Basic bank accounts with easy access and other services included

With regard to the conditions of access to basic bank accounts, household customers can now hold a basic bank account even if they already co-hold another basic bank account with people over the age of 65 or with a permanent disability of 60% or more, provided they do not have other current accounts.

The new law increases the maximum number of interbank transfers that can be made domestically and within the European Union via homebanking from 12 to 24 in each calendar year.

Law No. 21/2018 also amends the rules applicable to credit overruns in basic bank accounts, establishing that these transactions can be made with debit cards. Credit institutions can now allow household customers to make use of their basic bank accounts in excess of their balance, in particular when the payment systems are not operating in real time (which can happen, for example, in the case of toll payments or some payments made abroad).

The law also states that credit institutions cannot prevent household customers from purchasing other bank products or services (such as credit products) at the costs charged by credit institutions, the maximum amounts of which are included in the price list, on the grounds that they hold a basic bank account.

After this law enters into force, credit institutions have 30 days to adapt the debit cards associated with basic bank accounts to the new rules.

What are basic bank accounts?

Basic bank accounts are a range of low-cost banking services deemed essential. They include the opening of a current account – the basic bank account – and the provision of a debit card.

Basic bank accounts should be provided and publicised by all credit institutions authorised to take deposits from the public, i.e. savings banks, the central agricultural credit bank and mutual agricultural credit banks that provide the public with the services included in basic bank accounts.

What are credit overruns?

Credit overruns are overdrafts that are tacitly accepted by credit institutions and that allow household customers to make use of their current account in excess of the balance of this account or of the ceiling agreed for the overdraft facility.

The possibility of credit overruns must be provided for in the current account agreement or in the agreement in the form of an overdraft facility.

If the credit overrun is significant and extends for more than one month, the customer should be informed of the overrun, the amount exceeded, the nominal interest rate and any sanctions, charges or interest for late payment.

Credit institutions cannot charge fees for credit overruns. They can, however, charge interest, which is subject to maximum limits.