The transition to IBAN also means that direct debits will work the same way for all companies in the SEPA area. The current direct debit method will be phased out by February 2014.
For you, the new direct debit method means that:
You can authorize companies across the SEPA area to directly debit your account.
You must provide your IBAN for new direct debits.
You will be notified a few days ahead of time of who will be debiting your account for which amount. This information can be found in the list of direct debits in Internet Banking. This enables you to ensure that you have enough money in your account. You can also reject a direct debit you do not agree with.
You will no longer see rejected direct debits in your list of debits and credits. A direct debit is immediately rejected if you do not have enough money in your account. Until now, the amount was debited and then credited a few days later if there was not enough money in your account. Rejected direct debits are only displayed in your list of direct debits.
The direct debit conditions are the same for all SEPA countries.
Companies are obliged to announce when they are going to debit which amount at which interval. This information is also displayed in your list of direct debits a few days before an amount is debited.
If an amount has been debited to your account that you do not agree with, you have 56 calendar days to reverse the transaction.