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Account Change Service

In order to facilitate the mobility of consumers, Haitong Bank provides the service of switching accounts to another payment service provider and also assists in the process of opening an account with another payment service provider.

The account switching service is a service for consumers that aims to facilitate the switching of payment accounts to another national payment service provider, quickly and simply.
With this service you will be able to handle all the procedures related to the change of payment account, saving time and resources.

Whenever you want to open a payment account with a payment service provider located in another Member State of the European Union, Haitong Bank assists and provides all the information relevant to the execution of that process and the transfer of the balance in the account with Haitong Bank, as well as closing that account, if requested.

Both banking institutions involved collaborate with the client in all the necessary procedures so that any of these processes can run quickly and without incident.

The destination bank (chosen by you) may be the preferred point of contact to accompany you in all steps of the process, ensuring the necessary contacts are established with Haitong Bank.

 

Adhesion to the Account Change Service

To subscribe to the Account Change Service, the customer must request, in writing, this intention from the Bank for which he intends to change his account (receiving payment service provider), by filling in the Account Change Request form.

If the account has more than one holder, the authorization must be signed by all account holders.

When requesting an account change, the customer needs to authorize, on an individual basis, the tasks that he wants to be covered by this service, namely:

  • the recurring credit transfers from which you are a beneficiary and the date from which they start to be executed in the new account (see Transfer Order Request form);
  • standing orders and direct debit authorizations that you want to be transferred and the date from which they will be executed in the new account;
  • the transfer of the remaining balance of the originating account and the date on which the transfer must take place;
  • the closing of the source account and the date on which the closing is to take place.

The customer must indicate the date for the transfer of services to take place, the date until which they will continue to be performed by the transferring payment service provider.

 

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

Within two working days from the date of receipt of the form identified in 2. with the customer's request or authorization, the receiving payment service provider must request the transferring payment service provider to perform the following tasks, if provided in authorization:

  1. Provide the receiving payment service provider and the customer, if the customer expressly requests it, with the information available on recurring credit transfers to the customer, permanent credit transfer orders and direct debit authorizations for direct debits ordered by creditors that have been executed on the customer's payment account in the last 13 months;
  2. Stop accepting direct debits 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 at 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 authorization provided by the customer.

 

Duties of the transferring payment service provider:

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

  1. Within five working days, it sends the receiving payment service provider and the customer, if the customer has expressly requested it, the information referred to in the Account Change Request form;
  2. No longer accepts credit transfers and direct debits from the account as of the date indicated in the authorization;
  3. Cancels permanent credit transfer orders with effect from the date indicated in the authorization;
  4. Transfers the remaining positive balance of the account to the account held at the receiving payment service provider on the date indicated by the customer in the authorization, or on the sixth business day following the date of receipt, by that payment service provider, of the documents sent by the transferring payment service provider, provided that this is provided for in the authorization provided by the customer, and if the customer has no outstanding obligations in that account.

If there are other legal relationships that may be affected by the closing of the account on the date provided in the authorization provided by the customer, the transferring payment service provider informs the customer of this fact and its consequences.

 

Receiving payment service provider:

Within five working days of receiving the requested information from the transferring payment service provider, the receiving payment service provider carries out, under the terms of the authorization and to the extent that the information provided by the transferring payment service provider or by the customer allow him to do so, the following tasks:

  1. Enter the permanent credit transfer orders requested by the customer and execute them with effect from the date specified in the authorization;
  2. Make the necessary preparations to accept direct debit authorizations and accept them from the date specified in the authorization;
  3. Whenever applicable, it informs the client of the rights they are entitled to under the terms of paragraph d) of paragraph 3 of article 5 of Regulation (EU) No. 260/2012 of the European Parliament and of the Council, of 14 March 2012;
  4. Communicates to the payers identified in the authorization that they carry out the recurring transfers of which the customer is a beneficiary, to the customer's payment account with the receiving payment service provider and transmits the customer's authorization to that effect;
  5. Communicates to the payers identified in the authorization that they carry out the recurring transfers of which the customer is a beneficiary, to the customer's payment account with the receiving payment service provider and transmits the customer's authorization to that effect;
  6. Communicates to the creditors identified in the debit authorizations that they use direct debits to collect funds from the customer's payment account with the receiving payment service provider, as well as the date from which direct debits are charged to that account, and forward a copy of the client's authorization to creditors.

 

Commissions due in the change process:

In cases where the Bank is a transferring or receiving payment service provider, the services associated with the account switching process have no associated cost or commission. However, under the terms of the respective price list, fees may be charged by the Bank for services related to the balance transfer.

 

Alternative dispute resolution:

Without prejudice to the client's access to the competent judicial means, Haitong Bank ensures that the respective payment service users have access to effective and appropriate out-of-court means of complaint and dispute resolution, with a value equal to or less than the jurisdiction of the courts of first instance, regarding the rights and obligations established in Decree-Law No. 107/2017, of 30 August.


Under current legislation, Haitong Bank informs that it has joined the following alternative dispute resolution entities:


Lisbon Consumer Conflict Arbitration Center (CACCL):
www.centroarbitragemlisboa.pt

National Center for Information and Arbitration of Consumer Conflicts (CNIACC):
www.cniacc.pt

For more information about this service, contact the Compliance Department:
Phone: +351 211 96900
Email: compliance@haitongib.com
Address: Rua Alexandre Herculano, 38, 1269-180 Lisboa - Portugal

Transfer Order Request   |   Account Change Request