Your bank accounts covered by Europe.
All EU citizens are entitled to open a “basic bank account” in both their country of residence and in other Member State. Consequently, the bank cannot reject the application to open a basic bank account merely on the grounds that the consumer does not live in the country in which the entity is established. However, this right does not apply to other types of bank accounts including, for example, savings accounts.
In any case, people over 65 years of age and those with a recognised disability of 33 per cent or more are protected when withdrawing cash at their bank's teller counter. The aim of this measure
is to reinforce the protection of those citizens who may have problems withdrawing cash at an ATM, either due to a lack of digital skills or physical accessibility difficulties.
A basic payment account is an account that allows you to make current transactions such as:
These accounts must include a payment card that can be used to withdraw money and make purchases both online and in shops
All consumers who do not have another payment account in Spain are entitled to access a basic payment account. Such accounts respond to the need to promote financial inclusion in the European Union by facilitating consumers' access to basic banking services. Banks must offer these accounts without making them conditional on subscription to other services, are obliged to provide information about their features, and may not charge fees to vulnerable people or those at risk of financial exclusion.
If possible, access to online banking services should be included. On the other hand, the bank is not always obliged to authorise overdrafts or offer credit lines.
In some EU countries, for the basic payment account, the bank may charge an annual fee, which must be of a reasonable amount. In Spain, the bank may charge a maximum of 3 euros per month, which would cover the services indicated above, with a limit of up to 120 transfers and direct debits in euros within the European Union.
The bank may refuse to open an account for you if it does not comply with EU rules on money laundering and terrorist financing.
In some countries, they may refuse to open a basic bank account if you already have a similar account with another bank in the same country.
If you apply for a basic payment account outside the country where you live, in some EU countries the bank may also ask you to show that you have a genuine interest - for example, because you live in one country but work in another.
If opening the account would be contrary to the interests of national security or public order.
Financial institutions are obliged to offer a basic account, completely free of charge, to people who are in a situation of vulnerability or who are at risk of financial exclusion. These accounts are exempt from fees and do not require the contracting of any extra product. With them, users can contract basic services such as water, electricity or gas; access public aid; apply for benefits such as the Minimum Vital Income (IMV); withdraw cash; or carry out transactions with debit or prepaid cards with a limit of 120 movements per year.
To apply for them, the identity of the interested party must be accredited by means of a DNI, passport, residence card, red card or TIE, and meet at least one of the following requirements: be legally resident in the European Union even if you have no fixed address, be an asylum seeker, or lack valid documentation, but be in an exceptional situation that prevents you from being expelled from the country (pregnant women, for example).
Within the same EU country, you may transfer your account from one bank to another. The new bank must help you to do so.
If you wish to change to a new account in the same country, notify your new entity and tell them you wish to transfer your standing orders to the new account.
The new entity will ensure that the former entity sends them the details and cancels the standing orders. In addition, you will have to:
You may be asked to pay a commission for closing the old account.
If you incur any costs during the transfer of accounts because the bank has not met a deadline (for example, to cancel a payment) or has made an error, they will have to reimburse you. In the event of difficulties, you may seek help from an out-of-court redress body.
European legislation
EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features.
of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009.
of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC.Spanish legislation. Laws
of 23 November on payment services and other urgent financial measures.
of 24 June, of consumer credit contracts.
of 11 July, on distance commercialization of financial services for consumers.
of 13 November, of payment services.
of 4 July, of approval of urgent measures for growth, competitiveness and efficiency.
