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Termination of customer relationship

The sale of the personal market to Nordea does not include all parts of the customer portfolio. On this page, you will find answers to any questions you might have regarding the termination of your customer relationship with us.

In the summer of 2023, Danske Bank announced that the bank would withdraw from the Norwegian retail market, and that Nordea would take over the retail operations in Norway.

The sale of the retail market to Nordea does not include all parts of the customer portfolio, and some customer relationships at Danske Bank are not included in the sale. The customers excluded from the purchase agreement are a result of negotiations between the parties, and are not something we are able to detail. Customer relationships that are not covered by the sale will therefore be terminated in a different way than by transfer to Nordea.

If you have any questions you can reach us by phone at 987 01 011.

Step by step - how to switch banks


1

  • Choose a new bank - evaluate different options and select the one that best meets your needs.
  • Establish yourself as a customer either through the new bank's website or by contacting them.


2

  • Set up BankID in your new bank before you close all your accounts at Danske Bank.
  • Update your payment details with your employer, and for any fixed payments, such as electricity and internet.


3

  • Once you have opened a new account in a new bank, it is important to close your accounts at Danske Bank so that you can transfer not only the remaining balance but also the accrued interest. This can easily be done by filling out a bank switch form at the new bank.

    The transfer will then also include AvtaleGiro and other fixed payments.


4

  • If you have loans or credits that need to be transferred, this means that you must submit an application for this to your new bank. In this context, your new bank will request an overview of your financial situation as the basis for the application.
  • The new bank will be able to provide you with the necessary guidance on how to proceed to transfer your products and solutions to the new bank.

FAQ

  • Everyday banking products such as cards and accounts, as well as investment products, will be terminated with a notice period that runs until November 8. Therefore, you should switch banks before November 8, 2024, but we recommend starting this process as soon as possible. We are gradually winding down our retail banking operations, and after the transfer, Danske Bank will become a pure business bank that only offers services and products to corporate customers.
  • Everyday banking products such as cards and accounts, as well as investment products, will be terminated with a notice period that runs until November 8. Therefore, you should switch banks before November 8, 2024, but we recommend starting this process as soon as possible. We are gradually winding down our retail banking operations, and after the transfer, Danske Bank will become a pure business bank that only offers services and products to corporate customers. 
  • When Danske Bank discontinues its services to private customers to become a pure business bank, this will entail the termination of existing private customer relationships. We recommend all our private customers to establish a new customer relationship with another bank to ensure continued access to necessary banking services.
  • As a guardian, you will receive information about whether the customer relationship of the person under guardianship will be transferred to Nordea or terminated. If the customer relationship of the person under guardianship is terminated, you as the guardian will need to contact a new bank to transfer the customer relationship.

  • You can find the information in Norwegian here.

    You can find guidance from tax authorities here. 

Loans

Investments

Accounts, cards, savings

Credit cards

ebanking and BankID

Other

Loans

  • To transfer your loan, you need to apply for a loan at another bank

  • We encourage you to start the process of transferring your loan as soon as possible, as Danske Bank will eventually become a pure business bank that only offers services and products to corporate customers.

  • Consider contacting other banks or financial institutions.
  • When you transfer your loan to a new bank, the terms will be determined by the new bank based on their current interest rates and conditions.
  • The loan will remain with Danske Bank for the time being. The account used for loan payments will be closed, and installments will be paid by payment slip. You will receive more detailed information about what happens with the loan at a later date.
  • You can contact financial institutions that may potentially offer you a loan or consider contacting a financial advisor to explore your options.
  • If your co-borrower is among the customers being migrated to Nordea, and you are not part of this transfer, the loan will remain with Danske Bank for the time being.

Investments

  • To transfer your investments, contact your new bank for guidance, as well as to set up necessary accounts and receive detailed information about the transfer process.

  • We recommend that you start the moving process as early as possible since Danske Bank will eventually become a pure business bank that only offers services and products to corporate customers.

  • Most banks offer securities trading and have solutions for transferring your securities. However, the options for transferring shares in mutual funds may be more limited.

    Securities that are listed on the VPS (Norwegian Central Securities Depository) can be transferred to another bank or brokerage, provided that your new bank manages securities accounts in VPS. Mutual funds that are not listed on VPS cannot be transferred to a new bank and must be sold. This applies, among other things, to shares in Danske Invest's mutual funds. A Share Savings Account (ASK) can be transferred to a new bank, as long as the new bank offers ASK. The mutual fund shares you can choose in ASK at the new bank depend on which fund providers the new bank has agreements with. The new bank can give you more detailed information.

  • No, you will not be transferred to Nordea if you have received a letter informing you that you are not included in the transaction. Your fund shares will appear in your custody accounts. You will receive further information from the fund company in connection with Nordea taking over the management of the Horizon funds.

  • You can sell your investments both in mobile banking and online banking, or you can contact our customer service center.

  • Contact a new banking connection for assistance with transferring your investments.

Accounts, cards and savings

  • Begin by choosing a new bank. Evaluate different options and select the one that best meets your needs. Then establish yourself as a customer either through the new bank's website or by contacting the new bank and informing them that you wish to become a customer.

    Once you have opened a new account in your new bank, it is important to close your accounts at Danske Bank so that you can transfer not only the remaining balance but also the accrued interest up to the point of transfer. This can easily be done by filling out a bank switch form at the new bank; the transfer will then also include AvtaleGiro and other fixed payments.

    Remember to set up BankID at your new bank before you close all your accounts at Danske Bank. Also, remember to update your payment details with your employer and for any fixed payments such as electricity and internet.
  • Deposits that have not been transferred to an account with a new bank by November 8, 2024, will be transferred to a non-interest-bearing internal account at Danske Bank. If such a transfer occurs, you will receive a separate letter with information about your rights.
  • 8. November 2024

  • Yes, any accrued interest on your accounts will be paid out to you upon transfer or closure of the accounts, depending on the terms of the account.

  • Fixed-term deposits will be terminated in the same manner as other deposit accounts. Danske Bank will cover any premium or discount. Please contact us to provide the account number to which the funds should be transferred.

Credit Card

  • Paying off outstanding debt is not a prerequisite for closing the credit card, but after the termination deadline of November 8, you will receive an invoice asking you to pay the drawn amount with accrued interest, at the same time as the credit card and the associated credit card account will be blocked for further use.

  • If the outstanding balance on your credit card is not paid by November 8 or earlier, you will receive an invoice for the outstanding amount.

  • Yes, after the termination deadline of November 8, you will receive an invoice asking you to pay the drawn amount with accrued interest, while the credit card and the associated credit card account will be blocked for further use.

eBanking and  BankID

  • When you switch banks, you must promptly order a new BankID from your new bank. Your BankID at Danske Bank will be terminated.

  • BankID at Danske Bank will be terminated for all customers. We recommend that you order BankID from another bank as soon as possible.

  • Access to online banking and mobile banking is not something that is transferred during a bank switch. You must register for these services with your new bank to gain access to them.

  • You will lose access to online and mobile banking at the same time as your other products are closed.

Other

  • Fixed payments and AvtaleGiro will be deleted when the account is closed. It is therefore important that you save necessary information about amounts and payment recipients before you close the account. If you use a bank switch form, AvtaleGiro and fixed payments will automatically be set up in the new bank.

  • Once your accounts are closed, you will no longer be able to receive payments into them. Inform all parties who make regular deposits or payments to you about your new bank account.
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