Q&A: Unifying systems

Customer migration will affect existing Luminor customers using Luminor|Nordea products (i.e. Luminor|Nordea online banking, MasterCard payment cards, etc.). All of these customers will be migrated to the unified Luminor system, which is based on the former DNB Bank systems. We plan to complete the migration of services by mid-2020. We will make every effort to ensure that customers experience minimal disruption in managing their finances during this migration.
 

Once DNB and Nordea merged their Baltic operations, there was a natural need to bring the services and products together under one umbrella, i.e. a single system. By migrating Luminor|Nordea customers to the unified Luminor system, the bank will not only make its services and products uniform for existing customers – it will also be able to offer new, advanced and modern banking solutions.

You do not have to contact the bank for the migration of services and products. Luminor will take all steps to ensure the smooth migration of your account and other products.

All of your bank products will be migrated at the same time. You do not have to contact the bank for the migration of services and products. Luminor will take all steps to ensure the smooth migration of your account and other products.

You need to wait until you receive a personal letter addressed to you, which will contain all of the details of the migration of your services. The migration of services will be carried out in two stages:

• During the first stage, we will open an account for you in the unified Luminor system using the same number that you used before. If you previously had a MasterCard payment card, we will send you a new Visa card linked to this account. We will send the card to the address you gave the bank, and will create logins for Luminor|DNB online banking.
• During the second stage, we will migrate your funds and the other services you have.

All information about the migration will be sent to you by e-mail and via the online banking mailbox. When you receive the letter, read the instructions carefully. If you have any questions, please contact us.

Do not forget to check and update the contact details that you gave the bank. You can do this by calling +370 5 239 3444, or via online banking.

Report it to us and update your contact details immediately. You can do this by calling +370 5 239 3444 or via online banking.

Nothing will change for you.

The following changes are planned for private and corporate customers:

• The account number (IBAN) will remain the same after the migration of services. If you make/receive international transfers, the SWIFT BIC code will change to AGBLLT2X.
• You will be able to use the Smart-ID app for online authentication;
• MasterCard payment cards will be replaced by VISA cards.

You may object to our proposed service and product migration solution. You should inform us of this before the planned migration date. We will then suggest that you close your existing Luminor|Nordea accounts and transfer your products to another banking services provider.

Your account will be migrated from Luminor|Nordea and will be added to your list of Luminor|DNB accounts. ‘Dual’ customers (i.e. who have accounts in both the Luminor|Nordea and the Luminor|DNB systems) can decide whether they want to keep all of their accounts and products after the migration, or discontinue using products that are no longer needed (e.g. additional accounts). You can already do this now.

For dual customers, another payment card will be added to the service package (if permitted by the package chosen by the customer). Cards that are not included in the service package will be charged at standard rates.

Each IBAN account migrated will become multi-currency in the unified Luminor system (i.e. the same IBAN number can be opened in different currencies). It is up to the customer to decide which IBAN accounts to keep and use for different currencies, and which to close.

The minimum service fee policy will be changing. The fee will be charged separately for each IBAN number. During the transition period, we will only apply one fee for all migrated accounts. If necessary, you can take advantage of a multi-currency account using the same IBAN number. We recommend closing accounts with excess IBAN numbers, since once the transition period is over, we will apply the fee to each individual IBAN number. We will announce when the transition period is set to end at a later date.

The XL Business Package will be eliminated. During the migration, we will replace this with the L Business Package, the details and price of which can be found here.

The fee for services and transactions exceeding the service and/or transaction limit for your business package will be debited from your account the next business day.

The monthly fee for your business package will be debited from your account within the first five (5) days of the current month.

If you have a negative balance in your account on the date of migration, the accrued late payment interest due on the account prior to the migration date will be carried forward by incrementing the account debt.

The debt will only be covered from the funds received to the account with a negative balance – no funds will be sought in any of your other accounts.

The unified Luminor online banking system will display the transactions performed during the past three years and up to the migration of services to the unified Luminor system. Older statements can be obtained by submitting a request via Luminor|DNB online banking or at a Customer Service Centre.

The account statement channels will remain the same, but we will no longer send account statements via E-pay, which will be replaced by e-mail after all of the services are migrated.

Be sure to check that the last e-mail address used is correct. You can do this via online banking or by telephone.

• Luminor|DNB online banking will no longer offer the intraday report in XML format (CAMT 052) for accounts statements.
• We will also stop using certain optional fields in the Luminor|DNB online banking XML statement, which you will see highlighted in red in the link here.
• We will provide account statements in .csv format using a different structure. You can see the new structure here.
• We will use different payment transaction codes, a list of which can be found here.
• Short transaction codes will no longer be used in the MT940 format account statement.

