Standardisation of banking terms
The Austrian Consumer Payment Account Services Regulation (Verbraucherzahlungskonto-Diensteverordnung – VZKDV) has standardised the terms for the most common payment account-related services for use throughout the EU.
In order to assure comparability of charges for a payment account, to simplify a switch from one payment account to another, and to enable access to payment accounts with basic features, specific terms such as BankCard, MegaCard, etc. which have been created and used by the bank need to be adapted accordingly.
List of the most common services linked to a payment account:
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Term according to the Federal Law Gazette |
Definition according to the Federal Law Gazette |
Explanations and notes |
|---|---|---|
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Maintaining the account |
The account provider operates the account for use by the customer. |
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Online banking |
The account provider enables banking transactions to be settled via an Internet connection and the customer performs banking transactions through this online banking facility. |
OnlineBanking, 24You |
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Requested account statement |
An account provider makes a separate account statement available to the customer upon request in conjunction with maintaining the account, for which a separate fee is to be paid. |
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Term according to the Federal Law Gazette |
Definition according to the Federal Law Gazette |
Explanations and notes |
|---|---|---|
|
Credit transfer |
The account provider conducts credit transfers as instructed to by the customer from the customer's account to another account. |
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Incoming credit transfer |
The customer receives the amount of a payment credited to their account, that was not paid in by them over the counter or using a teller machine operated by their payment service provider. |
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Standing order |
The account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer's account to another account. |
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Direct debit |
The customer permits someone else (recipient) to instruct the account provider to transfer money from the customer's account to that recipient. The account provider then transfers money to the recipient on a date or dates agreed by the customer and the recipient. The amount may vary. |
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Information on refusal |
The account provider informs the customer separately about payment transactions that have been refused (standing orders, credit transfers, standing orders). |
This is reflected in the accounting entry details or accounting voucher details with wording such as “Cancellation of online order of xxxxxx xxxx due to lack of funds” or “Cancellation of SEPA direct debit of xxxxxx x xxx/ amount returned due to lack of funds”. |
|
Term according to the Federal Law Gazette |
Definition according to the Federal Law Gazette |
Explanations and notes |
|---|---|---|
|
Providing a debit card |
The account provider provides a payment card linked to the customer's account. The amount of each transaction made using the card is taken directly and in full from the customer's account. |
BankCard, MegaCard |
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Cash deposit |
The customer deposits cash at the bank’s counters or via a machine of his payment service provider, which the account provider credits to the customer’s account. |
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Cash withdrawal |
The customer takes cash out of the customer's account. |
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Term according to the Federal Law Gazette |
Definition according to the Federal Law Gazette |
Explanations and notes |
|---|---|---|
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Arranged overdraft |
The account provider and the customer agree in advance that the customer may borrow money when there is no money left in the account. The agreement determines a maximum amount that can be borrowed, and whether fees and interest will be charged to the customer. |
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Overrunning of overdraft facility |
The customer overruns his/her available balance with a payment transaction that is tolerated by the account provider and in the case of an arranged overdraft facility the agreed maximum overdraft limit. |
