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 banking customers.

The following changes concern our relationships with local Baltic businesses and private banking customers who have received notifications regarding account termination on 13th August 2018.

Bank accounts

  • Accounts

    What should you know?

    • Account agreement will be terminated and present bank accounts will be closed on the 27th of October 2018.
    • 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.
    • 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 5 p.m. on the 26th of October. 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 registered to the name of the former customer with other financial institution in Estonia. Danske Bank is entitled to ask additional information or documents about source of funds.
    • In case of need, print or download the Account statements from Danske eBank before 5 p.m. on the 26th of October.
    • Please notify other bodies and persons who make payments to your account about the new account numbers you have with another payment service provider.
    • 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 27th October 2018.
    • Savings amount and interests will be paid to your current account on 27th October 2018.

    What should you do?

    •  We recommend you to terminate Savings Account agreement and transfer the funds from Savings Account through your current account to your account with another service provider by not later than 5 p.m. on the 26th of October.

Payment cards

  • Debit cards

    What should you know?

    • The payment card agreement will be terminated, the payment card will be closed and you are not entitled to use it as of 16th October 2018.
    • 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.
  • Acquiring service

    What should you know?

    • Card service agreement will be terminated and acquiring service will be stopped from 16th October 2018.
    • The bank shall charge a rental fee until the terminal is returned to Nets Estonia AS. When the terminal has been returned to Nets Estonia AS, the bank shall terminate the terminal rental agreement.

    What should you do?

    • If you have rented payment terminals, please return them to Nets Estonia AS until 19th October 2018.

      Payment terminals can be returned:
      - by Jetpak courier at the cost of the recipient. To order a courier please call +372 646 3222;
      - by taking it to Nets Estonia AS on working days from 9–17 at Tartu mnt 63, Tallinn (on the 4th floor of the so-called white house, the door marked with B on the Hermann Street side).

Digital services

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

    What should you know?

    • Your Electronic services agreement will be terminated on October 27th 2018.
    • Danske eBank and Danske mBank orders that will be unexecuted until end of October 26th will be rejected.
    • SMS notification service will be terminated and you will not receive any new messages from October 27th 2018.

    What should you do?

    •  We recommend that you download or print out your account statements for the last one to three years from Danske eBank. You could also refer to customer servicing unit of Danske Bank regarding such statements.
  • Bank Link (authorization and payments services)

    What should you know?

    • Bank Link agreement will be terminated on the 27th October 2018.
    • Starting from 5 p.m. on the 26th October 2018 you will not be able to provide your customers with authorisation and payment services on your portal through Danske eBank.
    • For last two days fee for payments will be debited right away from the account.

    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 27th October 2018.
  • Security Elements agreement

    What should you know?

    • Your security elements agreement will be terminated on the 27th October 2018.
    • In case you are an eBank user within Electronic Services agreement or payment card holder in payment card agreement of a customer who will remain a customer of Danske Bank, your Security Elements agreement will not be terminated and you will maintain the possibility to access the abovementioned customer’s account with your current Danske eBank security elements.

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 26th October 2018 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.
  • Payments package

    What should you know?

    • Payments packages service will be terminated on 27th October 2018.
  • E-invoice

    What should you know?

    • Receipt of e-invoices and processing of related automatic payment shall be valid until 26th October 2018 inclusive.
    • From 27th October 2018 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 26th October 2018 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 30th September 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 27th October 2018.
    • The last payment debited from your bank account and transferred to the payee will be executed on 26th October 2018.

    What should you do?

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

  • Danske Bank account management via foreign bank

    What should you know?

    • Danske Bank account management via foreign bank service will be terminated from 27th October 2018.
    • The last execution day of SWIFT messages MT101, received by your company name will be 26th October 2018.

    What should you do?

    • Please inform another bank about termination of agreement with Danske Bank.
    • Please ensure that the execution date of MT101 received from another bank by 26th October 2018 inclusive would be no later than 26th October.
  • Foreign account management via Danske eBank

    What should you know?

    • Foreign account management via Danske eBank service will be terminated from 27th October 2018.

    What should you do?

    • Please inform another bank about termination of agreement with Danske Bank.

Savings and Investments

  • Term Deposits

    What should you know?

    • The Bank will terminate your Term deposit agreement on the 17th September 2018.
    • Deposit amount and interests until the maturity will be paid to your current account on 17th September 2018.

    What should you do?

    •  We recommend you to transfer any funds remaining in your account to your account with another service provider by no later than 5 p.m. on the 26th of October.
  • Agreement on investment services

    What should you know?

    • The Bank will terminate your Agreement on Investment services on 27th October 2018.

    What should you do?

    • If you should have securities balance, we recommend you to transfer securities to another bank by 26th of October.

Markets

Pricing

Trade finance and guarantees

  • Documentary Credits (Export)

    What should you know?

    • Export Documentary Credits service will be terminated and no new transactions will be advised from 27th October 2018 (except customers already advised separately).
    • All outstanding transactions will be performed until 26th October 2018.

    What should you do?

    • Outstanding Export Documentary Credits should be processed so that the payment arrives not later than 26th October 2018 (shipments should be planned accordingly).
  • Documentary Collections

    What should you know?

    • Import Documentary Collections service will be terminated and no new transactions will be accepted from 27th October 2018 (except for customers already advised separately).
    • Export Collections service is terminated immediately after 13th August 2018.

    What should you do?

    • Outstanding Documentary Collections should be processed so that the payment arrives or is transferred not later than 26th October 2018.
  • Guarantees (received and advised)

    What should you know?

    • Bank guarantees (received and advised - Export) service will be terminated and no new transactions will be advised from 27th October 2018 (except for customers already advised separately).

    What should you do?

    • Your Buyer/Partner willing to issue a guarantee to you should be informed to advise his guarantee through the other Bank.

Loans

What should you know?

  • If your assets are pledged in favour of Danske Bank but they do not secure any obligations, please contact us to agree on next steps.

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