§ 4-22. Unauthorised overdraft (overtrekk) on an account: fees, interest and notice

The first subsection distinguishes between two types of unauthorised overdraft. If the customer has debited the account with more than the customer has available under the account agreement or an agreed overdraft facility, but did so in careful good faith, the bank cannot charge fees, interest or other costs for the unauthorised overdraft. The bank can still set a reasonable deadline for repaying the amount. If the unauthorised overdraft otherwise results from the use or similar disposal of the money, the account can be charged fees and interest costs on the agreed terms.

The second subsection concerns notice. If a significant unauthorised overdraft has lasted more than one month, the bank must immediately send the customer written notice. The notice must state how large the unauthorised overdraft is, which nominal interest rate applies, any agreed terms on compensation for unauthorised overdrafts and other costs incurred because of the unauthorised overdraft.

The section must be read together with the neighbouring sections. § 4-21 first subsection prohibits charging fees or payment beyond what has been agreed with the customer, so unauthorised overdraft fees must also be covered by the agreement. § 4-19 and § 4-20 concern account information and the annual statement of fees. § 4-19 first subsection requires that the customer receives account information at least every month, and § 4-20 first subsection that consumers (forbruker) receive an annual statement of fees incurred and any interest rates for overdraft facilities. Under § 4-25, the customer must also be notified without undue delay if the bank discovers that the account has been wrongly credited or debited.

The use of payment instruments (betalingsinstrument) and security information is regulated in § 4-23, and the customer's duty to notify in the event of loss, theft or unauthorised use in § 4-24. § 4-26 concerns execution based on the account number provided and is not about unauthorised overdrafts.

Example: A customer debits the account with an amount that turns out to be larger than what is available, but the customer believed in careful good faith that there were sufficient funds. The bank cannot charge a fee or interest for the unauthorised overdraft, but can set a reasonable deadline for repayment. If a significant unauthorised overdraft lasts more than one month, the bank must send written notice.