What is the payment services directive?
The community directive 2007/64/EC, widely known as Payment Services Directive (PSD), which has been transposed into Greek law through Law 3862/2010, pertains to the provision of payment services within the European market and creates a unified pan-european legislative framework, so that consumers are able to enjoy the same standard of protection within the whole of Europe.
PSD is in effect in 30 countries (in the European Union, Iceland, Norway and Liechtenstein), and mainly pertains to the following payment services:
- Cash deposits and withdrawals (from or to a payments account)
- Credit transfers
- Use of payment cards
- Direct Debits (known also as Standing Orders).
You may find additional information at:
the European Commission's website
the relevant Law 3862/2010 (available only in Greek).
How does Bank of Cyprus handle the Directive for the payment services in Greece?
At Bank of Cyprus we make sure, that you have the protection provided for by the new European Directive. For your general information, we set out the Informative Leaflet of the Hellenic Bank Association (available only in Greek), as well as a short Pre-contractual Information for the Provision of Payment Services to Consumers. These documents are available at all the branches of the Bank of Cyprus network.
Within the same framework, we inform you that, in compliance with the above Law, Bank of Cyprus, in Greece, has proceeded to the amendment of the General Terms of Transactions and the inclusion of all the terms and information regarding the payment services, so that the General Terms of Transactions consist also the Framework Agreement, based on which, the payment services will be provided from this time onwards.
For this reason, we invite you, provided that you are already a client of Bank of Cyprus, and any other beneficiaries of your account, to dispose little of your time so that you carefully read the new General Terms of Transactions. If you wish to be informed in a more analytical manner and to receive the new terms of our co-operation, you may address your request to the branches of the Bank of Cyprus network.
After the lapse of two months and until the 31/01/2011 the latest, provided that we have not received your written objection, we will consider that you have accepted the new General Terms of Transactions.
For all additional information and/or clarification, please contact the branch that is of service to you or call at the telephone number +30 210 6418000.