frequent questions
glossary
What is a basic bank account?
Access to the credit intermediary activity
List of authorised credit intermediaries
How to protect yourself from online fraud?
Know your rights when making payments in Europe.
Do you know what the gross domestic product is? What about inflation? (only in Portuguese)
Key tips to protect yourself when choosing online or mobile banking services.
Except in cases of account change, the closure of a payment account, namely a current account, must be formalised with the payment service provider where the account is domiciled. The request must be presented by the account holder or, in the case of a collective account, by all of the account holders.
The account closure request may be submitted at one of the branches of the payment service provider or through distance communication means. Formalisation of the request through digital channels must be allowed where these channels are provided by the payment service provider for opening or handling the account.
Account holders may request the closure of the account at any time. However, the payment service provider may require, under the terms of the contract, a notice period for such closure, which may never exceed one month.
Account holders may also request the closure of their account immediately and free of charge if they do not agree to a proposal to change the terms of the contract that the payment service provider presents to them. This request for closure must be submitted before the date proposed by the payment service provider for the application of the changes to the contract.
Payment service providers may not charge fees to close the account of a holder or holders that are consumers or micro-enterprises.
In the case of the remaining bank customers, such as other companies, payment service providers cannot charge fees to close the account if the account has been opened for more than six months. If it is closed before the six-month period after it was opened, the payment service provider may only charge fees covering the administrative costs incurred.
An account may be closed even if it:
Institutions may not require customers to return active debit cards and requested and unused cheques, which may be cancelled, subject to permission from the holder.
After the customer returns the payment instruments, no fees can be charged for providing the balance credited after the closure request has been submitted.
The holder may provide another account for debiting credit agreement instalments or transferring financial instruments registered or deposited in the account.
The account may not be closed if at least one of the following situations occurs:
In such cases, the institution must inform the holder of that impossibility, provided that disclosure is not prohibited by law.
Institutions must inform their customers – on a durable medium and through the communication means established in the phases of the account closure process – where there are steps account holders must take to close the account. Customers must receive a copy of the closure request upon submission and must be informed – in the last bank statement or in a separate communication – of the completion of the process and the date on which the account is effectively closed.
Payment service providers may also close the accounts on their own initiative:
Legal Framework for Payment Services and Electronic Money (in Portuguese only)
Circular Letter No CC/2025/00000003 (in Portuguese only)
Account change