Right to a basic bank account and clearer fees

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1. Anyone legally residing in the European Union, asylum seekers, and people who cannot be deported have the right to open a basic payment account at credit institutions.
2. Institutions can only refuse the account in limited cases, such as missing anti-money laundering information, national security, or the customer already having a similar account in Spain. They must notify any refusal in writing, free of charge, within ten business days at the latest.
3. Basic payment accounts include essential services such as deposits, cash withdrawals at ATMs in the European Union, direct debits, card payments, and transfers, with no limit on the number of transactions.
4. Fees are freely agreed, but the Government will set reasonable maximums, and institutions must prominently inform customers about these accounts and make clear that no other services are required to get one.
5. The rules govern moving payment accounts between providers: the customer requests it, providers exchange information within business-day deadlines, and they must reimburse any losses they cause.
6. To compare fees, providers must give a fee information document before signing and an annual fee statement, and the Bank of Spain will run a free comparison website. The Bank of Spain is also the authority in charge of enforcement.

Who it affects

• Individuals who use bank accounts for personal purposes: They get the right to a basic account, clearer fees, and easier bank switching.
• Credit institutions: They must offer basic payment accounts and notify refusals and closures in writing.
• Payment service providers: They must help move accounts, provide fee documents, and cover customer losses they cause.
• Bank of Spain (Banco de España): It is the competent authority and runs the public fee comparison website.

Words worth knowing

Cuenta de pago básica

A simple bank account, in euros, with essential services, that banks are required to offer.

Contrato marco

The contract governing the relationship between the customer and the bank for payment services.

Adeudo domiciliado

A direct debit, a payment the bank automatically charges to your account, such as a utility bill.

Soporte duradero

Any medium that lets you store information to read later, such as a PDF or paper.

Días hábiles

Business days, not counting weekends or holidays.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries