As of January 14, 2025, the provisions of the amendments to the law on payment services, electronic money issuance services, and payment systems adopted last December have come into effect. These changes provide better access for businesses and consumers to transactional accounts at banks and more transparent operations by banks in cases of refusal to open or close a transaction account.
Banks now have the option, before deciding to refuse to open a transaction account for a consumer or business or instead of closing transactional accounts, to use milder measures. In cases of refusal to open or close a transaction account, banks are required to state and document the specific reasons for the refusal or closure. They must also inform the user of these reasons unless regulations prohibit it.
Basic Payment Account for Consumers
The amendments also facilitate greater consumer access to what is known as the basic payment account. This is a special category of transaction accounts introduced by the EU directive on payment accounts. It is intended for consumers who cannot open a transaction account at a bank for various reasons, primarily due to residency and/or financial status.
Among other things, a bank must inform a consumer in writing of their right to a basic payment account if it refuses to open a transaction account for them or closes their account.
Before the implementation of these amendments, banks could refuse to open a basic payment account for a consumer based on records of unexecuted enforcement orders or forced collections. This refusal was due to a lack of funds in the consumer’s transaction account. Under the new amendments, banks can no longer deny the opening of a basic payment account to consumers in these situations.
For more information please contact our advisors via the INQUIRY FORM.
Source: GOV
