General Banking Conditions 2017 entered into force on 1 March 2017

On 1 March 2017, the amended General Banking Conditions entered into force. The General Banking Conditions contain the general rules which apply to the relationship between the customer and the bank. All members of the Dutch Banking Association (Nederlandse Vereniging van Banken) are using the same conditions. The General Banking Conditions apply to all customers and (in principle) to all relationships between the customer and the bank. On 1 March 2017, the General Banking Conditions were amended for the third time. Most notable is the use of simplified language. Some substantive amendments are, among others, that banks are expressly obliged to work towards understandable products, services and information about such services and products, that special conditions of banks may no longer limit the rights of customers pursuant to the General Banking Conditions and that a bank, when making use of third parties, remains the contact person for the customer.

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