New versi­on of Lands­bank­inn’s Gener­al Terms and Conditi­ons

This is to call attention to changes to the Bank’s General Terms and Conditions. The General Terms and Conditions apply to business between the Bank and its customers, both private and corporate. In addition to these Terms and as the case may be, contract provisions and special terms and rules for individual products or services apply.
30 September 2021 - Landsbankinn

The new Terms enter into effect as of 1 October 2021 as regards new customers. For current customers, the older version is valid until 30 November 2021, with the new version entering into effect as of 1 December 2021.

Landsbankinn’s General Terms and Conditions (new version)

Main content changes to the General Terms and Conditions are:

  • Provisions on the processing of personal data are updated (Section 2.1).
  • A new provision is added on the recording of phone conversations and storing of electronic communication (Section 2.1).
  • A new provision is included on the Bank’s right to unilaterally terminate power of attorney if the Bank considers that there is danger of misconduct, fraud, money laundering or similar, and that power of attorney automatically becomes null and void upon a demise, the cancellation of legal guardianship, or deprivation of the financial competency of the customer or proxy (Section 2.7).
  • An explanation is provided of what constitutes authentication (verification method) and personalised security credentials (e.g. PIN), cf. new Act on Payment Services No. 114/2021 (Section 3.1).
  • A unique identifier number/code is added as an example of personalised security credentials (Section 3.1).
  • New provisions are added on precautionary obligations and the customer’s obligations with respect to false messages, as well as instructions on the subject (Sections 2.9, 3.1 and 5.4).
  • Provisions on corporate online banking are updated (Section 3.2).
  • An explanation is provided on the Bank’s use of terminology for payment accounts and that whether or not an account constitutes a payment account in accordance with the Act on Payment Services depends on the nature of each account (Section 4.1).
  • Provisions on payment services are updated in accordance with the new Act on Payment Services (Section 4.3).
  • The timing of reception and execution of payment orders are updated to reflect execution (including the interbank system of the Central Bank of Iceland and SEPA) and the Act on Payment Services (Section 4.3).
  • It is noted that if the user of the Bank’s payment services is not a consumer, certain provisions of the new Act on Payment Services do not apply to the service (Section 4.3).
  • A provision on interest rate changes for deposit accounts is aligned with the new Act on Payment Services (Section 4.6).
  • Provisions on payment cards are aligned with the new Act on Payment Services (Chapter 5).
  • It is noted for clarification purposes that the international terms and conditions of the relevant payment card company (e.g. VISA or MasterCard) also apply to payment cards and are published on their websites (Section 5.1).
  • A special chapter (Chapter 6) is dedicated to liability for payment services in accordance with the new Act on Payment Services.
  • A provision is incorporated allowing the Bank to close accounts or other services or terminate a business relationship for inter alia such reasons that the business relationship does not conform to the Bank’s risk policy (Section 4.9 and 7).

 Those provisions of the Terms that fall under the scope of the Act on Payment Services constitute a framework agreement for payment service between the customer and the Bank, as defined by the Act on Payment Services. Current customers are entitled to notify the Bank of termination of the framework agreement on payment services prior to 1 December 2021, should they not wish to approve the amendments introduced in the new version. Current customers are considered to have approved the changes if they do not notify the Bank otherwise prior to 1 December 2021.

You may also be interested in
7 Jan. 2022

Íslenski lífeyrissjóðurinn publishes detailed information on the sustainability of investments

The pension fund Íslenski lífeyrissjóðurinn has published information on the sustainability platform of companies and funds the pension fund invests in. The pension fund also published information about GHG emissions from its domestic investment portfolio. This is the first time an Icelandic pension fund releases such detailed information about the sustainability of its investments.
New temp image
5 Jan. 2022

Sigríður Guðmundsdóttir new HR Manager at Landsbankinn

Sigríður Guðmundsdóttir has been hired as Landsbankinn’s HR Manager.
22 Dec. 2021

We find solutions

We are here to help find solutions. Banking service and financial advice is available over the phone or remote meetings, through email or web chat on Due to restrictions on gatherings, branch visits will be by appointment only as of 23 December.
New temp image
21 Dec. 2021

Three new managers at Landsbankinn

Landsbankinn has hired three new managers in Risk Management, Asset Management & Capital Markets and the Marketing department.
New temp image
6 Dec. 2021

Landsbankinn Corporate Finance advises Reginn on real estate development transaction

Reginn hf. and Hagar hf. concluded a subscription agreement on 3 December 2021, providing for subscriptions to shares in real estate developer Klasi ehf. Reginn will own a third of shares in Klasi and pay for its shares with an asset portfolio comprised of assets for sale and property for development.
New temp image
24 Nov. 2021

Landsbankinn changes interest rates

Variable interest rates on non-indexed housing mortgages increase by 0.35 percentage points (pp). Fixed rates on non-indexed 36-month housing mortgages increase by 0.30 pp and fixed rates on non-indexed 60-month housing mortgages by 0.25 pp. Interest rates on inflation-indexed housing mortgages, both variable and fixed, are unchanged.
New temp image
24 Nov. 2021

New Head of Landsbankinn Asset Management

Búi Örlygsson has taken up the position of Head of Asset Management at Landsbankinn. Búi has 21 years of experience of asset management and has worked for Landsbankinn since the year 2000. Asset Management falls under the Bank’s Asset Management & Capital Markets division.
New temp image
9 Nov. 2021

Verification system for card use – changes to Visa website

Please note that minor changes are set to be made to the website that appears when Visa cardholders are asked to confirm online purchase with code. The changes will apply as of Wednesday, 10 November 2021.
9 Nov. 2021

Exhibition of abstract art in Austurstræti 11

Landsbankinn has opened an exhibition of 20 abstract works from its collection in its Austurstræti 11 branch. The exhibition will be open during the branch's opening hours.
3 Nov. 2021

We’re opening a sandbox to develop new solutions

A new Act on Payment Services has entered into effect. In response, we have opened a sandbox that allows fintechs and other companies in the sector to develop fintech solutions that link to the Bank’s systems.

By clicking "Allow All", you agree to the use of cookies to enhance website functionality, analyse website usage and assist with marketing.

More on cookies