-off The Bank shall at all times be entitled to set off all and any debts receivable by the Bank from the Customer, whether or not due and payable and whether or not contingent, against any debts owed by the Bank to the Customer, whether due and payable or not, regardless of the currency in which such debts are denominated. If, however the Customer's debt to the Bank or the Bank's debt to the Customer is not yet due and payable - and provided that the Customer's debt and the Bank's debt are expressed in the same currency - the Bank shall not exercise its right of set-off except in the event of an attachment being levied upon the Bank's debt to the Customer or recovery being sought from such debt in any other way, or in the event that a restricted right is created thereon or the Customer assigns the Bank's debt to a third party by singular title, or the Customer is declared bankrupt, or has entered into a moratorium of payments or another insolvency regulation or statutory debt repayment arrangement applies to the Customer. Debts expressed in a foreign currency shall be set off at the exchange rate on the day of set-off. If possible, the Bank shall inform the Customer in advance that it intends to exercise its right of set-off. Clause 26 Collateral 26.1 As a result of the General Banking Conditions becoming applicable, the Customer has undertaken vis-à-vis the Bank to provide (additional) collateral for all existing and future amounts that the Customer owes to the Bank, on any account whatsoever, at the first request of the Bank and to the Bank's satisfaction. This collateral must be such, and if necessary must be replaced and/or supplement by the Customer to the Bank's satisfaction, that the Bank, taking into account the Customer's risk profile, the cover value of the security and any other factors relevant to the Bank, continually has sufficient collateral. At the Customer's request, the Bank shall inform the Customer of the reason of the demand for collateral, or the replacement or supplement thereof. The amount of the required collateral must reasonably be in proportion to the Customer's obligations Pledge and mortgage rights of the Bank also serve, in the event that another banking institution, as its legal successor under general title, continues the banking relationship with the Customer, partially or in full, in favour of the other banking institution as if this was the Bank itself The Bank can terminate its pledge or mortgage rights at any moment, partially or fully by giving notice of termination Establishing a (new) security right in favour of the Bank does not serve to replace or release (existing) security rights If the General Banking Conditions are used vis-à-vis the Customer to amend, supplement and/or replace previous General (Banking) Conditions, all by virtue of earlier general (banking) conditions existing collateral, security rights and set-off rights remain in full force in addition to the rights and powers by virtue of these General Banking Conditions. Clause 27 Immediately due and payable If the Customer is in default with regard to the fulfilment of any obligation to the Bank, the Bank may make the amount due by the Customer immediately due and payable by giving notice, unless this is not justified in view of the minor importance of the default. Such a notice of termination must be made in writing and state the grounds for termination. Clause 28 Special costs 28.1 If the Bank becomes involved in a seizure, dispute or proceedings between the Customer and a third party, then the Customer shall fully reimburse the costs incurred by the Bank resulting there from (for example the costs of legal assistance) All other special costs incurred by the Bank following from the relationship with the Customer are for the Customer s account insofar as this is reasonable. Clause 29 Taxation and levies All taxation, levies and such under whatever name and levied by whomever - that concern the relationship between the Customer and the Bank are for the account of the Customer, unless agreed in writing otherwise or a provision of imperative law specifies differently. General Conditions for Payment Services and other Business Banking Regulations November

30 Clause 30 The form of notifications Notifications to the Bank must be made in writing, unless a different manner of communication has explicitly been agreed with the Bank. Clause 31 Incidents and disasters If (in the execution of) an agreement between the Bank and the Customer an incident or disaster threatens to occur, occurs or has occurred, the Customer must, at the Bank s request, do or refrain from doing everything what the Bank reasonably considers necessary in connection therewith. Clause 32 Partial nullity or annulability Should a provision in these General Banking Conditions be invalid or annullable, then this does not imply that another provision of these Conditions is (partially) invalid or annullable. If a provision in these General Banking Conditions should be invalid or annullable, it will be replaced by a valid provision that is as close as possible to the import of the invalid or annullable provision. Clause 33 Applicable law The relations