The introduction of SEPA also results in important advantages for consumers
- A Euro-transfer must be completed in 3 bank working days at the most – independently of the country in the SEPA area in which the recipient’s account is based. Previously the processing had to be completed within 5 days (according to the law on bank transfers).
- For debits a due date is agreed and you are therefore aware of the date when your account will be debited.
- You can use your BankCard from Erste Bank or Sparkasse in any Euro country to pay for purchases or in restaurants. Of course you can also still withdraw cash from ATMs.
- New security guidelines mean that you enjoy improved protection from unauthorised account withdrawals. For example: a direct debit authorisation is automatically cancelled if no more debits have been carried out in the last 36 months. There are also changes regarding back calculation deadlines that are to the consumer’s advantage.