General Terms and Conditions – amendments as of 1 January 2010

Dear Customer,

Harmonization within Europe is continuing apace. In addition to other matters, transposition of the EU Payment Services Directive 2007/64/EC into Luxembourg national law calls for our General Terms and Conditions (GTC) to be thoroughly adapted. Below, we have summarized the most important amendments and information for you. The latest version of the GTC is available for downloading at the bottom of this page.

If you require the GTC in paper form, you can ask your adviser, who will send you the current version by post.

In the event of changes to the GTC, you may contest such changes in writing within two months following notification.

Best wishes, DZ BANK International

Amendments to Basic Rules
Subject
	Interest rates and exchange rates Interest rates and exchange rates are determined – unless provided for by other individual agreements with the customer – in line with the market and without prior notification.
	Protection of deposits The Deposit Protection Fund shall reimburse the customer up to EUR 100,000 (previously EUR 20,000) for his protected deposits and up to EUR 20,000 for his protected claim from securities business.
Amendments due to implementation of payment services in the special conditions
The "Terms and conditions for cross-border payments" are now dealt with under the "Special conditions for payment services". The main changes are detailed below.
	Time limits for effecting payments In future, a time limit of three business days (for electronic submission) or four business days (for non-electronic submission) shall be required for effecting a payment within the European Economic Area in the currencies of the countries belonging thereto. From 1 January 2012, however, this limit will be lowered to one business day (for electronic submission) or two business days (for non-electronic submission).
	Customer knowledge In order to speed up transfers through the shortened time limits for effecting payments, payment orders may in future be carried out solely on the basis of customer knowledge. This includes account number and bank sort code or IBAN (International Bank Account Number) and BIC (Bank Identifier Code). Therefore, you are kindly requested to carefully check and indicate your customer particulars when submitting future payment orders and other details.
	Deductions In future, we shall guarantee that the receiver's bank receives payments – including cross-border payments – in full. As a basic rule, deductions from the amount to be paid may no longer be made. This also applies to intermediary banks.
	Claims for reimbursement With transfers, the initially instructed bank shall be responsible for ensuring that the receiver's bank receives the equivalent amount in full and within the time limit.
	Liability limitations In the event of erroneous payments, customer claims for remuneration and/or compensation for damages shall cease to be valid after a period of 13 months. This time limit shall begin the moment the relevant sum is debited from your account in conjunction with payment execution. You are kindly requested to contact us immediately if discrepancies or queries arise with regard to a money transfer.
	Fees You can ascertain from our price and services list which consumer fees will be calculated for payments within the Grand Duchy of Luxembourg and other countries within the European Economic Area in an EEA currency. If changes arise in this regard, you also have the option to lodge an objection within a period of two months following notification.
Download
	General Terms and Conditions Conditions Générales Condiciones generales
	Annexe: Performance features of payment services Annexe: Caractéristiques des services de paiement Anexo: Características de los servicios de pago
	Private Banking – Fees and commissions Private Banking – Tarification Banca Privada – Lista de comisiones

Last update: January 2010