between the Customer and the Bank shall be governed by the laws of the Netherlands, unless imperative law prescribes otherwise. Clause 34 Complaints and disputes 34.1 If the Customer is not satisfied with the services provided by the Bank, the Customer must first turn to the Bank taking into account the Bank s procedure for this Disputes between the Customer and Bank shall only be brought before the competent Netherlands Court, except in the case of imperative law and the following: a. The Customer can also submit a dispute to the authorised dispute and complaint committees. b. The Bank can also submit a dispute to the foreign court that is competent for the Customer. Clause 35 Termination of the relationship Both the Customer and the Bank may terminate the relationship between the Customer and the Bank in writing completely or partially. If the relationship is terminated by the Bank, the Bank shall, upon request, inform the Customer of the reason for such termination. After notice of termination of the relationship has been given, the existing individual agreements between the Customer and Bank shall be settled as soon as possible taking into account the applicable time periods. During the settlement, these General Banking Conditions and the specific conditions that apply to the individual agreements remain applicable. Clause 36 Transfer of contracts As a result of these General Banking Conditions becoming applicable, the Customer has, in the event of a (partial) transfer of the business operations of the bank, agreed to cooperate in advance that the Customer's legal relationship with bank in connection with the (partial) transfer shall (partially) be transferred to a third party. Clause 37 Amendment of and additions to the General Banking Conditions Amendments of and additions to these General Banking Conditions shall not take effect until after the representative Dutch consumers and employers organisations have been consulted about such amendments and additions and also about the manner in which the Customer shall be informed of the amendments and additions. The amendments and additions shall be filed at the Registrar s Office of the District Court of Amsterdam. These amendments and additions will not take effect until sixty days after the date of filing. A copy of these General Banking Conditions has been filed by the Netherlands Bankers Association at the Registrar s office of the District Court of Amsterdam under number 61/2009 on 27 July General Conditions for Payment Services and other Business Banking Regulations November

31 Explanatory Notes to the General Banking Conditions 2009 Clause 1 The General Banking Conditions (GBC) contain rules for all transactions between the Customer and the Bank. Such transactions take place within the framework of the relationship into which the Customer and the Bank have entered. Such a relationship can be confined to one single agreement, for instance a transfer account. Of course, it can also comprise several elements, such as the renting of a safe-deposit box or a deposit or a securities account. In the GBC, all these elements taken together are referred to as the relation. The GBC do not, however, provide exhaustive regulations for all the elements of which a relationship can be composed. To each separate element, further conditions may apply in practice. A savings account e.g. may be subject to specific additional conditions, which may moreover vary according to the type of savings account chosen by the Customer. Home financing is another product offered in various types, each subject to its own specific conditions. The rules found in the GBC are therefore mainly basic rules regulating the relation between the Customer and the Bank, wherever in the world. If a foreign branch of the Bank chooses to make use of deviating general conditions, for example, because these are more in line with the local laws, these conditions shall then prevail. For the most common services, the Bank has brochures and leaflets, which provide information that is more detailed. Clause 2 This Clause provides that the Bank must exercise due care in its transactions with the Customer, taking the Customer s interests into account to the best of its ability. It is also expected of the Customer that he exercises due care vis-à-vis the Bank. This implies, for example, that the Customer may not do anything that could be damaging to the Bank or to the integrity of the banking system as a whole. Clause 3 Banks play a key role in the national and international payment system. Unfortunately, Banks are also misused for criminal activities such as money laundering. Banks are obliged by law to take measures against conduct or events that form a threat to the integrity of the Banking system and to have procedures in place that make this possible. Part of this is that the Bank must be able to obtain information from the Customer, for example, about the origin of the money that the Customer wishes to deposit at the Bank. Clause 4 The Bank may not simply share the information, which it has obtained, with everyone. Certain information is confidential or is provided to the Bank subject to the condition that