Terms and Conditions of the Use of Sydbank’s NetBank – Retail Clients Sydbank’s NetBank is a system within Sydbank’s eBanking The individual who is authorised to use Sydbank's NetBank is hereinafter referred to as the user.
1. System applications The user can: •
view information about accounts and custody accounts, including payments, payment agreements and documents (eg account statements, custody account statements, trade confirmations, yearly statements and letters from Sydbank)
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conduct transactions on accounts and trade securities, conclude electronic agreements, register/deregister agreements on recurring payments and choose to receive or not to receive paper statements.
Use By electronically accepting these Terms and Conditions the user agrees to receive electronic (not paper) statements (eg Betalingsservice pre-notifications, account statements, custody account statements, trade confirmations and yearly statements) in NetBank. Limitations •
Applications have been limited for users under 18 years of age, see the individual paragraphs below.
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Sydbank reads electronic letters on all banking days. Electronic letters received by Sydbank after 12:00 noon cannot be expected to be processed on the same day.
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Sydbank will not execute orders sent by electronic letter if such orders could have been placed via accessible NetBank services.
NetBank is closed from 3:00am to 5:00am, except on Sundays when it is closed from 2:00am to 6:00am. 2. Transactions on accounts and custody accounts 2.1 Transactions on accounts The user has access to his present and future accounts in NetBank.
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The user’s access to other accounts in NetBank is conditional on a written letter of attorney provided by the account holder. Users under 18 years of age can view their own accounts but can only conduct transactions on their income accounts. In other respects transactions on accounts are subject to the rules of the individual account. Sydbank accepts that each user may transfer or pay a total amount of up to DKK 150,000 per day from his own account or in accordance with a letter of attorney to a third party via Sydbank’s eBanking, including eDankort payments confirmed on the day. For users under 18 years of age the maximum amount is DKK 30,000. Cash and foreign exchange ordered in NetBank are not included in the calculation of the maximum amount which may be transferred/paid per day. EU payments received by Sydbank no later than 1:30pm will be executed on the same day. Payments involving currency translation will be settled at the day’s exchange rate. Payments received after 1:30pm will be settled on the following banking day at the exchange rate of such day – unless otherwise agreed. The exchange rate basis of any given day is Danmarks Nationalbank's official exchange rates plus a premium to be provided on request. Additional information on EU payments is found in Sydbank’s Terms and Conditions – International Payments. The user’s payments may be considered executed only if the payments have the status of “Completed”. Recurring transfers and payments are executed on an ongoing basis on the payment dates indicated in connection with the individual agreements/payments. Sydbank is not obliged to execute payments if accounts do not contain sufficient funds to cover the payment or if limitations have been set in relation to account transactions. Moreover Sydbank may refrain from executing payments due to incomplete information. In addition Sydbank is not obliged to execute payments if the user or any principal files for suspension of payments, is taken over by the bankruptcy court, enters into negotiations for debt restructuring or compulsory composition, including voluntary composition, or dies. 2.2 Transactions on custody accounts In NetBank the user has access to view and conduct transactions in relation to all current and future securities in open custody accounts with Sydbank. In addition, the user has access to a number of facilities such as information on prices and financial information. The user’s access to view and/or conduct transactions in relation to securities of other individuals is conditional on a written letter of attorney provided by the
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custody account holder. In NetBank the user may trade Danish and selected foreign securities as soon as he has accepted ”Aftale om værdipapirhandel i NetBanken” (agreement to trade securities in NetBank). If the user has been authorised in writing to trade for other individuals the agreement also covers trading access to these custody accounts. No individual advice is provided in relation to securities trading in NetBank and therefore trading is at the risk of the custody account holder. The user must be aware that it is not permitted to affect the immediate transaction price by placing opposite orders in the market where the user wishes to buy or sell securities. Such conduct is deemed to be price manipulation, which is a violation of the provisions of the Danish Securities Trading Act. Price manipulation is punishable by a fine or imprisonment. 3. Paper statements 3.1 Stopping paper statements By accepting these Terms and Conditions the user also accepts that Sydbank may choose to stop paper statements (eg Betalingsservice pre-notifications, bank statements, custody account statements, trade confirmations and yearly statements) as these statements become available electronically in NetBank. If paper statements are automatically stopped the user will not receive statements of his accounts or any joint accounts in relation to which he is authorised to conduct transactions. The user may choose not to receive paper statements of accounts in relation to which he has been given authority to conduct transactions. Paper statements cannot be stopped if the user is under 18 years of age. If paper statements have been stopped the user undertakes to check entries regularly via NetBank – as a minimum once a month – as well as to pay particular attention to entries made in connection with cheques, cards and internet payments. Moreover the user undertakes to check electronic mail from Sydbank via NetBank on an ongoing basis. The user may view entries for at least one year after the book date. In the long term this period will be extended to five years from the book date. If required the client may save entries beyond five years. Sydbank is not responsible for the accessibility to entries in excess of five years from the book date. The user is obliged to check that the electronic Betalingsservice pre-notification, which may contain electronic payment information in replacement of an invoice, has been received at month-end. If the user has not received the Betalingsservice pre-notification the user must contact Sydbank as soon as possible so that it can be sent again – either electronically or on paper.
