Automatic repayment of bills throughout the entire SEPA area
SEPA Direct Debits
Use your EURO current account to automatically pay for goods and services throughout the entire SEPA area.
Avoid the risk of missing a payment deadline and forget the hustle of managing your payments manually. With the SEPA Direct Debit service, all you have to do is to sign a Mandate with your Provider of goods or services and your payments will be executed automatically.
Benefits of the service:
- A less costly, time-saving procedure compared to other payment methods
- Very convenient payment method which can be easily set up between the Consumer and the Provider
- Allows keeping track record of payments which are made directly from the Comsumer's account
- Allows paying for goods and services throughout the entire SEPA area with the same convenience and cost in all member countries as in the Debtor’s home country
- Uniformity in terms and conditions across the entire SEPA area
- Allows consumers to define the maximum number of payments either for repeated or for one-off collections
|SEPA Direct Debits - Frequently Asked Questions
|Request for SEPA Direct Debit Refund
|Refusal of SEPA Direct Debit Payment
|Reactivation of SEPA Direct Debit Payment
|Amendments of SEPA Direct Debits
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FREQUENTLY ASKED QUESTIONS
A SEPA Direct Debit Mandate Reference is assigned to the Debtor (Payer) by the Creditor (Payee). This reference is assigned to the Mandate the Debtor has signed with the Creditor and is the same as long as the Mandate is valid. This information can be provided by the Creditor who maintains relevant data.
Yes, Mandates can be revoked or cancelled. You can contact the Creditor requesting the revocation ior cancellation of the Mandate you have signed. Nevertheless, you will have to make alternative arrangements for your bill payments.
You can use the SEPA Direct Debit service to pay for:
- Utility bills,
given that the provider maintains an account with a Bank or Payment Services Provider that participates in the SEPA Direct Debit Scheme.
Refund of SDD:
- You can request the refund of any collection within 8 weeks from the debit date on a no questions asked basis. This means that no justification and/or documentation will be requested by the Bank in this case.
- You can request the refund of an unauthorized collection not later than 13 months from the debit date. Justification and/or documentation will be requested by the Bank in this case.
Blocking of SDD:
- You can submit a request to block your account in order to prevent the execution of any SDD collection.
- You can submit a request to unblock your account in order to allow the execution of SDD Collections in case you have previously submitted a request for blocking your account for SDD collections.
Refusal of SDD:
- You can submit a request for the refusal of the payment of the next SDD collection in favour of a specific Creditor. The mandate will be reactivated automatically once the next SDD collection has been rejected.
- You can submit a request for the refusal of the payment of all next SDD collections in favour of a specific Creditor. You maintain the right to reactivate the execution of all next SDD collections in favour of a specific Creditor, after a refusal request has been previously submitted.
Setting limit on debit amount
- By setting a limit on an SDD Mandate, you agree that the collections on the Mandate will only be paid up to the specific amount and that any collections above that limit will be returned unpaid in full. You maintain the right to withdraw the limit on debit amount.
Setting a limit on frequency
- By setting a limit on frequency, you agree that you never want to pay an SDD for more than that frequency. You maintain the right to withdraw the limit on frequency.
Creating a negative catalogue of Creditors
- By requesting the Bank to set up a Negative Catalogue (blacklist) of beneficiaries you specify the Creditors from whom the Bank shall reject direct debits. Direct Debits from Creditors that are not listed on the blacklist will be automatically accepted. You maintain the right to add or delete creditors from the blacklist.
