The consumer’s right to cancel an overdraft facility
You may cancel an overdraft facility (such as a credit card loan) at any time. The period of notice may not exceed one month.
The lender may not charge you any fees for the cancellation of an overdraft facility. You must only pay the regular fees charged as part of the credit agreement to the extent that they concern the period preceding the coming into effect of the cancellation. If you have paid expenses in advance, the lender must return the payments covering the period after the coming into effect of the cancellation.
The lender’s right to cancel an overdraft facility
Cancelling the credit agreement does not mean that a loan already taken out would become due immediately or after a period of notice.
The lender may cancel an overdraft facility in accordance with the terms laid down in the agreement. The period of notice may not be shorter than two months. The cancellation notification must be submitted on a permanently storable copy (in writing or electronically).