You have a statutory entitlement to a current account. This account is called a „basic payment account” (Basiskonto).
What is a basic account?
This is a current account that usually cannot be overdrawn (credit account). You will receive an EC card but generally not a credit card. Standing orders and direct debit orders are possible if there is enough money in the account. The basic account can only be set up by an individual person. It can be managed as a protection attachment account (P-Konto). See „Information Sheet 03 – P-Konto“
How can I get a basic account?
Everyone is entitled to a basic account, even the homeless and refugees. However, you must be able to prove your identity and have a postal address. Every bank has a standard application form which can usually also be found on the Internet. You can decide yourself where you want to have your account.
Can the bank refuse to open a basic account?
This is only possible in very few cases and must be justified within 10 days in writing. A refusal is possible in particular if
- you already have a basic payment account with another bank which you can use
- you have had an account with this bank in the past which was terminated for good cause
- you have committed a criminal offence or violated a legal prohibition (e.g. Money Laundering Act).
Refused! What can I do?
You can find further information on the website of BaFin (Federal Financial Supervisory Authority) at www.bafin.de. Enter the search word „Basic payment account“ on the English site or „Basiskonto“ on the German site. Alternatively you can go to a consumer advice centre. The bank is obliged to give you the address. You may also bring an action before a court.
What does a basic account cost?
The law stipulates that the basic account must not be significantly more expensive than any other comparable account with the same bank.
Can the bank close the basic account?
This is only possible in very few cases, for example if you gave false information when you opened the account, if you open another account, overdraw the account or do not use the account for two years. The notice of termination must be made in writing and be justified; you must be informed about where you can lodge an appeal.
