Danske Bank closes down its banking activities in Baltics

In February 2019 Danske Bank Group took the decision to close down the banking activities in Latvia, Lithuania and Estonia.

These changes will affect all customers of Danske Bank Latvia, Lithuania and Estonia. You can read more about this change in DanskeBank’s stock announcement.

Call us at 67 959 599 or contact your Relationship Manager if you have any questions or need further information.

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Detailed product or service information

  • Bank accounts

    What should you know?

    •  Current Account agreement will be terminated according to the information that Bank has provided in the relevant letter.
    •  The current account will remain open until the termination of any related overdraft, credit cards, credit limit, the payment of invoices which have been factored by the bank, unless and until we state otherwise.
    • If any funds (either monetary funds or securities/financial instruments) remain in your account(s) after termination of the agreement, those will be transferred into bank’s internal accounts and you will have to submit an application at the Business Centre of the bank in order to transfer the funds.

    What should you do?

    • We recommend you to transfer your current account balance to your account with another service before the current account closure. If any funds remain in your account(s) after termination of the agreement, you will have to submit an application at the Business Centre of the bank in order to transfer the funds. The remaining funds can be only transferred to an account opened to your name with other financial institution in European Economic Area country.
    • Please notify other bodies and persons who make payments to your account about the new account numbers you have with another payment service provider (e.g. Tax and Customs Board).
    • You can terminate the current account agreement and related agreements earlier by sending us a free-format application in Danske eBank or submitting it at the bank.
  • Credit servicing (Credit servicing account)

    The Bank will continue to serve your credit facilities (e.g. credit, lease agreements etc.) and the repayment schedules remain unchanged. 

    If your account in Danske Bank has been closed or it will be closed during the next couple of months, and if you have a valid credit agreement, you should transfer all your payments to the special Credit servicing account.

    What should you know?

    • If your credit repayments have so far been conducted via your bank account, you will now have to pay them via the Credit servicing account.
    • The account number for the Credit servicing account was provided to you in a letter. You can also see this number in Danske eBank.
    • This account belongs to the Danske Bank and it is in the name of the bank. The only intended purpose of use of this account is to service the credit agreement(s) concluded with you. The Credit servicing account is opened for credit repayment purpose only. The account is not intended for money depositing or other daily banking services.
    • All obligations of the credit agreements, e.g. principal payments, interest payments, commitment fees, payments under the lease agreement, repayments of the used credit limit of the credit cards and related fees, possible fees, fines for delay etc. should from now on be paid to the Credit servicing account.
      Beneficiary: Danske Bank A/S Latvia Branch
      Account number: the Credit servicing account number that was sent to you
      Payment details: (for example) Fulfilment of credit agreement
      The payment has no reference number and an e-invoice cannot be ordered.
    • Please make the payments to the Credit servicing account according to the credit agreement repayment schedule and actual contractual payment obligation.
    • The payments received to the Credit servicing account are considered as performance of the credit agreement payment obligation according to the dates provided for in the credit agreement payment schedule (not when the payment arrives to that account). In case of several obligations, the payments will be debited according to the sequence of their contractual performance.
    • The bank has the right to return partial or full payment made to the Credit servicing account, if the bank considers it not to meet the purpose of performing the credit agreement (for example if the overpaid amount is significantly larger than it is needed for a few next regular payments).
    • If you have the valid electronic services agreement, you will find information on the credit agreement(s), notifications on changes in base interest and schedules of valid interest period from Danske eBank. It is also possible to view the Credit servicing account and the payments made through it in Danske eBank. If you do not have a valid electronic services agreement, you will continue to receive information via e-mail or mail.
      If you do not have an access to Danske eBank, please contact the bank for the agreement.
    • The credit agreements or collateral agreements may provide obligations about owing the current account in Danske Bank. The bank confirms that from now on all such obligations are void and there is no need to perform these obligations.

    What should you do?

    • Please follow the credit agreement payment obligations and the deadlines closely.
    • We recommend making the necessary payment one weekday before the deadline of the payment obligation. Thus you will avoid possible misunderstandings with the delay in arrival of the payment, emergence of arrears and calculation of default interests.

    Please contact the bank if:

    • The contractual loan has not been fully paid to you and you wish to receive the payment of the loan amount.
    • If you want to perform the credit agreement earlier. Otherwise, the bank may find that the sum transferred to the Credit servicing account is not necessary for the performance of current payment obligations. Hence the bank may return this sum to the payer.

  • Payment cards (applicable to payment cards without credit limit)

    What should you know?

    • Payment card agreement and all related services (Travel insurance and Priority Pass) will be terminated according to the information that Bank have notified.
    • The operation of your payment cards will be stopped according to the information that Bank has notified and you will not be able to perform any transactions using payment cards.

    What should you do?

    • We ask you to transfer the balance of your card account to your account with another service provider. If any funds remain in your account(s) after termination of the agreement, you will have to submit an application at the Bank in order to transfer the funds.
    • We recommend that you print out your account statements from Danske eBank, to save the account statement(s).
  • Electronic services

    What should you know?