As the migration date approaches, you will receive a new Visa card and information on how to log into your new online banking account. You will continue using your old MasterCard up until the migration date, and your new VISA card will become valid after the migration date. We will make every effort to ensure that you have no problem using the money in your account with the different cards. We will inform you in advance when technical work will prevent you from using your MasterCard, and when you will be able to start using your new VISA card.

As your individual migration date approaches, you will receive information on how the migration of services will take place. We will explain how to log into your new online banking account, when you will see your new account, and when you will be able to start using your Visa card.

We will mail you the new Visa card, and text you to let you know that it has been sent out. If you do not receive the letter with the new Visa card within 10 days of receiving the text message, call us at +370 5 239 3444, e-mail us at [email protected], or contact a Customer Service Centre.

You will receive the new payment card by mail, along with instructions. The card will become active and you can start using it immediately after the migration of funds. The new VISA card will have the same PIN code as your old MasterCard.

The limits will change:

• Private customers: limits for new Luminor VISA payment cards
• Corporate customers: limits for new Luminor VISA debit cards

Business payment cards will only be visible in the online or mobile banking account used on behalf of the company.

We will send the new card to the address you specify in your online banking account, whether it is in Lithuania or abroad. As the individual migration date for your services approaches, you will receive detailed information. In it, we will explain how to start using your new card, online banking and other products.

You will see the migrated products and services in the unified Luminor|DNB system, which you can log into with the Smart-ID app. You can download the Smart-ID app for Android here, or for iOS here.

Information on how to download and use Smart-ID on your smartphone can be found here.

You will be able to log into your new Luminor|DNB online banking account using:

• the Smart-ID app;
• a mobile signature provided by a Lithuanian mobile network operator.

• The interest payment date will change. Interest for the current month will be paid on the first day of the following month.
• The frequency of interest payments will change for deposits with periodic interest payment and savings deposits. In all cases, interest will be paid monthly.

The easiest way to access all of your migrated products and services is to connect to your new Luminor|DNB online banking account with the Smart-ID app. As the individual migration date for your services approaches, you will receive instructions on how to do this and when to start using your new debit/credit card.

You can already download the Smart-ID app to your smartphone now so that you will easily be able to log into your online banking account. This is a secure and convenient means of identification.You can download the App for Android devices here, and for iPhone devices here. Information on how to download and use Smart-ID on your smartphone can be found here.

We recommend only visiting a Customer Service Centre as a last resort, i.e. if you do not use online banking, have lost your password, do not use online banking, have lost your password, do not have a smartphone to verify your identity, etc.

Our consultants are ready to answer any questions you may have. You can contact them by phone at +370 5 239 3444, or by e-mail at [email protected]

Customers who do not have a smartphone, or are unable or do not want to use Smart-ID, can get a Luminor password generator from the bank, or can use a mobile signature).

Read more about login tools here.

After the migration of services, you will only be able to use your Luminor|Nordea password token or the Nordea Codes app to activate the Smart-ID app. If you would like to continue using a password token for logging into your new online banking account, please contact a Customer Service Centre in Vilnius, Kaunas, Klaipėda, Šiauliai or Panevėžys, or call +370 5 239 3444.

If you switch between countries when using Luminor online banking, you will have to arrange for login tools in each individual country. Customer login codes will remain the same.

Immediately after the date of migration of your products and services, the products in the Luminor|Nordea online and mobile banking system will become unavailable. You will be able to start using the new products immediately after the migration.

If you do not log into your new online banking account before the date of the migration of services and products, you have one month from the date that all of the services are migrated to do so.

• We will migrate the transfer templates created in the Luminor|Nordea online banking ‘Recipient Register’ section to the Luminor|DNB online banking ‘My Templates’ section. Templates created after the Stage 1 migration date will not be migrated.
• We will not migrate the contributions and tax templates you have created in your Luminor|Nordea online banking account, so we suggest re-creating them in your Luminor|DNB online banking account. Transfers prepared for future dates and unconfirmed transfers will not be migrated from the Luminor|Nordea online banking system either.

The time frames for extra urgent transfers in euro will be changing – you can find them here.

Customers using the XML payment import service should check the data according to the Luminor|DNB description, which you can find here. The most important points to note are commented on here.

