( March 4, 2010, 14:55 GMT | Official Statement) -- Extract: Even exceeding the requirements of the PSD, the SEPA Core Direct Debit Scheme grants consumers a “no-questions-asked” refund right during the eight weeks following the debiting of a consumer’s account; e.g. during this time any funds collected by SEPA Direct Debit will be credited back to the consumer’s account upon request. In the event of unauthorised direct debit collections, the consumer’s right to a refund extends to thirteen months as stipulated in the PSD.04 March, 2010 – Brussels: the European Payments Council (EPC), the coordination and decision-making body of the European payments industry, confirms that the SEPA Direct Debit Schemes (SDD) developed by the EPC in close dialogue with all market participants ensure complete protection of consumers. The SDD Schemes are fully aligned with consumer rights as defined in the EU Payment Services Directive (PSD). Even exceeding the requirements of the PSD, the SEPA Core Direct Debit Scheme grants consumers a “no-questions-asked” refund right during the eight weeks following the debiting of a consumer’s account; e.g. during this time any funds collected by SEPA Direct Debit will be credited back to the consumer’s account upon request. In the event of unauthorised direct debit collections, the consumer’s right to a refund extends to thirteen months as stipulated in the PSD....
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