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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.

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.

What happens if I don't switch banks?

  • You will not have the opportunity to apply for financing or loans, nor will you be able to make changes to existing loans.
  • All service offerings related to investments will be terminated. This includes access to investment advice, portfolio management, and other associated services.
  • You will no longer have the opportunity to purchase investment products, such as mutual fund shares through the bank.
  • Most deposit accounts will be closed in November.
  • All advisory services will cease.

We encourage you to choose and switch banks as soon as possible, so that you have control over your own engagement. Your opportunities will be limited after this date. Your customer relationship with Danske Bank is not included in the sale and will therefore be terminated at Danske Bank.

 

Investments

Do you have funds or stocks in a Aksjesparekonto (ASK)?

ASK can be transferred to a new bank, provided the new bank offers ASK (most banks in Norway offer ASK). Please contact the new bank to transfer your ASK from Danske Bank.

Do you have funds outside a Aksjeparekonto?

As a general rule, these cannot be transferred but must be redeemed.

  • If you have an account in Danske Bank where the value of your fund shares can be transferred, you can redeem the shares yourself through online banking. If you cannot log into online banking, you can verify your identity here.
  • If you do not have an account in Danske Bank to which the value of the fund shares can be transferred, we need further information to help you redeem your fund shares. Please contact our customer service.

Do you have other securities such as individual stocks?

As a general rule, these can be transferred provided the new bank offers storage of securities in a VPS account.

Please contact the new bank for more information about the possibilities of transferring your securities.

FAQ

  • Everyday banking products such as cards and accounts, as well as investment products, will be terminated with a notice period of 60 days following the dispatch of a termination letter. Therefore, you should switch banks before the expiration of this deadline. 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 corporate bank offering services and products only to business 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. 
  • 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. 

Important Information About Your BSU Account at Danske Bank

You have previously received a letter informing you that your Boligsparing for ungdom (BSU) agreement will be terminated due to Danske Bank's discontinuation of the retail market in Norway. The transfer of the retail market to Nordea was completed in November 2024, and Danske Bank will continue as a pure corporate bank.

What happens to your BSU account? Your BSU account with us will be closed, and you must set up a new BSU account with another bank as soon as possible.

You need to establish a new BSU account at a different bank. To continue benefiting from the BSU scheme, it is important that you set up a new BSU account with another bank. Therefore, you should open a new BSU account as soon as possible. Inform your new bank that you wish to transfer your saved BSU funds to the new BSU account. Remember, it is crucial not to withdraw the money yourself, as this could result in the loss of tax benefits.

What happens if you do nothing? If you do not set up a new BSU account in another bank to transfer the BSU funds there, we will close your BSU account and the funds in it will, upon expiration of the notice period, be transferred to a temporary account with us. Please note that this could have negative tax consequences.

Need more information? For more detailed information about BSU and tax rules, please visit the Norwegian Tax Administration's website. If you have questions or need assistance, call us at +47 987 01 011.

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. 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 transfer your ASK by first opening a new ASK with another bank that offers ASK, and then requesting the transfer of your ASK. Most banks in Norway offer ASK.
  • An ASK account can be transferred to an ASK at a new bank regardless of which funds you currently have. The funds you can continue to trade in at the new bank will be determined by the selection of funds your new bank can offer. Your new bank will be able to provide you with more detailed information about this.

  • 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.
  • If you choose not to set up a new ASK with another bank and are therefore forced to sell your holdings, this will trigger a tax liability on any potential gain. The gain is calculated as the difference between the sale price and the original value of the sold stocks or fund shares. It is important to note that the taxation occurs in the year the sale takes place. We recommend visiting the Norwegian Tax Administration's website for further information on the rules regarding stock savings accounts and the taxation of stocks and securities: Skatteetaten - Stock Savings Account.

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.
  • If you have received a termination notice for your products, you should adhere to the deadline specified in the letter you received.

  • 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.

  • Inform your new bank that you wish to transfer your existing BSU account. Provide your BSU account number, and the new bank will coordinate the transfer directly with Danske Bank. This must be done by your new bank.

    It is important that the funds are transferred to the new BSU account so that you do not lose the tax benefit.

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.

  • Paying off outstanding debt is not a prerequisite for closing the credit card.

  • If I am unable to pay the outstanding balance on my credit card, what happens?

    If the outstanding balance on your credit card is not paid by November 8th or earlier, you will receive an invoice with the same terms as you currently have.

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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