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Account Change Service

In order to facilitate consumer mobility, Haitong Bank, S.A. provides account change services to another payment service provider and assists in the process of opening an account with another payment service provider.

The Account Switching Service is a service for consumers and businesses that aims to facilitate the switching of payment accounts to another national payment service provider quickly and simply.

With this service the consumer can handle all the procedures related to the payment account change, saving you time and resources.

Whenever you wish to open a payment account with a payment service provider located in another Member State of the European Union, Haitong Bank, SA provides assistance and provides all relevant information for the execution of this process and for the transfer of the existing balance in the payment service account as well as at account closure if requested.

Both banks involved collaborate with the client in all the necessary procedures so that any of these processes can be carried out quickly and without incident.

The receiving bank  (which you choose) may be your preferred point of contact to guide you through all steps of the process, ensuring that you have the necessary contacts with Haitong Bank, S.A.

Request from the receiving payment service provider to the transferring payment service provider:

Within two working days from the date of receipt of the customer's request or authorization, the receiving payment service provider shall request the transferring payment service provider perform the following tasks, if provided for in the authorization:

  1. transmit to the receiving payment service provider and the customer, upon request, the available information on recurring credit transfers to the customer, permanent credit transfer orders and direct debit authorizations for the direct debit direct payments by creditors that have been carried out in the customer's payment account in the last 13 months;
  2. no longer accepts direct debit and credit transfers with effect from the date specified in the authorization;
  3. cancel permanent transfer orders with effect from the date specified in the authorization;
  4. transfer the remaining positive balance to the account held with the receiving payment service provider on the date indicated by the customer;
  5. close the account held with the transferring payment service provider on the date indicated, provided that this is provided for in the customer's authorization.

Duties of the notifying payment service provider:

The receiving payment service provider, when receiving a request from the receiving payment service provider, shall perform the following tasks, if provided for in the authorization given by the customer:

  1. Within five working days, it shall send to the receiving payment service provider and to the customer, if expressly requested, the information referred above;
  2. no longer accepts credit transfers and direct debits to the account from the date indicated on the authorization;
  3. cancel permanent credit transfer orders with effect from the date indicated in the authorization;
  4. transfers the remaining positive balance from the account to the account held with the receiving payment service provider on the date indicated by the customer on the authorization, or on the sixth working day following the payment service provider's receipt of the remitted documents by the transferring payment service provider, provided that this is provided for in the customer's authorization, and if the customer has no outstanding obligations on that account and provided that the tasks listed in points (a), (b) and (d) have been completed.

If there are other legal relationships that may be affected by the termination of the account on the date provided for in the authorization given by the customer, the transferring payment service provider shall inform the customer of this and of the consequences thereof.

Duties of the receiving payment service provider:

Within five working days of receiving the information requested from the transferring payment service provider, the receiving payment service provider shall, in accordance with the authorization and to the extent of the information provided by the transferring payment service provider or by the customer to do so, the following tasks:

  1. record the standing credit transfer orders requested by the customer and execute them with effect from the date specified in the authorization;
  2. make the necessary arrangements to accept direct debit authorizations and accept them from the date specified in the authorization;
  3. where applicable, inform the client of his/her rights under Article 5 (3) (d) of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012;
  4. communicate to the payers identified in the authorization that they make recurring transfers from the customer to the customer's payment account with the receiving payment service provider and transmit to the payers the customer's authorization to do so;
  5. communicate to creditors identified in debit authorizations that they use direct debits to collect funds from the customer's payment account from the receiving payment service provider, as well as the date from which direct debits are charged to this account, and transmit to the creditors a copy of the client's authorization.

Fees due in the process of change:

The services associated with the account change process have no associated cost or commission.

Alternative Dispute Resolution:

Without prejudice to the customer's access to the appropriate judicial means, Haitong Bank, SA shall ensure that its payment service users have access to effective and adequate out-of-court redress and dispute settlement means of a value equal to or less than the purview of the payment service, courts of first instance, regarding the rights and obligations established in Decree-Law No. 107/2017, of August 30.

 

For more information regarding this service, please contact the Compliance Department:

Telephone: +351 21 319 69 00

Email: compliance@haitongib.com

Address: Rua Alexandre Herculano, 38, 1269-180, Lisbon Portugal