- It is a simple and secure method of paying bills throughout the entire SEPA area
- The cost of domestic payments is the same as the cost of cross-border payments effected in the SEPA area
- Debits can be easily reconciled on account statements
- By using SEPA Direct Debits, payers can avoid the inconvenience caused by late payments
- The SEPA Direct Debit Scheme allows Payers to anticipate the exact date (due date) on which their account will be debited for the settlement of their obligations to a Payee
- The Scheme caters for both recurring and one-off collections
- According to the rules of SEPA Direct Debits, there are specific guidelines in relation to the handling of rejected, returned, refused and refunded collections
- Maximum settlement times are defined for recurring and one-off direct debit collections
- Bank’s BIC and account IBAN are the only account and bank identifiers that can be used for the utilisation of the service
- There are standardized Terms and Conditions across all current SEPA countries
- The scheme is governed by the Payment Services Law
You can claim a refund of the amount debited within a period of 13 months. You can contact your Relationship Manager who will provide you with all necessary information.
The Bank will keep trying to execute the SEPA Direct Debit on your account for another five working dates from the first execution date. In case the account balance remains insufficient for the execution of the Direct Debit, the Bank will send a rejection message to the Creditor. You may be charged for rejected transactions in accordance with the Bank’s Table of Commissions and Charges.
A Creditor is the natural or legal person (Organisation) that maintains a Payment Account with a Payment Services Provider (PSP) that is a member of the SEPA Direct Debit Scheme and is the intended recipient of the money from a SEPA Direct Debit payment transaction for the provision of goods or services to a Debtor. A SEPA Direct Debit Mandate is signed between a Creditor and a Debtor. The Creditor receives and stores the Mandate from the Debtor to initiate Collections. The Creditor is always the holder of the account to be credited.
A Debtor or Payer is the natural or legal person who holds a payment account with a Payment Services Provider that is a member of the SEPA Direct Debit Scheme and signs a Mandate with a Creditor by which the Creditor is authorised to initiate Collections from the Debtor’s account. The Debtor is always the holder of the account to be debited.
A SEPA Direct Debit Mandate is the expression of consent and authorization given by the Debtor to the Creditor and to the Creditor’s Financial Institution (PSP) to initiate a collection (debit) from the Debtor’s payment account and enables the Debtor’s financial institution to comply with such instructions. A Mandate may exist as a paper document which is physically signed by the Debtor. It may also be an electronic document which is signed using a legally binding method of signature.
A SEPA Direct Debit (SDD) is a payment instruction provided by a Debtor (Payer) to the Creditor (Payee) in the form of a Direct Debit Mandate. The Direct Debit allows the Payer's bank to debit the Payer's account for variable or fixed amounts claimed by the Payee, on a one-off basis or at predefined regular intervals. Debtors have specific rights deriving from the SEPA Direct Debit Scheme.
The Single Euro Payments Area (SEPA) is a payment system which allows the fast and easy execution of cashless transactions across SEPA area. All SEPA payments are effected between Bank accounts and do not involve any card schemes. All SEPA transactions are executed in Euros. SEPA transactions either domestic or cross border are executed with the same ease and convenience.
The IBAN (International Bank Account Number) is a unique bank account number in a standardized format which is used for the processing of domestic or cross-border payment transactions. The IBAN facilitates the execution of SEPA Direct Debits as it serves as an account identifier for the purposes of the scheme. You will need to provide your IBAN number to a Creditor before signing a Mandate with them.
The Creditor ID is the unique identifier of the Creditor with whom a SEPA Direct Mandate has been signed. The Creditor ID is included in each SEPA Direct Debit collection and allows the Debtor and the Debtor’s Bank to authenticate each collection or request a refund.
All SDD related requests must be submitted to the Bank the latest by 13:00 of the business day preceding the scheduled SDD payment date. In a different case, changes will be effected on the next scheduled payment date.
You can find your account IBAN and BIC on the Account Details Certificate that has been given to you upon the opening of your current account with the Bank. You can also find it on the statement of your account or on the Account Details tab of your eBanking profile. You may also consult your Relationship Manager who will provide you with all necessary information.
The SEPA area consists of European countries, including countries that are not members of the Eurozone or the European Union. You can find information about the member countries of the SEPA area here: www.ecb.europa.eu
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