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The second directive on payment services (Directive (EU) 2015/2366 ("PSD2") comes into force on 13 January 2018 and brings with it a significant evolution of the existing regulation of payments.

PSD2 brings into scope new types of payment service providers and enhances customer protection for the following products/services:

  • Current Accounts
  • Demand Deposit Accounts
  • Debit and ATM Cards
  • Credit Cards
  • Online Channels (e.g Open24 and Business24)

On foot of this and other operational changes, permanent tsb’s general Terms and Conditions and the Terms and Conditions relating to Current Accounts, Open24 Service, Bank Cards (excluding Credit Cards), Savings and Investments, Visa Credit Cards, Corporate Deposits, Business 24 and Mobile Apps services will be changing effective from 13 January 2018. 

Key Changes

  • New regulated Third Party Providers will enter the market to allow you to avail of the new payment services available under PSD2
  • You will benefit from increased rights, in certain circumstances, when transferring or receiving funds, to, or from an account located outside the European Union/European Economic Area ("EEA")
  • Amendments to the complaints handling process and timelines
  • Improvements for you when permanent tsb processes refunds for unauthorised, incorrectly executed and disputed transactions

Third Party Providers

From 13 January 2018 PSD2 brings into scope certain Third Party Providers which must be regulated within the EEA and can only operate with your explicit consent. The two types of Third Party Providers are:

  1. Payment Initiation Service Provider – a provider which initiates a payment from your payment account
  2. Account Information Services Provider – a provider which consolidates information on your payment accounts. These are also known as ‘account aggregators’

You should never engage with an unregulated Third Party Provider. For further information on Third Party Providers please refer to Condition 23 in the revised General Terms and Conditions.

The revised Terms and Conditions are available from 13 November 2017 and can be viewed below.

If you choose not to accept the revised Terms and Conditions, you may close your Account(s) (or switch it to another financial institution) and simultaneously cancel all other facilities granted to you in connection with your Account(s) without having to pay any extra charges, subject to any payment of any monies or charges due. Unless you close your account by 13 January 2018, you will be deemed to have accepted the changes.

Revised Terms and Conditions

Current Accounts, Open24, Savings and Investments (Including Personal and Business Banking Charges)

Click here.

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