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Moreover reference is made to the General Conditions for Betalingsservice Debtors. If the user’s registration for NetBank is cancelled and no other NetBank user is authorised to conduct transactions on the accounts, paper statements will automatically be printed out and sent to the user. The user must make sure that historical documents have been saved/printed out. 3.2 Starting paper statements The user may choose to receive paper statements of accounts in relation to which he is authorised to conduct transactions. To receive the Betalingsservice pre-notification covering the following month on paper, paper statements must be chosen no later than on the eighth last banking day of the month. The charge for receiving paper statements appears from Sydbank's Tariff of Charges or may be obtained at Sydbank. 4. Use of NetBank 4.1 Registration for NetBank When registering for NetBank the user automatically gains unrestricted access to view and conduct transactions on his accounts with Sydbank; however, limitations will apply to some users. 4.2 Issue of user ID, password and keycard with single-use codes Shortly following the registration for NetBank the user will receive a password envelope containing an automatically printed user ID and password by post. If the password envelope is open or not intact when reaching the user, Sydbank must be notified immediately. The user will receive a new password envelope containing a new password as soon as possible. As a rule the user’s CPR number will be used as the user ID. This user ID may be changed to another user ID, which is chosen by Sydbank, on request. The password is personal and secret and must not be disclosed to other individuals or kept together with the computer equipment used for NetBank. The user must change the automatically printed password and enter his personal validation code, of which he was informed upon registration, at the first login to NetBank. The user may change his password in the ”Ændr kodeord” window in NetBank and should change his password every third month as a minimum. In NetBank it is possible to order a keycard with single-use codes to be applied if the certificate cannot be accessed. This keycard is personal and may not be handed over to other individuals. The user must activate the keycard before the codes can be used. Activation
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takes place via a specific security function in NetBank. 4.3 Password use To access NetBank both the user ID and the password must be applied. Creating a call routine by means of eg a macro of which the password is an integral part is not allowed. The password must be entered manually each time the system requires a password and therefore it must be memorised. If the user suspects that others have obtained knowledge of the password, the user’s access to NetBank must be blocked immediately. 4.4 NetBank access blocking 4.4.1 Blocking by user The user can block his access to NetBank in the ”Spærring” window or by entering an incorrect password five consecutive times. The user may contact one of Sydbank’s branches during office hours. The users may contact the 24-hour Spærreservice (block service) on tel +45 75 94 59 93 and state that they are clients of Sydbank’s NetBank. The user will receive a written confirmation of the blocking indicating the time of the blocking. The confirmation will be accompanied by a form to be used for requesting a cancellation of the blocking. The form must be sent to Sydbank when cancellation is required. Neither Sydbank’s Hotline nor Spærreservice can cancel a blocking. 4.4.2 Blocking by Sydbank If the user breaches these Terms and Conditions of the Use of Sydbank’s NetBank – Retail Clients or otherwise defaults on his business transactions with Sydbank, or on suspicion of misuse, Sydbank is entitled to block the user’s access to NetBank without further notice. 4.5 Registration for additional functionalities Some of Sydbank’s NetBank functions are covered by an agreement which must be accepted by the user when the functions are used for the first time. If the contents of the agreement are changed the user must accept the terms and conditions again to gain access to the function. The user is responsible for informing any principal of the contents of the agreement. The user may view a list of concluded electronic agreements in NetBank at any time. The agreements will be terminated automatically when the registration for NetBank is cancelled. 4.6 Letter of attorney If Sydbank has received a signed letter of attorney, it will remain in force until
