Conditions
Processing of Personal Information
During the course of its business, S24 processes personal information in accordance with the provisions of Act 77/2000 on The Protection of Privacy as Regards the Processing of Personal Data. S24 is committed to fulfilling its role as a financial institution and ensuring that its customers are provided with high-quality and secure financial services. Further information can be found in the leaflet (Adobe Acrobat), which explains S24's policy concerning privacy and the processing of personal information.
Information provided by customers on loan applications to S24 is used only for the purpose of simplifying loan assessment and speeding up the decision process regarding the handling of loan applications. The data are treated in accordance with legislation concerning personal privacy and banking privacy. Information that is wrong can lead to the rejection of an application.
Requirements for Opening an Account with S24
- The customer must have domicile or fixed residence in Iceland.
- The customer must be 18 years or older and manage his/her own finances.
- The customer must have an email address and access to the Internet.
- The customer may not be registered on a defaulter list, or be the subject of unsuccessful seizure of property from a debtor in default of payment, or bankruptcy.
Loan Service
- The customer must have had legal residence in Iceland for at least 24 consecutive months to become eligible for a loan with S24.
- The customer might be requested to provide S24 with written permission to inspect his/her commitments with other credit institutions.
- Each application is evaluated individually with regard to the loan amount and guarantees.
- Possible warrantors must be Icelandic citizens, real estate owners and not in default. They may not exceed the age of 75 when their commitment ends. Information about personal loan guarantees.
Arrears
Customers with loans from S24 are bound to pay the agreed repayment instalment on the due date and/or the interest on loans and/or cards. If the payment is not received on the due date, penalty interest will be calculated on the arrears according to interest laws issued periodically by the Central Bank of Iceland. In the event of non-payment, S24 is permitted to instruct lawyers to recover the arrears as well as all associated costs without further notice.
Security Issues Regarding S24 Cards
- The customer is responsible for storing the PIN and user ID in a safe location.
- The customer is responsible for his/her own card.
- The customer is responsible for all payments and withdrawals with his/her card.
- The customer must under no circumstances reveal the PIN (Personal Identification Number) to others.
- Only the cardholder is permitted to use the card.
- The customer must inform S24 immediately if he/she suspects that any other party knows the user identity and/or password.