Act on Payment Accounts and Basic Business Accounts

Act on Payment Accounts and Basic Business Accounts 1)

Hereby is published the Act on Payment Accounts and Basic Business Accounts, cf. Act Consolidation No. 407 of 29 March 2022, with the amendments resulting from Section 1 of Act No. 1666 of 30 December 2024 and Section 20 of Act No. 712 of 20 June 2025.

Chapter 1 Scope and Definitions

Section 1. The Act applies to payment service providers offering payment accounts on which a consumer can deposit funds, withdraw cash, and carry out and receive payment transactions, including credit transactions, to and from third parties, cf. however subsections 2 and 3.

Subsection 2. Chapter 4 applies only to credit institutions and branches of foreign credit institutions.

Subsection 3. The Act does not apply to Danmarks Nationalbank.

Section 1a. Chapter 4a, Chapter 5 except for Sections 15 and 16, and Chapters 6 and 7 apply to:

1. Credit institutions individually designated as systemically important financial institutions (SIFI) or included in a group designated as a systemically important financial institution (SIFI) pursuant to Section 308 of the Act on Financial Business.
2. Branches of foreign credit institutions that are part of a group where a company in the group is designated as a systemically important financial institution (SIFI) pursuant to Section 308 of the Act on Financial Business.
3. Danish credit institutions with working capital exceeding the limit set in subsection 3, which are listed in subsection 4.

Subsection 2. An institution mentioned in subsection 1 is covered only if the institution offers payment accounts on which an entrepreneur or an association can deposit funds, withdraw cash, and carry out and receive payment transactions, including credit transactions, to and from third parties.

Subsection 3. The Minister of Industry sets the limit for working capital, cf. subsection 1, no. 3.

Subsection 4. The Danish Financial Supervisory Authority publishes by 1 July each year a list of institutions with working capital exceeding the limit set in subsection 3.

Section 2. In this Act, the following terms are defined as:

1. Consumer: A natural person acting for purposes outside their trade, business, or profession.
2. Person with lawful residence in the European Union: A natural person who has the right to reside in a member state pursuant to EU acts or national legislation, including persons without a fixed address and persons seeking asylum under the Geneva Convention of 28 July 1951 relating to the Status of Refugees and the Protocol of 31 January 1967 thereto and other relevant international treaties.
3. Entrepreneur: A natural or legal person acting within their trade, business, or profession as part of their main or secondary occupation.
4. Association: An association that is not an entrepreneur, cf. no. 3.
5. Payment Account: An account opened in the name of one or more consumers, entrepreneurs, or associations with a view to carrying out payment transactions.
6. Basic Business Account: A payment account opened in the name of an entrepreneur or an association, which includes the services listed in Section 13a.
7. Payment Service: Business activities listed in Annex 1 to the Act on Payments.
8. Payment Transaction: An act, initiated by a payer or a payee, aimed at depositing, transferring, or withdrawing funds, regardless of any underlying obligations between the payer and the payee.
9. Services linked to a payment account: Services linked to the opening, operation, or closing of a payment account, including payment services and payment transactions within the scope of Section 5, no. 7, of the Act on Payments, as well as overdrafts and credit lines.
10. Representative services: Services that are normally associated with a payment account, according to the list prepared by the Minister of Industry, cf. Section 6, subsection 3.
11. Payment Service Provider: A payment service provider as defined in Section 7, no. 7, of the Act on Payments.
12. Payment Instrument: A personal instrument or set of procedures agreed between the user and the payment service provider, which the user uses to initiate a payment order.
13. Payment Order: An instruction from a payer or payee to a payment service provider to carry out a payment transaction.
14. Durable Medium: A means enabling a consumer, entrepreneur, or association to store information addressed personally to them for future use for a period adapted to the purpose of the information, and allowing for the unaltered reproduction of the stored information.
15. Direct Debit: A national or cross-border payment service for debiting a payer's payment account, where the payee initiates a payment transaction based on the payer's consent.
16. Credit Transaction: A national or cross-border payment service aimed at crediting a payee's payment account with a payment transaction or a series of payment transactions from a payer's payment account carried out by the payment service provider managing the payer's payment account, based on an instruction from the payer.
17. Standing Order: An instruction from a payer to the payment service provider managing the payer's payment account to carry out credit transactions at regular intervals or on predetermined dates.
18. Framework Agreement: An agreement on payment services regulating the future execution of individual and successive payment transactions, and which may contain obligations and conditions for the opening of a payment account.
19. Fees: All costs and penalties that the consumer, entrepreneur, or association must pay to the payment service provider for or in connection with the services linked to a payment account.
20. Deposit Interest Rate: Any interest rate paid to the consumer in connection with funds on a payment account.
21. Overdraft: An implicitly accepted overdraft where a payment service provider makes funds available to a consumer exceeding the current balance on the consumer's payment account or the agreed credit line.
22. Working Capital: The sum of equity, subordinated capital contributions, deposits and other debt, deposits in pooling schemes, bonds issued at fair value, and bonds issued at amortized cost.