it must remain confidential. The Customer must therefore assume that the advice that is provided to him, for example regarding securities transactions, is based exclusively on public information. Clause 5 There are transactions that the Bank can fully settle in house, for instance the sale of foreign currency over the counter. In a number of cases, however, the Bank must use the services of third parties to execute orders or other transactions. When a Customer gives an instruction to make a payment to a beneficiary in a foreign country, then generally, a third party, namely a foreign bank, will be involved in the execution thereof. When the Bank receives the order from the Customer to purchase a specific document of title, it is conceivable that the Bank can supply this document of title from its own stock and consequently can itself act as the seller. This is the meaning of the possibility provided for in this Clause that the bank concludes this transaction with itself as the counterparty. Another example is in-house matching. In this case, in the execution of securities orders, the Bank not only acts as the representative of the Customer but also as the counterparty as it clears the buying and selling transactions of Customers within the Bank. Clause 6 Other goods or document of title than monies or financial instruments could be a bill of lading and such. This provision is hardly of any importance for retail customers. Clause 7 The obligation to provide insight into the ownership and control structure of a legal person or form of cooperation at the Bank s first request follows from the same laws as referred to in Clause 3. Clause 9 An example of a public register as referred to in this Clause is the commercial register of the Chamber of Commerce and Industries. If the Customer has an enterprise, this enterprise will, as a rule, be registered in the commercial register. In this situation, the Customer for example when opening the account may have submitted an extract from the commercial register to the Bank, showing that he has granted a power of attorney (signatory power) to an employee and that General Conditions for Payment Services and other Business Banking Regulations November

32 under this power of attorney the employee has the power to sign for the bank account. If, at a given moment, the Customer revokes this power and notifies the commercial register thereof but not the Bank, this Clause provides that this revocation shall not become operative vis-à-vis the Bank, until the Bank has been notified in writing of the said revocation. Clause 10 The manner in which the Bank treats the personal data of the Customer is regulated in the Code of Conduct for Processing Personal Data by Financial Institutions (Gedragscode Verwerking Persoonsgegevens Financiele Instellingen). This Code of Conduct has been approved by the Dutch Data Protection Authority (College Bescherming Persoonsgegevens) and can be obtained from your Bank upon request. Clause 13 In the event of the death of a Customer, the Bank generally does not know who the legal successors are. In order to prevent the estate from passing into the wrong hands, the Bank demands an attestation of admissibility to the estate. If the bank has obtained certainty in another manner regarding the legal successors, the Bank can decide not to request such an attestation. However, the Bank is not obliged to do this. Clause 18 The so-called records provision has been dealt with extensively when the new Dutch Civil Code was drafted and accepted as a practical formula. Decisive in this process is that banks are subject to supervision and are obliged to maintain sound and reliable records. Of course, the Customer is free to submit evidence to the contrary. Clause19 When the Customer finds that orders that he has given to the Bank have not been executed or have not been executed correctly, he must lodge a complaint with the Bank as soon as possible. For though it is true that the bank is liable for its own mistakes, a timely complaint may help to keep the damage, if any, within reasonable limits. Moreover, the following is true: The earlier the complaint, the greater the possibility of reconstruction and rectification. Clause 20 The contents of confirmations, etc. sent by the Bank to the Customer shall in any case be deemed to have been approved by the Customer if he has not objected to them within a period of thirteen months. However, this period does not apply where it concerns arithmetical errors made by the Bank. Clause 21 If forms, bank cards and the like are lost by the Customer or if they are stolen, there is of course the risk that the finder or the thief will make improper use of the things he has found or stolen. However, the Customer can limit the consequences of such misuse by informing the Bank as soon as he has discovered the loss or theft. Clause 22 In addition to debit and credit interest, the Customer may also be faced with commissions and fees, since the Bank may charge the Customer a commission or fee for its services. The Bank has laid down standard charges for a large number of services. Information on such charges is available at the Bank s