• Nadia Calviño today signs a Ministerial Order that regulates specific aspects of the basic payment accounts that must be offered by credit institutions to all citizens
  • In addition, the Royal Decree that determines the groups in a situation of vulnerability or at risk of social exclusion that may have a completely free basic payment account is published in a public hearing.
  • The Order also regulates the procedure for the transfer of accounts and the requirements of commission comparators

The Minister of Economy and Business, Nadia Calviño, today signs the Ministerial Order that regulates specific aspects of Royal Decree-Law 19/2017 of basic payment accounts, transfer of payment accounts and comparability of commissions, thus completing the transposition to the legal system Spanish of the Community Directive 2014/92 / EU of July 23, 2014.

This Order specifies the conditions and characteristics of the basic payment accounts that must be offered to all citizens to allow them to perform basic banking services such as having their payroll domiciled, having a debit card, making cash withdrawals at ATMs and transfers. The objective of this measure is to facilitate access to the financial services of all citizens.

The maximum cost of this account is set, which cannot be more than € 3 per month, in line with that of other European countries. This cost covers all the services of the account, with a limit for transfers and direct debits of 120 annual operations.

Likewise, the mobility of the clients is facilitated, which will be able to transfer their accounts between entities with more ease and the quality of the comparators is improved.

Free basic payment accounts

In addition, in order to favor financial inclusion, the Ministry of Economy and Business publishes today in a public hearing the Royal Decree that regulates free access to basic payment accounts to people in situations of vulnerability or risk of social exclusion.

The text establishes the requirements for the most vulnerable population to access these accounts for free. To determine if you are in a situation of vulnerability, the income and the number of members of the family unit will be evaluated using the Multiple Effects Income Indicator (IPREM).

The Financial Entities must inform and offer the opening of this account under the conditions established to the people who request it and prove their situation.

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