Chapter 2 Comparison of Fees Fee Information Document

Section 3. A payment service provider must, no later than at the time of concluding an agreement for a payment account, deliver a fee information document, cf. subsection 4, to the consumer in paper form or on another durable medium. The fee information document must contain all representative services listed in the rules on representative services prepared by the Minister of Industry, cf. Section 6, subsection 3, and the size of the fees for the representative services offered by the payment service provider.

Subsection 2. If one or more representative services are offered as a combined package of services linked to a payment account, the fee for the combined package and the number of services included in the package must appear in the fee information document. Likewise, fees for services not included in the combined package must appear in the fee information document.

Subsection 3. The payment service provider must at all times make the fee information document and an accompanying glossary available to consumers in an easily accessible manner in the payment service provider's business premises and on the payment service provider's website. The payment service provider must also, upon the consumer's request, deliver the fee information document with the glossary free of charge in paper or on another durable medium. The glossary must be drafted in clear, unambiguous, and non-technical language and must not be misleading.

Subsection 4. The Minister of Industry may set rules on the content and format of a fee information document.

Payment Account as Part of a Combined Package

Section 4. A payment service provider offering a payment account as part of a combined package that also contains at least one other product or service not linked to the payment account must inform the consumer whether the payment account can be purchased separately. If so, the payment service provider must provide separate information on prices and fees for each of the products and services in the combined package that can be purchased separately.

Fee Statement

Section 5. A payment service provider must, at least once a year, free of charge deliver a fee statement to consumers with a payment account covering all accrued fees and information on the interest rates referred to in subsection 3, nos. 4 and 5, for services linked to a payment account. The payment service provider must use the terms for representative services.

Subsection 2. The fee statement is delivered using the communication method agreed with the consumer. A consumer may request that the fee statement be delivered in paper form.

Subsection 3. The fee statement must at least contain the following information:

1. Fees charged for each individual service and the number of times the consumer has used the service during the period. If the services are part of a combined package, the fee for the entire package and the number of times the fee for it has been charged during the period must be stated. Similarly, fees for services outside the combined package must be stated.
2. The total fee amount for the period for each service, for each combined package of services, and for services outside the combined package.
3. The total fee amount for all services provided during the period.
4. The overdraft interest rate applicable to the payment account and the total interest paid in connection with overdrafts during the period.
5. The deposit interest rate applicable to the payment account and the total accrued interest for the period.

Subsection 4. The Minister of Industry may set rules on the content and format of a fee statement.

Use of Representative Services etc.

Section 6. A payment service provider may use trade names in the fee information document, cf. Section 3, and in the fee statement, cf. Section 5, provided that such trade names are used as supplements to the terms for representative services, cf. subsection 3, and appear as a secondary designation for these services.

Subsection 2. A payment service provider must use the terms for representative services in their agreement information and in connection with marketing to consumers. If a payment service provider chooses to use trade names for its services in agreement information or in connection with marketing to consumers, the payment service provider must clearly draw attention to the corresponding terms for representative services.

Subsection 3. The Minister of Industry sets rules on which services are representative, including terms and definitions for these services.

Chapter 3 Transfer of Payment Accounts and Payment Orders

Section 7. The Minister of Industry may set rules on the transfer of payment accounts and payment orders between providers of payment services in Denmark and on the size of any fee for this.