offices. Clause 23 It may happen that the Customer receives a cheque from a party in a foreign country. Of course, the Customer wishes to collect the amount of this cheque and for this purpose hands the cheque to his own bank. The Bank will credit the Customer s account with the amount of this cheque after the amount has been collected. Sometimes, the Bank is willing to credit the Customer s account with the amount of the cheque in anticipation of the actual collection. In this case, the credit entry will be made subject to the proviso that subsequently the Bank will in fact receive the amount of this cheque. If this is not the case for it does happen that cheques are returned unpaid then the Bank is authorised to debit the Customer's account again. In banking terminology this is known as credit entry under usual reserve, which in Dutch is often abbreviated as credit entry o.g.v. Clause 24 Lending is one of the principle activities of the Bank. The loans are often secured. For example, loans may be provided against collateral in the form of securities. In this case, the Bank has a lien on the Customer s securities deposit with the Bank. Clause 24 deals with this kind of lien. A special feature of this lien is that it is created automatically, which means that the Customer does not have to execute separate instruments of pledge each time. Another advantage of the flexibility resulting from this arrangement is that it is also conductive to the smooth processing of payment orders. Clause 25 Kindred to the right of lien is the Bank s right of set-off. This right has a wider scope than the statutory right of set-off because it includes the possibility of setting off debts, which are not yet due and payable. General Conditions for Payment Services and other Business Banking Regulations November

33 The Bank will only use this wider right of set-off in connection with debts expressed in the same currency and if one of the events stated in this Clause occur. In practice, the most important event on the list is the situation that a creditor of the Customer levies an attachment upon the Customer s account at the Bank. Clause 26 As has been said above, loans are often granted against security. Now it is conceivable that the security, which originally was adequate subsequently, becomes or threatens to become inadequate. This may happen, for instance, when the prices of the securities covered by the Bank s lien fall. Pursuant to Clause 26, the Bank may in such case demand that the Customer provide additional security. The Bank may also demand that security be provided for an entirely unsecured debit position or a debit position that is insufficiently secured in the opinion of the Bank. In short: the Customer must ensure at all times that the amounts he owes to the bank are secured by sufficient security. Clause 27 If the Customer fails to perform any of his obligations towards the Bank, the Bank will, of course, consider its total position vis-à-vis the Customer. The Bank may find itself compelled to actually demand payment of all of its outstanding debts. The Bank will not do so until after it has given the Customer prior written notice stating the reason why it is calling its debts. Clause 28 When there is a dispute between the Customer and third parties, the costs incurred by the Bank shall be entirely for the Customer s account, since the Bank is not in fact a party to such dispute. A situation like this may occur, for instance, when one of the Customer s creditors levies an attachment on the Customer s account with the Bank. Clause 30 More and more often, a different manner of communication is agreed with the bank than in writing. This is the case, for example, for online banking. Clause 34 When a consumer has a dispute with the Bank, he may submit the dispute to the competent Dutch Court; however, he may also apply to the Committee of Good Offices Financial Services (Klachteninstituut Financiele Dienstverlening (KiFiD)). Information on the procedure that is to be followed is available at the Bank. Clause 37 It may prove to be desirable in the future - for instance due to new technical or other developments - to amend or add to the GBC. Clause 38 specifies the manner in which amendments and additions will become binding. In this case, the consultation procedure for consumers and employers organisations is important, since amendments and additions will not take effect until after these organisations have been consulted. General Conditions for Payment Services and other Business Banking Regulations November

