The NBU has changed the rules for debiting funds from accounts to repay debts

The National Bank of Ukraine has updated the mechanism for the compulsory withdrawal of funds from bank accounts, specifically for the repayment of tax arrears. If there are insufficient funds in the payer’s account to satisfy the creditor’s claim, the bank will follow a new procedure for accumulating funds.

The changes apply to debit transfers without the payer’s consent—that is, compulsory debits or collections. The NBU has regulated the actions of payment service providers in cases where the required amount is not available in the account at the time the payment instruction is received.

The updated mechanism is intended to improve the efficiency of executing creditors’ instructions. It provides for the accumulation of funds in the payer’s account up to the amount required for the debit.

These changes are related to the launch of an electronic mechanism for collecting funds to settle tax debts, which operates in accordance with international standards. The State Tax Service submitted proposals to update the National Bank’s rules.

The NBU has also tightened the requirements for filling out the “Code of the payer / actual payer / payer for the funds transfer service” field when paying taxes, fees, and other payments to the state and local budgets.

Banks and other payment service providers have been given one month to bring their procedures into compliance with the updated requirements.

This was reported by the NBU.

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