Rights and obligations
PSD2 is the legal basis for payment accounts between different bank accounts in Europe. It regulates the rights and obligations of almost all parties involved, such as consumers, companies, banks and payment institutions, and the conditions governing payment transactions and related information.
Frequently asked questions
- What are my rights as a payer?
One of the aims of PSD2 is to protect consumers, and consumers have many rights under PSD2. There are two categories of rights. First, you have the right to clear and ambiguous information about the conditions governing your payments. Second, your rights when making payments are also regulated under PSD2.
When you use the services of a particular bank or payment institution on a regular basis, they must make their terms and conditions available to you. These terms and conditions address e.g. the services on offer, fees, interest rates, information provision and security measures. Banks and payment institutions must also provide you with the details of each of your transactions, such as the amount, the day of receipt, any charges and any exchange rates that apply. The beneficiary must receive comparable information about the transaction.
In terms of your rights, PSD2 stipulates that your authorisation is needed for each and every transaction. You also have the right to use the services of a payment initiation service provider or an account information service provider, and to allow these service providers to access your account. If you did not authorise a transaction, or if a transaction is carried out incorrectly, you have the right to be reimbursed. The bank or payment institution must then undo the transaction and pay you back your money. Under certain conditions, this also applies to direct debit collection. PSD2 also regulates the processing of payment orders, e.g. the moment when orders become irrevocable, fees, processing times and the effective date for the calculation of interest. For example, PSD2 stipulates that an amount will be debited on the day the bank or payment institution received the payment (or on the first business day after this date). The amount must have been credited to the beneficiary's account by the end of the next business day.
- PSD2 gives me the right to use the services of a payment initiation or account information service provider. What does this mean?
Payment initiation service providerAccount information service provider
The right to use the services of a payment initiationservice provider means it can order the bank to initiate a payment on your behalf. The bank then passes on all relevant information about the execution of the transaction to the payment initiation service provider, e.g. whether there is sufficient money in the account, whether all data are correct and whether the transaction can actually be carriedout. The bank then processes the payment order.
The right to use the services of an account information service provider means you can give it access to your bank account and hence to information about your transactions. The exact transaction history that the account information service provider can see, depends on the technical communication method used between the bank and the serviceprovider. The account information service provider must of course comply with the statutory data protection requirements, such as those laid down in the General Data Protection Regulation.
- What can I do if a new payment service provider did not process my transaction correctly?
In that case, you can contact the payment service provider, but you can also contact your bank. In general, if you have a complaint about a payment service provider (e.g. your bank, a payment initiation service provider or an account information service provider), you should contact that service provider. It is best to make your complaint in writing. In most cases, you can make a complaint through the company's website. Otherwise, you can send an email or letter and ask for a written response. You should receive a response within 15 business days. If you do not receive a response within this period, or if you are unhappy about the response, the Financial Services Complaints Board (Klachteninstituut financiële dienstverlening – Kifid) may be able to help you and act as a mediator.Check the Kifid registerto see if the provider is affiliated to Kifid.
You can also contact a consumers' association or the Dutch Authority for the Financial Markets (AFM). The AFM is responsible for supervision of financial institutions' conduct towards their customers. Contact theFinancial Markets Information Lineor use theAFM Contact Form. The AFM will not intervene on your behalf, but it will register your complaint and use it in its inquiries into payment institutions and banks.
- Wat zijn mijn plichten?
PSD2 expects you to use your payment instruments, such as your debit card or your security calculator, in the intended way. You must handle your security codes with due care, and keep them secret. You must inform your bank or the payment institution promptly in the event of theft or loss of payment instruments or your security codes.
- Do I have to pay a liability?
In principle, no. But you are supposed to handle your security codes with due care, and keep them secret. In addition, you are liable in case you fail to meet your obligations (i.e. if you are grossly negligent) or you commit fraud. Any losses in such cases are completely at your own risk.
- Reservation of amounts for card payments, how does it work? (pre-authorisation)?
In some cases, a customer gives a payment order without knowing in advance the exact amount that will be debited. This happens for instance at unmanned petrol stations or when booking a hotel room. PSD2 regulates the procedure for such situations as follows: First, the bank blocks a certain amount on the payer's account to serve as a deposit. This is only possible if the payer has given its authorisation for that exact amount. Once the product or service has been delivered, the supplier, the payer and the bank will know the exact amount, which will then be debited. The blocked amount is released simultaneously. Petrol stations will display stickers to inform their customers of this new procedure.
- For retailers: Which payment instruments are subject to the surcharging prohibition?
Almost all debit and credit cards are subject to the surcharge prohibition. Under PSD2, retailers are no longer allowed to surcharge customers for using such cards, nor are they allowed to add surcharges for standard credit transfers or direct debits.
Some payment instruments essentially constitute a transfer or a direct debit, but are combined with additional features or services, such as automatic completion of payment data or sending notifications to the payer and the payee, e.g. in the case of iDEAL transactions. Retailers are not allowed to pass on the cost of the underlying transfer or direct debit to the customer, but they can pass on the real cost for the use of the additional services and features.
Retailers are allowed to surcharge customers for cards issued in a three-party scheme, such as American Express or Diners Club, under the condition that these schemes do not work together with other companies in issuing and/or accepting such cards. Retailers are also allowed to add a surcharge for debit and credit cards for business use, in order to pass on the real cost of use of these cards.
If you have any questions about payment instrument surcharges, please contact the Authority for Consumers & Markets (ACM).
- For retailers: Are iDEAL payments subject to the surcharge prohibition?
iDEAL is a payment application that allows consumers to initiate standard transfers online. iDEAL facilitates this by autocompleting the relevant payment details and by sending notifications to the payer and the payee. This effectively means retailers are not allowed to pass on the cost of the underlying transfer, but that they are allowed to pass on the cost of using the additional services and features of the iDEAL application. In that context, retailers are only allowed to pass on the real cost.