§ 4-20. Annual statement of fees on the payment account
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
In brief
- Consumers (forbruker) must receive a statement of fees charged on the payment account (betalingskonto) at least once a year.
- The statement must show the fee per service and per package, the number of times, and totals, as well as interest on credit and deposits.
- The Financial Supervisory Authority of Norway (Finanstilsynet) may set a technical standard for the format.
The text of the law (unofficial translation)
§ 4-20. Statement of fees charged
- the fee charged for each individual service, and the number of times the service has been used during the period
- if services are combined in a package, the fee charged for the package as a whole, the number of times the package fee has been charged during the period, and any additional fees for services beyond the number covered by the package fee
- the total amount of fees charged during the period for each individual service, for each package of services and for services beyond the number covered by the package fee
- any interest rate for overdraft facility applying to the payment account, and the total amount of interest charged for overdraft facility during the period
- any nominal interest rate (nominell rente) applying to deposits held in the payment account, and the total amount of interest earned during the period
- the total amount of fees for all services charged to the payment account during the period.
What does this mean?
When the customer is a consumer, the payment service provider must, at least once a year, send a statement of all fees charged on the payment account. If the account has interest on deposits or an overdraft facility (credit you can draw on the account), the interest rates must also be included. The statement is linked to the annual information required by § 4-19 third paragraph.
The second paragraph sets out what the statement must specify. For each service, it must show the fee and how many times the service has been used during the period. If services are sold as a package, the package fee must be shown, together with how many times it has been charged and any extra fees for use beyond the package. In addition, the total fee amount per service, per package and for services outside the package must be stated, as well as the total for all fees in the period. For interest, the statement must show the interest rate for overdraft facility and the total interest charged, and any nominal interest rate for deposits held and the total interest earned.
The third paragraph allows the Financial Supervisory Authority of Norway to set a technical standard for the presentation format that the payment service provider must use. The standard concerns the format, not the content.
§ 4-19 third paragraph covers the same consumer information: fees charged and interest rates, rates for alternative account types and deposit guarantee. Under § 4-21, the payment service provider cannot charge fees or payment beyond what has been agreed with the customer. Under § 4-22, fees and interest for unauthorised overdraft (overtrekk) cannot be charged if the customer withdrew too much while acting with due care and in good faith. § 4-19 first paragraph also requires monthly account information.
Example: A consumer has a payment account with a service package. In the annual statement, the package fee must be listed with how many times it has been charged, and if the consumer has used services beyond the package, the extra fees must be shown separately.