If you receive a transfer in a currency other than the currencies of your existing IBAN accounts, we will automatically open an IBAN account with the same number in the currency of the receipts. It is up to the customer to arrange currency exchange if necessary.

From the date of migration of services, the bank’s SWIFT BIC code will change. When making or receiving international payments, you will need to specify a new SWIFT BIC code: AGBLLT2X.

Give this to anyone you are expecting foreign currency payments from. Transfers using the SWIFT code NDEALT2X will not go through from the date of migration of services.

The credit limit conditions will be changing for the MasterCard consumer credit card:

• The obligatory payment of 10% of the used credit limit will be eliminated.
• You will be able to cover your used credit limit as many times and in whatever amounts you like, but you will have to cover the entire uncovered portion of the credit on the last day of the credit term.
• You will have to transfer the amounts you choose for covering your credit limit directly to your credit card account (as opposed to a separate bank account, as was done previously).

• You will be able to use the credit limit both for card transactions as well as for transfers and cash withdrawals.
• We will charge a one-off fee of 1% of the credit limit used in the transaction when withdrawing cash or transferring funds. You will be able to manage your own funds in your credit limit account as you would in a regular payment bank account.
• The validity of the credit limit will be decoupled from the validity of the credit card. If you lose your credit card, a new one will be issued for a new three-year period, but the credit limit on the credit card will remain valid for the same period as the original credit card.
• It is no longer possible for holders of additional cards to limit the amount of funds spent per calendar month, i.e. if several cardholders use the same credit limit, any one of them will have the opportunity to use the full amount of the credit limit and other funds in the account. The account holder must decide if there is a need to terminate the additional cards.

The following home and consumer credit conditions will be changing:

• The interest rate change will be made on the actual day specified in the agreement, regardless of whether it is a business day, a public holiday or a non-business day.
• If the loan payment day coincides with a holiday, weekend or other non-business day, it will be postponed to the bank’s next business day.
• The loan payment schedule will not be visible in the Luminor|DNB online banking system, but you will see the nearest upcoming credit instalment.

The time of debiting credit, interest and other payables is being changed – these amounts will be debited at the beginning of the payment day, so funds to cover these payments must be accumulated in the credit service account (i.e. in the account specified in the credit agreement for paying out credit and debiting payables) by the end of the day preceding the day of payment.

The time for covering overdraft will be adjusted. The credit recipient will have to accumulate the amount of money needed to debit the amounts due to the Bank in the account specified in the overdraft agreement by 3 pm on the due date.

The terms of all payables under overdraft agreements are due on the actual date specified in the agreement, regardless of whether it is a business day, a public holiday or a non-business day.
 
The credit recipient may take funds from the overdraft limit for one day shorter than the limit expiration date.

The Bank will no longer apply the right provided in the bank guarantee or letter of credit issuance agreement to increase the amount of the limit used by 15% if the Bank’s guarantee or letter of credit is issued in a currency other than the limit granted.

The procedure for calculating and paying the guarantee or letter of credit limit fee will be changing – the fee that you see in your bank account statements as interest on the guarantee/letter of credit will be payable for the calendar month on the last calendar day of the current month in the currency of the limit granted, except for the first and final payment of the guarantee/letter of credit fee.

For the three days before the migration of services, you will not be able to place orders for the acquisition, sale, transfer or exchange of financial instruments via Luminor|Nordea online banking. The acceptance of orders will be resumed after the day of migration of services via Luminor|DNB online banking.

Invalid, completed and revoked orders, older than 1^st of January 2016, will also not be moved to the unified system. Upon your request, the Bank will issue statements for previous periods about your concluded transactions, their prices, charged fees in a mode convenient for you.

Service of exchange of Nordea Asset Management investment fund units will not be available on the new single platform of Luminor.

From the date of the migration of services, the General Terms of the Investment Services Provision Agreement will be amended and recast, while also changing the name of the document. After the date of the migration of services, the General Terms of the Investment Services Provision Agreement will be referred to as the General Part of the Agreement on Financial Instrument Account Management, the Execution of Orders and the Provision of Recommendations. You can become acquainted with the document here.

After the migration of services, you will be subject to the Conditions for the Provision of Investment Services (D). You can become acquainted with the Conditions for the Provision of Investment Services (D) here.

Agreements on periodic investment into fund units will not be moved and the latter service will not be provided for customers in the new system. Data of historical orders completed under agreements on periodic investment into fund units will be available on the Internet bank for the periods from 1st January 2016. Valid agreements on periodic investment into fund units will be automatically revoked on the day of migration.