Section 8. A payment service provider has, if a consumer informs the payment service provider that they wish to open a payment account with another payment service provider established in another member state within the European Union or a country with which the Union has concluded an agreement in the financial sector, and which does not have a branch in Denmark, the obligation to:

1. provide the consumer free of charge with a list showing for the last 13 months all standing orders for credit transactions and mandates for direct debits initiated by the payer, as well as information on recurring incoming credit transactions and direct debits initiated by the payee,
2. transfer any remaining positive balance on the consumer's payment account to the payment account that the consumer opens or has already opened with the new payment service provider, provided that the consumer has provided information to the payment service provider that enables this to identify the new payment service provider and the new payment account, and
3. close the consumer's payment account.

Subsection 2. If a consumer has no outstanding obligations on their payment account, the payment service provider must carry out the measures referred to in subsection 1. This must take place on a date chosen by the consumer, but at least 6 working days after the consumer has informed the payment service provider that they wish to open a payment account, cf. subsection 1, unless otherwise agreed between the parties, cf. however Section 75, subsection 1, of the Act on Payments. The payment service provider must immediately notify the consumer if outstanding obligations prevent the payment account from being closed.

Chapter 4 Basic Payment Account

Characteristics of a Basic Payment Account

Section 9. A basic payment account must include the following services, which a consumer must be able to use without limit, cf. however subsection 2:

1. The possibility to open, use, and close the payment account.
2. The possibility to deposit funds on the payment account.
3. The possibility to withdraw cash from the payment account in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, by contacting the credit institution's business premises or at ATMs both within and outside the credit institution's opening hours.
4. The possibility in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector to carry out: a) direct debits, b) payment transactions with a payment card, including online payments, and c) credit transactions, including standing orders, via terminals, if available, contact with the credit institution's business premises, and via online facilities.

Subsection 2. A credit institution is, however, only obliged to offer the services mentioned in subsection 1 to the extent that the services are already offered to consumers who have other payment accounts than a basic payment account.

Subsection 3. A consumer must be able to manage and initiate payment transactions from their basic payment account in the credit institution's business premises and via online facilities, if these services are already offered to consumers who have other payment accounts than a basic payment account.

Information on a Basic Payment Account

Section 10. A credit institution must free of charge make the following information available to consumers regarding the basic payment account offered by the credit institution:

1. The specific services linked to the basic payment account, cf. Section 9.
2. Fees and terms for the use of the basic payment account, cf. Section 12.
3. That the purchase of additional services or shares, units, or guarantee certificates is not a prerequisite for access to a basic payment account, cf. Section 11, subsection 5.

Access to a Basic Payment Account

Section 11. Credit institutions must offer a consumer a basic payment account, cf. Section 9, in Danish kroner, unless opening such an account would lead to a violation of the Act on Preventive Measures against Money Laundering and Financing of Terrorism.

Subsection 2. Subsection 1 applies to consumers with lawful residence in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, and consumers who have not received residence permits but who cannot be deported.

Subsection 3. A credit institution may, however, refuse to open a basic payment account if:

1. the consumer cannot demonstrate a genuine interest in opening a basic payment account,
2. the consumer already has a payment account in Denmark that enables the use of the services listed in Section 9, unless the consumer declares that they have been notified that this payment account will be closed,
3. the consumer has committed criminal offenses against the credit institution and the credit institution therefore wishes to prevent the consumer from abusing their right to access a basic payment account, or
4. the consumer has behaved offensively or to the detriment of the bank's other customers or employees.

Subsection 4. Credit institutions must, as soon as possible and no later than 10 working days after receipt of a complete application for a basic payment account, open such an account or refuse it. The credit institution must free of charge provide the consumer with a reason for any refusal. The reason may be omitted in the interest of national security or public order, or if it is appropriate to ensure confidentiality regarding notifications under the Act on Preventive Measures against Money Laundering and Financing of Terrorism. The refusal must be given in paper form or on another durable medium. A refusal must contain detailed information about the consumer's opportunity to appeal the decision to the Financial Appeals Board and the opportunity to submit the decision to the Danish Financial Supervisory Authority.

