Changes to the General Terms and Conditions

Additional information regarding the changes to the General Terms and Conditions, the General Terms and Conditions concerning Financial Instruments, the Terms of use of the payment cards and the Terms of use of Mastercard Miles & More Luxair credit cards

General Terms and Conditions:

  • Article 3: Mutual compliance obligations
    Article 3.2. on the commitments of the Bank has been amended to reflect the provisions of Directive 2018/822/EU regarding the mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements. Under that Directive, the Bank, in its role as an intermediary, is required to identify and, where applicable, report any arrangements that display "hallmarks of aggressive tax planning". 
  • Article 8: Outsourcing
    A new article 8 on outsourcing, which partially replicates the terms of article 7.8, has been inserted. The main purpose of this new article is to provide information to Customers on the areas and activities that are outsourced by the Bank so that Customers, having been expressly advised, may authorise the Bank to disclose their information to subcontractors in accordance with the requirements of article 41 of the Luxembourg law of 5 April 1993, as amended, on the financial sector and pursuant to CSSF circular 12/552 on central administration, internal governance and risk management, as well as the EBA guidelines on outsourcing arrangements.
  • Article 31: Electronic subscription of products and services
    Digital developments are continually taking place at the Bank, resulting in a growing number of products and services that can be subscribed using the Customer's electronic signature. This article states that, for evidential purposes, an electronic signature is equivalent to a handwritten signature.
  • Article 33: Opening term deposit accounts
    The terminology used to describe the functioning of term deposit accounts has been clarified.
  • Article 35: Opening collective and joint accounts
    Clarifications have been made to the provisions on the functioning of collective accounts and to the principle of active solidarity in relation to joint accounts.
  • Article 38: Credit transfers
    The term "transfer" has been replaced by the term "credit transfer". Furthermore, the circumstances in which the Bank may refuse to execute a credit transfer have been clarified.
  • Article 41: Third party payment service provider
    The new article 41 introduces the activity of third party payment service providers. Directive 2015/2366/EU on payment services in the internal market, known as Directive PSD2, transposed into Luxembourg law by the law of 20 July 2018 amending the law of 10 November 2009 on payment services (hereinafter the "Law"), has created a legal framework for third party payment service providers (hereinafter "TPP"). Among these service providers  there are account information service providers (AISPs) and payment initiation service providers (PISPs). The Law provides TPPs with the right to directly access their customers' payment accounts held at other establishments. It is understood that TPPs must obtain their Customers' consent before being able to access the Customers' data. As such, if a TPP has obtained the Customer's consent, the bank must grant the TPP access to the Customer's payment accounts. This article therefore introduces the activity of TPPs and contains clarifications regarding the Customer's consent.
  • Article 42: Opening savings products
    Article 42 on opening savings products states that this type of product is not intended to be used for payment services.
  • Article 46: Conditional deposits
    In article 46 on conditional deposits, the conditions governing early repayment have been clarified.

General Terms and Conditions concerning Financial Instruments:

  • Article 7: Financial instruments or third-party funds
    The terminology used in this article has been clarified.
  • Article 10: Shareholder identification
    This article has been inserted to reflect Directive 2017/828/EU amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement. This Directive introduces a framework that allows listed companies to identify their shareholders. This Directive also obliges intermediaries (banks) to quickly pass on shareholder-related information to companies. 

Terms of use of the payment cards:

  • Article 3: Use of the card
    The purpose of this article is to reiterate and clarify the security instructions for using bank cards. 

Terms of use of Mastercard Miles & More Luxair credit cards:

  • Article 3: Use of the card
    The purpose of this article is to reiterate and clarify the security instructions for using bank cards. 
  • Article 6: Benefits linked to Lufthansa's Miles & More loyalty programme.
    Clarifications have been made regarding transactions that are not eligible for award miles.