Terms and conditions for personal customers

On 1 January 2023, we received a new Financial Contracts Act in Norway. The Act provides you with, amongst other things, even stronger consumer protection and helps prevent debt problems.

General information about the Financial Contracts Act (Act on Financial Contracts and Financial Assignments)

What do all the changes in the Act mean for me as a customer?

Why am I receiving some new terms and conditions?

Will my agreements continue as before?

The new Act applies to both new and existing agreements. This does not mean that existing agreements must be entered into again, but some rules in the new Act can take precedence over contractual provisions if these do not comply with the Act.

Ongoing agreements remain valid. This means that your agreements with DNB or the financial institution still apply, but agreements and terms and conditions may be updated. You will be notified of such changes.

What is digital first choice?

The Financial Contracts Act (Act on Financial Contracts and Financial Assignments) implements 'digital first choice'. This means that the bank or financial institution may use electronic communication when sending you messages about your customer relationship. Customers who do not wish to receive electronic communication can opt out of having messages and notifications sent electronically by contacting the bank.

You can also manage your own consents and opt-outs under settings in the online bank. If you have already agreed to use electronic communication, communication will continue as before. This means that the bank will normally communicate with you in the online bank or mobile banking app.

You may also be notified, for example by SMS or email, that you have received a message. If you have opted out of electronic communication, it will continue as before.

You can read more about this in the account agreement, general terms and conditions for deposits and payment services section 2 and Account agreement-consumer relationship, Main document A section 5.

Do I have to sign new agreements for the new rules to apply to my agreements?

How do I proceed if I do not accept the notified change in terms and conditions?

What is a fee information form?

Termination, cancellation and winding up

In which cases can DNB terminate the agreement with me?

Both the customer and DNB can terminate the agreement in the event of significant breach by the other party. The account agreement has been amended to clarify that DNB may also block services upon termination. New legislation also specifies certain cases that will always be considered significant breach by the customer. The account agreement has been amended so that these cases in the legislation are reflected in the terms and conditions, and these include:

The customer has deliberately withheld or falsified information or necessary documentation.
Bankruptcy proceedings or debt settlement proceedings under the Bankruptcy Act are opened against the customer.
The customer has acted clearly contrary to honesty and good faith. In such cases, other companies in the same group as the bank may also terminate their agreements with the customer, if this is objectively justified.

Other circumstances may also constitute significant breach. Your right to notice, summary of intentions, information about consequences and a two-week rectification period have been included in the terms and conditions. DNB may block and/or terminate the agreement with immediate effect in the event of reasonable suspicion of unlawful use.

See, among others, account agreement, general terms and conditions for deposits and payment services, section account agreement part B general terms and conditions, clauses 31, 32 and 33, payment card-debit card clause 13 and for Mastercard clause 35.

Bank cards and Mastercard

Will my bank cards and Mastercard work as before?

In which cases can the bank block my card?

DNB will block your card if you contact us to report loss or theft. In addition, DNB may block the card if security weaknesses are discovered or if there is suspicion that the card may be at risk of fraud attempts or other unauthorised use.

If credit is linked to the card, DNB may also block the card if there is a significant increased risk that the customer cannot fulfil their payment obligation. DNB may also block the card if there is a risk that the card may be misused by you or other persons, or in the event of the customer's death, bankruptcy, or upon termination, cancellation or winding up.

See Payment card-debit card points 5 and 17, Payment card children and young people points 7 and 17, and for Mastercard under points 10, 23, 28 and 36.

Credit

Is it correct that I can refuse DNB to increase my home loan interest rate?

The new law gives you the right to reject notified changes, for example changes to interest rates or fees. This rule applies from 1 July 2023. If you disagree with a notified change, you can terminate the agreement at any time – for example, the loan.

It is important to be aware that if you submit a formal rejection, as the law permits, DNB can terminate the agreement. If you reject an interest rate increase on a mortgage, for example, and DNB proceeds with termination, you must repay the entire home loan within a short period of time.

If you are unable to do so, it may result in additional costs and problems for you and any co-borrower and mortgage guarantor.

If you have questions about a notice of interest rate change or other change to the agreement, we recommend that you contact us on 915 04800.

Will my consumer loan work as before?

What kind of explanations must DNB give me before I sign a loan agreement?

For credit agreements, DNB is obliged to provide you as a customer with certain explanations before an agreement is entered into/signed. This is in addition to other information provided.

That information includes:

The main features of the credit agreement offered
The significance of any terms regarding additional services
Consequences of default.

The explanations may be provided in various formats depending on how and where the agreement is entered into. This can take place both orally and in writing, including digitally.

Does the cooling-off period also apply to consumer loans (and credit cards)?

How can I find out why my consumer loan application was rejected?

I have signed before the seven-day cooling-off period, can I change my mind?

Will it become more difficult for couples to get a mortgage together?

Complaints and claims

Where can I find information about DNB's procedures for handling complaints?

Does DNB have a processing deadline for complaints?

We must respond to you in writing, in clear and plain language, as soon as possible. If we have not responded to you within 15 working days after we received your complaint, we will send you an interim response with information about the reason for the delay and when you will receive a final response from us.

In extraordinary circumstances, which are beyond our control, it may take 35 days before you receive a response from us. Please note that this does not apply to complaints related to business.

What happens when I dispute an unauthorised payment transaction?

If you believe a payment transaction was not authorised by you, you can submit a complaint to us. The complaint is submitted throughour established complaints process.

We will then normally refund the amount to you by the end of the next working day. Even though the amount is refunded quickly, it does not mean that your claim has been fully processed. We will contact you when the case has been fully processed, if you are responsible for all or part of the amount.

Do I as a customer have a complaint deadline to observe?

Yes, you must submit a complaint as soon as possible and no later than within 13 months. The terms and conditions provide you with details about this. The deadline is the same for account transactions and card transactions.

See account agreement, general terms and conditions for deposits and payment services clause 26 and Debit card consumer clause 16, Debit card children and young people clauses 16 and 24, and for Mastercard clause 26.

If you would like more information, Finance Norway has prepared an overview of what the new Financial Contracts Act means for you as a customer.