    • The Electronic services agreement concluded with you will be deemed to be terminated or electronic services will be limited according to the information that Bank has notified.
    • Danske eBank orders that will not be executed until termination of current account agreement will be rejected.
    • Danske Telephone Bank and SMS Notification services will be terminated according to the information that Bank has notified.

    What should you do?

    • We recommend that you download or print out your account statements for the last one to three years from Danske eBank.
    • Please make sure to keep a copy of necessary payment templates or payees, as they will no longer be accessible.
  • Payments and cash management

    What should you know? 

    • The Bank will stop to accept incoming payments according to the information that Bank has provided in letter. The amounts received later will be returned to the payer.
    • You will be able to make payments to and from Danske Bank accounts without any interference until 5:00 p.m. on the day before the current account closing.

    What should you do?

    • Please notify other bodies and persons who make payments to your Danske Bank account about the new account number you have with another payment service provider.
  • All other daily banking services

    What should you know? 

    • On the date of the closing account the Bank will stop also offering all other services related to the current account (Standing Order, E-invoice sending service, E-invoice receiving service, E-invoice automatic payment, payments with future date, Sweeping/Topping, Currency exchange, Payment package, Special fees) and terminate the respective agreements (if any) for the use of these services. For detailed information, please contact your relationship manager.
    • The Bank will not charge a monthly fee in August 2019 for Payment package agreement.
  • Term Deposits

    What should you know? 

    • The Bank will terminate term deposit agreement and pay deposit amount with interest for the full period until the agreed maturity date to your current account according to the information that Bank have notified.

    What  should you do?

    • We recommend you to transfer any funds remaining in your account to your account with another service provider.
  • Savings Account

    What should you know? 

    • Savings Account agreement will be terminated according to the information that Bank has notified.
    • Savings amount and interests (regular and if applicable additional interest) will be transferred to your current account.

    What  should you do?

    •  We recommend you to terminate Savings Account agreement and transfer the funds from Savings Account through your current account to your account with another service provider.
  • Trade Finance

    Guarantees

    What should you know? 

    •  All Danske Bank’s issued guarantees will remain in force until its maturity dates.

    What  should you do?

    • If your account in Danske Bank has been closed or it will be closed during the next couple of months, and if you have outstanding guarantees, you should transfer all your guarantee’s usuance commission payments to the special Credit servicing account. For more detailed information please read Credit servicing section.


    Documentary Credits

    What should you know?

    • All Danske Bank’s issued Import Documentary Credits will remain in force until its maturity dates.
    • Export Documentary Credits service will be terminated and no new transactions will be advised.

    What should you do?

    •  If your account in Danske Bank has been closed or it will be closed during the next couple of months, and if you have an outstanding import Documentary Credit, you should transfer all your documentary credit’s usuance commission payments to the special Credit servicing account. For more detailed information please read Credit servicing section.
    • For Export Documentary Credits please contact your partners to require them beforehand to route their Documentary Credits to your other chosen bank.


    Documentary Collections

    What should you know? 

    • Import Documentary Collections service will be terminated and no new transactions will be accepted.

    • Export Collections service will be terminated and no new transactions will be accepted.

    What should you do?

    • Please contact your partners to require them beforehand to route their Import Documentary Collections to your other chosen bank.
    • Please present your Export Collections to your other chosen bank.

     

    Guarantees (received and advised)

    What should you know?

    • Bank guarantees (received and advised - Export) service will be terminated and no new transactions will be advised.

      What should you do?

    • Your Buyer/Partner willing to issue a guarantee to you should be informed to advise his guarantee through your other chosen bank.

Transfer and termination of services

  • Terminating daily banking services

    Daily banking services in Danske Bank can be terminated either by service or when closing the current account. If you wish to transfer your payments and terminate service agreements gradually, the most convenient way to do so is by submitting an application (in free format) in the Danske eBank.

    So you can send us applications for terminating debit cards and payment package agreements.

    Before closing the account you can print out or download account statements from the Danske eBank.

     

    If you wish to terminate an existing service agreement with Danske Bank, you can apply to close your current account:

    • by submitting a free-format application via the Danske eBank;
    • by e-mailing a digitally signed application form to info@danskebank.lv;
    • submitting application at Danske Bank Business Centre.
  • Corporate loans, trade finance, leasing and collateral
    Danske Bank does not issue new loans, leases or trade finance products to local companies.

    Credit agreements already entered into remain valid under the agreed conditions.

    For all issues related to credit agreements, please contact your customer relationship manager or write to info@danskebank.lv.

    If a collateral has been established in favour of Danske Bank (mortgage, commercial pledge, securities pledge, etc.) which does no longer guarantee any contracts, and you wish to delete or transfer this collateral, please contact your customer relationship manager or write to info@danskebank.lv.

    Exception to applying the special condition of credit contract

    In the case of loan agreements, the standard terms and conditions of which include the obligation of a borrower to conduct their transactions via a current account in Danske Bank, the Bank does not consider the failure to perform this obligation a breach of the agreement. This means that the current account related with the agreement must have sufficient available funds on the repayment date for performing the contractual obligations and the borrower can make all other settlements at any credit institution.