§ 4-19. Account information from the bank

The Financial Contracts Act (Finansavtaleloven)·LOV-2020-12-18-146

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In brief

The text of the law (unofficial translation)

§ 4-19. Account information

(1) The account agreement (kontoavtale) shall state that the customer is entitled, in a written document, regularly and at least every month, to account information which shall at least include information about
  1. the period the account information covers
  2. the date and balance at the previous account information
  3. the updated balance
  4. transaction information for each executed payment transaction (betalingstransaksjon), cf. the fourth paragraph.
(2) If credit is linked to the account or terms on compensation for unauthorised overdraft (overtrekk) have been agreed, the account information shall also state
  1. the nominal interest rate (nominell rente) applied
  2. credit costs (kredittkostnader) not covered by the first paragraph, cf. the fourth paragraph
  3. any minimum amount the customer is obliged to pay.
(3) When the customer is a consumer, the following account information shall be made available to the customer in a written document at least once every year in connection with a payment account (betalingskonto):
  1. all fees incurred and interest rates linked to the account agreement, cf. § 4-20
  2. interest and fee rates for alternative types of accounts offered by the payment service provider (betalingstjenesteyter), cf. § 4-20
  3. the rules that apply to the deposit guarantee.
(4) Transaction information for executed payment transactions shall include
  1. a reference identifying the payment transaction
  2. relevant information about the payee (betalingsmottaker) or the payer (betaler) and any additional information that accompanied the transaction
  3. the amount in the currency used when debiting or crediting the account, which is stated in the payment order (betalingsoppdrag), or which has been made available to the customer
  4. any fees or interest the customer is to pay, and a breakdown of these where relevant
  5. any exchange rate used by the payment service provider, and the amount transferred after the currency conversion
  6. the debit or credit value date, cf. § 4-12, or the date on which the payment order was received.
(5) The Government (Kongen) may in regulations (forskrift) issue further rules that supplement or limit the duty to provide information under this section, and may issue rules on how information is to be designed.
Source: Lovdata — Finansavtaleloven (the Financial Contracts Act) § 4-19

What does this mean?

This section sets out what a bank must regularly tell the customer about the account. The account agreement must promise account information in a written document at least every month. It must show which period it covers, the date and balance (the amount in the account) at the previous statement, the updated balance and information about each payment that has been made.

If credit is linked to the account or compensation for unauthorised overdraft has been agreed, more information is added: the nominal interest rate (the interest without fees and other costs) that has been applied, credit costs not already included, and any minimum amount the customer must pay. Consumers must also, at least once a year, receive a written overview of fees incurred and interest rates, interest and fee rates for other account types the bank offers, and the rules on the deposit guarantee (protection of deposits if the bank fails).

The fourth paragraph covers the details for each payment. The statement must have a reference identifying the payment, information about the payee or payer, the amount in the currency used, any fees and interest with a breakdown, the exchange rate and the amount after conversion if the bank has exchanged currency, and the day the account was debited or credited or the date the payment order was received. The day of debiting or crediting follows from § 4-12, which among other things states that, when crediting, interest must be calculated no later than the day the amount reaches the account, and when debiting, no earlier than the day the amount is withdrawn.

This section is connected to several neighbouring sections. § 4-15 on information when executing payment orders refers here: before a payment is made, the customer can ask for information about fees and how long the transfer may take. § 4-20 requires the bank to give consumers an annual overview of fees incurred, and refers to the third paragraph, letter a, here. § 4-21 says that the bank cannot charge fees or payment beyond what has been agreed. § 4-22 covers unauthorised overdraft, and § 4-16 to § 4-18 cover terms for third-party access services. § 4-25 (notification and correction of incorrect crediting or debiting) and § 5-9 (duty to provide information during the credit relationship) also refer here.

Example: a consumer has a current account with credit and makes a payment in a foreign currency. The account information must then show the payment with reference, payee, amount, fees and exchange rate. Credit costs must also be stated.

Related sections
All sections of the Financial Contracts Act →