Client information
Bank account switching (3)
From 1November 2009 it has become easier for consumers to switch their current account from one bank to another in Luxembourg. On this date the ABBL implemented the “Common Principles for Bank Account Switching”, adopted by the European Banking Industry Committee (EBIC).
Consumers are free to transfer all or part of their banking relationship to a different bank. They can choose their new bank as a primary contact, meaning that this bank will act as intermediary between the consumer and their old bank as well as their creditors.
Bank holidays (0)
Each year, the ABBL publishes a calendar of bank holidays. The latest calendar can be downloaded below.
Banking standards (0)
Unified transfer form
The new transfer standard is based on a unified form for all-purpose use : national and international transfers in EUR, in a foreign currency, etc.... The advantages for the user are self-evident: by using the unified form and systematically filling in the essential fields, users can rest assured that their transfer order will be automatically executed in the payment systems.
For printers, the data is available on demand.
IBAN and BIC codes for cross-border payments
Card theft/loss (0)
In the event of loss or theft of a credit or debit card, CETREL (electronic transfer centre) must be contacted to place a stop on the card at the earliest opportunity by notifying the account number; this CETREL service operates round the clock seven days a week. A declaration of theft/loss made out by the police must be forwarded to the bank within 48 hours as confirmation.
Telephone number of CETREL: 49 10 10
Codes of conduct (0)
The financial sector in Luxembourg, as indeed elsewhere in the world, curiously suffers from two contradictory reputations. For some, finance is an unbridled, unregulated realm governed by the free market law of the jungle. For others, it is the regulated sector par excellence.
Complaints (0)
Who should be contacted if a dispute arises between a bank and a customer?
First of all, an attempt must be made to solve the problem by discussion with the institution concerned.
Deposit guarantee (0)
Definition:
The Deposit Guarantee Association Luxembourg (AGDL) will reimburse a limited amount of deposits to depositors whose bank went bankrupt. From the point of view of the depositors, it is a question of protecting a part of their wealth against the bankruptcy of a bank.
Distance marketing (0)
In order to incite consumers to trust financial services at a distance (that is marketed by fax, phone, or via internet), a legal framework was set up spanning the whole of the Single Market so that consumers may gain easier access to financial services in other Member States, safe in the knowledge that their interests are protected.
Over-indebtedness (0)
Who may be affected?
Over-indebtedness is a social phenomenon which is generally believed to be spreading in the industrialized countries.
Payment services (1)
FAQ on the Law of 11 November 2009 on Payment Services
Introduction
The Luxembourg law transposing the payment services directive (PSD) entered into force on 1 November 2009 and provides the legal and operational framework for the creation of a single market for payments within the European Economic Area (the EEA is the EU, together with Iceland, Liechtenstein and Norway).
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