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Sydbank has been notified in writing of its revocation. However, letters of attorney issued to children and young people will always be cancelled on the principal’s 18th birthday. Users under the age of 18 may not be authorised to view and conduct transactions in relation to accounts of other individuals in NetBank. Neither the user nor Sydbank may authorise other individuals to use the user’s personal user ID and password for NetBank. In order to access NetBank such other individual must have his own user ID and password. 4.7 Checking and keeping payment records The user must make sure that, in the opinion of the user, there are no unauthorised transactions. In case of any discrepancies Sydbank must be notified immediately. The user should keep the payment records, eg giro forms, of registered payments made by the user for a minimum of five years. 4.8 Stopping payments and cancelling payment agreements Payments may be stopped by the user until the day preceding the payment date. Agreements on recurring transfers may be deregistered up to and including the banking day prior to the next payment. Betalingsservice agreements and Betalingsservice payments may be stopped in accordance with the current Betalingsservice rules. By clicking ”Print gode råd” in the ”Betalingsservice oversigt” window the user may view information on a rejected bill and the cancellation of a Betalingsservice agreement. 4.9 User’s liability for transactions on retail accounts An excess of up to DKK 1,100 is payable by the user for losses caused by unauthorised use by another individual of the user’s access to NetBank if the user’s personal user ID and password (and any single-use codes from a keycard) have been used. The user is liable to the extent of up to DKK 8,000 for losses caused by unauthorised use of NetBank by another individual if Sydbank substantiates that the personal, secret password to NetBank has been used and 1.
the user has failed to notify Sydbank as soon as possible after having learned that the password has come to the knowledge of the unauthorised individual, or
2.
the user has disclosed the password to the individual responsible for its unauthorised use, or
3.
the user, by grossly irresponsible conduct, has made unauthorised use possible.
The user must notify Sydbank as soon as possible and within 13 months of any
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misuse. Otherwise the user’s claim will be waived. The user is liable for losses without monetary limitation if such losses arise as a result of unauthorised use of NetBank by another individual and the personal, secret password to NetBank has been used, and Sydbank can substantiate that the user has disclosed the password to the individual who is responsible for the unauthorised use and that this has occurred in circumstances in which the user knew or should have known that there was a risk of misuse. The user is not liable for unauthorised use of NetBank which takes place after the user has notified Sydbank that the password and/or the keycard with singleuse codes has been lost, or that an unauthorised individual has obtained knowledge of the password, or that for other reasons the user wishes to block the access to NetBank. The user is only liable for losses caused by the use of NetBank by another individual if the transaction has been registered and booked correctly in Sydbank. Sydbank is liable to the user if the payment recipient knew or should have known that NetBank had been subject to unauthorised use. 4.10 User’s liability for transactions on corporate accounts Sydbank is not liable for any misuse of corporate accounts. The use of corporate accounts is at the risk and responsibility of the user. Sydbank is moreover not liable for any misapplication or misuse of corporate accounts in NetBank. If Sydbank suffers any loss as a result of misuse of corporate accounts in NetBank, the user will be held liable. 4.11 Sydbank’s liability In accordance with the general liability rules Sydbank is liable for losses caused by errors in Sydbank. Sydbank assumes no responsibility for errors and defects etc of goods and services provided by an internet store. Sydbank does not guarantee in any way that the internet store will deliver as agreed, nor does it guarantee the business practices or creditworthiness etc of the internet store. Sydbank is not liable for any loss caused by:
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breakdowns preventing the user from using NetBank
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interruptions to the user’s access to NetBank
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mutilation of entered data or transmitted replies due to poor or erroneous telephone lines
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disclosure of information to a third party as a consequence of erroneous
data transmission or penetration of the data transmission connection by a third party or penetration of the client’s/user’s computer system by a third party •
all lines to Sydbank’s computer systems are busy and the server is engaged
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any damage resulting from circumstances relating to the user’s computer system.
4.12 Complaints If the user wishes to file a complaint the user may contact Sydbank, see the Bank’s Terms and Conditions, or the Consumer Ombudsman. 4.13 Amendments to the Terms and Conditions of the Use of Sydbank’s NetBank If Sydbank adds new functionalities to the applications of NetBank which may have implications for the user – particularly in relation to the liability rules – the user will receive a separate notification from Sydbank. The Terms and Conditions of the Use of Sydbank’s NetBank may be amended at a notice of two months. Notification of any amendments will be provided by letter, electronically via NetBank or at sydbank.dk. When the amendments to the Terms and Conditions have taken effect, the user can only use NetBank if he accepts the amendments to the Terms and Conditions electronically using his password. 4.14 Termination The user may at any time terminate his agreement with Sydbank in writing and deregister from NetBank without notice. If the user fails to accept the amendments to the Terms and Conditions electronically, the non-acceptance may be deemed by Sydbank to constitute termination by the user with immediate effect. Sydbank may terminate the agreement in writing at one month’s notice. In the event of breach of the customer relationship, Sydbank is entitled to terminate the agreement without notice. 5. Costs related to registration and use of Sydbank’s NetBank The costs related to the registration and use of NetBank are paid by the user, see below, and appear from Sydbank’s Tariff of Charges. Moreover the charges are found in the ”Prisliste” window in NetBank. The charges may be changed at the notice applicable according to Sydbank’s Terms and Conditions. Notification of any changes will be provided by letter, electronically via NetBank or at sydbank.dk. Accumulated costs will be charged quarterly to the account designated by the user or Sydbank.
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The costs related to the internet connection are paid by the user and are not relevant for Sydbank. 6. Assessment of registration The registration for NetBank is based on an individual assessment of the customer relationship. Sydbank is entitled to limit the user’s access or to reject a registration. 7. Use, storage and passing on of personal data and information on purchases etc When NetBank is used, information such as the user ID, CPR number, account numbers of the account holder and the payment recipient, the amount as well as the date of the transaction will be registered. In connection with the transfer of amounts Sydbank will pass on information on the amount, date as well as the name and account number of the account holder to the recipient via the recipient’s financial institution and its data or clearing centres. The information is stored by the recipient, the recipient’s financial institution and by Sydbank. The information will be used in Sydbank's bookkeeping and in relation to any subsequent error correction. Moreover the information will be passed on only where required by law or for the use of the Financial Services Complaints Board or in legal proceedings concerning claims arising in connection with the use of NetBank. The information will be stored for five years according to the relevant legislation in force from time to time. Encrypted cookies are used to manage NetBank’s security solution. 8. Right of cancellation – retail clients Section 17 of the Danish Consumer Agreement Act contains provisions on the right of cancellation in relation to distance selling of financial services. 8.1 Right of cancellation The user is entitled to cancel an agreement made with the Bank via NetBank within 14 days. In general the time limit is calculated from the day on which the agreement or request is accepted in NetBank. Under the Danish Consumer Agreement Act the user is entitled to receive information, including information concerning the right of cancellation and the service ordered. The right of cancellation does not start to run until the day the user receives the information in writing, eg on paper or electronically in NetBank. If the last day of a cancellation period falls on a Saturday, a Sunday, a public holiday, the day following Ascension Day, 5 June, 24 December or 31
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December, the cancellation period will expire on the following business day. 8.2 Notification of cancellation Before the expiry of the cancellation period the user must notify the Bank by phone or in writing if the user wishes to cancel the agreement. The notification of cancellation can be made to the user’s Sydbank branch. If the user wishes to secure documentation that he has exercised his right of cancellation in time, he may send a registered letter and keep the receipt. 8.3 Payment If the user exercises his right of cancellation, he must return any services he has received from Sydbank. Sydbank will return the amount the user has paid for the service, however excluding ordinary handling charges and commitment fees as well as third party fees. Moreover the user must pay for that part of the service which has already been performed. 8.4 Agreements excluded from the right of cancellation The user is not entitled to cancel agreements on: •
mortgage loans and mortgage bond transactions, including fixed rate agreements
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securities and financial services, if the price of the security or service depends on capital market fluctuations.
8.5 Lapse of right of cancellation The user’s right of cancellation will lapse before expiry of the cancellation period if the agreement with the user’s express consent has been performed completely by Sydbank and the user. 8.6 Guarantee Fund for Depositors and Investors Sydbank is subject to the provisions of the Danish Guarantee Fund for Depositors and Investors Act. 9. Useful information For information on the technical requirements for the use of NetBank, please see the Bank’s website www.sydbank.dk. Temporary breakdowns will to the extent possible be notified via NetBank. The Bank’s Hotline is staffed by experienced employees who will answer queries about NetBank. In the ”Hotline” window the user can send a query to Hotline or the user can phone +45 74 36 25 98. Hotline office hours Monday through Thursday from 8:30am to 9:00pm. Fridays from 8:30am to 6:00pm.
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Saturdays, Sundays and public holidays: Closed. Translation The above is a translation of the Danish “Vilkår for brugen af Sydbanks NetBank for privatkunder”. In case of doubt the Danish original will prevail.
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