Grand-ducal Regulation of 6 June 2018 on the Standardised List of Representative Payment Account Services

In case of discrepancies between the French and the English text, the French text shall prevail. Grand-ducal Regulation of 6 June 2018 on the establishment of the standardised list of the most representative services linked to a payment account within the meaning of the Law of 13 June 2017 on payment accounts (Mém. A 2018, No 475) Article 1. The standardised list of the most representative services linked to a payment account within the meaning of the Law of 13 June 2017 on payment accounts shall read as follows:

1. “Online banking”: An online access to the account is made available to the customer by the account provider;
2. “Arranged overdraft”: The account provider and the customer agree in advance that the customer may borrow money when there is no money left in the account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to the customer;
3. “Direct debit”: The customer permits someone else (recipient) to instruct the account provider to transfer money from the customer's account to that recipient. The account provider then transfers money to the recipient on a date or dates agreed by the customer and the recipient. The amount may vary;
4. “Account statement”: An account statement is made available to the customer by the account provider;
5. “Providing a credit card”: The account provider provides a payment card linked to the customer's payment account. The total amount of the transactions made using the card during an agreed period is taken either in full or in part from the customer's payment account on an agreed date. A credit agreement between the provider and the customer determines whether interest will be charged to the customer for the borrowing;
6. “Providing a debit card”: The account provider provides a payment card linked to the customer's account. The amount of each transaction made using the card is taken directly and in full from the customer's account;
7. “Standing order”: The account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer's account to another account.
8. “Cash withdrawal”: The customer takes cash out of the customer's account;
9. “Maintaining the account”: The account provider operates the account for use by the customer;
10. “Sending money”: The account provider transfers money, on the instruction of the customer, from the customer's account to another account. Article 2. Our Minister of Finance shall execute this regulation, which shall be published in the Mémorial.