Good to know: the General Banking Conditions (GBC) apply to all forms of bank financing, both private and commercial. Approximately every six years, the Dutch Banking Association and the Dutch Consumers Association draft a new version of the GBC. The previous versions from 2002 and 2009 were brief, business-like, and written from the bank’s perspective. In short, full of technical terms and hard to read.
The idea behind the GBC 2017 is to give the customer clarity on their rights and obligations towards the bank. Most noticeable is that the GBC now counts 22 pages, written from the bank’s perspective to the customer in plain language. Many of the articles also use examples from real life to clarify things.
The style of the GBC 2017 is not the only change; its contents have also changed from the GBC 2009. A number of relevant changes:
Note: a bank will often maintain special conditions for many of its products. This is also the case for common products, including bail, commercial financing, mortgages or pledges, current-account, etc. If you are an entrepreneur, the special conditions will take precedence over the GBC. If you closed the contract as a private individual, the special conditions do not restrict your rights or protection from the GBC.
It is very likely that you did not read the GBC before signing for your financing product. When refinancing your company, attracting additional financing, ending your financing, or if your company runs into financial difficulties, the conditions suddenly become important. Contact one of our Financing & Securities specialists to get a clear view of your rights and obligations.