Subsection 5. Credit institutions must not make the conclusion of an agreement for a basic payment account conditional on the purchase of additional services not linked to a basic payment account or shares, units, or guarantee certificates in the credit institution. This does not apply to shares, units, or guarantee certificates that are a prerequisite for being a customer of the credit institution.

Fees for a Basic Payment Account

Section 12. A credit institution must offer the services mentioned in Section 9 free of charge or for payment of a reasonable fee.

Subsection 2. Services under Section 9, subsection 1, nos. 1-3 and no. 4, letter b, may regardless of the number of payment transactions carried out not be charged fees beyond any reasonable fees. This does not apply to payment transactions with a credit card.

Subsection 3. A credit institution may charge a consumer a reasonable fee in the event of failure to comply with obligations under a framework agreement for a basic payment account.

Subsection 4. When determining a reasonable fee, cf. subsections 1-3, account must be taken of:

1. the income level in Denmark,
2. the average fees charged by credit institutions in Denmark for services in connection with payment accounts, and
3. the credit institution's costs and a reasonable profit from offering a basic payment account to consumers.

Termination of Framework Agreements for a Basic Payment Account

Section 13. A credit institution may, regardless of Section 75 of the Act on Payments, only terminate a framework agreement granting access to a basic payment account if one of the following conditions is met:

1. The consumer has used the payment account for criminal purposes.
2. The consumer or a third party has not carried out any transactions on the payment account for more than 24 consecutive months.
3. The consumer has provided incorrect information to obtain a basic payment account in cases where the correct information would have led to a refusal.
4. The consumer no longer has lawful residence in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector.
5. The consumer has subsequently opened another payment account in Denmark that enables the use of the services listed in Section 9.
6. The consumer has committed criminal offenses against the credit institution, and the credit institution therefore wishes to prevent the consumer from abusing their right to access a basic payment account.
7. The consumer has behaved offensively or to the detriment of the bank's other customers or employees.
8. The consumer uses their basic payment account for business purposes.

Subsection 2. A credit institution terminating a framework agreement, cf. subsection 1, must inform the consumer of the reason for the termination free of charge either in paper form or on another durable medium with at least 2 months' notice. The reason may be omitted in the interest of national security or public order, or if it is appropriate to ensure confidentiality regarding notifications under the Act on Preventive Measures against Money Laundering and Financing of Terrorism. A termination based on one of the reasons listed in subsection 1, nos. 1 or 3, has immediate effect. A termination must contain detailed information about the consumer's opportunity to appeal the decision to the Financial Appeals Board and the opportunity to submit the decision to the Danish Financial Supervisory Authority.

Chapter 4a Basic Business Account

Characteristics of a Basic Business Account

Section 13a. A basic business account must include the following services, which an entrepreneur or an association must be able to use without limit, cf. however subsection 2:

1. The possibility to open, use, and close the business account.
2. The possibility to deposit funds, except cash, on the business account.
3. The possibility to deposit cash on the business account corresponding to a total of 20,000 DKK per month.
4. The possibility to withdraw cash from the business account in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, by contacting the institution's business premises or at ATMs both within and outside the institution's opening hours.
5. The possibility in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector to carry out: a) direct debits, b) payment transactions with a payment card, including online payments, and c) credit transactions, including standing orders, via terminals, if available, contact with the institution's business premises, and via online facilities.

Subsection 2. An institution must only offer the services mentioned in subsection 1 to entrepreneurs or associations to the extent that the services are already offered to entrepreneurs or associations who have other payment accounts than a basic business account.

Subsection 3. An entrepreneur or an association must be able to manage and initiate payment transactions from their basic business account in the institution's business premises and via online facilities, if these services are already offered to entrepreneurs or associations who have other payment accounts than a basic business account.

Information on a Basic Business Account

Section 13b. An institution must free of charge make the following information available to entrepreneurs and associations regarding the basic business account offered by the institution:

1. The specific services linked to the basic business account, cf. Section 13a, subsection 1.

2. Fees and terms for a

3. The Act contains provisions implementing Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, the switching of payment accounts and access to payment accounts with basic features, OJ 2014, No. L 257, page 214.

Lovtidende A 2025 Published on 4 December 2025 18 November 2025. No. 1462. Ministry of Industry, Danish Financial Supervisory Authority, file no. 25-018284 CQ003379