§ 4-15. Information about fees and time before and after a payment

This section regulates information about the payment order itself, and it has three parts. The first paragraph applies before the bank executes the order. If the order has been initiated by the payer and is covered by an account agreement, the payer can ask the bank to be told which fees must be paid and how long it may take to complete the payment. Where relevant, the fees must be broken down into individual items.

The second and third paragraphs concern information afterwards. The payer's service provider (tjenesteyter) must, for each payment, give the payer information immediately after the order has been received, also when the payer does not have an account with the service provider. The payee's service provider must give the payee corresponding information immediately after the payment has been completed. The content is determined by § 4-19 fourth paragraph.

What the information must contain is set out in § 4-19 fourth paragraph. It requires a reference that identifies the payment, information about the payee or payer, and the amount in the currency that was used. Furthermore, fees and interest must be stated, broken down where relevant, together with the exchange rate and the amount after conversion if the bank has used an exchange rate. Finally, the date of debiting or crediting, or the date the order was received, must be stated. § 4-19 first paragraph also requires account information at least every month. The corresponding duty of information for the payment initiation service provider (betalingsfullmektig) is set out in § 4-14.

The information about how long a payment may take must be seen in light of the deadlines in § 4-11 and the rules in § 4-12 on interest calculation and crediting. Example: A payer is going to send a payment and first asks the bank to be told the fee and time. The bank must answer before it executes the order. Once the order has been received, the payer must immediately receive the information under § 4-19 fourth paragraph.