Effective 1 October 2016, ABN AMRO will apply updated conditions for its commercial clients. The bank has announced new Commercial Payment Services Conditions, new Commercial Payment Services Information Sheet and new savings conditions.
The new conditions state that the bank may charge its accountholders negative interest on their commercial checking or savings products. These updated conditions will allow the bank to respond to unusual market conditions if and when this becomes necessary. However, this does not automatically mean that the bank will in fact start charging negative interest. If interest rates dip into negative figures, ABN AMRO will do its best to accommodate commercial clients with minor balances in their accounts. Clients will be notified before this happens. Visit www.abnamro.nl/renteuitgelegd (in Dutch) to find out more about negative interest rates.
Another change is that the deposit guarantee system will now extend to the balances in all commercial clients’ checking accounts, similar to their savings. The total balance in each commercial client’s checking and savings accounts is guaranteed up to a maximum of €100,000. To find out more, visit abnamro.nl/garantiestelsel (in Dutch).
Lastly, the bank is set to introduce Digital Direct Debit Authorisation. Digital authorisations for direct debits allow the bank’s clients to issue online authorisations to their suppliers. Find out more at abnamro.nl/incassomachtigen (in Dutch).