Information about termination of services

As we have previously notified, Danske Bank has decided to focus its activities in the Baltic States exclusively on servicing subsidiaries of Danske Bank Group Nordic customers and global corporates with a significant Nordic footprint.

The decision is strategically based on our overall ambition to focus on customers in the Nordic region. In the Baltics, subsidiaries of Nordic customers and global corporates is the customer segment where we can offer the best solutions and provide the most value. According to this strategy Danske Bank A/S will no longer be able to offer financial services for local Baltic businesses and private customers.

Bank accounts

  • Accounts

    What should you know?

    • Account agreement will be terminated and present bank accounts will be closed on the 2nd of March 2019.
    • If any funds (either monetary funds or securities/financial instruments) remain in your account(s) after termination of the agreement, those will be transferred into bank’s internal accounts and you will have to submit an application at the Business Centre of the bank in order to transfer the funds.
    • If during 1 (one) month from closing the Account, the bank receives a payment in your name, the bank will transfer it to the other account of yours (should you have submitted relevant data to the bank). After that period, the bank will return the received amount to the payer.

    What should you do?

    • We recommend you to transfer your current account balance to your account with another service provider by not later than 1st March 2019 5:00 p.m. If any funds remain in your account(s) after termination of the agreement, you will have to submit an application at the Business Centre of the bank in order to transfer the funds. The remaining funds can be only transferred to an account opened to your name with other financial institution in European Economic Area country.
    • Please notify other bodies and persons who make payments to your account about the new account numbers you have with another payment service provider (e.g. Social Insurance Board, Health Insurance Fund, Tax and Customs Board).
    • You can terminate the current account agreement and related agreements earlier by sending us a free-format application in Danske eBank or an e-mail to avaldus@danskebank.ee with a digitally signed application, which can be found here.
  • Savings account

    What should you know?

    • The Bank will terminate your Savings Account agreements on the 2nd of February 2019.
    • Savings amount and interests (regular and if applicable additional interest) will be transferred to your current account on the 2nd of February 2019.

Credits

  • Credits

    What should you know?

    • Loan, lease, guarantee and credit card limit agreements remain valid, but their servicing account will change.
    • Starting from November 21, 2018 you have an opportunity and from March 2, 2019 an obligation to transfer all payable amounts payable according to your credit agreements to the special credit servicing account. Account number was provided to you in the 21st of November letter “Termination of agreements concluded with Danske Bank”.
    • This account belongs to the Danske Bank and it is in the name of the bank, and its only intended purpose of use is servicing of credit agreement(s) concluded with you. The credit servicing account is opened for credit repayment purpose only. The account is not intended for money depositing service or other daily banking services.
    • All obligations of the credit agreements, e.g. principal payments, interest payments, commitment fees, payments under the lease agreement, repayments of the used credit limit of the credit cards and related fees, possible fees, fines for delay etc. must be paid to the credit servicing account:
      Beneficiary: Danske Bank A/S Estonia Branch
      Account number: The Credit Servicing account number of which you were informed
      Payment details: (for example) Fulfilment of credit agreement
      The payment has no reference number and an e-invoice cannot be ordered.

    • If the insurance premium of the insurance agreement related to the credit agreement pertain to be paid to the bank, please pay the insurance premium also to that account.
    • Please make the payments to the credit servicing account according to the credit agreement repayment schedule and actual contractual payment obligation.
    • The payments received to the credit servicing account are considered as performance of the credit agreement payment obligation according to the dates provided for in the credit agreement payment schedule. This means that the payment will be considered as performance of the credit obligation not when it arrives to that account but according to the payment dates deadline in the credit agreement and, in case of several different obligations, according to the sequence of their contractual performance.
    • The bank can return partial or full payment made to the Credit servicing account, which according to the bank view, does not meet the purpose of performing the credit agreement (e.g. overpaid amount is significantly larger then it is needed for a few next regular payments).
    • If you have the valid electronic services agreement, you will find information on the credit agreement(s), notifications on changes in base interest and schedules of valid interest period from Danske eBank. It is also possible to view the credit servicing account and payments made through it in Danske eBank. If you do not have a valid electronic services agreement, you will still receive information via e-mail or mail.
    • There may be obligations provided for in the credit agreements or collateral agreements related to owing the current account in the bank or settlement. The bank confirms that all obligations related to owning the current account provided for in the credit agreements or in the collateral agreements are void from now and there is no need to perform relevant obligations.

    What should you do?

    • Start to perform your credit agreement obligations already from 21.11.2018 via the credit servicing account. You must use the credit servicing account from 02.03.2019, but we suggest you start using it early.
    • Follow closely the credit agreement payment obligations and the deadlines for their performance when making the payments.
    • We recommend making the payment necessary for performance of the credit obligation one day before the deadline of the payment obligation. This way you will avoid possible misunderstandings with the delay in arrival of the payment, emergence of arrears and calculation of default interests.
    • The contractual loan amounts not paid to the Borrower to date will be disbursed according to the loan agreement, based on the application of the Borrower. If the contractual loan amount has not been fully paid to you and you are entitled for disbursement and you wish to payment of the loan amount, please contact the bank beforehand.
    • If you want to perform the credit agreement earlier, definitely contact the bank beforehand by, for example, sending the notice via Danske eBank. Otherwise, the bank may find that the sum transferred to the credit servicing account is not necessary for performance of current payment obligations and return it to the payer.
    • When the credit agreements expire, please certainly contact the bank to agree on next steps for deleting the pledge (e.g. deleting the mortgage or commercial pledge).

