The right to a deposit account and the right to a payment account with basic functionality

Everyone (including firms) is entitled to a deposit account according to the Deposit Insurance Act, and all consumers residing in the EEA are entitled to a payment account with basic functionality, such as a debit card, payment and transfer services and other supplemental services if the firm offers such as part of its product range.

However, the bank may deny you an account if it is not possible to verify your identity, if you mismanaged your relationship with the bank or if there are suspicions of money laundering or financing of terrorism in accordance with the Anti Money Laundering Act. A record of non-payment is not sufficient grounds to be denied either a deposit account or a payment account.

Last reviewed: 2019-02-20
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