Luminor's new Payment Service Rules

Dear Customer,

Please be informed that from 1 August Luminor|DNB and Luminor|Nordea payment services will be provided under the new Luminor Payment Service Rules (the Rules) which will be applicable to both new and existing customers.
1.   As soon as the Rules come into effect from 1 August, the following documents will no longer be valid:

• Annex No 2 to Luminor Bank AB General Service Rules (N);
• Payment Service Rules (D);
• Terms and Conditions of the Daily Banking Services plans and the Basic Payment Account Service for Private Customers (N);
• Terms and Conditions of Business Packages for Corporate Customers (N);
• Description of the Terms on Mastercard cards Issuance and Usage for Private Persons (N);
• Description of the Terms on Mastercard Platinum cards Issuance and Usage (N);
• Description of the Terms on Mastercard cards Issuance and Usage for Corporate Customers (N).

2. We are changing the conditions also in view of the EU Second Payment Services Directive (PSD2) which is transposed into the Law on Payments of the Republic of Lithuania. The main changes in the Rules are the following:

• The liability reduced from EUR 150 to EUR 50 to private customers from unauthorised transactions incurred due to the unauthorised use of a payment instrument or due to a theft or loss of a payment instrument;
• Information is provided on how the bank will process payments in cases where the customer is using payment initiation services and/or account information services provided by other payment service providers;
• The term to refund amounts in case of unauthorised payment transactions is changed. Once the Bank finds out about unauthorised payment transactions, the Bank will refund the amount of such unauthorised payment to the payer no later than by the end of the following banking day. This provision will not be applied in case the payer has acted fraudulently.

3. We have specified other provisions of the Rules and supplemented them:

• We have introduced new provisions to the payment card transaction execution;
• We have changed the concept of the banking day;
• We have separately specified the payment service (payment cards, e. invoices, payment service packages, internet bank) rules for customers whose account numbers start differently (LTXX40100 or LTXX21400);
• We have updated the conditions of the “Safe Card” security service and transferred them into a separate document;
• We have introduced additional grounds for termination of the account agreement, i.e. with prior notice to the customer, the bank will have the right to terminate the account agreement if no transactions have been performed in the account for more than a year and the balance of the payment account is below the minimum amount set by the bank; 
• The bank will have the right to charge the commission fee provided in the pricelist for termination of the account agreement in case the customer unilaterally terminates the agreement before the expiry of 6 months’ term from the agreement date.

4. Also, please be informed that on 1 August new documents come into effect which will be applicable to both new and existing customers: 

• The expired Descriptions of the Terms on Mastercard cards Issuance and Usage (to private individuals and legal entities), Mastercard payment cards will be issued and used under the same conditions as before but they will be defined by the new Rules on Credit Limit Granting in the Mastercard payment card Account to Private Individuals and by the Rules on Credit Limit Granting in the Mastercard payment card Account to Legal Entities.
• Terms and conditions of providing the card security service "Safe card".

5.  In view of the said changes, we made technical updates in Luminor Bank AB General Service Rules (N) – we removed the provisions related to references to the repealed Annex No 2 of the Rules.

Luminor’s new Payment Service Rules are available here. 

In case you disagree to the changes of the Rules, you have the right to withdraw from the payment services by 1 August without charge. Unless we receive your notification by the said date stating that you disagree to the proposed changes, we will consider that you accept these changes.