§ 4-12. Interest calculation and when the money must be available in the account
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
Brief summary
- Interest calculation on crediting must not start later than the day of crediting, and on debiting not earlier than the day of debiting.
- The recipient's bank must make the amount available immediately after crediting, except for certain currency conversions.
- Cash deposits from a consumer (forbruker) must be available immediately, and from others no later than the next business day (virkedag).
The text of the law (unofficial translation)
§ 4-12. Time of interest calculation, crediting and debiting of account
What does this mean?
The first subsection sets limits on which date interest is calculated from. On crediting, interest calculation must not start later than the day the amount arrives in the account. On debiting, it must not start earlier than the day the amount is withdrawn.
The second subsection says how quickly the recipient's service provider (tjenesteyter) must make the money available. Once the amount has been credited to the recipient's service provider within the deadlines in § 4-11, the service provider must immediately credit the account and make the amount available. The exception is when a currency conversion must be carried out at the recipient's service provider, in a currency that is not the currency of an EEA state. If the payment takes place within the same service provider, the amount must be made available immediately after the payer's account has been debited. If the recipient does not have an account with the service provider, the amount must be made available on the same business day.
The third subsection deals with cash deposits. Consumers who deposit cash in the same currency as the account is held in must have the amount credited and available immediately after the cash has been received. If the depositor is not a consumer, crediting may wait until the next business day at the latest. In both cases, interest is calculated from the same day as the amount is credited to the account.
The section builds on § 4-11, which sets the deadlines for how quickly the amount must be credited to the recipient's service provider: the same business day for domestic payments in kroner and longer for other payments, with an extension of one business day for a paper-based payment instrument (betalingsinstrument). § 4-12 takes over once the money has arrived, and determines how quickly it must be available to the recipient. § 4-15 gives the payer the right, on request, to be told how long a payment may take. § 4-13 first subsection prohibits the bank from withholding or applying set-off (motregning) against funds in the account, with two exceptions.
Example: A customer who is a consumer deposits cash in the same currency as the account. The bank must credit the amount and make it available immediately. Interest is calculated from the same day. If a business deposits cash, crediting may wait until the next business day, but interest is calculated from the day the amount is credited.