34 Privacy Statement ING Bank N.V. This Privacy Statement contains information on how ING Bank N.V. (hereinafter referred to as ING ) treats and takes care of your personal details. ING processes the personal data of natural persons who are customers or potential customers, as well as the personal data of natural persons in their capacity of employee, manager and representative of customers or potential customers (hereinafter referred to as customers ). ING has reported the use of personal information to the Dutch Data Protection Authority (hereinafter referred to as the Dutch DPA ). Please refer to the register of notifications at Dutch personal data protection act and Code of Conduct ING is committed to protecting your privacy and the security of your personal data. ING pledges to comply with the Dutch personal data protection act (hereinafter referred to as the Wbp ) and the Code of Conduct for the Processing of Personal Data by Financial Institutions (hereinafter referred to as the Code of Conduct ). This Code of Conduct, as drawn up by the Netherlands Bankers Association and the Dutch Association of Insurers, provides a sector-specific elaboration of the Wbp. The Code of Conduct contains rules stating that the personal data of customers must be treated and processed in a proper and careful manner. The Code of Conduct (and associated explanatory notes and unqualified conclusion of the DPA) can be found at Purpose of data processing ING shall use the personal data of its customers for various purposes in order to run its business efficiently and effectively. These purposes have been determined with the utmost care and in compliance with the Wbp and the Code of Conduct. The objectives are: To assess and accept customers and potential customers, to enter into and execute agreements with customers and to process payments; To analyse personal data for statistical and scientific purposes, product development and management reports; To perform (customised) marketing activities to establish, maintain or expand a relationship with a customer. ING makes customised commercial offers to customers based on information obtained from internal and external sources. These offers are tailored to the specific features of the customer; To safeguard the security and integrity of the sector. This includes detecting, preventing, investigating and combating (attempts at) (unlawful or objectionable) actions against ING, the group to which ING belongs, its customers and employees, as well as the use of and participation in warning systems. In addition, ING keeps records of IP addresses of visitors to the website to combat fraud (for example cybercrime, trojans and phishing); To comply with legal requirements; To maintain the relationship with the customer. Personal data sharing within companies belonging to ING Groep N.V. The personal data of ING customers can also be used for other companies belonging to ING Groep N.V. Customers may therefore also be approached with product and service offerings from other companies belonging to ING Groep N.V. International personal data sharing ING is active worldwide and shares personal information with companies belonging to ING Groep N.V., with data processors and with third parties for the provision of services. That means that personal data may be provided to countries outside the European Economic Area. ING will only provide personal information with due observance of the relevant laws and regulations (pertaining to privacy). Processing particular personal data Medical data need to be processed for some types of insurance (for example life or disability insurance) for which ING acts as an intermediary. The insurer obtains this information from the customer or the customer s physician (through authorisation). The insurer s medical advisor (physician) is responsible for processing the medical information. The medical advisor may only share the information with others if they belong to the medical advisor s functional unit (i.e. group of people authorised to deal with medical data) and only if they need the data for the performance of their tasks. Both the medical advisor and people belonging to the advisor s functional unit have an obligation of secrecy. For non-life insurance the insurer may also ask for details of any criminal convictions. This information is used by ING and the insurer for the purpose of risk assessment. Customers do not have to report any criminal offences that took place more than eight years ago. Recording telephone conversations and other forms of electronic communication ING can record telephone calls and keep records of other forms of electronic communication. Recording conversations, keeping records of electronic communication and the processing thereof by ING serves the following purposes: i. Being able to provide proof, for example in the event of a General Conditions for Payment Services and other Business Banking Regulations November

35 difference in interpretation or dispute about what was said during a telephone call; ii. Detection and investigation (for example of fraud); iii. Assessing the quality of our services; iv. Training, coaching and assessment. ING may provide recordings to the police and legal authorities, for example if it is under a legal obligation to do so, and to the ING unit in charge of security matters and/or officials responsible for monitoring the observance of corporate rules and regulations, including compliance. Confidentiality and security ING values the trust of its customers to purchase financial services and therefore takes responsibility for ensuring the security of personal data. That means that we treat your personal information with the utmost care. ING uses various methods to protect your personal details. Technical, operational or commercial