Payment cards

  • Debit cards

    What should you know?

    • If the payment card agreement is associated with the account, and a valid debit card is issued based on it, we will terminate that agreement and close the debit card on 1 February, 2019.
    • Monthly administration fee (if applicable) calculation will be stopped immediately after card is stopped and fees will be written from the account, so please make sure that there will be enough funds for fee debiting.
    • Travel insurance (if applicable) will be valid till end on insurance expiration.

Digital services

  • Electronic services (Danske eBank, Danske mBank, Telephone bank, SMS notifications, Consolidated payments)

    What should you know?

    • Your Electronic Services agreement will stay valid, i.e. you will only maintain the possibility to use Danske eBank to the limited extent to check reports/statements of the financial instruments, loan schedules, for information exchange between the parties, etc.
    • Danske eBank orders (initiated using account which will be closed on 2nd of March), that will be unexecuted until end of 1st March 2019, will be rejected.
    • SMS notifications service will be terminated and you will not receive any new messages from 2nd of February 2019.
    • Danske mBank service will be terminated from 2nd of February, 2019.
    • Danske Telephone Bank service will be terminated from 2nd of March, 2019. All statements for closed accounts will be accessible through Danske eBank.
  • Bank Link (authorization and payments services)

    What should you know?

    • Bank Link agreement will be terminated on the 2nd of February 2019.
    • Starting from the 2nd of February 2019 you will not be able to provide your customers with authorisation and payment services on your portal through Danske eBank.

    What should you do?

    • Make sure that information on your portal regarding Danske Bank Link will be removed and possibility to pay or log in using Danske eBank would be disabled by 2nd of February 2019.

Payments and Cash Management

  • Payment orders

    What should you know?

    • You will be able to make payments to and from Danske Bank accounts without any interference until 1st March 2019 5:00 p.m.
    • If you would like that during 1 (one) month from closing the Account, the bank will accept incoming payments in favour of closed account and will transfer it, you need to provide your new account number to the bank.

    What should you do?

    • Please notify other bodies and persons who make payments to your Danske Bank account about the new account number you have with another payment service provider.
  • E-invoice

    What should you know?

    • Receipt of e-invoices shall be valid until 1st March 2019 inclusive.
    • E-invoice automatic payment service agreement will be terminated on 2nd February 2019.
    • From 2nd March 2019 onwards, Danske Bank will not be accepting e-invoices sent to you by the service providers and will not be carrying out their automated payment.
    • If you will have received e-invoices by 1st February 2019 inclusive that will not have been paid, related payments will not be executed and you will need to take care of their payment themselves in other ways.

    What should you do?

    • Please subscribe e-invoices and, if desired, their automated payment by other bank. We recommend that you do this before 31st of December 2018. This will prevent the invoices from remaining unpaid.
    • In order to transfer e-invoices to another bank, you must place a new e-invoice order with your service provider (e.g. magazine retailer).This can be done in your new bank's Internet Bank or at their branch or at a branch of the service provider. After receiving the new e-invoice order, the service provider will forward your e-invoices to your new bank (and stop sending them to Danske Bank).

  • Standing Order

    What should you know?

    • Standing order agreement will be terminated on the 2nd of February 2019.
      The last payment debited from your bank account and transferred to the payee will be executed on 1st February 2019.

    What should you do?

    • We recommend you to conclude respective agreements with another payment service provider if you want to keep standing order service.

Savings and Investments

  • Term Deposits

    What should you know?

    • The Bank will terminate your Term deposit agreement on the 2nd of February 2019, except pledged deposits which is used for credits as collateral.
    • Deposit amount and interests until the maturity will be paid to your current account on 2nd February 2019.

    What should you do?

    •  We recommend you to transfer any funds remaining in your account to your account with another service provider by not later than 5 p.m. on the 1st of March.
  • Agreement on investment services

    What should you know?

    • The Bank will terminate your Agreement on Investment services on 2nd of February 2019.
    • Orders to buy securities will be rejected starting from 30th of January 2019.
    • Securities transfers to your account with other service provider and redemption of Danske Invest funds will be free of charge until the 2nd of February 2019.

    What should you do?

    • If your account contains securities or other financial instruments, we recommend you to open new securities account with other service provider.
    • Please provide us with an order to transfer your securities to your account with other service provider by 1st of February 2019.

Agreements on currency exchange, money market and derivatives transactions

  • Agreements on currency exchange, money market and derivatives transactions

    What should you know?

    • According to the clause 18.5 of the Standard terms and conditions of the Master agreement on derivatives, the bank will terminate this agreement (if applicable) concluded with you from February 2, 2019.
    • According to the clause 7.4 of the Standard terms and conditions of the Agreement on Currency Exchange Services by Phone, the bank will terminate this agreement (if applicable) concluded with you from February 2, 2019.

Pricing

  • Monthly charging service

    What should you know?

    • Monthly charging service will be terminated from 2nd of February 2019.
  • Special pricing

    What should you know?

    • Special pricing will be terminated from 2nd of February 2019.

Call us at 6 800 800 or contact your Relationship Manager if you have any questions.