Do banks have to open an account for me?

01/04/2019

Payment accounts with basic features are a type of account which responds to the need to foster financial inclusion in the European Union, by making it easy for consumers to access basic banking services.

Banks are not only required to offer this type of account without it being conditional on arranging other services, but also to promote them and provide information about their characteristics.

We are going to answer the main questions you might ask yourself about them.

• Is there any reason why a bank may refuse to open this type of account for me?
  
  Yes, there are three reasons:
  
  
  1. That you are already a holder of a current account in Spain.
  2. That opening the account is contrary to the interests of national security and public order.
  3. That you do not provide the information the bank asks you for to comply with its anti-money laundering and terrorism financing obligations.
•  What services do these accounts provide?
  
  They provide services such as the deposit of funds or cash withdrawals. With these accounts you will be able to arrange direct debits and make payments by debit or prepaid card and transfer funds within the European Union. 

• What fees can the bank charge for opening these accounts?
  
  A maximum of 3 euro per month, which would cover the above-mentioned services, with a limit of up to 120 transfers and direct debits denominated in euro within the European Union.