FAQs about EBS Terms and Conditions updates

   
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General Questions and Answers

We are writing to you to let you know about changes to your terms and conditions as a result of the SEPA Instant Credit Transfer Regulations 2024 and the Consumers Rights Act 2022.

You can read the existing and new terms and conditions on our website at www.ebs.ie/terms-and-conditions-updates.

If you have a question for us, you can call us on EBS: 0818 300 126 (Monday-Friday 09:00-17:00, excluding bank holidays) or visit your local EBS office.

We appreciate your business, but if you do not want to accept the changes, you have the option, free of charge, to close your account, clearing anything you owe on it first, or let us know that you are ending your agreement with us.

Please call us on 0818 300 126 (Monday-Friday 09:00-17:00, excluding bank holidays) or visit your local EBS office and we can discuss options to help you close your account.

The current terms and conditions will apply to all relevant accounts up to 8 January 2025. The new Terms and Conditions come into effect on 9 January 2025.

We will be writing to you to make you aware of the changes in advance of 9 January.

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Questions and Answers for SEPA Instant

The Single Euro Payment Area (‘SEPA’) is an initiative to simplify euro payments. It is changing to introduce payments that get processed within seconds every day.  

A SEPA Credit Transfer (SCT) is an electronic transfer of money, from one account to another, in the SEPA Zone.

A SEPA Instant Credit Transfer allows the transfer of money between two payment accounts in the SEPA zone within seconds, every day.

No.  While electronic transfers to other EBS payment accounts often happen immediately, they are not currently SEPA Instant Payments. You will be able to send SEPA Instant Payments later in 2025.

You will be able to receive SEPA Instant Payments into your payment account from another payment providers payment account immediately.

A maximum amount applies to SEPA Instant Credit Transfers. Please contact us on 0818 300 126 Monday to Friday 9:00 - 17:00 excluding Bank Holidays for more information.

SEPA instant credit transfer to your payment account can happen at any time on any day, including weekends and bank holidays.

Yes, you will have access to money immediately at any time on any day.

Yes. There may however be short periods of planned maintenance where they are not but we will notify you of these in advance.  Any such periods will be minimised as much as possible.

All our Republic of Ireland payment accounts will have this feature.

From 9 January 2025, the following accounts will be able to receive SEPA Instant Credit Transfers.

  • Instant Access Accounts
  • MoneyManager Accounts
  • Teen Savings Accounts

No, only payment accounts can receive a SEPA Instant Credit Transfer.

The SEPA scheme consists of 27 EU countries

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden

The EEA includes EU countries and Iceland, Liechtenstein and Norway are allowed be part of the EU's single market.

Euro

No, you don’t need to sign up or do anything additional.

We need to let you know that we are updating the Terms and Conditions of some of our accounts.

The changes to the terms and conditions cover payments under SEPA Instant Credit Transfers into personal and business payment accounts held in the Republic of Ireland and take effect from 9 January 2025.

Yes, but it will be later in 2025 and we'll let you know closer to the time.

No, there are no additional fees for receiving a SEPA instant payment.

You will receive credit value and interest on the day the SEPA Instant payment is received.

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Questions and Answers for Consumer Rights Act 2022

CRA consolidated and updated consumer protection laws and introduced new protections for consumers. CRA sets out the requirements for consumer contract terms and conditions to be fair.

The changes we are making because of CRA do not change how your account operates. You can continue to use your account as normal.

CRA consolidated and updated consumer protection laws and introduced new protections for consumers. As a result, we're updating our terms and conditions to clarify some things and to make them easier for you to understand.

You can read the new terms and conditions in full on our website at www.ebs.ie/terms-and-conditions-updates

These changes come into effect on 9 January 2025.

The Terms and Conditions for the following accounts and services are changing:

  • Demand Accounts, including:
    • Children's Savings Account
    • Instant Access Account
  • Teen Savings Account
  • MoneyManager Account
  • Fixed Account
  • Family Savings Account
  • Your Accounts Online
  • CardManager

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