What are simple banking services?

Basic banking products consist of a payment account with an instrument and basic features for utilizing the account (e.g. a debit card and also web based banking ID), the chance to withdraw money, the delivery of payment transactions and also an electrical ways of identification. Basic banking products, on the other hand, don’t incorporate profiles with an overdraft facility or maybe different types of credit cards.

Can a bank refuse to start a simple payment account for me personally?
Banks should provide a simple payment account service on a non-discriminatory and equal basis to all retail buyers that are legally resident within an EEA country. A retail buyer usually means an individual that utilizes simple banking services primarily for reasons besides his or maybe her occupational or maybe business activity.

In general, a deposit bank might refuse in order to start a simple payment :

account and also to offer related payment services just for factors pertaining to money laundering laws. This could be the situation if, for instance, the bank cannot reliably verify the identity on the customer.

If a deposit bank account refuses in order to start a simple payment account for a list buyer or even to offer payment services relating to this kind of a bank account, it should inform the customer of the specific reason behind the refusal with no delay, in composing and free of charge. At exactly the same time, the bank is going to give the customer an adequate account of the methods for filing an attractiveness.

What are simple payment account services?

Basic payment account products consist of the following (not an exhaustive list): solutions to open, apply and shut a basic payment account
depositing funds
withdrawing money in an EEA country
execution of fee transactions by recognition transfer, for instance in online services, at bank account limbs as well as at bank terminals, and also credit transfers by standing purchase, direct payments and steer debits execution of fee transactions with a payment card online.
The quantity of service transactions can’t be capped.

Can a bank refuse to offer internet banking ID?

The fundamental payment account service comes with internet banking ID, i.e. a solid electric ways of identification, if the bank provides such a service to its other clients. The bank is only able to refuse an electronic identification program in case the customer doesn’t have a personal identity code or maybe in case he or she hasn’t been entered in the public register. In such instances, the bank should offer a far more minimal electronic identification method applicable just for employing a payment account with related services and basic features.

How can a simple transaction bank account contract be terminated?

A person might terminate a simple transaction account contract at any moment, so the deposit bank can’t charge something for the termination.

A deposit bank may end a customer’s simple payment account just if there have been no transactions on the bank account over a time of twenty four consecutive days and if the buyer is no longer legally resident within an EEA nation. The bank should notify the customer on the termination of the reasons and the account for termination in writing a minimum of 2 weeks prior to the termination enters into pressure.

A deposit bank might cancel a simple payment account contract:

wilfully used the transaction bank account for an unlawful purpose
provided information that is incorrect or
failed to give info, and if information that is accurate will have resulted in the refusal of the program for a simple payment account within the very first place
I want to swap the account of mine to another bank. What can I do?
You are able to shift your payment account to the next service provider with a switching service. You simply need to supply the new bank with the required info and authorise the brand new bank to request through the existing bank the info necessary to transport the account.