News

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
New temp image
18 Oct. 2021

Landsbankinn changes interest rates

Variable interest rates on non-indexed housing mortgages increase by 0.20 percentage points (pp). Fixed rates on new non-indexed 36-month mortgages increase by 0.15 percentage points and fixed rates on new non-indexed 60-month mortgages by 0.10 pp. Interest rates on inflation-indexed mortgages, both variable and fixed, are unchanged. 
New temp image
18 Oct. 2021

Icelandic Economic Weekly: 18 October 2021

108,000 foreign passengers departed via Keflavík Airport in September.
Dalir og evrur
7 Oct. 2021

The Icelandic króna depreciated in September

The Icelandic króna depreciated against the currencies of Iceland’s main trading partners in September. At the end of the month, the euro stood at ISK 150.9, compared to ISK 149.6 at the end of August. The CBI intervened five days in September. On all five days, it sold euros.
6 Oct. 2021

Eyrún is Managing Director of Landsbankinn Asset Management & Capital Markets

Eyrún Anna Einarsdóttir has been hired as Managing Director of Asset Management & Capital Markets at Landsbankinn.
1 Oct. 2021

Young children should not play with piggybanks

Please note that labels on Sproti piggybanks handed out by the Bank were insufficient. Piggybanks should not be used as toys, as small coins may fall out of them.
New temp image
29 Sept. 2021

We provide advisory service until 18:00 while branches open at 10:00

On 18 October, we are extending the hours customers have access to financial advisors over the phone or online until 18:00 every weekday. At the same time, branch opening hours, currently 9:00-16:00, will be shortened by an hour and will thereafter be 10:00-16:00.
New temp image
16 Sept. 2021

Landsbankinn in Þórshöfn moves

Landsbankinn’s outlet in Þórshöfn has moved to Kjörbúðin’s facilities at Langanesvegur 2. The Bank’s services and opening hours remain unchanged and the ATM is accessible during Kjörbúðin’s opening hours.
New temp image
13 Sept. 2021

Icelandic Economic Weekly: 13 September 2021

A total of 150,000 foreign passengers departed via Keflavík airport in August.
New temp image
6 Sept. 2021

Icelandic Economic Weekly: 6 September 2021

The Icelandic economy grew by 7.3% in Q2 compared with the same period in 2020.
New temp image
1 Sept. 2021

New legislation on financial instruments - you may need to take action

New laws on financial instruments enter into effect on 1 September 2021. The changes require action from legal entities and natural persons, who are not Icelandic nationals or who hold multiple citizenships and intend to trade in financial instruments.
Cookies

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