Regulatory Alerts2023-03-29
Opening and managing a current account with no credit facility
The Supervisor of Banks issued Directive 422 to clarify that banking corporations must open and manage current accounts with no credit facility for all customers unless a reasonable refusal applies. The directive prohibits refusing service based solely on a customer's restricted status, bankruptcy history, or past legal proceedings, while mandating written decisions within ten business days. It further requires banks to provide essential payment services, e-banking access, and transparent information about available account management tools.
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