reasons may require the transfer of data to non-ing companies. In such cases, personal data are always protected and treated confidentially. Inspection and correction ING customers can receive an overview of their personal data that have been processed by ING. Customers (private or MKB) can request this overview by sending a letter to: ING Bank N.V. Rechtspositie Rekeninghouders/WBP Antwoordnummer SB Leeuwarden The Netherlands Other customers can request this overview by sending a letter to: ING Bank N.V. CB CF&EM/CD (AMP F ) Bijlmerplein MG Amsterdam The Netherlands Your request should be sent with a photocopy of a valid form of legal proof of identity. Right of objection Customers can indicate that they do not wish to receive personal (commercial) information on products and services. They can also object to the use of their personal data. Customers (private or MKB) can send a letter to: ING Bank N.V. Relatie Gegevens Beheer Antwoordnummer SW Leeuwarden The Netherlands Other customers can send a letter to: ING Bank N.V. CB CF&EM/CD (AMP F ) Bijlmerplein MG Amsterdam The Netherlands Amendments to the Privacy Statement ING retains the right to change the Privacy Statement (date of last amendment 6 August 2009). We therefore advise you to check this Privacy Statement regularly - in any event when providing personal information to ING. General Conditions for Payment Services and other Business Banking Regulations November

36 Complaints procedure ING Bank N.V. To ensure the correct handling of complaints, ING Bank N.V. ( the Bank ) has established a complaints procedure in accordance with the General Banking Conditions. When a customer has a complaint about the services provided by the Bank or is not satisfied about the manner in which a complaint has been handled by the Bank, the complaints procedure must be followed. 1 A customer can submit its complaint to the Bank in various manners: through the branch office network or the advisors of the Bank through Internet: by telephone: (10 cents a minute) in writing to the following address: ING Customer Service Department Antwoordnummer WC Arnhem The Netherlands A complaint can be submitted to the Bank up to a maximum of thirteen months to be calculated as from the moment upon which the fact about which the customer wants to complain has occurred or up to a maximum of thirteen months to be calculated as from the moment the customer could reasonably have become aware of this fact. As soon as the complaint has been received by the Bank, the Bank shall contact the customer as soon as possible whereby agreements shall be made regarding the manner in which its complaint is to be handled and about the term of the processing of the complaint. 3 If a customer is not satisfied with the settlement of the complaint by the Management of the Bank, then the complaint can: 1. be submitted to the competent dispute committee in The Netherlands. More information can be found on or 2. submitted to the competent court in Amsterdam. Disputes Committee Credit Registration Office (BKR) Complaints regarding a registration with the BKR can be submitted to the BKR Disputes Committee in accordance with the procedure drawn up by the BKR. The BKR Disputes Committee can charge costs for handling the complaint. The decision of the BKR Disputes Committee is binding for both parties. It is recommended that the customer contacts the BKR in advance to obtain information regarding the requirements that the BKR specifies for submitting a complaint. For more information: Credit Registration Office (BKR) Information and Inspection Department PO Box HB Tiel The Netherlands Please note If the term within which a complaint must be submitted is exceeded, the complaint shall no longer be eligible for review. 2 If a customer is not satisfied with the handling of the complaint by the (initially) responsible department, then the complaint can be submitted to the Management of the Bank within six weeks after the reaction of the department has been received or should have been received through the following address: Management ING Antwoordnummer PA Amsterdam The Netherlands The Management shall react to the complaint that has been presented to it within six weeks. General Conditions for Payment Services and other Business Banking Regulations November

37 More information Contact your ING representative. These General conditions for payment services and other business banking regulations apply as from 1 November The information in these Conditions and in the other regulations can be subject to amendments. This also applies with regard to the fees and the interest rates. Up-to-date information can be found on The registered office of ING Bank N.V. is located at Bijlmerplein 888, 1102 MG, Trade Register number in Amsterdam. ING Bank N.V. is registered with the Dutch Central Bank (DNB) and The Netherlands Authority for the Financial Markets (AFM) in the Credit Institutions and Financial Institutions Register. ING Bank N.V. is also subject to the supervision of The Netherlands Competition Authority (NMa). Information about the supervision of ING Bank N.V. can be obtained from DNB ( the AFM ( or the NMa ( CBG ING Bank N.V.